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Nigeria in 1min: Economic, Business & Financial Headlines – 121416

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December 14, 2016 7:40 AM / Proshare News 

 

PROSHARE ECONOMY
LBS Executive Breakfast Session - Dec 2016 (Running Faster to Stand Still) - 2016 will be remembered as one year when everything went wrong….from stagflation to recession, oil price shock, production cuts and oil theft culminated in a fiscal and external crisis. Source Proshare Read More

FDC Aligns With FSDH, Projects Headline Inflation To Creep Up To 18.4% - Headline inflation, the malignant tumour that is eating up the purchasing power of Nigerians, is expected to inch up marginally to 18.4%. Source Proshare Read More

NBS Publishes General Household Survey Report 2015-16 - The Nigerian General Household Survey (GHS) is implemented in collaboration with the World Bank Living Standards Measurement Study (LSMS) team as part of the Integrated Surveys on Agriculture (ISA) program and was revised in 2010 to include a panel component (GHS-Panel). Source Proshare Read More 

FG: N565bn recovered loot forms part of 2017 budget - A total of N565billion stolen funds have been recovered by the government and included in the 2017 budget. Source Daily Trust Read More 

FG grants 50yrs period for deep seaports concessionaires - This is even as it has approved a 50 year concession period for Ibom Deep Sea Port (IDSP) to help attract investors, as stakeholders have declared the project most viable in the West and Central African region. Source Daily Trust Read More 

FG uncovers N2.2tn unrecorded debts after audit - The Federal Government has discovered unrecorded debts of N2.2tn ($7.22bn) left over from the previous administration. Source Punch Read More 

FG, South Africa to implement mining pact - Nigeria and South Africa on Tuesday in Abuja dusted a Memorandum of Understanding on mining collaboration signed in 2013 and endorsed a two-year implementation plan beginning from January 2017. Source Punch Read More 

West Africa RiskMap 2017; No Smooth Sailing in the “New Normal” - Macro-economic instability fuelled by low oil prices and global economic sentiment will continue to be the main driver of business risks across West Africa in 2017. Source Proshare Read More 

Gov Yari Presents N107bn Budget To Zamfara Assembly - Zamfara State governor, Abdul-Aziz Yari, has presented a budget of over One Hundred and Seven Billion Naira (N107bn) for the year 2017 to the state house of assembly. Source Leadership Read More 

Railway needs N52bn annually - NRC - The Nigerian Railway Corporation (NRC) requires N52 billion annually to run effectively and meet the transportation needs of Nigerians. Source Daily Trust Read More 

Forex crisis behind $21m flight simulator delay – NCAT Rector - The $21 million Boeing 737 flight simulator billed to arrive Nigeria this December will not happen until the first quarter of 2017 as the federal government is unable to raise foreign exchange to complete the payments. Source Daily Trust Read More 

Most airlines owe Nigeria - Aviation BOSS - Mukthar explained only few airlines do not have backlog of debts as most over the years had accumulated huge debt. Source Daily Trust Read More 

Customs seals up rice warehouse in Lagos - The Nigeria Customs Service has sealed up about six warehouses in Lagos used by suspected smugglers. Source Daily Trust Read More 

FIRS seals Lagos hotel, Port Harcourt companies over taxes - The Federal Inland Revenue Service, FIRS, yesterday, sealed the Diplomat Hotel, located on Shonnyway Street, Shonibare Estate, Maryland, Lagos, over a N351 million tax debt. Bukar Gana, head of the FIRS enforcement team, stated the hotel owes taxes between 2012 and 2016. The hotel’s customer care manager, who didn’t give his name, said they were “concerned about the debt”. Source Guardian Read More 

More shipping firms to merge in 2017 - Indications have emerged that more mergers and acquisitions of shipping companies would be sealed in 2017, just as the cost of operations keep soaring. Source Guardian Read More 

