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Nigeria in 1min: Economic, Business & Financial Headlines - 071116

Proshare

November 7, 2016 6:18 AM / Proshare News  

PROSHARE ECONOMY
FG suspends Obazee’s Code of Corporate Governance - The Federal Government has suspended the implementation of the ‘controversial’ National Code of Corporate Governance released by the Jim Obazee-led Financial Reporting Council of Nigeria (FRCN), which purportedly came into effect 17 October. Source BUSINESSDAY Read More 

Loan not a trap, says DMO - The $29.9 billion loan request by the Federal Government is not a trap, Debt Management Office (DMO) Director-General Dr Abraham Nwankwo has said. Source THE NATION Read More

We’ll sue company CEOs for tax fraud – Fowler - The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, sheds light on the agency’s contribution to the 2016 budget, tax administration in the country, justification for communications tax and the property tax that would soon commence in the FCT. Source Daily Trust Read More

FG, World Bank sign risk guarantee agreement for $500m Calabar gas plant - The Federal Government and the World Bank have signed a Partial Risk Guarantee (PRG) agreement for the supply of gas to the $500 million Calabar gas plant to boost energy supply by 500 megawatts. Source Vanguard Read More 

Vehicle imports reduce from 30,000 to 6,000 in 6 months - The current unfavourable forex regime has continued to reduce the volume of vehicles imported through the Nigerian ports, the Operations Manager, Ports and Terminal Multiservices Ltd., Mr. Jack Angrish has said. Source Punch Read More 



PROSHARE REGULATORS
Weak Regulators and Inefficient Markets - At a time when efforts should be focused on strengthening the public sector and effective regulatory process, we are being bombarded with headlines of strong regulators versus market efficiency that seem to create a wedge between public sector regulators and private sector operators. Source Proshare Read More   

PROSHARE MARKETS
Proshare Collaborates with FMDQ; Completes Financial Market Coverage - Oct '16 SSS Report - Stock market activities closed negative in the month of October 2016 as the key market indicator, NSEASI, dropped by -3.94% as against +2.67% gain recorded in the month of September 2016 while market YTD performance extends further to remain in the red zone and stands at -4.97%. Source Proshare Read More  

NASD USI Down by -0.48% WoW - Notice is hereby given that the Eighteenth (18th) Annual General Meeting of the members of ARM LIFE PLC will hold on Wednesday, November 9, 2016 at The Darlington Hall, Plot CDE Industrial Crescent, off Town Planning Way, Ilupeju, Lagos, Nigeria at 11:00 a.m. Source Proshare Read More 

Corporate Earnings for the Week Ending November 4, 2016 - Source Proshare Read More 

Sentiment Analysis Report – W/E November 04, 2016 - Analysis of the market activity in the week ended November 04, 2016 technically revealed sustained bearish sentiments amid increased price volatility while investors remained cautious. Source Proshare Read More 

Bank deposits by N474bn in Q3 – NBS - The National Bureau of Statistics on Friday released the banking sector credit report for the private sector, stating that credit to the private sector rose by N657.65bn from N15.53tn in the second quarter to N16.18tn in the third quarter of the year. Source Daily Trust Read More 

Zenith Bank, 6 Others Get Moody’s National Scale Ratings - Moody’s Investors Services has assigned national scale ratings (NSRs) to Zenith Bank, Sterling Bank Plc and five other Nigerian banks. Source Leadership Read More 

BDCs sell dollars at 22% margin putting pressure on Travellex - Bureau De Change (BDC) operators are openly disobeying the directive of the Central Bank of Nigeria (CBN) to sell dollars at not more than two percent (2%) margin above the buying price from Travellex. Source BUSINESSDAY Read More

Naira to further depreciate amid CBN’s N7.9m intervention - The naira that stabilised around N304/$ last week is expected to be pressured further as a result of rising increase in demand for the greenback. This is in spite of the Central Bank of Nigeria’s (CBN) intervention worth $7.9 million sales at the interbank foreign exchange market. Source BUSINESSDAY Read More 

Naira devaluation keeps Nigerians off Dubai markets - The increasingly declining value of the naira has triggered an over 200 per cent increase in prices of goods in Dubai markets prompting many Nigerians to pay more for goods purchased in the Arab country. Source Daily Trust Read More 

Eko DisCo: Power sector liquidity gap hits N1tr - The Chief Executive Officer of Eko Electricity Distribution Company (DisCo), Dr Oladele Amoda at the weekend lamented that the funding gap in the power sector has widened to between N900billion and N1trillion. Source THE NATION Read More 

Refineries perform below 20% as losses persist - The consolidated performance of three of Nigeria’s refineries in Warri, Kaduna and Port Harcourt is below 20 per cent, the latest financial and operations report of the Nigerian National Petroleum Corporation has shown. Source Punch Read More 

FG to review fuel price template – Kachikwu - The Federal Government, weekend, said it would undertake a review of the pricing template for Premium Motor Spirit, PMS, also known as petrol, to forestall a further increase in the price of the commodity. Source Vanguard Read More 

PROSHARE BUSINESS
Yuan Slumps Most in a Month After Central Bank Weakens Fixing - The yuan dropped the most in a month after the central bank weakened the currency’s reference rate and the dollar rebounded. Source Bloomberg Read More 

Hong Kong Stocks Advance From Three-Month Low; Developers Plunge - Hong Kong’s benchmark stock index rose from a three-month low as the FBI said Hillary Clinton’s handling of her e-mails wasn’t a crime, boosting her chances on the eve of the U.S. elections. Property developers tumbled as the government boosted measures to curb surging home prices. Source Bloomberg Read More

Indonesia’s Economy Expands 5%, Matching Forecasts -Indonesia’s economy grew in line with economists’ forecasts in the third quarter as President Joko Widodo seeks to spur the nation onto a higher growth path. Source Bloomberg Read More

Botswana to sell struggling Chinese-built power plant -Botswana will sell a 600 megawatt Chinese-built power plant after persistent technical problems since it was commissioned in 2012, the country's state electricity firm said on Saturday. Source Thisday Read More 

Zombie Banks Stalk Africa With Mergers One Way to Limit Risk - Africa’s many small and under-capitalized banks, laden with bad debt, are inflicting more pain on already embattled economies. Source Bloomberg Read More  



PROSHARE TECHNOLOGY

Payments through Electronic Channels Total N18.156 trillion in Q3, Says NBS - A total of 238.889 million payments valued at about N18.156 trillion were conducted through the electronic channels in the third quarter of this year, says the National Bureau of Statistics. Source Thisday Read More

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