Nigeria in 1min: Economic, Business and Financial Headlines – 300818


Thursday, August 30, 2018 / 7:10 AM / Proshare News 


Economic Associate’s Conference on ‘Nigeria’s Economic Outlook’, to hold on September 27, 2018- Economic Associates (EA) will host a one-day conference on Nigeria’s Economic Outlook on Thursday, 27 September 2018 at Lagos Continental Hotel, Kofo Abayomi Street, Victoria Island, Lagos. Source Proshare Read more 

Nigeria is World Largest Producer of Cocoyam With An Output of 3.2mn Tonnes- Nigeria is the world’s largest producer of cocoyam with an annual output of 3.2mn tonnes. The drive for economic diversification is likely to see more emphasis on the production of tubers like cocoyam. Source Proshare Read more 

PM Theresa May meets Buhari in Abuja, Signs key Bi-lateral Agreements- The Prime Minister of the United Kingdom Mrs Theresa May today arrived Nigeria in continuation of her 3-nation tour of Africa, her first since taking over office in 2016. Source Proshare Read more 

Lagos Retains Highest Foreign Debt Portfolio – DMO - Lagos State, the commercial nerve-center of Nigeria, has retained its position as the state with the highest foreign debt in the country, with a foreign debt put at 1.45 billion dollars as at June 30. Source Leadership Read more 

£750m credit finance available for Lagos to explore – Theresa May - British Prime Minister, Theresa May, has revealed that the Lagos State Government can explore the export credit finance to the tune of £750 million (pounds) which the UK government has in place for considerable development finance. Source Daily Trust Read more 

We’ve paid $15bn dividends, $6.5bn taxes to FG – NLNG - The Nigerian Liquefied Natural Gas Limited said on Wednesday that it had so far paid to the Federal Government dividends in excess of $15bn. Source Punch Read more 

Banks release N77.4bn for agric projects - The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has facilitated the release of a total of N77.4bn from the Deposit Money Banks into agribusiness in Nigeria. Source Punch Read more 

Enugu State pension bill rises to N500m monthly - The Governor of Enugu State, Ifeanyi Ugwuanyi, says the state’s pension bill has risen to over N500m per month, up from an average of N200m under previous administration. Source Punch Read more 

UK Announces £70m Programme That Will Create 100,000 Jobs in Nigeria - The UK Government has announced a new £70million programme to create 100,000 jobs in Nigeria, says the Minister of State for Africa, Harriett Baldwin. Source Thisday Read more 

Services, trade account for 55% of economy – Osakwe - The Director General of the Nigeria Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe, has said that services and trade account for 55 per cent of the Nigerian economy. Source Daily Trust Read more

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NSEASI Dips by -0.44% to Halt Uptrend; Market Sentiment Closes Negative- Equities market closed today on a negative note, as NSEASI depreciated by -0.44% to close at 35,358.94 basis points as against +0.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.54%. Source Proshare Read more 

ACCESS Declares N39.63bn PAT in Q2 2018 Results;Propose 25k Interim Dividend,(SP:N9.50k) -  Access bank releases Q2report for the period ended 30  June Source Proshare Read More 

ALERT: Again, NEM Trades 52.18% of Total Market Volume Today– At the closing of trading today, a total volume of 180.06mln units of shares of NEM Plc valued at N540.13mln was traded. Similarly, It will be recalled that NEM Plc traded 34.86% of total market volume on August 17, 2018 as reported here. Source Proshare Read more 

CBN Clamps Down on Four Banks; Writes MTN to Refund $8bn - The Central Bank of Nigeria (CBN) says it has imposed heavy sanctions totaling N5.87 billion on four banks under its regulatory purview and asked same to refund the sum of $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the Federal Republic of Nigeria Source Proshare Read more 

Bond Yields to Break 15% Resistance, as DMO Clears 1yr PMA Bill at c.15% Effective Yield - The Bond Market remained relatively calm in today’s session, with yields ticking slightly higher by c.3bps, following slight sell on some of the preferred bonds in the previous session. Source Proshare Read more 

