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Nigeria in 1min: Economic, Business & Financial Headlines - 180417

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April 18, 2017 7:00 AM / Proshare News  

PROSHARE ECONOMY
What To Expect From The Markets This Week - 170417 -
The National Bureau of Statistics released the March inflation figures on Thursday, April 13, 2017, against our earlier expectation of April 15, 2017. Source Proshare
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IMF: Global economy to grow by 3.5 per cent - The Global economy is expected to grow by 3.5 per cent this year, and would edge higher to 3.6 per cent by 2018, the International Monetary Fund (IMF), forcasts have indicated. Source THE NATION Read More 

Nigeria’s Reserves Rise By $109m In 12 Days - Although the Central Bank of Nigeria has been consistent in its supply of dollars at the foreign exchange market at both the interbank and bureau de change end of the markets, the external reserves of the country has continued to rise, growing by $109.66 million or 0.36 per cent in the first 12 days of April. Source Leadership Read More 

Accountant General: TSA Now over N7tn - The federal government has recorded over N7 trillion in the Treasury Single Account (TSA) as of March ending 2017, the Accountant General of the Federation (AGF), Mr. Ahmed Idris,has said. Source Thisday Read More 

NERC Unveils Six Action Plans to Stabilise Power Sector - The new commissioners of the Nigerian Electricity Regulatory Commission (NERC), have outlined six areas the regulatory agency would focus on going forward to revive the fortunes of Nigeria’s privatised electricity market which is currently under immense operational stress. Source Thisday Read More 

FG to recover 53,000 ghost workers’ pensions - The Minister of Finance, Mrs. Kemi Adeosun, has said her ministry is working with the National Pension Commission to recover the pensions so far paid into the Retirement Savings Accounts of ghost workers Source Punch Read More 

‘Government spends 80% of revenue as running cost’ - A former tax manager at Cooper & Lybrand, one of the world’s oldest accounting firms (now part of PricewaterhouseCoopers), Mrs. Morenike Babington-Ashaye, has said it is disturbing that about 80 per cent of government’s revenue is being utitilised as a running cost. Source Punch Read More 

Nigeria gets $150m credit for mining sector - THE Federal Nigeria and the World Bank Group are to meet this week in Washington D.C., United State (U.S.) to discuss and possibly conclude operational terms on the power sector recovery plan. Source THE NATION Read More 

Flights resume today as NCAA certifies Abuja airport - Airlines will resume operations today, one day ahead of the deadline, after completion of repair works on the runway of the Nnamdi Azikiwe International Airport (NAIA), Abuja. Source Daily Trust Read More 

UBEC: Unaccessed Funds Hit N60bn with CBN - The Executive Secretary of Universal Basic Education Commission (UBEC), Dr. Hamid Bobboyi, has disclosed that many state governments have failed to access the federal government matching grant to them now to the tune of about N60 billion as at March 31, 2017. Source Thisday Read More 

Abia secures $1.5b shoe factory deal with Chinese firm - The Abia State Government said it has secured a deal with Huajian Shoe Industry in Dongguan, Guangzhou, China to establish a shoe factory in Aba, the state’s commercial hub. Source BUSINESSDAY Read More 

Investors worry over banks’ failure to invest in long-term lending for devt. of infrastructure - Indigenous players in the maritime sector have expressed worry over the growing apathy of commercial banks to invest in long-term lending that will encourage the development of strategic infrastructure, especially in the shipping and maritime business. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
CBN introduces ‘Form X’ to ease forex documentation for SMEs - As part of its determination to increase foreign exchange liquidity and improve access by Small and Medium Enterprises, SMEs, and retail businesses, the Central Bank of Nigeria, CBN, has introduced the use of FORM X for the SMEs that require just basic documentation. Source Vanguard Read More  

PROSHARE MARKETS
NIPCO outlines steps to improve fortunes of Mobil Plc - The Group Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy, has outlined measures being put in place by the majority shareholders of the newly acquired ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc. Source Daily Trust Read More 

Nigerian oil firm, Oranto invests $500mn in South Sudan oil block - NIGERIAN independent, Oranto Petroleum, said it is investing $500 million to develop South Sudan’s Block B3, launching a comprehensive exploration campaign starting immediately. Source Vanguard Read More 

Banks run out of naira to buy dollars as overnight interbank rate spikes to 300% - The Nigerian interbank market offer rate spiked to 300 percent just before banks went on Easter break, as  the Central Bank’s Open Market Operations (OMO) and foreign exchange sales drained naira liquidity and pushed up the cost of money. Source BUSINESSDAY Read More

