Nigeria in 1min: Economic, Business and Financial Headlines – 201217


December 20, 2017 7:30 AM / Proshare News 


We See An Unchanged Headline Inflation Rate at 15.9% in December - FBNQuest - The latest inflation report from the NBS shows headline inflation y/y at 15.9% in November. This was the tenth successive slowdown, albeit by just 1bp on this occasion. Source Proshare Read More 

Smuggling of Parboiled Rice from Across the Borders - Rice consumption in Nigeria is almost entirely of parboiled rice. In West Africa only Nigeria consumes parboiled rice. Other West African countries including all the neighboring countries to Nigeria ( Niger, Benin, Cameroon, Chad) are not consumers of parboiled rice. In Africa only South Africa is the other major country that consumes parboiled rice.  Source Proshare Read More 

Inflation Eases to 15.9%, Directionally Positive But Nominally Meaningless - Headline inflation slowed to 15.90% in November from 15.91% in October, marking the 10th consecutive decline in 2017. However, for the first time since May 2017, month-on-month (MoM) inflation increased to 0.78% (9.79% annualized) from 0.76% (9.54% annualized) in October.  Source Proshare Read More 

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IMF: Fed Tightening May Squeeze Portfolio Flows to Nigeria, Others - A key question facing global investors today is what impact the US Federal Reserve’s monetary policy normalisation process will have on capital flows to emerging markets and other economies such as Nigeria that had enjoyed huge flows in recent times, a report by the International Monetary Fund (IMF) has stated. Source Thisday Read More 

Driving Taxation with Local Solutions: The Edo, SpacePointe Example - Recently the Edo State Government reported a remarkable 500% increase in its Internally Generated Revenue(IGR) from the 18  Local Governments in the State. Source Proshare Read More 

Central African economies contracted this year, but by less than before -IMF - Central Africa’s CEMAC bloc is expected by the International Monetary Fund to have suffered a 0.6 percent economic contraction in 2017, an improvement on last year’s 1 percent but well below an earlier forecast of 0.7 percent growth. Source Reuters Read More 

We’ve commenced disbursing N750bn for capital projects - Adeosun - The Federal Ministry of Finance has commenced the disbursement of N750 billion capital expenditure to Ministries, Departments and Agencies (MDAs), few days before the end of the year. Source Daily Trsut Read More 

Budget: AGF gets N3.7b in 2017 - The Office of the Accountant-General of the Federation (OAGF) has so far received N3.740 billion as budgetary disbursements this year. Source THE NATION Read More 

PFAs pay N4b to 12,464 disengaged workers from pension contributions - A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs). Source THE NATION Read More 

NIRSAL plans N1.8tr investment in agric - The Nigeria Incentives Risk Based Sharing for Agricultural Lending (NIRSAL), is to mobilise investments of about $6 billion (N1.83 trillion) annually into the agricultural value-chain as well as other sectors of the economy. Source THE NATION Read More 

REA says varsities, teaching hospitals use 1,068 generators as power source - The Rural Electrification Agency (REA), has revealed that over 1,068 generators are being used as alternative power supply source by existing 37 federal universities, and seven university teaching hospitals in Nigeria. Source Guardian Read More 

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Market Maintains Downtrend as NSEASI Dips Further by -0.46% - Equities market closed today on a negative note, as NSEASI depreciated by -0.46% to close at 37,783.76 basis points as against -1.24% depreciation recorded previously. Source Proshare Read More 

Oil and Gas Sector – SEPLAT, ETERNA Top Gainers as FO Records -47.19% YTD Return - The Oil & Gas sector remains one of the most critical sectors of the Nigerian economy and as well as one of the active sectors on the Nigerian bourse. Source Proshare Read More 

FBNHoldings Renames its Merchant Banking and Asset Management Businesses - In line with the objectives to deliver a consistent customer experience and drive increased stakeholder value, FBN Holdings Plc has announced the renaming of all entities under its Merchant Banking and Asset Management group. Source Proshare Read More 

Green Bond Pricing Supplement - This Pricing Supplement has been prepared by the Financial Adviser & Book Runner in connection with the N10,690,000,000 Green Bond Issuance of the FGN, for the purpose of giving information to prospective investors in respect of the Green Bonds and other securities described herein. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – September 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows.  Source Proshare Read More 

The Debut Federal Government of Nigeria Green Bonds - Green Bonds, also known as Climate Bonds, are fixed income securities issued to finance projects that have a positive impact on the environment and provide solution to climate change. Source Proshare Read More 

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CBN Drains System Liquidity with N129bn OMO Sales - Yields in the bond market declined by 28bps in today’s session, as market players were net buyers of the medium tenured (5 -10yr) and the 20-yr 2037 bonds. Source Proshare Read More 

Transactions on FMDQ OTC Exchange Rise to N130tn in 11 Months - Transactions in the fixed income and currency markets rose by 21.9 per cent to hit N14.85 trillion in November from N12.18 trillion in October. The increase in November has lifted the total value of transactions between January and November to N129.85 trillion. The market is operated by FMDQ OTC Securities Exchange. Source Thisday Read More 

