Nigeria in 1min: Economic, Business and Financial Headlines – 300118


January 30, 2018 7:10 AM / Proshare News 


The Headache of Missing Targets - Economies are anchored on policy goals regarding price and growth. In more precise terms such goals are spelt out in numeric targets.  Source Proshare Read More 

Remarks by Senate President at Public Hearing by Senate Committee on Petroleum - It is my pleasure to be declaring open this very critically important public hearing by the Senate Committee on Petroleum Downstream on the Subsidy Payment by NNPC.  Source Proshare Read More 

Nigeria’s external reserves hit 4-year high of $40.3bn - As foreign investors inject $5.2bn in 4 weeks CBN intervenes with $986m Source Vanguard Read More 

Health sector suffers as FG unable to implement 1% funding provision in Health Act - Nigeria’s myriad health sector challenges are seen not likely to abate soon on poor budgetary allocations and government’s lack of political will to implement the one percent intervention fund provision in National Health Act (NHA, 2014), BusinessDay findings show. Source BUSINESSDAY Read More 

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Sarcasm As Best Precaution Against Crisis - Central bankers around the world shifted priorities in a last minute notice. They postponed deadlines for FRTB revised market risk framework, CVA, IRB, operational risk SMA and others to 2022 and beyond. Source Proshare Read More 

‘CBN removes 36 items from forex ineligibility list’ - The Central Bank of Nigeria (CBN) has expunged 36 sub-items from the broad list of items that were banned from accessing forex from the apex bank’s official window since 2015. Source Daily Trust Read More 


Nigerian Stock Market Maintains Uptrend to Open The Week Positive; Records 1.22% Gain - Equities market closed today on a positive note, as NSEASI appreciated by +1.22% to close at 44,306.48. basis points as against +0.56% appreciation recorded previously.  Source Proshare Read More 

Naira Depreciates slightly despite $210m FX intervention by the CBN - The bond market remained scantily traded in today’s session, with slight sell on the 26s and 27s bond offset by some buys on the short-end of the curve. Source Proshare Read More 

Decent Start to the Year for the DMO - In January 2017 the DMO raised N215bn from the first monthly auction of FGN bonds of the year, and issued paper in the first quarter at a fast gallop. Last week’s equivalent auction raised its target of N110bn (N360m). Source Proshare Read More 

What’s Trending in Trendlines - Trendlines and Trend Channels are basic tools that all budding technical analysts can adopt. The new and increasing interest in charts among market participants has them looking for the holy grail and they often ask questions like “which moving average do you use’’. The right answer is that it does not matter. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 290118 - Performance of the local bourse was bearish last week as the All Share Index (ASI) fell 2.9% W-o-W to 43,773.76 points while YTD gain moderated to 14.5%. Source Proshare Read More 

Nigerian Equity Market Flash Note - Update on Coverage Companies - Consolidating on mostly better-than-expected performances from 9M’17, we are optimistic of more positive earnings for the FY’17 period, supported by stable macroeconomic conditions in the final quarter of the year and the usual festive demand boost. Source Proshare Read More 

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Four Stocks Closed Below Previous Floor Price As New Par Value Rule Takes Effect - Today, the Nigerian Stock Exchange (NSE) amended par value and pricing methodology rules which can be found in Rules 15.29 and 15.30 respectively of the Rulebook of The Exchange, 2015 and approved by the Securities and Exchange Commission (SEC) became effective. Source Proshare Read More 

$1bn Inflow Catapults Nigeria’s Stocks to Among World’s Best - Nigeria’s stocks have been rated among the world’s best-performers in the past four months, and foreign investors are a big reason for that, Bloomberg reported Monday. Source Thisday Read More 

Demutualisation of Nigeria’s stock exchange will reduce inequality, says Dogara - Yakubu Dogara, Speaker of the House of Representatives on Monday expressed optimism that the demutualisation of the Nigerian Stock Exchange (NSE) will open up the capital market to more investors, and to ensure that it conforms to global best practices. Source BUSINESSDAY Read More 

DMO Raises N196m Through FGN Savings Bond - The Debt Management Office said it raised N196.3 million through the first auction of the Federal Government Savings Bond issued in the second week of January. Source Leadership Read More 

Nigeria owes NNPC N170b in subsidy payments - Nigerian government owes NNPC some N170.6 billion in outstanding subsidy payments withheld for at least nine years, the corporation said Monday. Source Daily Trust Read More 

FG spends N5tr on fuel subsidy payment - THE Nigerian National Petroleum Corporation (NNPC) has told the Senate Committee on Petroleum Resources (Downstream) investigating subsidy payment that the Federal Government spent N4.950.80 trillion in the exercise. Source THE SUN Read More 

Petrol Crisis May Worsen as Depot Price Hits N165 Per Litre - Despite what seems like its best efforts of the Nigerian National Petroleum Corporation (NNPC) to end the protracted petrol scarcity in the country, the fuel supply situation may worsen as the price has hit N165 per litre at the depots, against the official price of N133.28, THISDAY’s investigation has revealed. Source Thisday Read More 

NNPC, Total to Produce Oil from Egina Field at $20 Per Barrel - The cost of producing a barrel of crude oil from the Egina oil field by the Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPNI) has been put at $20 per barrel. Source Thisday Read More 

Gas shortage kills off 2,277MW electricity - The national electricity grid could not get 2,277 megawatts (MW) due to shortage of gas supply to 10 Generation Companies (GenCos). Source Daily Trust Read More 

