Nigeria in 1min: Economic, Business & Financial Headlines – 110917


September 11, 2017 7:00 AM / Proshare News 

What To Expect From The Markets This Week - 110917 - On Tuesday, September 5, 2017, the National Bureau of Statistics published the GDP growth figures for the second quarter of 2017.  The Nigerian Economy skirted off recession, as the economy grew by 0.55% in Q2 2017, thereby falling in line with earlier forecast of 0.8% real GDP growth for the 2017 horizon. Source Proshare Read More  

FG, states borrow N7.51tn under Buhari - The Federal Government under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed N7.51tn in the last two years, statistics have revealed. Source Punch Read More 

N4.75tn pension funds invested in FG bonds, securities - About N4.75tn of the total funds under the Contributory Pension Scheme has been invested in the Federal Government’s securities. Source Punch Read More 

Ships loaded with $37.9m maize, others arrive Lagos ports - About five vessels bearing maize, ethanol and wheat estimated at over $37.9m have arrived at the Lagos and Tin Can Island ports. Source Punch Read More 

Buhari Returns: Hope High and Challenges Daunting - LBS EBS - September 2017 - The return of President Buhari after an extended time-out coincided with the mild recovery of the economy from a 15-month deep recession. Source Proshare Read More  

Arik files N20b suit against FG, Ethiopian Airlines over proposed takeover - Owners and former management of Arik Air Limited have filed a N20 billion suit against the Federal Government and Ethiopian Airlines over the proposed takeover bid of the troubled airline. Source Guardian Read More 

FG Saves N55bn From Local Production Of Fertiliser - The federal government has saved about N55billion ($150million) from the production of locally-blended fertilizer this year. Source Leadership Read More 

2,287 Drug Abuse Convictions Secured in 2016 - NBS - Crime data on drug abuse and enforcement revealed that 262,934kg quantity of narcotic drug was seized in 2016 as against 834,709kg seized in 2015 while 8,257 suspects were arrested in 2016 as against 8,778 in 2015. Source Proshare Read More 

Fed Govt loses trillions as stamp duty fee is unremitted - Stamp Duty charges on bank transactions may have yielded trillions of naira, but the revenue is unremitted to the Federation Account Source THE NATION Read More 

FG, IOCs Finalise Evaluation of Bids for $13.5bn Zabazaba Deepwater Project - The federal government, Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) have completed the technical and commercial evaluation of bids for the main packages in the development of the $13.5 billion Zabazaba deepwater oil field in Oil Prospecting Lease (OPL) 245 within 14 months Source Thisday Read More 

FG Boosts Export with N20bn Claims Settlement Approval - Federal government efforts to diversify the economy to shoreup foreign exchange has received a boost with the approval of N20 billion for export claims settlement. Source Thisday Read More 

FG August N135 Billion Bond Fails with 41.5% Subscription - The federal government’s N135 billion bonds issued by the Debt Management Office in August was 41.5 per cent subscribed as the agency could only raise N56.05 billion from the auction. Source Thisday Read More 

Ship import dips to N319b on forex scarcity - Importation of vessels to Nigeria has dropped from N774billion ($2.15billion) in the last two years to N319 billion ($885.9million) due to scarcity of foreign exchange (forex). Source THE NATION Read More 

CBN to step up liquidity mop up as N333bn hit interbank - The Central Bank of Nigeria (CBN) will this week step up its liquidity mop-up in a bid to offset impact of N333 billion inflows into the interbank money market. Source Vanguard Read More 

Electronic Certificate of Capital Importation (e-CCI) to commence on Monday says CBN - The Central Bank of Nigeria (CBN) has directed that the processing of Certificate of Capital Importation (CCI) in Nigeria shall only be done electronically on the electronic CCI platform as from today, Monday, September 11, 2017. Source BUSINESSDAY Read More 

Anchor-Borrowers’ Scheme: Kano farmers owe CBN N944 million - From the total sum of N950m loan released by the Central Bank of Nigeria (CBN) to Kano State Rice farmers, under the Anchor-Borrowers Scheme, only N6m was paid back till date. Source Guardian Read More