Oil production to increase despite multilateral production cuts—IEA - THE International Energy Agency, IEA said that higher oil prices mean more production from the United States, leaving the global market with more oil than last year. Source Vanguard Read More 

NNPC didn’t remit $81.2bn in four years – Reps’ panel- The House of Representatives believes that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds to the Federation Account in four years. Source Punch Read More

Dickson signs N243.2bn 2017 Appropriation bill into law - GOVERNOR Seriake Dickson of Bayelsa State has signed The 2017 Appropriation budget of N243.2 billion and the Educational Development Trust Fund Amendment bills into law. Source Vanguard Read More

Dangote will become largest world exporter of rice In 2021- Adesina - The President, African Development Bank (AfDB), Mr Akinwumi Adesina, says Africa’s richest man, Aliko Dangote, will become the largest exporter of rice in the world by 2021. Source Vanguard Read More

Nigerian oil firm, Oranto invests $500mn in South Sudan oil bloc - NIGERIAN independent, Oranto Petroleum, said it is investing $500 million to develop South Sudan’s Block B3, launching a comprehensive exploration campaign starting immediately. Source Vanguard Read More

Banks can’t pay individual up to $50m — Expert - Mr Rislanudeen Muhammad, the former Acting Managing Director, Unity Bank Plc, has said it is practically impossible for a bank to allow an individual withdraw $50 million from their account. Source Daily Trust Read More 

Power debt: DisCos reject FG’s plan to access accounts - Electricity distribution firms have faulted alleged plans by the Federal Government to escrow and centralise their revenue accounts over the poor market performance on their monthly remittances. Source Daily Trust Read More 

Power firms oppose plan to centralise revenue accounts - The 11 electricity distribution companies in the country on Monday condemned the alleged plan by the Federal Government to escrow and centralise their revenue accounts over poor market performance with respect to their various monthly remittances to the Nigerian Bulk Electricity Trading Plc. Source Punch Read More 

 

PROSHARE BUSINESS
SEC Probes Hedge Fund That Promises Investors No Losses -  Statim Holdings Inc., an Atlanta-based firm that has guaranteed investors in its main hedge fund won’t lose money, is under investigation by the U.S. Securities and Exchange Commission, according to people familiar with the matter. Source Bloomberg Read More  

China Roars Back to Lift Global Outlook as U.S. Consumer Weakens - China’s economy stormed back in the first quarter, clocking its first back-to-back acceleration in seven years and bolstering the global growth outlook just as signs of subdued consumer spending have surfaced in the U.S. Source Bloomberg Read More 

Crude Falls as Rising Rig Count Seen Boosting U.S. Production - Crude fell below $53 a barrel as the ramp-up of shale drilling spurred speculation that surging U.S. output will offset OPEC-led efforts to cut a global supply surplus. Source Bloomberg Read More 

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge - Saudi Arabia will develop 30 solar and wind projects over the next 10 years as part of the kingdom’s $50 billion program to boost power generation and cut its oil consumption. Source Bloomberg Read More 

Japan Nominates Reflationist, Banker, to Replace BOJ Dissenters - Japan’s parliament nominated banker Hitoshi Suzuki and economist Goshi Kataoka to the Bank of Japan board to replace two members who have frequently dissented against the policy direction set by Governor Haruhiko Kuroda. Source Bloomberg Read More 

London House-Price Growth at Five-Year Low as Luxury End Slumps - London home values grew at their slowest annual rate in almost five years in February as values in the capital’s most expensive boroughs including Camden and Kensington and Chelsea fell, according to Acadata and LSL Property Services Plc. Source Bloomberg Read More 

A 9,800% Stock Increase Exposes Hong Kong's Billionaires on Paper - They are classic Hong Kong stories: people who, in a blink, became stock-market billionaires. Source Bloomberg Read More 

U.S. Free Trade Deal With South Korea Falling Short, Pence Warns - The U.S. trade relationship with South Korea is “falling short,” with the free-trade deal between the countries under review, Vice President Mike Pence said Tuesday. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Uber lost $2.8billion last year - despite the company's rapid growth and revenue hitting $6.5billion - Uber has been rocked by a number of setbacks lately, including detailed accusations of sexual harassment from a former female employee and a video showing Chief Executive Travis Kalanick harshly berating an Uber driver. Source MailONLINE Read More    

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