Nigeria in 1min: Economic, Business and Financial Headlines – 220218


February 22, 2018 7:30 AM / Proshare News 


VAIDS: We have collected N20bl out of the target N305bn - Tunde Fowler - The Chairman of the Federal Inland Revenue Service Board  Mr Babatunde Fowler says Nigeria has so far collected N20bl out of the  target N305bl from the Voluntary Asset Income Declaration Scheme. Source Proshare Read More 

Analysis of FAAC Disbursements in 2017 and Projections for 2018 – NEITI - Revenue to the Federation Account was significantly higher in 2017 than in 2016, indicating a marked improvement on falling revenue which started in 2014 with the fall in global oil prices. Source Proshare Read More 

N254.10bn Generated as VAT in Q4 2017 – NBS - Sectoral distribution of Value Added Tax (VAT) data for Q4 2017 reflected that the sum of N254.10bn was generated as VAT in Q4 2017 as against N250.56bn generated in Q3 2017 and N207.35bn in Q4 2016 representing 1.41% Increase Quarter-on-Quarter and 22.55% increase Year-on-Year. Source Proshare Read More 

Budget Underperformance by the Month - The CBN’s latest monthly Economic Report (for November) confirms much of the news flow and official commentary on the public finances. Source Proshare Read More 

Intels decides revenue sharing formula with FG – NPA - The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share. Source Punch Read More 

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UN: Efficient National Tax Systems Critical for Sustainable Devt, Inclusive Growth - The United Nations and key international economic and financial organisations have urged countries including Nigeria, on the need to strengthen the effectiveness of their tax regimes to unleash much-needed domestic resources to ensure the realisation of the Sustainable Development Goals (SDGs), as well as the promotion of inclusive economic growth. Source Thisday Read More 

BPE: 142 Enterprises Privatised from Inception - The Bureau of Public Enterprises (BPE) has privatised 142 enterprises from inception to date, Director General of the agency, Mr. Alex A. Okoh has said. Source Thisday Read More 

FG to pay N15bn premium on MDAs’ life insurance - The Federal Government has allocated N15bn to settle the insurance premium of employees in its Ministries, Departments and Agencies for the 2018 financial period. Source Punch Read More 

Nigeria Currently Produces 990,000tons of Palm Oil - Nigeria currently produces 990,000tons of palm oil and is the world’s 5th largest producer of the commodity. Global consumption is expected to grow by 2.7% in 2018 and the world’s leading users are India, Indonesia and the EU. Source Proshare Read More 

PTML Customs Command rakes in N98.8bn in 2017 - PTML Customs Command, Tin-Can Island Port recorded good milestone in revenue generation in 2017, when compared with what was generated in the previous year. While it generated a total of N62,803,382,901 as import duty in 2016, it made about N98,825,815,515 in 2017. Source THE SUN Read More 

ERGP: FG targets $25bn new investments - The Federal Government has revealed that it is targeting $25 billion new investments for critical projects, even as all is now set for the launch of the Economic Recovery and Growth Plan (ERGP) laboratory next month. Source BUSINESSDAY Read More 

Reps approve N365bn for NDDC - The House of Representatives on Wednesday approved total sum of N365 billion for the Niger Delta Development Commission (NDDC) to finance its activities. Source BUSINESSDAY Read More 

FG saved N4.5trn from court claims, says Malami - The Atztorney General of the Federation and Minister of Justice, Abubakar Malami said on Wednesday that the Federal Government has been able to save some N4.5 trillion from effective defence of cases against it. Source BUSINESSDAY Read More 

Manual aircraft towing at Nigerian airports costs airlines N1bn annually - All 30 international airlines operating in Nigeria pay a minimum of N1billion annually into the coffers of the Skyway Aviation Handling Company (SAHCOL) and Nigerian Aviation Handling Company Plc (nahco aviance) to tow their aircraft to the Skybridges Source BUSINESSDAY Read More 

NBC Sanctions 86 Broadcasting Stations - The National Broadcasting Commission (NBC), the broadcast industry regulator has sanctioned 86 broadcasting stations in nine zones of the country for various offenses resulting in contravention of the provisions of the Nigeria Broadcasting Code. Source ThisdaY Read More 

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Key Take-Away from CBN’s ICG and Dividend Payout Policy - On the 31st of January 2018, CBN released its amended internal capital generation and dividend payout policy. Below we summarize key take away from the policy into four categories. Source Proshare Read More 

CBN Amended Policy: Storm in a Teacup? - In a recent published circular (dated 31st January 2018), the CBN released an update on Internal capital generation and dividend payout for banks. Central to the update is the expanded leeway for banks with Capital Adequacy Ratio (CAR) of at least 300bps above regulatory minimum and non-performing loans (NPL) ratio of 5% - 10%, to pay a maximum of 75% of earnings as dividend. Source Proshare Read More 


JAPAULOIL Secured Equity Financing Facility of $350 Million with Milost Global Inc - Japaul Oil and Maritime services Plc wishes to notify its shareholders and other stakeholders that the company has entered into a binding commitment with Milost Global Inc. Source Proshare Read More 

NSEASI Records 0.02% Marginal Gain as Stock Market Maintains Positive Stance - Equities market closed today on a positive note, as NSEASI appreciated by +0.02% to close at 42,158.32 basis points as against +0.38% depreciation recorded previously. Source Proshare Read More 

Average bond yield closes at 13.80% - Trading activities in the Treasury bonds space was negative on Wednesday as the average yield on Treasury bonds advanced by 0.04 per cent to settle at 13.80 per cent. Source Punch Read More 

