Nigeria in 1min: Economic, Business and Financial Headlines – 200318


March 20, 2018 7:10 AM / Proshare News 


‘States to lose 13% derivation revenue for blocking miners’ - The Ministry of Mines and Steel Development says any state government that bans miners from operating in its jurisdiction could lose its share of the 13 per cent mining derivation revenue. Source Daily Trust Read More 

FRC: Lagos, Osun, C’River’s debts exceed revenues by over 480% - The debt status of most states of the federation exceeds 50 per cent of their annual revenues. For 18 states, the debt profiles exceed their gross and net revenues by more than 200 per cent. Lagos, Osun and Cross River states record over 480 per cent debt to gross revenue. Source Punch Read More 

Tin-Can Island Customs Generates N62bn In 2 Months - The Tin-Can Island Command of the Nigeria Customs Service (NCS) has generated N62billion for the federal government in two months. Source Leadership Read More 

Climate Change Will Trigger 140m Migrants By 2050 – World Bank - As conversations around migration continue around the globe, World Bank has said more than 140 million people will move across their countries’ borders by 2050 creating a looming human crisis and threatening the development process. Source Leadership Read More 

Cross-border trade: FG signs treaty on roads  - The Federal Government has already signed a treaty which will preserve the quality of Nigerian roads and transportation infrastructure, by regulating the quantity of goods a vehicle can put on an axle within the Economic Community of West African States (ECOWAS) and beyond. Source THE SUN Read More 

Export of Agric commodities exceeds 150% in one year — NAQS - Nigeria’s export of agricultural commodities exceeded 150 per cent in the last one year. Source Vanguard Read More 

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Nigerian Stock Market Sustains Three-Day Losing Streak to Open The Week Negative; Dips by -0.21% - Equities market closed today on a negative note, as NSEASI depreciated by -0.21% to close at  41,845.92 basis points as against -0.59% depreciation recorded previously. Source Proshare Read More 

Bond Yields Stay Flat as CBN Resumes OMO - The Bond market opened the week on a relatively quiet note with mixed sentiments observed across the curve, (slight buys on 20s, 27s and 36s, with slight sell on the 21s, 24s and 34s). Source Proshare Read More

The Mark of Externalisation in the DMO’s Data - The FGN’s domestic debt stock amounted to N12.59trn (US$41.1bn) at end-December, equivalent to 11.1% of 2017 GDP. The increase of just N90bn in Q4 is largely a function of the FGN policy of “externalisation” of its debt obligations (the deployment of Eurobond sales proceeds to pay down naira-denominated NTBs on maturity). Source Proshare Read More 

UNILEVER’s Board Approved Dividend Payment; Subject to Shareholders’ Approval at the Next AGM - This to notify The Nigerian Stock Exchange and our esteemed shareholders that at the meeting of the Board of Directors of Unilever Nigeria Plc which held on 15 March, 2018 at 1 Billingsway, Lagos, the Audited Financial Statements of the company for the year ended 31st December, 2017 was considered and approved. Source Proshare Read More 

Total Public Debt as at December 31, 2017 Represents 18.20% of Nigeria’s GDP for 2017 - DMO - The Debt Management Offices (DMO) wishes to inform the General Public that it has released Nigeria’s Public Debt figures as at December 31, 2017 on Wednesday March 14, 2018. Source Proshare Read More 

Sustained Bullish Trend to Push Rates Lower as PMA Holds on Wednesday; Indicative Rates - Performance in the Treasury Bills ("T-bills") market last week was bullish as investors reacted to the T-Bills auction calendar for Q2:2018 released by the CBN. Source Proshare Read More 

Debt Management Strategies Reduce Interest Expense - FSDH Research notes that the current strategies of the Debt Management Office (DMO) to reduce the interest expense on the debt of the Federal Government of Nigeria (FGN) is working. Source Proshare Read More 

Brexit Transition Agreed Between UK and EU - The UK has struck a deal on the terms of the Brexit transition period after making a series of concessions to Brussels and accepting a “back stop” plan of keeping Northern Ireland under EU law to avoid a hard border with the Republic of Ireland. Source Proshare Read More 

GSK Nigeria to pay N8.97b special dividend to shareholders - GlaxoSmithKline Consumer Nigeria (GSK) Plc will distribute a total of N8.97 billion as dividend to shareholders for the 2017 business year. Source THE NATION Read More 

CBN sustains foreign exchange market liquidity with $210m - The Central Bank of Nigeria (CBN), on Monday injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market. Source Daily Trust Read More 

Shell, GTbank agree $270m oil-backed loan to Amni - Shell Western Supply   and Trading Limited, a subsidiary of Royal Dutch Shell and Guaranty Trust Bank have granted a $270 million loan to Amni International Petroleum Development Company Limited. Source Vanguard Read More 

Fuel import costs $15b yearly - Nigeria is spending about $15billion yearly on fuel importation, the  Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has said. Source THE NATION Read More 

Milost move to inject $1bn investment in Unity Bank - Milost Global Incorporated is planning to inject about $1 billion to recapitalize Unity Bank Plc, through a combination of   equity and debt instruments. Source Vanguard Read More 

Yearly NNPC operational losses fall by 69% - A year-on-year analysis of the financial report of the Nigerian National Petroleum Corporation (NNPC) has shown sustained decline in the deficits recorded by the corporation. Source Daily Trust Read More 

