Nigeria in 1min: Economic, Business & Financial Headlines – 101017


October 10, 2017 7:10 AM / Proshare News 


The Nigerian Debt Debate- Deconstructing The Debt Story-National debt is an emotive issue as well as an economic one. Source Proshare Read More 

Flood Impact Should Stir ‘Dead Cat Bounce’ On Inflation-In line with recent trend, headline inflation contracted 4bps from prior reading to 16.01% in August. Source Proshare Read More 

How Capitalism and Free Market Economics Can Drive The Nigerian Project Forward- The great Singaporean Prime Minister Lee Kwan Yew, had this to say when asked about the state of mind and approach used. Source Proshare Read More 

FG begins review of Nigeria’s ‘ease of doing business’ initiatives - VICE President, Yemi Osinbajo, yesterday, in London, said the Federal Government was undertaking extensive reforms in its ‘ease of doing business’ initiatives, barely five months after he signed executive orders for the initiatives Source Vanguard Read More 

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Airlines, airports to invest $33b in ICT - Global airlines and airports are exppected to spend nearly $33 billion on information technology in the next four months, statistics from Geneva-based Air Travel Solutions provider ( SITA) has said. Source THE NATION Read More 

Fed Govt loses N1.6tr to substandard products, says SON - The Standards Organisation of Nigeria (SON)  yesterday said the country has lost N1.6 trillion so far this year to the sale of substandard products. Source THE NATION Read More 

External reserves seen heading towards $40bn mark - Nigeria’s gross external reserves are seen heading towards the $40 billion mark, the level they last touched in February 2014, before the most recent slide in crude oil prices. Source BUSINESSDAY Read More 

Nigeria’s oil revenue exceeds 2017 budget estimate - Between January and July this year, Nigeria has recorded oil revenue of N1.950 trillion out of N1.985 trillion projected for 2017 indicating that earnings may have already exceeded projections when the figures for August and September are computed. Source BUSINESSDAY Read More 

Lagos requires 1m units yearly to bridge housing deficit- Ambode - Governor Akinwunmi Ambode says one million housing units are required annually for the next five to ten years to bridge the state’s current deficit. Source BUSINESSDAY Read More 

Nigeria attractive to foreign investors despite challenges – KPMG - Consumer goods, financial services, telecommunications, media and technology, and the oil and gas sectors have accounted for about 80 per cent of the recent inbound investments into the country since its came out of recession, a KPMG report stated on Monday. Source Punch Read More 

50 million Nigerians have no electricity, says Osinbajo - Vice President Yemi Osinbajo on Monday said 50 million people out of the nation’s 180 million population have no access to electricity. Source Punch Read More 

N440bn bond issuance programme grossly inadequate – NMRC - The Managing Director, Nigeria Mortgage Refinance Company, Prof. Charles Inyangete, has stated that the firm’s N440bn bond issuance programme to fund its refinancing activities is grossly inadequate when compared to an estimated N130tn required to solve the country’s housing deficit. Source Punch Read More 

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2017 World Investor Week: SEC Nigeria holds Investors Clinic- The first ever World Investor Week designed by  the International Organization of Securities Councils (IOSCO), was marked by the 115 member countries across the globe last week (October 2-8th,2017). Source Proshare Read More 

Education and Protection of Investors Brought to the Attention of the Global Public- Yesterday marked the end of the first World Investor Week, organized by the International Organization of Securities Commissions (IOSCO) and its members. Source Proshare Read More 


NSEASI Opens the Week Positive to Sustain Uptrend; Inches Up by +1.41%- Equities market closed today on a positive note, as NSE ASI appreciated by +1.41% to close at 36,831.93 basis points as against +1.53% appreciation recorded previously.Source Proshare Read More 

UCAP declares N3.27 billion Profit in Q3'17 Results; (SP:N3.06k) Source Proshare Read More 

Oando Gas & Power Rebrands as Axxela- Oando Gas & Power Limited (“OGP”), the erstwhile midstream business subsidiary of Oando PLC (“Oando”), Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 091017- Sentiment on the Nigerian Bourse last week was broadly positive as the All Share Index gained on 3 of 4 sessions to close at 36,320.98 points, indicating a 2.5% gain W-o-W and a YTD return of 35.1%. Source Proshare Read More 