Prices of condiments drop by 55% in Lagos - Ahead of Christmas celebration, prices of tomatoes and pepper have reduced by 55 percent in most Lagos markets, the News Agency of Nigeria reports. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN disburses N80bn to SMEs as intervention funds - The Central Bank of Nigeria (CBN) has so far  disbursed N80billion out of the N220 intervention  funds  earmarked by the Federal Government   to boost Small and Medium Enterprises (SMEs) in the country. Source Daily Trust Read More

PROSHARE MARKETS
The Nigerian Capital Market Online Trading Portals Ranking Report - What the future holds with the introduction of an online approach to stock trading in any Capital Market can best be described as promising as evidences from the Nigerian Stock Exchange experiences after the launch of the X-Gen trading engine in Q3 2013 and the subsequent official debut of online trading portals in early 2014 buttress this fact. Source Proshare Read More

Stocks trade above-the-line all-day, start week bullish - The equities market closed today on a positive note, as NSE ASI appreciated by 0.98% to close at 26,071.16 basis points, compared with the 0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.98%. Source Proshare Read More

Book Running On Lagos State  Govt Series1 N60bn Bond Starts Today - The book running process of the N60billion Bond issuance programme by the Lagos State Government commences today December 13, 2016 and ends on December 22, 2016. Source Proshare Read More 

FMDQ lists N16.29bn Wema Funding SPV Bond - FMDQ OTC Securities Exchange says it has approved the listing of N16.29bn Wema Funding SPV Bond on its platform. Source Punch Read More 

17 Insurance Firms Battle Regulatory, Financial Issues, Unable To Hold AGM - As public and private companies across the country close their financial books for 2016, about 17 insurance companies, some of who were publicly quoted on the floor of Nigerian Stock Exchange(NSE), were unable to conduct their 2015 Annual General Meeting(AGM), LEADERSHIP exclusively learnt. Source Leadership Read More 

Funding AMCON-2 ‘ll be tough- Fitch - Fitch Ratings has said that sourcing funds to establish a second Asset Management Corporation of Nigeria (AMCON2) might be difficult as it would be challenging to convince private investors to acquire   banks’ non-performing loans (NPLs) at a time of heightened economic recession. Source Vanguard Read More 

Naira to come under further pressure as the US Fed set to raise rates to 0.7% - The United States (US) Federal Reserve is expected to   raise interest rate to about 0.7 percent this week which could further weaken capital inflows into emerging markets like Nigeria, put pressure on the already struggling naira and increase government’s foreign debt servicing cost in naira, analysts say. Source BUSINESSDAY Read More 

Not So Prolific; U.S. Shale Faces A Reality Check - The collapse of oil prices has forced the U.S. shale industry to slash production costs. In order to improve the "breakeven" costs for the average shale well, the industry has deployed three general strategies. Source Proshare Read More 

OPEC & Non-OPEC Cartel Strike a Deal…How Sustainable? - Shortly after OPEC members agreed to cut production by 1.2MMbpd, representatives of OPEC and Non-OPEC member countries met at Vienna over the weekend, Saturday 10th December 2016, to discuss the prevailing challenges facing the industry and reached an agreement on further production cut from Non-OPEC member countries. Source Proshare Read More 

OPEC Deal to Create Oil-Supply Deficit Next Half, IEA Says - Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to the International Energy Agency. Source Bloomberg Read More 

NNPC Results Hamstrung by Sabotage, Again - The NNPC’s accounts for October show a group operating deficit of N16.9bn (US$55m), little changed from N17.2bn the previous month. Source Proshare Read More 

NNPC still diverting oil proceeds — Saraki - Senate President Bukola Saraki yesterday said the Nigeria National Petroleum Corporation (NNPC) is still diverting proceeds from sale of crude oil. Source Daily Trust Read More 

Nigeria loses $1bn to gas flare data falsification’ - Nigeria is losing between $500m and $1bn revenue as a result of the falsification of gas flare data by international oil companies, the Federal Government has said. Source Punch Read More 

