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Nigeria in 1min: Economic, Business & Financial Headlines – 170717

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July 17, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
What to Expect From the Markets This Week 170717 - The apex bank  for some time have raised concerns about  the trajectory of  narrow money (M1) and the possible up risk it poses to inflation. Source Proshare Read More 

Headline Inflation in June 2017 to Decline to 16.1% - Headline inflation is expected to decline marginally to 16.1% in June from 16.25% in the previous month. This will be the 5th consecutive month of inflationary decline in 2017. Source Proshare Read More  

Nigeria budget, despite being signed into law, still being amended -  Nigeria's 2017 budget, signed into law by the acting president a month ago, has still not been finalised and is being amended due to disagreements between parliament and the presidency, two sources familiar with the matter said. Source Reuters Read More 

FG records N397bn deficit in May - The Federal Government recorded N397 billion deficit in May due to  slowdown in economic activities, which occasioned 48 per cent  shortfall in federally  collected revenue  for the month. Source Vanguard Read More 

FG directs BOI to fund recovery plan, economic zones - The Federal Government has directed the Bank of Industry (BOI) to fund special economic zones being set up across the country and businesses that can boost industrialisation as part of the nation’s Economic Recovery and Growth Plan (ERGP). Source Daily Trust Read More 

‘N7tn Spent on Importation of Consumables in 2015’ - The Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, said an estimated N7 trillion was spent by Nigerians to import consumables and household items into the country in 2015. Source Thisday Read More 

FIRS: Tax Offenders to Enjoy 29% Waiver - To improve tax compliance, the federal government has said tax offenders stands to enjoy 29 per cent waiver on overdue taxes if they take advantage of the recently-launched Voluntary Asset and Income Declaration Scheme (VAIDS). Source Thisday Read More 

House C’ttee Orders Finance Ministry to Return N11.2m to Federation Account - The committee, acting on four queries brought against the ministry by the Office of the Auditor General for the Federation for financial transactions in 2010 requested for immediate refund and remittances, and evidences made available to it. Source Thisday Read More 

Aba leather, garment dealers made N1bn excess in 2016 - Aba-based dealers in leather and garment fabrication made excess sales of N1 billion in 2016. Source Daily Trust Read More 

Oyo gets $5b commitment from China for trade zone - Gov. Abiola Ajimobi of Oyo State has stated that his administration has secured the commitment of five billion dollars from China in the development of the newly established Free Trade Zone(FTZ) in the state. Source Daily Trust Read More 

Tax default: FIRS shuts FCT school, hotels - In continuation of its tax enforcement efforts, the Federal Inland Revenue Service on Friday sealed off the premises of tax-owing companies in Abuja. Source Punch Read More 

Africa loses 4-5% of its GDP because of weak infrastructure – Akinwumi Adesina - Whilst many countries in Africa are investing billions to improve their transportation, housing and energy needs, the continent remains far behind where it needs to be. Source BUSINESSDAY Read More 

Consumer goods firms beat recession, revenue up by N160bn - Manufacturing companies listed in the Nigerian Stock Exchange’s top 30 index gained over N160 billion in revenue in the 2016 full year financial statements despite foreign exchange devaluations and the difficult micro-economic environment that impacted sales. Source Daily Trust Read More 

Nigeria accounts for less than 3% of tourist-receipts in Africa – FTAN president - The Federation of Tourism Association of Nigeria (FTAN) says that less than three per cent of tourists visiting Africa annually choose Nigeria as their tourism destinations. Source THE NATION Read More 

Price of Rice Still High at N18,500 per bag - Nigeria is expected to be self-sufficient in rice production by November 2017. This is because investors including Dangote are adjusting to policy initiatives and favourable market conditions by increasing private investment in locally produced commodities Source Proshare Read More 

Threat To Agric Policy Emerge as AFEX Warehouse in Kaduna Invaded by The Police (1) - AFEX Nigeria is the first licensed private commodities exchange, that is focused on boosting agro-business and trade in the country, which has a massive Agriculture sector. Source Proshare Read More 

 

PROSHARE MARKETS
NSEASI Sustains Uptrend With Marginal Gain; Records +2.47% Gain WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.04% to close at 33,261.66 basis points as against +0.80% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +23.77%. Source Proshare Read More 

Corporate Earnings for the Week Ending 140717 – UCAP declares N1.99 billion Profit in Q2'17 Results - During the week ending July 14, 2017, Seven quoted firms declared their results.  Source Proshare Read More 

SEC Investigating Oando Plc - According to media reports, the Securities and Exchange Commission (SEC) is investigating Oando Plc ("the company") over alleged malpractices in its financial statements and has sent a formal letter to the company as it examines if any regulations have been breached. Source Proshare Read More 

Oando Issues Press Release over SEC Investigation -Our attention has been drawn to a report released by Channels TV on Friday the 14th day of July, 2017 stating that Oando PLC (“the Company” or “Oando”) is “…under a comprehensive investigation by the Securities and Exchange Commission…..following petitions filed by some foreign investors in Oando Nigeria PLC Source Proshare Read More 