Thomson Reuters Launches Fixed Income Trading Application For African Bond Markets- Thomson Reuters has launched Fixed Income Callouts. Source Proshare Read More 

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FGN Savings Bond Offer for October 2017 Kicks off Today- Kindly note that the FGN Savings Bond for October 2017 kicks off today, details are as follows. Source Proshare Read More 

Thomas Wyatt Nigeria Plc Explains Reasons Behind Late Filing of Audited Results- Thomas Wyatt Nigeria Plc. (”the Company") wishes to notify its esteemed shareholders and the investing public that the Company filed Source Proshare Read More 

GOLDINSURE Declares N350.2 million loss in 2015 Audited Result,(SP:N0.53k) Source Proshare Read More 

Eterna Oil invests N3bn on lubricant plant expansion - THE Management of Eterna Oil Plc said that the company has invested over N3 billion to further expand its lubricant oil plants operations to promote local content drive in oil and gas sector. Source Vanguard Read More 

CBN forex supply hits $390m in one week - The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar. Source Punch Read More 

Dangote: Nigeria’ll save $15b from oil refinery - The founder and Chief Executive, Dangote Group, Aliko Dangote, has said the oil refinery his company is building in Nigeria would save the country some $15 billion by cutting its need for imported fuel Source THE NATION Read More 

Global oil demand increases by 2mb/d – Barkindo - An estimated increase of global oil demand growth of close to 2 million barrels a day has been recorded from the first to the second half of this yearm the Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC)  Mohammed Sanusi Barkindo has said. Source Daily Trust Read More 

Gas, forex stall new electricity tariff take off - Multiple constraints in the power sector including low gas supply, foreign exchange rate, and inflation rate crushed the Multi Year Tariff Order (MYTO) 2015 implemented in 2016 causing a shortfall of N450 billion in the electricity market. Source Daily Trust Read More 

FG, DisCos to raise capacity by 2,000mw, meter consumers’ - The Minister of Power, Works and Housing, Mr Babatunde Fashola said the federal government is working to overcome the challenges of increasing the capacity of the 11 electricity Distribution Companies (DisCos) to take additional 2,000 megawatts (Mw). Source Daily Trust Read More 

Collect N40bn electricity debts from states, FG charges Discos - The Federal Government on Monday charged electricity distribution companies to engage state governments in order to collect the outstanding electricity debt amounting to about N40bn owed by the Ministries, Departments and Agencies of the various state and local governments. Source Punch Read More 

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Leaked Memo to President Buhari: We followed due process-NNPC Group- Following the publication of alleged lack of adherence to due process in the award of NNPC contracts. Source Proshare Read More 

South African retailer TFG drops KPMG as auditor - South African retailer TFG has dropped KPMG, the global accountancy firm ensnared in a scandal involving business friends of President Jacob Zuma, as its external auditor, citing “concerns recently raised”. Source Reuters Read More 

Mozambique's inflation slows to 10.76 percent y/y in September - Mozambique annual consumer inflation fell to 10.76 percent in September from 14.13 percent in August, data on the National Institute of Statistics website showed on Monday. Source Reuters Read More 

Tanzania inflation rises to 5.3 percent in September - Tanzania’s inflation rate rose in September as increases in food prices rose, the state statistics office said on Monday. Source Reuters Read More 

Kenya to issue $291 mln, 5-year Treasury bond this month - Kenya plans to issue a 30 billion shilling ($291 million), five-year Treasury bond this month, the central bank said on Monday. Source Reuters Read More 

Mozambican Companies That Hid $1.4 Billion Debt Slam Kroll Audit - Three state-owned Mozambican companies whose government-guaranteed debts led the gas-rich nation to default have criticized an audit by Kroll LLC that questioned their actions in the scandal. Source Bloomberg Read More 

Lupin Insiders Buy $3.1 Billion of Shares After Stock Sinks - Key shareholders are using the 30 percent plunge in Lupin Ltd.’s stock -- the worst-performer this year on the benchmark S&P BSE Sensex -- to boost their holdings. Lupin Investment Co. Source Bloomberg Read More 

