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Nigeria in 1min: Economic, Business & Financial Headlines - 081216

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December 8, 2016 6:10 AM / Proshare News  

PROSHARE ECONOMY
Eurobond: FG Appoints transaction parties - The Honourable Minister of Finance, Mrs Kemi Adeosun on Wednesday at the Federal Executive Council (FEC) meeting presented a Memorandum seeking approval for the issuance of the USD1.00 Billion Eurobond in the International Capital Market (ICM) and the appointment of Transaction Parties responsible for the execution of the Programme. Source Proshare Read More 

 

ECOWAS central bank govs meet over single currency - The ECOWAS Convergence council will hold an ordinary session tomorrow in Abuja to determine the progress made in implementing the roadmap of the Community’s Single Currency Programme and adopt the macroeconomic convergence of member States. Source Daily Trust Read More 

Reps urge Fed Govt to suspend 30 % export grant - The House of Representatives has advised the Federal Government to suspend the issuance of 30 per cent Export Expansion Grant (EEG) to exporters. Source THE NATION Read More 

Fed Govt plans N1tr capital base for Bank of Agriculture - The Federal Govern-ment is planning to capitalize Bank of Agriculture with N1 trillion ($3.2 billion) and will allow the lender to take deposits. Source THE NATION Read More 

NIMASA laments drop in revenue as recession, Foreign Exchange scarcity bite - Economic recession alongside the scarcity of foreign exchange for importation has indeed continued to take its toll in the port industry as the reduced volume imports has resulted to the reduced number of vessels calling Nigerian seaports. Source BUSINESSDAY Read More 

Digital payments could add 46 million Nigerians to financial system, says Mckinsey - Widespread digital payments and financial services could bring an additional 46 million Nigerians to the financial system and add 12. 4% to Nigeria’s Gross Domestic Product (GDP) by 2025, says advisory firm, Mckinsey Global Institute. Source BUSINESSDAY Read More 

Bukola Saraki's Remarks at Petroleum Industry Bill Public Hearing - The petroleum industry remains the mainstay of the Nigerian economy. Oil and gas have been, and will likely remain for the foreseeable future, Nigeria’s most important non-renewable energy source. Source Proshare Read More

NIRSAL, Moroccan Financial Institution Seal Pact on Agriculture Devt - The Nigeria Incentive Based Risk-Sharing for Agricultural Lending (NIRSAL) in line with its mandate to de-risk and facilitate private finance into the agric sector has signed a Memorandum of Understanding (MOU) with Group Crédit Agricole (GCAM) – a top-ranking Moroccan financial institution to boost agricultural development in Nigeria. Source Thisday Read More 

 

PROSHARE REGULATORS
CBN to Sell N1.23bn Worth of Treasury Bills in Q1 2017 - The federal government plans to raise about N1.23 billion through issuance of treasury bills in the first quarter of next year. It further plans to raise N1.24 billion from treasury bills which are rolled over into 2017 and maturing at different dates. Source Thisday Read More 

 

Intervention funds: Emefiele warns banks against charging over 9%  - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the bank. Source Daily Trust Read More 

N140bn SMEs fund yet to be accessed - CBN - Only N80 billion out of the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) established by the Central Bank of Nigeria (CBN) has been accessed, the bank has said. Source Daily Trust Read More

Complaints Against AIMS Asset Management Ltd in Respect of Private Placements - The Securities and Exchange Commission (“SEC”) received various complaints against AIMS Asset Management Limited who solicited and marketed private placements for two private companies namely Petdrill Development Company Limited and Aims Assurance Company Limited. Source Proshare Read More  

PROSHARE MARKETS
Mixed sentiments keep stocks in-check, session ends with modest gain - The equities market closed today on a positive note, as NSE ASI appreciated by 0.01% to close at 25,673.80 basis points, compared with the 0.28% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.36%. Source Proshare Read More

 

Skye Bank Ratings Suspended Due To Lack of Sufficient Information - The suspension is based on a lack of sufficient, timely, and reliable information to maintain our ratings on Skye Bank. Source Proshare Read More 

Shareholders approve Union Bank’s N50bn rights issue - The shareholders of Union Bank Nigeria Plc have endorsed five resolutions authorising the Board of Directors of the bank to raise up to N50bn through rights issue. Source Punch Read More 

India wants to lift more oil from Nigeria - Indian state-run refiners are pressing for an increase in crude oil allocations from Nigeria as demand from the South Asian country climbs, an official from the Nigerian National Petroleum Corporation has said. Source Punch Read More 

