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Nigeria in 1min: Economic, Business & Financial Headlines – 111017

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October 11, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY

Banking Sector Q3'17 Earnings Outlook - On the back of a review of the H1’17 results of banks under our coverage, we have made corresponding adjustment to our projections and valuations. Following our revision, UBA and FIDELITY tops our favourite list, whilst we downgrade STANBIC to a HOLD (previous rating: BUY). Source Proshare Read More 

#NES23 opens with emphasis on PPP and Nigeria’s economic growth - The 23rd summit of the Nigerian economic summit group focusing on the theme “Opportunities, Productivity and Employment”, opened in Abuja with key stakeholders in the political economic space re-emphasizing the value of public-private partnership, in driving the Nigerian economy. Source Proshare Read More 

Nigeria's Buhari asks lawmakers to approve $5.5 bln in foreign loans - Nigeria’s President Muhammadu Buhari has sought approval from lawmakers in the upper chamber of parliament for $5.5 billion of foreign borrowing, according to a letter read in the Senate on Tuesday. Source Reuters Read More 

IMF highlights threats to Nigeria’s economic growth - The International Monetary Fund, IMF, Tuesday, listed policy implementation, forex market segmentation, and banking system fragilities as major threats to sustained economic growth in Nigeria. Source Vanguard Read More 

Private sector targets growth as FG reforms trade, taxes, ports - The private sector is warming up for growth and expansion, as the Federal Government’s just released National Action Plan 2.0 (NAP 2.0) unveils clear-cut plans to reform major business hiccups in the economy. Source BUSINESSDAY Read More 

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‘70 per cent of companies in Cross River operate without EIA’ - Environmental experts have disclosed that over 70 percent of companies in Cross River State do not have Environmental Impact Assessment (EIA) plan.This position was made known recently in Calabar at a two-day workshop on Capacity Building (EIA Training) and Advocacy Against Land grabbing in Cross River by Rights Action/Friends of the Earth Nigeria (ERA) in partnership with Community Forest Watch Nigeria. Source Guardian Read More 

Senate passes N152bn 2017 budget for FIRS - The Senate on Tuesday passed the N152 billion 2017 budget of the Federal Inland Revenue Service (FIRS). Source BUSINESSDAY Read More 

Ondo moves to secure N7.6bn UBEC fund to finance basic education - Having paid up N3.9 billion counterpart fund to the Universal Basic Education Commission (UBEC), Ondo state government is finalising moves to secure N7.6 billion to finance basic education in the state. Source BUSINESSDAY Read More 

NMRC says capital market key to fixing Nigeria’s N130trn Housing deficit - The public and private sector stakeholders must work together to create a conducive policy and regulatory environment for a robust and transparent Debt Capital Market, the Managing Director of the Nigeria Mortgage Refinance Company (NMRC), Charles Inyangete has said Source BUSINESSDAY Read More 

Oil, agriculture to move Nigeria’s economy up to 1.9% in 2018 – IMF - Gains from crude oil output and prices, as well as improved activities in the agricultural sector will help Nigeria’s economy pick up to 1.9 percent growth in 2018 after the 0.55 percernt second quarter weak rebound, says the International Monetary Fund (IMF). Source BUSINESSDAY Read More 

FG appoints sole administrator for Ajaokuta Steel complex - The Minister of Mines and Steel Development, Kayode Fayemi, has announced the appointment of Abdul-Akaba Sumaila, as the Acting Sole Administrator of the Ajaokuta Steel Complex. Source BUSINESSDAY Read More 

FG Voids NPA, Intels Pilotage Agreement - The federal government has directed the Nigerian Ports Authority (NPA) to terminate the boats pilotage monitoring and supervision agreement that the agency has with Intels Nigeria Limited, a leading integrated logistics and facilities services provider in the maritime and oil and gas logistics sectors of the country, saying that the contract was void ab initio. Source Thisday  Read More 

ECOWAS approves calls free roaming for member states - The Economic Community of West African States (ECOWAS) ministers in charge of Telecommunications and Information Communications Technology (ICT), have approved free regional roaming regulation for member states. Source THE SUN Read More 

