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Nigeria in 1min: Economic, Business & Financial Headlines - 120617

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June 12, 2017 7:00 AM / Proshare News
 

PROSHARE ECONOMY
Who Owns Legacy Shares After $864m Write Off At Ecobank; Post Securities Fraud - Following our May 10, 2015 publication on “How to buy a Nigerian bank with no money” and the series on why Skys Banks’s bid for Mainstreet Bank was a certain death knell for the bank; viz: “Reworking the Acquisition Maths of Mainstreet Bank by Skye Bank Plc” and “The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case” Source Proshare Read More 

What To Expect From The Markets This Week - 120617 - The Loan to Deposit ratio of deposit money banks fell by o.5% to reflect a ratio of 74.9 at the end of 2016.  Regardless the existing ratio remains high and similar to that of the 2010 episode. Source Proshare Read More 

Nigeria: Recovery Slow, Steady but Painful – LBS-EBS June 2017 - As economic growth slowly recovers towards the positive quadrant, political risks in Nigeria are becoming more elevated. Source Proshare Read More 

Economic Update & Review For May 2017 - ARM - Nigeria’s equity market received a kiss of life following the introduction of a market-driven FX window called the “Investors and Exporters FX window”. Source Proshare Read More 

Mining and Tourism in Nigeria: The Case for the Preservation of Shere Hills (3) - As we promised in the second part of this story, we committed to engage stakeholders involved in the case of the reported Mining operations in Shere Hills - a tourism location, heritage site and gazetted reserve in Jos, Plateau State, Nigeria. Source Proshare Read More  

Arik shareholders in talks with Dubai firm to reclaim airline - In a move to reclaim Arik Airline from the Assets Management Corporation of Nigeria (AMCON), shareholders of the airline have initiated talks with a major investor to partner the airline and offset its indebtedness to AMCON and other creditors, it was learnt yesterday. Source Daily Trust Read More 

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26 airlines fail to complete NCAA certification process - No fewer than 26 airlines have discontinued the process for the acquisition of the Air Operator Certificate (AOC) over stringent conditions set by the Nigeria Civil Aviation Authority (NCAA), it has been revealed. Source Daily Trust Read More 

FG releases N3.7b for school feeding - The Federal Government yesterday said N3, 770, 688, 144 has been released for the feeding of 1, 287, 270 school children in nine states under its Home Grown School Feeding programme. Source Guardian Read More 

Again, NPA says only 7 agencies can operate within ports - Against the backdrop that some agencies sacked from the nation’s seaports have started lobbying for their return, the management of the Nigerian Ports Authority (NPA) has reiterated that it is only seven agencies that are approved to be at the ports. Source BUSINESSDAY Read More 

PROSHARE MARKETS
NSEASI Records +6.07% Gain WoW; Maintains Positive Outlook - Equities market closed today on a positive note, as NSE ASI appreciated by +1.03% to close at 33,276.68 basis points, as against +0.77% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.82%. Source Proshare Read More    

Where Is The Upside For Inter-Africa Trade? – Pedestal Africa’s Review of Trade and Investments - After averaging about 5.0% from 2010 to 2014 and declining to 3.2% in 2015, Sub-Saharan Africa’s (SSA) GDP growth descended abruptly to a mere 1.3% last year, its lowest level in over two decades. Source Proshare Read More 

Afrobeat Makes History in the US as FirstBank Partners Zons PR in “The Afrozons Show” - AfroZons is the first ever Afrobeat show on a major radio FM network in USA. It is a weekly showcase of the latest culture trends, topical conversations and music from Africa, including urban fusion sounds from the western world to the motherland. Source Proshare Read More  

Forte Oil begins road show to raise N20bn fresh capital - Oil marketing major, Forte Oil Plc, at the weekend, disclosed that it has embarked on a road show across the globe to woo foreign investors in its proposed N20 billion fresh capital drive for the expansion of its operations. Source Daily Trust Read More 