China Central Bank Boss Calls for Reform Amid Congress Countdown - People’s Bank of China Governor Zhou Xiaochuan made a fresh call to open up the nation’s financial sector, and warned that reform will become more difficult if the window of opportunity is missed. Source Bloomberg Read More 

Central Banks Try to Avoid Buzz Kill as They Pull Punchbowl Away - The world’s major central banks are declaring last orders at the punchbowl. Source Bloomberg Read More 

Saudis to Make Deepest Cut to Crude Supply Despite Strong Demand - Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. Source Bloomberg Read More 

Sasol Drops $950 Million Share Plan for Black-Investor Debt - Sasol Ltd., the world’s largest maker of fuel from coal, abandoned a plan to sell about 13 billion rand ($950 million) of shares in order to repay debt owed by investors who participated in a transaction to boost black ownership of the company. Source Bloomberg Read More 

Big Words From Saudis, OPEC Make Little Difference to Oil Prices - Saudi Arabia and OPEC both made comments in the past 24 hours that look ostensibly supportive of oil prices. The reaction for crude futures has been muted -- at least initially. Source Bloomberg Read More 

Qatar Is Said to Plan Raising at Least $9 Billion From Bond Sale - Qatar is considering raising at least $9 billion from international bond markets as the gas-rich nation boycotted by its neighbors seeks to replenish state coffers, people familiar with the matter said. Source Bloomberg Read More 

Iraq and Iran Accelerate Oil Exports in Battle With Saudi Arabia - Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S. Source Bloomberg Read More 

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UAE Securities And Commodities Authority (SCA) Launched A Strategy For Islamic Capital Mkt Dev.- The Securities and Commodities Authority (SCA) launched a strategy for Islamic capital market development. Read More 


NCC gives telcos 48 hours to deactivate unsued SIMs - The Nigerian Communications Commission (NCC) yesterday said it has given telcos order to deactivate any subscriber identity module (SIM) card that was registered but unsused after 48 hours. Source THE NATION Read More 

NCC links subscribers SIM card registration to NIMC - The Nigerian Communications Commission (NCC) says the mobile networks Subscriber Information Module (SIM) card biometric registration process, which covers all existing telecommunication subscribers with verifiable database, linked to National Identity Management Commission (NIMC) will add to the ease of doing business in the country, as a result of sustainable trackable digital identity. Source BUSINESSDAY Read More 

Over 2.4bn Africans, Asians don’t have official identity –NCC - Over 2.4 billion citizens who reside in Asia, Africa and Nigeria do not have official identity that is not trackable to events or actions. Source THE SUN Read More 

Abu Dhabi Global Market Sets Out Guidance On Initial Coin Offerings And Virtual Currencies- The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has set out in Guidance its approach to Initial Coin/Token Offerings (ICOs). Source Proshare Read More 

Airbnb's Chinese Rival Raises $300 Million for Global Jaunt - Airbnb’s biggest rival in China,, has raised $300 million to fund a rapid expansion and ride a surge in Chinese families taking holidays around the world. Source Bloomberg Read More 

NIPOST reintroduces money order, begins electronic mail tracking - The Nigerian Postal Service on Monday announced a series of products and projects aimed at reviving the postal system and increasing the organisation’s patronage. Source Punch Read More 

This is not a drill: Microsoft admits Windows Phone is dead for real - It’s time to say goodbye for real this time. Windows Phone’s death has been slow and painful, but, as CNET spotted, the head of Microsoft’s Windows division finally admitted you shouldn’t expect anything more when it comes to Windows Phone. Source TECHCRUNCH Read More 

Microsoft just purchased all of GE’s newest Irish wind farm capacity for the next 15 years - Microsoft signed an agreement with GE today to purchase every last bit of the wind energy from GE’s brand-new 37-megawatt Tullahennel wind farm located in County Kerry, Ireland for the next 15 years. Source TECHCRUNCH Read More 

Google’s probe into Russian disinformation finds ad buys, report claims - Google has uncovered evidence that Russian operatives exploited its platforms in an attempt to interfere in the 2016 U.S. election, according to the Washington Post. Source TECHCRUNCH Read More 


BoI offers N3.5bn for SMEs in Osun - Bank of Industry (BOI) has disbursed N3.5 billion to business men and women in Osun State to boost Small and Medium Enterprises (SMEs) in the state. Source THE SUN Read More 


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