Average T-bills yield closes higher at 14.57% - The secondary market for Treasury bills was bearish for the second successive day of trading this week as the average yield closed higher at 14.57 per cent, gaining 1.13 per cent. Source Punch Read More 

Labour decries FG’s failure to pay electricity workers disengaged 4 years ago - THE National Union of Electricity Employees, NUEE, has said it is sad that about 1,000 former staff of the defunct Power Holding Company of Nigeria, PHCN disengaged four years ago are yet to receive their severance benefits. Source Vanguard Read More 


Dangote, BUA Cement and Illegal Limestone Mining in Edo State: The Chronology - As the public continues to get inundated with the issues around limestone mining rights between Dangote Cement Africa’s leading player in the Industry, and emerging key player BUA Cement in Edo State, we bring you the chronology of the developments that have ensued so far. Source Proshare Read More 

NSE CEO Inducted as Associate Member of CIS -  The Chief Executive Officer of The Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema, OON was today, December 19, 2017, inducted as an associate member of the Chartered Institute of Stockbrokers (CIS) of Nigeria at the induction ceremony held at the Stock Exchange House, Lagos. Source Proshare Read More 

Court Dismisses FG’s Assets Forfeiture Case, Declares Aiteo’s Benedict Peters’ Earnings Legitimate - A High Court sitting in Abuja has declared that the earnings and assets accruing to oil magnate and Aiteo Energy boss, Mr. Benedict Peters, were acquired legally through legitimate sources. Source Thisday Read More 

U.S. Congress approves biggest tax overhaul in 30 years - Republicans say their tax plan will boost economic and job growth, but Democrats insist the legislation will deepen the income gap between rich and poor Americans. Source Reuters Read More 

Senegal's GDP growth to top 6 pct in 2017 for third year running -IMF - Senegal’s GDP growth is expected to exceed 6 percent in 2017 for the third year in a row, the International Monetary Fund said in a statement on Monday. Source Reuters Read More 

Goldman Says ‘Stellar' Demand May Fast-Forward OPEC's Exit - OPEC’s desire to clear the global oil inventory overhang may come sooner than expected, enabling the group to exit from its production cuts early, according to Goldman Sachs Group Inc. Source Bloomberg Read More 

IMF Warns One of Most Crowded Bond Trades Near Tipping Point - It’s one of the most crowded trades for good reason. But dizzying returns and a surge of inflows have put emerging markets on a narrow precipice. Source Bloomberg Read More 

South Africans Are Already $855 Richer Under Ramaphosa, Sort Of - It may be “graph crime,” but Renaissance Capital economist Charles Robertson has a nice way of looking at the rand’s Ramaphosa-driven rally. Source Bloomberg Read More 

Egypt Plans Power Link to Saudis in $1.6 Billion Project -  Egypt will connect its electricity network to Saudi Arabia, joining a system in the Middle East that has allowed neighbors to share power. Source Bloomberg Read More 

Saudi Arabia Sees Non-Oil Economy Rebounding on State Spending - Saudi Arabia Arab expects its economy to rebound in 2018, a crucial year for Prince Mohammed bin Salman’s blueprint for the post-oil era, as authorities ease an austerity drive that hurt growth. Source Bloomberg Read More 

Saudi Budget Is Balm for Investors Stung by Austerity Drive - For investors who watched austerity measures pummel growth over the past two years, Saudi Arabia’s 2018 budget is a relief. Source Bloomberg Read More 

Qatar Central Bank Starts Probe Into Possible Riyal Manipulation - Qatar’s banking regulator started a legal investigation into the possible manipulation of its currency, securities and derivatives markets. Source Bloomberg Read More 

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SEC Halts Crypto Stock Over Manipulation Concerns After Massive Jump - U.S. regulators temporarily suspended trading in an obscure digital currency company due to concerns that its stock is being manipulated after the shares surged more than 17,000 percent in less than three months, making paper billionaires out of top executives. Source Bloomberg Read More 

Crypto Mania Rages With Bankruptcy, Stock Suspension, ETF Plan - The wave of cryptocurrency news turned into a tsunami Tuesday. Source Bloomberg Read More 

Bitcoin Tumbles From Record in Biggest Slump Since Futures - Lost in the hubbub over the feeding frenzy in cryptocurrencies and related stocks is the original digital coin itself. Source Bloomberg Read More 

U.S. says Facebook, Microsoft disabled North Korean cyber threats - Facebook Inc and Microsoft Corp disabled a number of North Korean cyber threats last week, a White House official said on Tuesday, as the United States publicly blamed Pyongyang for a May cyber attack that crippled hospitals, banks and other companies. Source Reuters Read More 

Nearly a quarter of all Bitcoin are trapped in a sort of crypto purgatory - Originally touted as a currency impervious to government control, Bitcoin’s strength is also a colossal barrier to entry for many would-be investors. Source TNW Read More 

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