Transactions in I&E FX window rise 30.55% in one week - Transactions in the Central Bank of Nigeria (CBN) foreign exchange window for investors and exporters continue to signal increased confidence in the economy, as trade by investors surged 30.55 percent last week. Source BUSINESSDAY Read More 

Foreign investors acquire 12 Nigerian insurance companies - The number of indigenous insurance companies acquired by foreign investors will soon rise to 12, findings have revealed. Source Punch Read More 

Stocks: CBN special forex window attracts N2.715tn investments - The Central Bank of Nigeria’s special foreign exchange window for investors and exporters has stimulated investments in the stock market, ushering it into a new era of growth Source Punch Read More 

Power firms fail to remit N4.6bn revenue - Power distribution companies did not remit N4.62bn revenue due to the sector in May, the latest report on the monthly performances of the Discos obtained from the electricity Market Operator has shown. Source Punch Read More 

Refineries now produce 60% Kerosene – NNPC - Ahead of the 2019 target date for the cessation of petroleum products importation by the Federal Government, the Nigerian National Petroleum Corporation (NNPC) has announced that its three refineries in Port Harcourt, Warri and Kaduna now supply 60 per cent of kerosene consumed in the country.  Source Daily Trust Read More 

FG Lost $6bn to DPR’s Poor Administration of Divested Oil Blocks - The federal government lost an estimated $6 billion as a result of the Department of Petroleum Resources’ (DPR) poor administration of the expiring oil blocks, which were sold by the international oil companies (IOCs) between 2010 and 2015 to local firms, Nigerian exploration and production (E&P) operators have said. Source Thisday Read More 

NBS: Crude Oil Prices Averaged $48/b Early July - Crude oil prices – that is, Brent crude, Bonny Light crude and WTI Midland crude- averaged $48.07 per barrel, $48.40 per barrel and $44.43 per barrel respectively the previous Thursday, July 5, the Nigerian Bureau of Statistics has said. Source Thisday Read More 

20 Gencos Get N17.8bn from NBET - The Nigerian Bulk Electricity Trading Plc (NBET) has paid out N17,801,337,671 from the N701 billion power supply payment guaranteed loan it got from the Central Bank of Nigeria (CBN) to 20 out of the 22 electricity generation companies (Gencos) that produce the electricity as the first tranche of disbursements for power they generated and supplied in January Source Thisday Read More 

Kuwait: it’s premature for OPEC to cap Libya, Nigeria oil output - The market is on a recovery track due to rising global demand, Kuwait’s Organisation of the Petroleum Exporting CountriesGovernor Haitham Al-Ghais told Reuters. Source THE NATION Read More 

Over N1bn spent to power Abuja street lights - FCTA - The Federal Capital Territory Administration (FCTA) has disclosed that over N1 billion has been spent to power street lights and acquire about 22 generating sets to support lights in Abuja. Source Daily Trust Read More

 

PROSHARE BUSINESS
China Economic Expansion Exceeds Estimates on Factory Rebound - China’s economy maintained its momentum last quarter, as global trade and domestic demand spurred a pickup at the nation’s factories. Source Bloomberg Read More 

Yuan Set for Longest Run of Gains Since 2015 on Fixing, GDP Data - The onshore yuan rose for the sixth day in a row, the longest run of gains since 2015, boosted by a stronger central bank fixing and data showing China’s economy held up in the second quarter. Source Bloomberg Read More 

South Korea to Boost Minimum Wage by 16% - South Korea’s minimum wage is set to increase next year by 16 percent to 7,530 won ($6.60) per hour, the biggest jump since 2001, giving President Moon Jae-in an early victory in his push to boost incomes. Source Bloomberg Read More 

Oil Holds Gain Above $46 as Demand Seen Helping Drain Stockpiles - Oil held gains above $46 a barrel as optimism that demand will help shrink supplies outweighed an increase in U.S. rigs drilling for crude. Source Bloomberg Read More 

Saudis Seek Bids for First Utility-Scale Plant for Wind Power - Saudi Arabia,  the world’s biggest exporter of crude oil, moved a step closer toward the construction of its first utility-scale wind-power project. Source Bloomberg Read More 

Foreign participation in Egypt's T-bill auction at $223 mln -finance ministry - Foreign participation in Egypt's Treasury bill auction on Sunday reached 4 billion Egyptian pounds ($222.59 million), the head of public debt at the Finance Ministry, Sami Khallaf, told Reuters. Source Reuters Read More 

Egypt to get $1.25b IMF loan - Egypt is to receive a second loan instalment worth $1.25 billion from the International Monetary fund on Thursday night or Friday at the latest, state news agency MENA said. Source THE NATION Read More 

U.S. seeks to recover $144 mln in Nigeria oil industry bribery case - The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
Data Science Nigeria set to run its 2nd Bootcamp with a National Big Data Economy Summit - Data Science Nigeria is now set for the second edition of its highly successful bootcamp aimed at bridging capacity gaps in Data Science for intermediate and expert-level Nigerian professionals and students, who are interested in machine learning, R or Python programming languages and Statistics for advanced data analytics. Source Proshare Read More 

 

 

 

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