Lafarge Africa shareholders approve N5.8bn dividend - Undeterred by the economic challenges faced in 2016, the board of Lafarge Africa Plc has offered its shareholders a dividend of N1.05 gross per share at its annual general meeting, amounting to N5.8billion, which represents 34.7 per cent of net income after taxation. Source Daily Trust Read More    

Mutual Benefit pays N3.3bn in claim settlement - Mutual Benefits Assurance Plc. has released its audited accounts for the year ended December 2016 which reveals that it grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion despite the challenging economy and consumer apathy towards insurance. Source Daily Trust Read More 

BDCs seek rate cut, list naira recovery path - Operators of bureaux de change in the country, under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have called for exchange rate cut in their segment. Source Guardian Read More 

Afreximbank woos global investors with $1tr trade status - African Export-Import Bank (Afreximbank) has said that the Continent’s total trade being in excess of $1 trillion in 2016 has steadily moved on to the centre stage of global trade. Source Guardian Read More 

Indigenous oil firms bleed over N4.9tn debts - Nigerian oil and gas firms have taken a serious beating from the downturn in the industry amid a debt burden of N4.9tn that is weighing on many of them Source Punch Read More 

Court orders Shell to pay N122b damages for oil spill - The Court of Appeal in Port Harcourt has ordered Shell Petroleum Development Company (SPDC) to pay N122 billon as damages to Ejama-Ebubu community in Eleme Local Government Area of Rivers State for crude oil spillage. Source Guardian Read More 

In One Month, NNPC Records 45 New Pipeline Breaks - The Nigerian National Petroleum Corporation has said with 45 new pipeline breaks, the country recorded 94 break points on its downstream petroleum pipeline network in March. Source Thisday Read More 

Price of Diesel Drops by over 30% in Four Months - Following the fluctuations in forex and international crude oil prices, the ex-depot price of diesel has dropped by over 30 per cent between February and June 2017 Source Thisday Read More 

Prospects brighten for 2,000mw power as 8 IPPs come online - Nigeria’s power supply may see a boost as eight out of the 10 National Integrated Power Project (NIPP) electricity generation plants under construction have now been completed and are ready to generate 2,000 megawatts of power to the national grid. Source BUSINESSDAY Read More 

PROSHARE BUSINESS
Tanzania signs $154 mln contract with Chinese firm to expand main port - Tanzania's government signed a $154 million contract on Saturday with the state-run China Harbour Engineering Company (CHEC) to expand the main port in the commercial capital, Dar es Salaam. Source Reuters Read More 

IMF may grant Zambia $1.3 billion funding package -  The International Monetary Fund (IMF) may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender's mission chief said on Saturday. Source Reuters Read More 

China Holds Firm to $5 Trillion Anchor as Fed, ECB Seek Exit - Investors who fret about when and how global central banks will run down their crisis-era balance sheets can be relaxed about the biggest of them all -- China’s. Source Bloomberg Read More 

Russia, Saudis See Oil Inventories Falling After Price Drop - A deal among oil-producing countries to curb production and balance an oversupplied market will achieve its objective in the first quarter of next year, Russian Energy Minister Alexander Novak said, after prices tumbled on news of a build-up in U.S. inventories. Source Bloomberg Read More 

UAE Central Bank Asks for Due Diligence on Qatar Bank Accounts - Banks and other financial institutions in the United Arab Emirates have been instructed to search for and freeze any accounts, deposits or investments held by individuals or entities designated as terrorists or terrorist organizations, state-run WAM news agency reported, citing a circular issued by the central bank. Source Bloomberg Read More 

Qatar Airways' Profit Rises 22% on Long-Haul Routes, Expanded Fleet- Qatar Airways, whose state owner has been blockaded by neighboring Gulf countries, posted an increase in annual profit as it expanded its wide-body jet fleet to send more long-haul travelers through Doha, added destinations and bought stakes in key partner airlines. Source Bloomberg Read More 

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