World economy to add 3.6% in 2017 as recovery quickens – IMF - The International Monetary Fund on Tuesday bumped up its forecasts for global growth, saying an upswing in the world economy was likely to gather pace into next year. Source Punch Read More 

FG plans finance scheme for new car buyers - The Director-General of the National Automotive Design and Development Council, Mr. Jelani Aliyu, has said a fund will be established to be offered to Nigerians at low cost to finance their commercial fleets and cars. Source Punch Read More 

We’ll deliver new Lagos-Ibadan rail Dec 2018 — NRC - Despite issues of right of way and others impediments slowing down work on the ongoing construction of a new Lagos-Ibadan standard gauge rail, the Nigerian Railway Corporation has said there is no going back on the December 2018 delivery date. Source Punch Read More 

We’re using recovered looted funds to finance 2017 budget – Buhari - The Federal Government is using part of the funds recovered from those who looted the treasury to finance the 2017 budget, President Muhammadu Buhari has said. Source Punch Read More 

Inflation to remain high in Nigeria next year – IMF -  The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year. Source Punch Read More 

Nigeria produces 67% of global yam output – Ogbeh - The Federal Government says it will not relent in its yam export policy which is aimed at attracting foreign exchange for the country. Source Punch Read More 

Firm to invest $13m in Okitipupa Oil Palm Company - A multinational oil company, Victory Crystal Investment, says it will invest $13m to resuscitate the moribund Okitipupa Oil Palm in Okitipupa, Ondo State. Source Punch Read More 

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PROSHARE REGULATORS

TELCOs short-changing insurers on premiums — NAICOM - NATIONAL Insurance Commission, NAICOM, has accused telecommunication companies of short-changing insurance firms in premium payments. Source Vanguard Read More 

PROSHARE MARKETS

Market Halts 4-Day Gaining Streak as NSEASI Dips by -0.15% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.15% to close at 36,776.60 basis points as against +1.41% appreciation recorded previously. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – August 2017 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read More 

The NSEASI Still on a Roll - Since our last look at three stock market indices in sub- Saharan Africa (SSA), the Lagos all-share has continued to outperform both Nairobi (NSE 20) and Johannesburg (allshare). Source Proshare Read More 

IMF raises concerns over weakness in Nigerian banks - The International Monetary Fund on Tuesday expressed concerns over weaknesses in Nigerian banks and said that the situation might weigh on economic growth in the medium term. Source Punch Read More 

Average bond yield declines marginally by 0.08% - The Nigerian fixed income market, on Tuesday, recorded a marginal average bond yield decline of 0.08 per cent to close at 15.31 per cent. Source Punch Read More 

Kachikwu, Baru meet, agree on NNPC without political interference - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, met on Tuesday for the first since their disagreement broke out and agreed on one thing – a petroleum industry regulator free from the vagaries of politics. Source Punch Read More 

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Non-payment of N800bn subsidy debt causes liquidity gap - Some stakeholders in the banking industry on Tuesday said the unpaid N800 billion subsidy arrears to oil marketers had created liquidity gap in the  industry. Source Daily Trust Read More 

Kachikwu says FG to develop Policies preparatory to fossil energy global decline - Emmanuel Ibeh Kachikwu, Nigeria’s deputy Minister for Petroleum Resources at the on going 23 Nigeria Economic Summit Group,#NES23 said the federal government would develop Policies that ensures the global decline in fossil energy does not take Nigeria unawares,stating that government is already thinking towards that direction. Source BUSINESSDAY Read More 

Channel blockade: LNG demands $315.6m refund from NIMASA - Nigerian  Liquefied Natural Gas (NLNG) has raised a strong letter  to Nigerian Maritime Administration and Safety Agency (NIMASA) demanding the payments of about $315.6 million debt made under protest to the agency since 2013. Source THE NATION Read More 

Sell Discos to new investors, Elumelu tells FG - The Chairman, United Bank for Africa Plc and Transnational Corporation Plc, Mr. Tony Elumelu, has asked the Federal Government to take another look at the power sector by wresting ownership from incompetent private operators and sell the firms to new owners who are capable of successfully running them. Source Punch Read More 

