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Nigeria in 1min: Economic, Business & Financial Headlines – 150617


June 15, 2017 7:00 AM / Proshare News 

We Have Lift Off! Acting President Signs 2017 Appropriation Act into Law - On Monday the vice president, Yemi Osinbajo, signed the 2017 Appropriation Act (budget) into law, more than one month after it had been passed by the National Assembly. At this point only the aggregate figures are available from the local media. Source Proshare Read More 

Monthly Economic and Financial Market Outlook - Macro Economic Risks Wane - The Q1 2017 Gross Domestic Product (GDP) figures that the National Bureau of Statistics (NBS) released show that the Nigerian economy is on its way out of recession. Source Proshare Read More 

External reserves down to 3-month low - The nation’s external reserved has dropped to $30.22 billion, the lowest level in three months. Source Vanguard Read More 

Fitch gives unimpressive rating of Nigeria’s $300m diaspora bond - Fitch Ratings, yesterday, assigned Nigeria’s upcoming dollar-denominated senior unsecured bonds an expected rating of ‘B+(EXP)’. Source Vanguard Read More 

FEC okays $188.807m, N8.576b road, power, port projects - THE Federal Executive Council (FEC) yesterday approved $188.807 million and N8.576 billion for some road, power and port projects.Source THE NATION Read More 

Govt’s savings bond allotments drop to N607.3m - The Federal Government allotted N607.3 million in its June 2019 and 2020 savings bond sales, lower than the N790.85 million it allotted in May, the Debt Management Office (DMO) said. Source THE NATION Read More 

Aba shoe, garment makers rake-in N1.6bn from direct sales - The Abia State Government says it has attracted about N1.6 billion direct sales from shoes and garments, through its campaign on Made-in-Aba goods. Source BUSINESSDAY Read More 

BPE rolls out new rules to protect govt’ interests in privatised enterprises - The Bureau of Public Enterprises (BPE) has rolled out a code of ethics for directors and alternate directors appointed on boards of privatised enterprises, in a new move to protect government interests in those entities, going forward. Source BUSINESSDAY Read More 


CBN plans sale of N133b treasury bill next week - THE Central Bank of Nigeria plans to sell N133.24 billion ($424 million) worth of treasury bills at an auction next week, the apeex bank said yesterday. Source THE NATION Read More 


Stock Market Resumes Uptrend After Two Sessions of Negative Outlook; NSEASI Inches Up by +1.38% - Equities market closed today on a positive note, as NSE ASI appreciated by 1.38% to close at 33,598.20 basis points, as against -0.28% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +25.02%. Source Proshare Read More

Stanbic IBTC - Wealth Business Continues To Unlock Valuation Upside - Following our meeting with the group CEO of Stanbic IBTC and an update to our growth assumptions of the Wealth Business, we raise our target price to N40.49 which presents a 37.3% upside from current price of N29.49. Source Proshare Read More 

UAC to boost capital with N15.4bn rights issue - UAC of Nigeria Plc’s bid to bolster its working capital and recapitalise the other subsidiaries within the Group received a major boost, yesterday, following shareholders approval of N15.4 billion Rights Issue proposed by the Board of Directors. Source Vanguard Read More

Nigerian firm signs two oil exploration deals in Uganda - Uganda is set to sign on Thursday two oil production sharing agreements with a Nigerian firm, enabling the company to begin exploration work, the government said on Wednesday. Source Daily Trust Read More 

Nigeria receives $3.7bn revenue in taxes, royalties - The Nigerian Government is said to have received the sum of $3.7 billion in taxes and royalties, from Anglo-Dutch Shell Group. Source Guardian Read More 

Unpaid N800b subsidy arrears threaten banks, downstream sector - Unless the Federal Government urgently offsets the accumulated subsidy arrears, interest on loans and the foreign exchange differentials of N800 billion that accrued to petroleum marketers between 2014 and 2017, the Nigerian banking system and the downstream sector may face serious challenges. Source Guardian Read More 

Refineries produce 22% of fuel consumption, says Kachikwu - The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has said the nation’s refineries produce only 22 per cent of the daily national premium motor spirit (PMS) requirements. Source THE NATION Read More 

Shell: crude oil theft droped by over 200% in 2006 - Crude oil theft in the Niger Delta has fallen, following increased pipelines monitoring by the security forces in the region and reduction in production, Source THE NATION Read More 

Nigeria’s exports rises to 1.84mbpd in July on Forcados restart – loading plans - Nigeria’s crude oil exports are set to reach 1.84 million barrels per day (bpd) in July, slightly higher month-on-month, because of a recovery in Forcados exports, according to loading programmes. Source BUSINESSDAY Read More