Baru: NNPC Still Negotiating Financing Terms for Refineries’ Revamp Project - The Nigerian National Petroleum Corporation (NNPC) is still negotiating the terms of funding for the revamp of its four refineries in Kaduna, Port Harcourt and Warri, with potential financiers, the corporation’s Group Managing Director, Dr. Maikanti Baru, has disclosed. Source Thisday Read More 

Osinbajo: $3bn stolen in NNPC, NPDC contracts under Jonathan - About $3 billion was stolen in the Strategic Alliance Contracts with the Nigerian National Petroleum Corporation and the Nigerian Production Development Company, Vice President Yemi Osinbajo has revealed. Source Daily Trust Read More 

NERC license 87 companies as meter asset providers - As parts of its effort at improving electricity supplies to Nigerians, the Nigeria electricity Regulatory Commission (NERC) has licensed 87 meter asset provider companies which are expected to make available series of services ranging from importing meters to vendoring and corporate installers. Source BUSINESSDAY Read More 

Overloaded heavy duty vehicle owners to pay N10m fine – FG - Owners of overloaded heavy duty vehicles that ply federal highways will start paying fines ranging from N1m to N10m, the Federal Government has announced. Source Punch Read More 

N1tn debt’ll cause shutdown of power plants – Gencos - Electricity generation companies have said they are not planning to disrupt power supply in the country but that their inability to pay for gas due to the non-payment of the debt owed them will lead to the shutdown of power plants. Source Punch Read More 

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Transforming Culture In Financial Services - Being A Speech By Andrew Bailey, Chief Executive Of The FCA, At The Transforming Culture In Financial Services Conference delivered on march 19, 2018 (as drafted). Source Proshare Read More 

Kenya central bank cuts main lending rate to 9.5% - Kenya’s central bank cut its benchmark lending rate by 50 basis points to 9.5 percent on Monday, the bank’s monetary policy committee said, the first cut since September 2016. Source CNBC Read More 

South Korea fuel oil imports soar as coal, nuclear plants shut - South Korea’s move to shut coal-fired generators to control air pollution at the same time as nuclear reactors are going into scheduled maintenance is resulting in surging fuel oil imports, as utilities burn the dirty feedstock to meet power demand. Source Reuters Read More 

Oil prices rise on Middle East tension, but soaring U.S. output caps gains -  Oil prices edged up on Tuesday, lifted by tensions in the Middle East, although rising output in the United States and shaky stock markets put a lid on further gains. Source Reuters Read More 

Goldman Sees ‘Financial Fragility’ Rising in Markets - Markets are becoming their own worst enemies, according to Goldman Sachs Group Inc. Source Bloomberg Read More 

Canada Details Packaging Rules Ahead of Marijuana Legalization - Canada’s legalized marijuana must be sold with plain packaging and health warnings, while smaller producers face strict limits on crop sizes, according to draft rules released in advance of legalization. Source Bloomberg Read More 

South Africa Applies to Invalidate Oil Sale to Glencore, Vitol - South Africa’s state-owned Central Energy Fund has applied to invalidate 2015 contracts for the sale of crude oil to Taleveras Group and joint ventures led by Vitol Group and Glencore Plc. Source Bloomberg Read More 

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Why Lagos needs an Integrated Waste Management Solution(1) - Lagos State, Nigeria's economic capital, West Africa's leading investment hub and Africa's fast rising mega-city is also facing its challenge of effective waste management which is critical to the sustainable development of the city. Source Proshare Read More 


Facebook's value plunges $37 billion on data controversy - Facebook shares took a big hit Monday, shaving about $37 billion off the value of the company. Source CNN Money Read More 

67 Insane Facts about Bitcoin - This is what a bloke did less than eight years ago. Back then, his 10,000 bitcoins were sufficient to get him a couple of pizzas. Imagine having that amount of coins in your Bitcoin poker account right now. Source Proshare Read More 

US President Trump Bans US Citizens From Buying Petro - President Donald Trump of the US has banned the Venezuelan government-backed cryptocurrency, the Petro, by executive order March 19, Bloomberg reports. Source Cointelegraph Read More 

Seismic Foundry FinTech Fund Invests In Second Capital Markets FinTech Firm - Seismic Foundry closed its second investment this week, acting as lead investor in a RegTech start-up called Enforcd, which uses technology to aid regulatory compliance. Source Proshare Read More 

MTN to appoint more Nigerian advisers for proposed listing - MTN Group is moving ahead with plans to list its Nigerian unit, the latest being the recent interviews held with predominantly Nigerian financial advisers over the weekend. Source BUSINESSDAY Read More 

MainOne signs 30-year pact to connect major cities in Ogun on optic fibre - MainOne Cable, a provider of innovative telecom services and network solutions for business in West Africa coast has concluded plans, having entered into an agreement with Ogun state government, to provide telecom infrastructure and internet services for major cities, starting from Abeokuta on optic fibre, covering 250 kilometre across the three senatorial districts Source BUSINESSDAY Read More 

Japan Exchange Regulation: Introduction Of Artificial Intelligence To Market Surveillance Operations - Japan Exchange Regulation ("JPX-R") and Tokyo Stock Exchange, Inc. ("TSE") decided to apply artificial intelligence (AI) to market surveillance operations to detect such misconduct as market manipulation. Source Proshare Read More 

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