PROSHARE BUSINESS

Proshare CEO Receives Award from the National Association of Oduduwa Students - The National Association of Oduduwa Students [NAOS] on October 10, 2017, inducted Mr. Olufemi Awoyemi, MD/CEO, Proshare Nigeria Limited into the NAOS Hall of Fame as an outstanding leader of International Repute and an “Icon of Integrity”. Source Proshare Read More 

Meristem Securities to Officially Launch its MeriGame Portal on October 17 - Meristem Securities Limited, Nigeria’s leading Capital Market Conglomerate regulated by the Securities and Exchange Commission (SEC) has developed and launched MeriGame www.game.meritrade.com - an investment game designed to close the gap between practice and actual trading. Source Proshare Read More 

Kachikwu, Baru And The NNPC Debacle - Reuben Abati - The current NNPC debacle is probably the most embarrassing, even if mercifully, eye-opening crisis in the history of that nationally strategic institution since its creation in 1977 Source Proshare Read More 

China Debt-for-Equity Swaps Turn Out More Like Debt-for-Debt - A key Chinese initiative to rein in the world’s largest corporate-debt load has been a program swapping some loans into equity stakes. As the initiative gets going, however, it’s becoming clear the debt isn’t really going away. Source Bloomberg Read More 

IMF cuts South Africa growth forecasts as politics takes it toll - The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence. Source Reuters Read More 

Ethiopia's central bank devalues currency by 15 percent, hikes rates - Ethiopia’s central bank has devalued the Ethiopian birr by 15 percent to boost lagging exports, its deputy governor announced on Tuesday. Source Reuters Read More 

Sears Canada to Liquidate With the Loss of 12,000 Jobs - Sears Canada Inc. plans to liquidate its remaining stores with the loss of about 12,000 jobs, unable to fend off the march to online shopping after operating in malls and towns across the country for 65 years. Source Bloomberg Read More 

British Columbia Shuns Oil Tankers in Favor of Gas Exporters - British Columbia’s opposition to Kinder Morgan Inc.’s $5.8 billion oil pipeline expansion won’t stop Canada’s westernmost province from welcoming natural gas exporters. Source Bloomberg Read More 

House to Add $36.5 Billion for Hurricane Relief, Puerto Rico Aid - House lawmakers unveiled a bill Tuesday night that would provide $36.5 billion in emergency funding for hurricane and wildfire relief requested by the Trump administration. Source Bloomberg Read More 

China to Flex its Market Muscle With First Dollar Bond Since '04 - China is moving forward with plans to issue its first sovereign bonds in dollars since 2004 in a deal that will put a symbolic seal of approval on the booming offshore Asian debt market. Source Bloomberg Read More 

Wildfires Wreak Havoc on California's $58 Billion Wine Industry - The fires ravaging Northern California stand to leave the area’s renowned wine industry with damage that will be felt long after the final flames burn out. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Online Privacy Guide: How to Stay Safe on the Web - Privacy is more important than ever. The Internet may be the best thing since sliced bread, but as we come to rely on it more and more in our daily life we risk exposing our data to attackers. Source Proshare Read More 

NCC Registers 113m Trackable Simcards - The Nigerian Communications Commission (NCC) said it has so far registered over 113 million subscriber identification module (simcard) on its database just as Nigerians were able to use their trackable identity to make purchases of N630 million on Paypal, leading e-commerce merchant service provider in 2015. Source Leadership Read More 

Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says - UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies. Source Bloomberg Read More 

Alibaba Tops Amazon to Become the Biggest E-Commerce Company - After 831 days, Alibaba Group Holding Ltd. regained the title of the world’s biggest e-commerce company, albeit briefly. The Chinese retailer surpassed Amazon.com Inc. Source Bloomberg Read More 

PROSHARE MSME

Andela, a tech training and development outsourcer for African coders, raises $40M - Andela, a startup that trains developers in Africa and hires them out to global tech companies, has raised $40 million in Series C funding. Source TECH CRUNCH Read More 

Ola raises $1.1B led by Tencent to fuel battle with Uber in India - It’s been a long while coming but Uber’s chief rival in India is finally raising a big round, and joining the billion-dollar round club at the same time. Source TECH CRUNCH Read More 

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