Shale producers threaten OPEC supply-cap deal - Shale oil producers are hitting their platforms to ramp up production following an OPEC deal on November 30, which cut members production by 1.2 million barrels per day beginning from January 1. Source BUSINESSDAY Read More 

Nine power plants shut, Shiroro, Jebba lose 245MW - Nine of the nation’s 26 power plants did not generate any megawatts of electricity on Wednesday, coupled with significant reduction in the generation from two of the hydropower plants and several others. Source Punch Read More  

Cross River to complete 21MW power plant February - The Cross River State Governor, Senator Ben Ayade, has set February 17, 2017 deadline for the delivery of the 21 megawatts power plant being built in the state. Source Punch Read More 

10 years after, NDPHC opens 330kv station in Akwa Ibom - The Niger Delta Power Holding Company Limited (NDPHC) which  superintends the National Integrated Power Project (NIPP) has inaugurated the 330kV switching station located in Essien Udim / Ikot Ekpene Local Government Area of Awka Ibom State. Source THE NATION Read More 

 

PROSHARE BUSINESS
Burundi’s tax revenues up 23 pct yr/yr in November - Tax collection in Burundi rose 23 percent in November compared with the same period in 2015, exceeding initial forecasts, the country's revenue board said on Wednesday. Source Reuters Read More

 

Zambia to re-finance $2.8 billion Eurobonds next year - Zambia plans to refinance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015, Finance Minister Felix Mutati said on Wednesday. Source Reuters Read More

Namibia central bank leaves lending rate unchanged at 7 percent - Namibia's central bank left its benchmark lending rate unchanged at 7 percent on Wednesday, saying the level was appropriate to support economic growth. Source Reuters Read More

Russia Sells $11 Billion Stake in Rosneft to Glencore, Qatar - Russia sold an $11.3 billion stake in its largest oil producer to commodity trader Glencore Plc and Qatar’s sovereign wealth fund in a triumph for President Vladimir Putin, who announced the deal on state television personally. Source Bloomberg Read More

UK and Germany face EU action on ‘dieselgate’ - The European Commission is set to start legal action against countries including Germany and the UK for failing to clamp down on the emissions cheating exposed by the “dieselgate” scandal. Source FT Read More 

European Stocks in Biggest Rally Since U.S. Election Before ECB - European stocks on Wednesday added to the previous session’s sharp gains, boosted by advances in carmakers, miners and banks. Optimism the European Central Bank will extend its stimulus program at Thursday’s meeting is helping fuel gains this week, particularly in so-called peripheral markets perceived as riskier after fallout from the Italian referendum subsided. Source Bloomberg Read More

China Exports Edge Up as Imports Increase Most in Two Years - China’s exports gained, snapping a seven-month losing streak in dollar terms, as a cheaper yuan aided foreign purchasing. Imports jumped the most in two years. Source Bloomberg Read More

Oil Supertankers Brace for Worst Year Since 2013 on OPEC Cuts - Oil-hauling supertankers are bracing for the worst earnings year since 2013 as they become collateral damage in OPEC’s quest to trim a global glut of crude. Source Bloomberg Read More 

China’s Banks Are Hiding More Than $2 Trillion in Loans - In 2014, the Chinese city of Haimen on the mouth of the Yangtze River set out to build a large apartment complex and turned to Bank of Nanjing Co. for about $29 million in financing. Source FT Read More 

PROSHARE STARTUP
African Entrepreneurship Award announces 11 Winners for its 2nd Edition 2016 - BMCE Bank of Africa announced the winners of the second edition of the African Entrepreneurship Award, which allocates annually $1 million. Source Proshare Read More

 

African Entrepreneurs are invited to scale their Ventures at AFIF 2017, Nairobi - EMRC in collaboration with Entrepreneurial Solution Partners and the Strathmore University is announcing a call for action for Entrepreneurs from all over Africa to bring their projects, ideas and running businesses and to discuss them with experts during the 2017 edition of the Africa Finance & Investment Forum (AFIF) in vibrant Nairobi. Source Proshare Read More

PROSHARE FINANCE
Resilience of the PFAs as Asset Under Management Increases by 16.9pct to N5.96trn - Conventional wisdom has it that the growth of inflows into the PFAs has slowed on account of arrears in contributions by government.  Source Proshare Read More  

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