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Nigeria in 1min: Economic, Business & Financial Headlines – 080517

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May 8, 2017 6:10 AM / Proshare News 

PROSHARE ECONOMY
Lifting The Veil off The Financial Sector - Financial institutions are not immune to the negative price effect that emanate from cyclical downturn. Source Proshare Read More 

What To Expect From The Markets This Week - 080517  - On March 26, 2016, the 7th Senate passed the 2016 budget and on May 6th it was assented by the President. This in effect makes Nigeria a country without a budget from May 7, 2017. Source Proshare Read More 

FG to reduce cost of governance by N300bn - The Federal Government is planning to implement a bouquet of strategies that will enable it to achieve a reduction in recurrent expenditure by N300bn annually. Source Punch Read More 

FG Earns N6bn from Lottery in Five Years - The federal government recorded over N6 billion from lottery proceeds in the last five years, the National Lottery Regulatory Commission (NLRC), has said. Source Thisday Read More 

“We pay N70m in ticket refund every week” Arik CEO - The interim management of Arik air under the Asset Management Corporation (AMCON) has said the Airline is making ticket refund of between N60 to N75 million on a weekly basis to customer who bought advance ticket on the routé that were cancelled. Source Daily Trust Read More 

BoI approves N300m for creative industry - The Bank of Industry has sealed a Memorandum of Understanding with the National Council for Arts and Culture to provide N300m in loans to the creative industry operators. Source Punch Read More 

Lagos boosts infrastructure with N291bn - The Lagos State Government spent the sum of N291bn on infrastructural development projects in the 2016 fiscal year, the Commissioner, Ministry of Economic Planning and Budget, Mr. Akinyemi Ashade, said. Source Punch Read More 

Govt considers three options for Ajaokuta Steel privatisation - The Federal Government is considering three options for the privatisation of the Ajaokuta Steel Company Limited. Source Punch Read More 

FIRS Shuts Lagos, Owerri, Port Harcourt Firms over Tax Debts - A team from the Enforcement Department of the Federal Inland Revenue Service (FIRS) has sealed the office of Punz Limited, located at the Lekki Shopping Plaza, Lagos over tax debts of N20, 066, 940. Source Thisday Read More 

Nigeria Loses N400bn On Importation Of Paper Products - Due to the moribund state of the three existing paper mills in the country, Nigeria loses over N400 billion annually to importation of paper products, LEADERSHIP checks have revealed. Source Leadership Read More



PROSHARE REGULATORS

CBN Offers N2bn Agric Loan to Shonga Farms - The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the bank and Committee of Governors have decided to supplement the foreign investment in the poultry syndicate of Shonga Farms Holdings Limited in Kwara State with a loan of N2 billion under the Commercial Agricultural Credit Scheme. Source Thisday Read More 

PROSHARE MARKETS
Market Maintains Positive Trend in April 2017 as NSEASI Records +0.95% Gain - Nigeria’s Stock Market recorded +0.95% gain to close the month of April in the green zone as against +0.74% gain recorded in the month of March 2017 to maintain uptrend while  NSE ASI YTD performance stands at -4.15% at the end of the month. Source Proshare Read More 

Market Sustains Five-Day Gaining Streak as NSEASI Records +1.85% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.26% to close at 26,235.63 basis points, as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.38%. Source Proshare Read More 

Corporate Earnings for the Week Ending 050517 – CUSTODYINS Declares N1.58 bn PAT in Q1 2017- Source Proshare Read More 

Dangote To Invest $450m In Sugar Production In Niger State - The nation’s drive towards self-sufficiency in sugar production will soon be attained as Dangote conglomerate concludes plans to establish a $450 million Sugar refinery plant in Niger State Source Leadership Read More 

Court restrains CBN from transferring Keystone Bank shares- The Federal High Court sitting in Abuja has restrained the Governor of the Central Bank of Nigeria, CBN, Godwin Emefelie, and the management of Keystone Bank from the transfer of the bank’s shares to those it was purportedly sold to, pending the determination of the motion on notice before the Court of Appeal. Source Vanguard Read More 