Gas, huge debts limiting power supply - DisCos - Foreign price for gas, huge sector debts and poor tariff structure are presently limiting power supply. Source Daily Trust Read More 

Discos Allege N10 Loss on Every Kilowatt Hour of Power Sold - The 11 electricity distribution companies (Discos) in Nigeria’s electricity supply industry have said that they are currently losing an average of N10 on every kilowatt hour (kwh) of electricity they distribute to homes and offices in their networks. Source Thisday Read More 

 

PROSHARE BUSINESS
UBA Plc Scoops Awards in Five categories at the Global Banking Awards, London - United Bank for Africa (UBA) Plc, the Nigeria founded Pan-African financial services company, scooped five (5) “Bank of The Year 2016” country awards in Gabon, Congo-Brazzaville, Senegal, Cameroon and Chad at the annual Bankers Award in London, a feat that the Group Managing Director/CEO, UBA Plc, Mr Kennedy Uzoka dedicated to the customers Source Proshare Read More

Ecobank wins Seven Country Awards at the Global Banking Awards, London - Ecobank (ETI) , the largest pan-african bank by footprint, won seven (7) “Bank of The Year 2016” country awards in Burkina Faso, Burundi, Guinea, Guinea-Bissau, Mali, Sierra leone and Zimbabwe at the annual Bankers Award in London. Source Proshare Read More

Access Bank Plc wins Bank of the Year 2016, Nigeria at 17th Annual Global Banking Awards - Access Bank Plc. has emerged as Nigeria’s  bank of the year at the The Banker’s seventeenth (17th) annual Bank of the Year awards held at the Hilton London Bankside on December 07, 2016. Source Proshare Read More

FirstStars Reality TV Show Cinema Premiere Debuts on Dec 14 - In September 2015, First Bank of Nigeria Limited launched FirstStars – a premier filmmaking competitive reality TV show where Nigerian youths were given the opportunity to project their creative skills in directing, producing, art directing, script writing and acting – in partnership with Ebony Life TV, Africa’s first Global Black entertainment and lifestyle network.  Source Proshare Read More

Botswana's central bank keeps lending rate unchanged at 5.5 percent - Botswana's central bank left its benchmark lending rate at 5.5 percent on Tuesday, saying the outlook for price stability remained positive. Source Reuters Read More 

Asahi's SABMiller Deal Makes It Europe's Third-Biggest Brewer - Asahi Group Holdings Ltd. agreed to buy SABMiller Plc’s central and eastern European assets from Anheuser-Busch InBev NV for 7.3 billion euros ($7.8 billion), its biggest deal ever and one that catapults Japan’s largest brewer to third place on the continent. Source Bloomberg Read More 

South Korea’s Youth Unemployment Rate Rises to Record High - South Korea’s youth unemployment rate rose to a record high in November, following political protests that paralyzed the government and led parliament to vote to impeach the president. Source Bloomberg Read More 

 

PROSHARE FINANCE
Novartis launches SMS for Life 2.0 in Nigeria to help improve Access to Essential Medicines - The program aims to increase the availability of essential medicines and improve care for patients across the region by using simple, available, and affordable technology. SMS for Life 2.0 is a joint public-private partnership led by Novartis and supported by its partners, the Kaduna State Ministry of Health and Vodacom. Source Proshare Read More 

Marriott International debuts 1st Hotel in West Africa with Sheraton Grand Conakry - Sheraton Hotels & Resorts part of Marriott International, Inc., yesterday announced the debut of Sheraton Grand in Africa with opening of Sheraton Grand Conakry, welcoming it to the brand’s premier tier of hotels recognized for their exciting destinations, distinguished designs, and excellence in service and guest experiences. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Senate okays data price hike - The Nigerian Communications Commission (NCC) has acted in national interest on the issue of data price increase, the Senate Committee on Communications has said. Source Daily Trust Read More 

 

 

 

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