TCN gets $1b for expansion, others
- The Transmission Company of Nigeria (TCN) has secured about $1 billion from multilateral donors, including the government of Japan, to expand and rehabilitate its facilities, it was learnt. Source THE NATION
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Corporate Earnings for the Week Ending 080917 – PZ Declares N3.69bn PAT in Q4'17 Results - During the week ending September 08, 2017, five (5) quoted firms declared their results. Source Proshare Read More 

Lighthouse Financial Services Plc Aditted to Trade on NASD OTC - NASD is pleased to announce that the shares of Lighthouse Financial Services Plc. havde been admitted to trade on the OTC Market. Source Proshare Read More 

Equities Market Resumes Downtrend as NSEASI Records +1.27% Gain WoW - Equities market closed today on a negative note, as NSE ASI depreciated by -0.44% to close at 35,957.24 basis points as against +1.42% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +33.80%.  Source Proshare Read More  

Oando and IAS 24: What the law cannot do by @Doubleeph - When you prepare a set of accounts to International Financial Reporting Standards (IFRS), one of the things you are required to do is disclose any ‘related party’ transactions. The accounting standard that covers this disclosure requirement is IAS 24. Source Nairametrics Read More

Trouble looms for Nigeria as China seeks to ban petrol and diesel vehicles - China, the world’s biggest car market, plans to ban the production and sale of diesel and petrol vehicles, further threatening the future profitability of oil — Nigeria’s major revenue source. Source THE CABLE Read More 

Shell, Gasland, and Shoreline sign $300million gas distribution agreement - Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shoreline Energy Limited (parent company of Gasland Company Ltd.) have signed an agreement to explore opportunities to buy, market, distribute and sell natural gas to consumers and companies in the Victoria Island, Ikoyi, Lekki, and Epe areas of Lagos. Source BUSINESSDAY Read More 

Oil Denies Saudis Regional Stock Crown as Johannesburg Opens Gap - Oil has denied Saudi Arabia the opportunity to overtake South Africa as the biggest stock market in the Middle East and Africa, even as political turmoil and a faltering economy hold back share prices in Johannesburg. Source Bloomberg Read More 

Egypt Inflation Eases as Central Bank Sees Rate Peaking - Egypt’s inflation eased in August, signaling that the surge in prices after the government’s latest round of subsidy cuts may have peaked. Source Bloomberg Read More 

Saudi Arabia Says Aramco IPO on Track as It Redrafts Reform Plan - Plans to sell a stake in Saudi Arabian Oil Co. are “well underway,” the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programs. Source Bloomberg Read More 

Northern Rock's Bank of England bailout 'should have been secret' - An agreement to bail out Northern Rock which triggered a run on the bank should have been kept secret, the country's then top banker claims. Source BBC Read More

Australian Banks Sitting on A$500 Billion of 'Liar Loans,' UBS Says - Here’s something else for policy makers to worry about as they attempt to engineer a soft landing in Australia’s property market. Source Bloomberg Read More 

Mauritius to provide forex support to export sector - Finance Ministry - Mauritius is to provide foreign currency support to its sugar and other export-oriented sectors to cushion them against the impact of a strong rupee, the Finance Ministry said on Friday. Source Reuters Read More 

South Africa's radical economic transformation policy could turn off investors - Moody's - Ratings firm Moody’s on Thursday warned that proposed plans by South Africa’s government to implement “radical economic transformation” could turn away investors and rising poverty may curb Treasury’s efforts to rein in fiscal deficits. Source Reuters Read More 

Zimbabwe businesses warn Mugabe growing deficit could destabilise banks - Zimbabwean business leaders told President Robert Mugabe on Thursday that his government’s expanding fiscal deficit was unsustainable and that financing it through local borrowing could destabilise the banking sector. Source Reuters Read More 

Tchad remains a Good Investment Destination of choice for the United Bank for Africa - The United Bank for Africa (UBA) Plc was present at the roundtable Forum organized in Paris from September 6 – 8, 2017, by the government of the Republic of Tchad, on the financing of the National Development Plan 2017- 2021. Source Proshare Read More 


Interswitch Set To Host Industry Stakeholders for its Inaugural Conference - Interswitch Limited, Africa’s leading digital payment company will on September 14 & 15, 2017 host Industry Stakeholders in the financial services, technology, payments and digital commerce, healthcare, communication and retail/consumer goods sector for its Inaugural Conference – “Interswitch Connect”. Source Proshare Read More





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