Subsidy: We’ve Received N4.9trn So Far, NNPC Tells Senate - The Nigerian National Petroleum Corporation (NNPC) says it has received more than N4.9trillion as payments for subsidy on Premium Motor Spirit, popularly known as petrol between 2006 and 2015. Source Channels TV Read More

NDDC, China plan 7,000 mega watts regional power project in Niger Delta - The Niger Delta Development Commission (NDDC) says it is in discussion with a Chinese firm to establish a regional power pool project in the Niger Delta. Source Daily Trust Read More 

Nigeria to Start Building $5.8 Billion Hydro-Power Plant in 2018 - Nigeria plans to start building a $5.8 billion hydro-power plant in the eastern Mambila region this year, after it agrees on loan terms with China’s Export-Import Bank, the minister said. Source Bloomberg Read More 

Power grid collapses six times in eight days - The national electricity grid collapsed six times within a period of eight days this month, latest data from the Transmission Company of Nigeria has revealed. Source Punch Read More 

FG Woos Investors With 40% Stake in Discos - The federal government will use portions of its 40 per cent shares in the 11 electricity distribution companies (Discos) to raise funds for the expansion of the distribution networks, the Minister of Power, Works and Housing, Mr. Babatunde Fashola has disclosed. Source Thisday Read More 

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Awoyemi, Proshare receive Awards at the 2nd National Fintech Conference 2018 - Nigeria’s leading financial information hub Proshare and its Founder/CEO, Mr Olufemi Awoyemi both received the “Organizational Award” and “Individual Award” of Excellence respectively, at the recently concluded 2nd National Fintech conference in Lagos. Source Proshare Read More 

FirstBank: Recognition of Relevance with Accolades - First Bank of Nigeria Limited, Nigeria’s Most Valuable Bank Brand, in the financial year 2017 received an avalanche of awards in recognition of its activities and interventions in various sectors in the financial services industry. Source Proshare Read More 

IFC extends $62 million loan to South Africa's Mercantile Bank - The International Finance Corporation (IFC) said on Monday it would extend a seven-year loan of 740 million rand ($62 million)to Mercantile Bank to boost lending to small and medium businesses (SMEs), with a focus on women-owned firms. Source Reuters Read More 

Exxon to Spend $50 Billion in U.S. Over Next Five Years - Exxon Mobil Corp. said Monday it plans to spend $50 billion to expand its business in the U.S. in the next five years, investments that were “enhanced” by the American tax overhaul. Source WSJ Read More 

Ethiopia Oil Refinery Proposed as Blackstone-Backed Line Shelved - Ethiopia’s fast-growing economy has Asian investors lining up to build a new $4 billion oil refinery, even as a Blackstone Group LP-backed fuel pipeline project is shelved. Source Bloomberg Read More 

Nigeria's Southwest Cocoa Belt Hit by Dieback Disease Outbreak - Cocoa farms in southwest Nigeria, the country’s main growing region, have been bit by outbreaks of a fungal disease identified as dieback, which causes plants to wither and die. Source Bloomberg Read More 

Morocco Won't Renew IMF Liquidity Line as It Looks for New Deals - Morocco will not seek to renew its $3.47 billion liquidity line with the International Monetary Fund when it expires in July but could seek an alternative arrangement with the international lender to suit its strengthening economy, the country’s finance minister said. Source Bloomberg Read More 

Liberian President Weah Pledges Salary Cut as Economy Stutters - Liberia’s new president, ex-soccer star George Weah, pledged to cut his salary after the government’s revenue declined last year as the nation struggles to recover from the worst-ever outbreak of Ebola.  Source Bloomberg Read More 

US regulator fines European banks for ‘spoofing’ - Three European banks have been fined a total of over $40m to settle US charges of “spoofing” futures markets, extending the efforts of regulators to crack down on the illegal trading practice. Source FT  Read More 

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Crypto-Mining Malware Epidemic: 55% of Businesses Affected Worldwide, Incl. YouTube - Another case of “cryptojacking” was detected on YouTube and resolved by Google over the course of this week, Ars Technica reported Friday, Jan. 26. According to the report, anonymous hackers have managed to run ads on YouTube that consumed the visitors’ CPU power and electricity in order to mine cryptocurrencies for the attackers. Source Proshare Read More 

Coincheck To Refund All Customers Affected By 523m Nem Coin Hack - Japanese cryptocurrency exchange Coincheck has announced Saturday, Jan. 27, that it will issue full refunds to all of the 260,000 of its users who have become victims of the Friday NEM hack. Source Proshare Read More 

Malware and Non-malware Ways For ATM Jackpotting – Olga Kochetova - Cash machines have been part of our lives since 1967 when a London branch of Barclays Bank unveiled the first ATM. Millions of people around the world now use ATMs every day to withdraw cash, pay in to their account or make a variety of payments. Source Proshare Read More 

Blockchain’s Broken Promises - The financial-services industry has been undergoing a revolution. But the driving force is not overhyped blockchain applications such as Bitcoin. It is a revolution built on artificial intelligence, big data, and the Internet of Things. Source Proshare Read More 

US will ensure cryptocurrencies are not used for Illicit activities-Mnuchin - United States  Treasury Secretary Mr Steve Mnuchin  says his administration will work to ensure “cryptocurrencies” are not used to promote illicit activities. Source Proshare Read More

MTN returns to profit as it overcomes $1billion Nigeria fine - MTN Group, Africa’s biggest mobile phone operator returned to profit in 2017 after recovering from a $1 billion regulatory fine it paid in 2016 that led the company to its first annual lost in two decades. Source BUSINESSDAY Read More 

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