Petrol marketers seek N240/$1 - Petrol marketers are insisting on the exchange rates of not more than N240 per dollar to import and recoup  their investment, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Operation Controller, Mr. Mike Osatuyi, has said. Source THE NATION Read More 

Modular refineries: FG contacts IFC, CBN for funding - The Federal Government on Wednesday said it had commenced talks with financial institutions in order to provide funds for investors who were interested in investing in modular refineries. Source Punch Read More 

Modular refinery investors to get tax waivers - The federal government says investors in modular refineries will get tax relief and other waivers to reduce their costs. Source THE CABLE Read More 

20 vessels laden with petroleum products for Lagos ports - The Nigerian Ports Authority (NPA), revealed in its latest shipping position that those vessels waiting to berth are labelled Customs release not applicable (CRNAPP). Source Guardian Read More 

Power supply worsens as TCN records 6 systems collapse - The nation’s epileptic         power situation is set to worsen as Transmission Company of Nigeria, TCN, recorded six systems collapses in January 2018. Source Vanguard Read More 

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Using Courier Firms To Send Items To Nigeria Is Not Viable Comparatively – DHL As Case Study - Sending a parcel above £100 or any shipment of personal items and clothes to family members and friends, something hitherto deemed a routine relationship between locals and the diaspora to express support, appreciation and a form of strengthening relationships and bonds; now requires a further think through. Source Proshare Read More 

#Nigeria ranks 148th of 180 countries surveyed on perceptions of corruption (down from 136th/176 last year) - This year’s Corruption Perceptions Index highlights that the majority of countries are making little or no progress in ending corruption, while further analysis shows journalists and activists in corrupt countries risking their lives every day in an effort to speak out. Source Transparency Read More 

South Africa's CPI slows to 4.4 percent year/year in January - South Africa’s headline consumer inflation slowed to 4.4 percent year-on-year in January from 4.7 percent in December, data from Statistics South Africa showed on Wednesday. Source Reuters Read More 

South Africa to raise VAT for first time in 25 years - South Africa will increase value added tax ( VAT ) for the first time in over two decades, the Treasury said on Wednesday. Source THE NATION Read More 

Dollar stands tall after Fed minutes back more U.S. rate increases - The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve’s January meeting showed policymakers were more confident of the need to keep raising interest rates. Source Reuters Read More 

Budget 2018: S.A Fin Min-No Nuclear, R57 bln for Free Higher Education - After years of deliberations, raging student protests and promises, the South African government has allocated an additional R57 billion towards free-fee higher education and training. Source CNBC Read More 

Oil prices fall on firmer U.S. dollar -  Oil prices fell on Thursday, pulled down as a firmer dollar outweighed a report of a decrease in U.S. crude inventories. Source Reuters Read More 

Amazon Breaks Through $1,500 for the First Time - Inc. shares surpassed $1,500 for the first time in intraday trading Wednesday, climbing as much as 2.4 percent to a high of $1,503.49. Source Bloomberg Read More 

Court Finds South African Finance Chief Gigaba Lied Under Oath - South Africa’s High Court ruled that Finance Minister Malusi Gigaba lied under oath when he testified during his tenure as home affairs minister in a case filed by a company that wanted to open a private immigration terminal at the country’s biggest airport. Source Bloomberg Read More 

Saudi Sovereign Fund Seeks 15% Stake in Accor's Unit - Saudi Arabia’s sovereign wealth fund is in talks to buy a 15 percent stake in Accor SA’s property business in a transaction that could value the unit at about 6.2 billion euros ($7.64 billion), according to people familiar with the matter. Source Bloomberg Read More 

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Using Courier Firms To Send Items To Nigeria Is Not Viable Comparatively – DHL As Case Study - Sending a parcel above £100 or any shipment of personal items and clothes to family members and friends, something hitherto deemed a routine relationship between locals and the diaspora to express support, appreciation and a form of strengthening relationships and bonds; now requires a further think through. Source Proshare Read More 


Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS - Total Active Voice Subscriptions in the fourth quarter of 2017 decreased by 6.12% when compared with the same quarter of 2016, from to 154,529,780 in 2016 Q4 to 145,065,953 in Q4, 2017. Source Proshare Read More 

How Blockchain Could Revolutionize Commodity Markets - Blockchain technology, which has already been adopted by gold traders, is starting to show the potential to transform other sectors of the global physical commodities markets. Source Bloomberg Read More 

Nigeria Takes Steps to Avoid Repeat of Etisalat Phone Collapse - Nigeria’s telecommunications regulator said tougher financial-health checks on the country’s biggest mobile-phone companies could prevent a repeat of last year’s collapse of debt-laden Etisalat and help stabilize the industry. Source Bloomberg Read More 

U.K. Starts Cryptocurrency Inquiry as Lawmakers Weigh Regulation -U.K. lawmakers are launching an inquiry into cryptocurrencies to investigate their benefits and risks and consider how the new technology should be regulated. Source Bloomberg Read More 

Nigeria missing on list of 84 countries expanding 4G LTE technology - A new data that show that African countries like Morocco, Cote d’Ivoire, South Africa, Tunisia, Egypt and Algeria are doing well in terms of 4G availability and speed have Nigeria conspicuously absent. Source BUSINESSDAY Read More 

Barclays confirms Teleology as 9mobile preferred bidder - Barclays Africa has officially written to Teleology holding limited, informing the company that it is the preferred bidder for the 9mobile sale, BusinessDay has gathered. In the letter sent to Teleology holdings yesterday 21, February 2018 Barclays Africa, the financial adviser to the consortium of banks owed $1.2billion dollars by 9mobile (formerly Etisalat) said Source BUSINESSDAY Read More 

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