NLNG doesn’t owe FG $15.8bn – NEITI - The Nigeria Extractives Industries Transparency Initiative (NEITI) has clarified that it never accused the Nigeria Liquefied Natural Gas (NLNG) company of owing the Federal Government $15.8 billion being the government’s dividends share from the NLNG venture. Source Daily Trust Read More 

Oil falls to $46, Nigerian cargoes face competition - Global oil benchmark, Brent crude, extended its decline on Wednesday as it fell to a seven-month low after data showed an unexpectedly large weekly build in United States’ petrol inventories. Source Punch Read More

Nigeria regains Africa’s top oil producer status - Buoyed by the return of the Forcados export terminal, the nation’s oil production has surpassed that of its rival, Angola, the latest data from the Organisation of Petroleum Exporting Countries has shown.Source Punch Read More

No evidence that NNPC remitted $15.8bn NLNG dividend – NEITI - The Nigeria Extractive Industries Transparency Initiative on Wednesday said it had no evidence to show that the Nigerian National Petroleum Corporation remitted the $15.8bn dividend it received from the Nigeria Liquefied Natural Gas company to the Federation Account. Source Punch Read More

Erin Energy to drill Oyo-9 well next month - Erin Energy Corporation has said drilling operations for the Oyo-9 development well are planned to commence next month in a bid to double its current production. Source Punch Read More

Power: Discos, service providers owe market operator N252bn- The total shortfall in remittances to the power sector by electricity distribution companies and service providers since the commencement of the Transitional Electricity Market has risen to N251.92bn. Source Punch Read More

Ban on estimated bills: DisCos agree with NERC directives - The Association of Nigerian Electricity Distributors (ANED) said the directive that unmetered customers should stop paying estimated bills applies only to large power users, 45KVA, and not residential customers. Source Daily Trust Read More 

FG Ratifies $187m Afam Plant To Boost Power Supply - In a bid to improve power supply in the country, the federal government yesterday ratified the Afam emergency fast power plant. Source Leadership Read More 


FirstBank – Driving Inclusion and Convenience with USSD*894# Quick Banking - As the banking business evolves, First Bank of Nigeria Limited has remained committed to empowering the Nigerian populace with the *894# Quick Banking service as part of its financial inclusion drive. Source Proshare Read More  

CSCS holds 23rd AGM, pays 21k dividend to shareholders - Nigeria’s Central Securities Depository, the Central Securities Clearing Systems Plc (CSCS) held its 23rd Annual General Meeting, where shareholders approved the payment of 21k divided proposed by the board today Source Proshare Read More 

Regulatory Compliance & the Investor’s Dream: How Close is Nigeria to the “Ease Agenda”? - There are multiple regulatory agencies in Nigeria operating on the framework of various laws and practices, with administrative authorities constituted at different levels to enforce compliance. Source Proshare Read More 

BREAKING: False Asset Declaration Charge: Saraki Discharged, Acquitted - The Code of Conduct Tribunal has dismissed the case of false asset declaration against Nigeria’s Senate President, Bukola Saraki. Source Proshare Read More  

Statement by Dr. Abubakar Bukola Saraki on the CCT Decision - Today, June 14, 2017, the Code of Conduct Tribunal sitting in Abuja discharged and acquitted me on a case of false declaration of assets, which started in September 2015. Source Proshare Read More  

Yellen Doubles Down on Bet Hot Job Market Stokes Inflation - Federal Reserve Chair Janet Yellen is pressing ahead with plans to normalize monetary policy, betting that the ongoing strength of the labor market will ultimately prevail over the recent weakness in inflation. Source Bloomberg Read More 

Gasoline’s Unusual Summer Stockpile Surge Weighs on Oil - Gasoline inventories are moving in the wrong direction this summer, rising the most in the first two weeks of June since 2001. Source Bloomberg Read More 

Qatar Signs $12 Billion Deal for U.S. F-15 Jets Amid Gulf Crisis - Qatar will sign a deal to buy as many as 36 F-15 jets from the U.S. as the two countries navigate tensions over President Donald Trump’s backing for a Saudi-led coalition’s move to isolate the country for supporting terrorism. Source Bloomberg Read More 

Oil Guru Who Foresaw Crash Says OPEC Should Have Deepened Cuts - The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. Source Bloomberg Read More


500 Startups closes $35M Japan fund with the backing of the Japanese government - 500 Startups has announced the close of its fund for Japan, more than 18 months after it was first unveiled. The effort is backed by the Japanese government, which has chipped in as an LP via its Cool Japan Fund. (Yes, that really is the name of the fund, which is aiming to use about $1 billion in public money over its lifecycle. Source TECH CRUNCH Read More





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