Lafarge Africa plans EGM, seeks shareholders’ nod to raise N90b fresh fund - The board of Lafarge Africa Plc, on Monday, wrote the Nigerian Stock Exchange (NSE), announcing plans for an Extra-Ordinary General Meeting (EGM), on September 25, 2018, in Lagos, to authorise the directors to raise up to N90billion in fresh capital by way of rights to existing shareholders. Source Guardian Read more 

Dangote Cement Plc - Value Stock; Outlook Still Broadly Positive- To a large degree, we have seen our expectations play out in DANGCEM this year. Earnings have continuously impressed as volumes ramp up and improved cost efficiency remains a key driver of bottom-line growth. For us, we expect the narrative in H2’18 to remain unchanged, as we remain optimistic on further volume growth despite expected seasonality effect in Q3. Source Proshare Read more 

11 PLC Q2 2018 Results Review: Neutral Rating Maintained- 11 Plc’s earnings of N2.7bn beat our estimate by 22%. While sales were in line, the variance in earnings was driven by positive surprises in both non-core income and operating expenses. We forecast a full year topline growth of 35% y/y to N168.5bn in 2018E due to management’s more aggressive approach to the downstream enterprise. Source Proshare Read more 

NSE Lifts Suspension Placed on the Trading in the Shares of Standard Alliance Insurance Plc- We refer to our Market Bulletin dated 5 July 2018 notifying the public of the suspension of Standard Alliance Insurance Plc for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period. Source Proshare Read more 

NNPC Plans New Subsidiary for Commercial Bunkering Operations - The Nigerian National Petroleum Corporation (NNPC) has disclosed it would set up a new subsidiary company to undertake the business of commercial petroleum products bunkering on the waters of Nigeria. Source Thisday Read more

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Dissecting the CBN’s Real Sector Support Facility (RSSF) Guidelines- Earlier, the CBN released the guideline for accessing the RSSF, with the objective of stimulating real sector growth. The facility-which is restricted to a maximum of N10.0bn per project,is divided into. Source Proshare Read more 

China pumped $550 billion into transport, utilities in western region since 2012 - China has approved 152 infrastructure projects worth a combined 3.75 trillion yuan ($549.39 billion) in its western regions since late 2012, a senior official at the state planning agency said on Thursday. Source Reuters Read more 

U.S. Corporate Profits Soared in Second Quarter, Boosted by Tax Cuts and Economic Growth - U.S. corporate profits boomed in the second quarter, boosted by large tax cuts and stronger economic growth than initially reported. Source WSJ Read more 

Germany cools on Macron eurozone budget proposal - Pool of money for single currency area a central plank of French president’s EU policy Source WSJ Read more 

IMF to revise Argentina bailout after peso plunge - President Macri asks for early disbursement of bailout funds as refinancing worries grow Source WSJ Read more 

Oil prices edge up on decline in U.S. fuel inventories, looming Iran sanctions - Oil prices inched up on Thursday, extending solid gains from the previous session on a fall in U.S. crude inventories and expected disruptions to supply from Iran and Venezuela. Source Reuters Read more

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Insurance Industry Loses N74bn To 14m Uninsured Automobiles - The number of uninsured automobiles on Nigerian roads have increased to about 14.7 million, making the insurance industry to lose about N73.5 billion annually, LEADERSHIP can exclusively reveal. Source Leadership Read more

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GEEP: BoI disburses N15bn loans to 400,000 micro-enterprises - THE Bank of Industry (BoI) has so far disbursed N15 billion loans to about 400,000 micro-enterprises under the Government Enterprise and Empowerment Program (GEEP) of the federal government. Source Vanguard Read more

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South Africa launches electronic trading platform for government bonds - The Johannesburg Stock Exchange (JSE) and the London Stock Exchange launched the country’s first electronic government bond trading platform, offering an alternative to traditional fixed-income trading via telephone or chat services. Source Reuters Read more 

Blockchain to generate over $175bn in 2025, says Gratner - According to a Gartner forecast, blockchain will generate an annual business value of over $175 billion by 2025, rising to over $3 trillion by 2030. Source BUSINESSDAY Read more

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SEC Proposes New Rules on Regulation of Derivates Trading- All comments and input should be forwarded to the Secretariat, Rules Committee of the Commission via or through the Ag. DG, SEC, not later than two (2) weeks from the date of this post. Source Proshare Read more



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