Meyer gets N155.4m new equity funds from undersubscribed rights - Meyer Plc received total new fund of N155.4 million from its recent rights issue, about 29 per cent short of the N218.6 million target of the new capital raising. Source THE NATION Read More 

NSE Delists Four Firms, Automates Rights Issue Trading, Settlement - The Nigerian Stock Exchange (NSE) last week delisted Beco Petroleum Products Plc, MTECH Communications Plc, MTI Plc and UTC Nigeria Plc. The NSE said in the a statement that the delisting of the companies was approved by the Quotations Committee of the National Council of The Nigerian Stock Exchange (QCN) since February 24, 2017. Source Thisday Read More 

NNPC: Oil Companies Cut over 440,000 Jobs - The Nigerian National Petroleum Corporation (NNPC) has stated that the current downturn in the oil and gas industry has forced the industry to cut 440,000 jobs globally since 2014. Source Thisday Read More 

DMBs haul N234b profit on N35tr assets in Q1 - Nigerian quoted banks reported pre-tax profit of about N234 billion on gross earnings of N1.07 trillion in the first quarter (Q1) of this year. Source THE NATION Read More

Naira firms after CBN boosts forex supply with $389million  - Naira firms after CBN boosts forex supply with $389millionThe nation’s currency which traded at the rate of N390/N391 to the U S dollar in the early and middle of last week, on Friday appreciated to N388 per dollar, after the Central Bank of Nigeria (CBN) sold a total of $389 million at the foreign exchange market. Source BUSINESSDAY Read More 

CBN Readmits These 3 Previously ‘Banned’ Banks Into The Forex Market - The Central bank of Nigeria (CBN) has readmitted three of the previously banned banks into the into the spot and wholesale forwards segment of the foreign exchange market after the banks provided ‘proof’ of selling forex to Small and Medium Scale Enterprises (SMEs) since the introduction of the special window for small businesses. Source Nairametrics Read More

Power firms struggling to repay $1.42bn loans - Strong indications have emerged that investors who acquired the nation’s electricity distribution firms in 2013 are still struggling to service the loans they took from financial institutions to finance the acquisition. Source Punch Read More 

TCN Set to Site $200m Power Transmission Project in Ogun - The Transmission Company of Nigeria (TCN) is to construct a $200million power transmission project in Ogun State,  the Managing Director of the company, Mr. Usman Gur Mohammed, has disclosed. Source Thisday Read More 

Electricity generation falls by 1,450.8MW in two days - Despite the near zero rupturing of gas pipelines by vandals in the past three months, particularly in the Niger Delta, the supply of gas for power generation has remained a challenge. Source Punch Read More 

 

PROSHARE BUSINESS
Macron victory in France sends euro to 6-month high - The euro notched up its highest level in six months after centrist reformer Emmanuel Macron won the French presidential election on Sunday, neutralizing the biggest political challenge to the currency in its 18-year history. Source CNN Money Read More 

U.K. Consumer Spending Weakens With Sharp Slowdown in April - U.K. consumer-spending growth slowed in April and is forecast to remain weak in the coming months, according to a report from Visa. Source Bloomberg Read More 

Australian Business Confidence Jumps to Highest in Seven Years - Australian business confidence surged to the highest level since 2010 and firms’ conditions advanced further, signaling economic growth could accelerate. Source Bloomberg Read More 

Hedge Funds Bail Just Before OPEC-Driven Oil Rally Evaporates - Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally. Source Bloomberg Read More 

Saudi Oil Minister Says Output Cuts May Extend Beyond Second Half of 2017 - Saudi Arabia’s oil minister said he is confident that an agreement by oil producers to curb output and shrink a market glut will be extended into the second half of the year and possibly beyond. Source Bloomberg Read More 

 

 

 

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