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Nigeria in 1min: Economic, Business & Financial Headlines – 180817


August 18, 2017 7:30 AM / Proshare News 

McKinsey says 65% of Chinese firms in Nigeria not captured in official data - There are three times more Chinese firms operating in Nigeria than official data accounts for. Source BUSINESSDAY Read More 

Govt inaugurates panel for €54m EU N’East support - The Minister of State for Budget and National Planning, Zainab Ahmed, has inaugurated members of Project Steering Committee for the European Union Assisted Project targeted at supporting the intervention programmes in the North East. Source Punch Read More 

Infrastructural deficit, absence of scanners stall effective 24-hour port operations - The huge infrastructural deficit along with lack of functional scanning equipment at the nation’s seaports, has formed a major setback to effective implementation of 24-hour port operations contained in the Executive Order on Ease of Doing Business recently signed by Acting President Yemi Osinbajo. Source BUSINESSDAY Read More 

Govt agrees to pay varsity teachers N23b allowances - The Federal Government granted their request that their N23billion outstanding Earned Allowances be released. Source THE NATION Read More 

$15m lifeline coming for Kaduna Textile - The New Nigeria Development Company (NNDC) is partnering Sur International Textile (SIT), a Turkish firm, to invest $15 million to reactivate the collapsed Kaduna Textile Company. Source THE NATION Read More 

FG Cedes Ownership of Nigeria’s First Presidential Lodge to Lagos - The federal and Lagos State governments Thursday signed a memorandum of understanding (MoU) officially ceding the ownership of the State House, Marina, also known as Nigeria’s first Presidential Lodge, to the latter, in fulfillment of President Muhammadu Buhari to entrust the historic building to the state. Source Thisday Read More 

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Dangote Sets Sights on US, Europe with $20bn Investment - Africa’s richest man, Aliko Dangote, plans to invest $20 billion to $50 billion in the United States and Europe by 2025, in industries including renewable energy and petrochemicals. Source Thisday Read More 

Nigerian Airlines Spend N50bn Annually on Aircraft Maintenance Overseas - The low value of the naira has increased the cost of overseas aircraft maintenance to over N50 billion annually, Nigerian airline operators have said. Source Thisday Read More 

A’Ibom Admits Owing Contractor over N48.7m -  Akwa Ibom State Government has admitted owing Otto Trinity Studios the sum of over N48.66 million for the post-contract services and resident supervision in the construction of the state Government House complex in Uyo which has been completed. Source Thisday Read More 

N1.6b women fund is idle, says minister - The Federal Government has urged states to access the N1.6 billion National Women Empowerment Fund (NAWEF) lying idle in the Bank of Industry (BoI). Source THE NATION Read More 

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Outcome of the Second Capital Market Committee MeetingHeld on August 15, 2017 - The Securities and Exchange Commission held its second (2nd) Capital Market Committee (CMC) Meeting on August 15, 2017 at the Federal Palace Hotel, Victoria Island, Lagos. Source Proshare Read More 

N200bn Agric loan: CBN orders beneficiaries to insure projects with NAIC - THE Central Bank of Nigeria (CBN) has ordered beneficiaries of the N200 billion Commercial Agricultural Credit Scheme (CACS) to henceforth obtain insurance cover for their projects from the Nigeria Agricultural Insurance Company (NAIC). Source Vanguard Read More 

TSA: FG appoints 2 firms to audit banks’ remittances - The Federal Government has appointed Pricewater house Cooper as well as Ernst and Young for a comprehensive audit of deposit banks’ remittances to the Treasury Single Account, TSA. Source Vanguard Read More 

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Market Halts Downtrends as NSEASI Inches Up by +0.59% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.59% to close at 36,316.58 basis points as against -2.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +35.13%. Source Proshare Read More 

More Work for the DMO at Auction - The DMO looks to raise N135bn from next week’s monthly auction of FGN bonds, and is offering the same five, ten, and 20-year benchmarks as in the past four months. Source Proshare Read More 

Payment for Port Charges Can Now Be Accommodated by CBN - In the continued effort to improve foreign exchange availability in the Nigerian Foreign Exchange Market and ameliorate challenges encountered by critical stakeholders, payment for port charges to the Nigerian Ports Authority, NIMASA, etc. Source Proshare Read More 

Foreign Exchange Gains and Losses - Tax Treatment  - The number of commercial transactions that are now denominated in foreign easily convertible currencies, especially the United States Dollars, astronomically increased in the last decade, mostly due to the benefit of retaining earnings in US Dollars, as opposed to the Naira, which is the national currency in Nigeria. Source Proshare Read More 

Forex turnover jumps to $265.59m at investors window - The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window. Source BUSINESSDAY Read More 

Tech Guru Unveils New Battery To Challenge Lithium-Ion  - The rise of electric vehicles and the quest to find solutions to energy storage for the renewables industry have created a breeding ground for tech experts to develop battery technologies. Source Proshare Read More 

TSA: FG invests N300bn unclaimed funds in treasury bills - The Federal Government has said it is investing about N300 billion unclaimed funds discovered after the implementation of the Treasury Single Account (TSA) into treasury bills to generate more revenue. Source Daily Trust Read More 

Oil production at $32 per barrel too high – Kachikwu - The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has decried the high cost of oil production at 32 dollars per barrel, saying it makes cost of Foreign Direct Investment (FDI) very expensive. Source Daily Trust Read More 

Uncertainty over N4.314tr revenue from marginal fields - The nation’s plan to earn additional $14.100 billion (N4.314 trillion) from 300 million barrels of crude oil is uncertain as licensed marginal fields are unable to engage in meaningful exploration and production activities 13 years after. Source Guardian Read More 

TCN secures $2billion to expand capacity to 20,000MW - The Transmission Company of Nigeria (TCN) has secured close to $2billion for the rehabilitation of national grid infrastructure and expansion of its transmission capacities up to 20,000 megawatts target within the next three years. Source Guardian Read More 

Investors to build two refineries in P’Harcourt, Warri –NNPC - The Nigerian National Petroleum Corporation on Thursday said two private Nigerian companies had been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government. Source Punch Read More 

Power distributors’ debts to market operator hit N120.7bn - The indebtedness of power distribution companies to the electricity market operator, in terms of stipulated remittances to the MO, has risen to N120.7bn. Source Punch Read More 

US Shale Production to Climb to 6.14mbpd - US shale production is expected to climb 117,000bpd to 6.14mbpd this quarter. In an increasing shale production world, oil is expected to trade within a range of $40-60pb between 2017-2022. Source Proshare Read More 

Niger Delta No Longer Attractive To Investors – Shell - Mr Igo Weli, the General Manager, External Relations, Shell Petroleum Development Company (SPDC), on Thursday said the Niger Delta was no longer attractive for investment. Source Leadership Read More 

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Sobering Facts from 2016 Bribery in Nigeria Report - The Statistician General of the federation Dr. Yemi Kale in a Tweet this morning announced the publication of the 2016/2017 National Corruption Survey, the results are as sobering as they are worrisome. Source Proshare Read More 

SURE-P Funds: Court Orders Perm Sec to Forfeit N664m to FG - A Federal High Court in Lagos has ordered the interim forfeiture of N664 million recovered from a serving Permanent Secretary in the Federal Ministry of Labour and Employment, Dr Clement Illoh Onubuogo. Source Thisday Read More 

House C’ttee Summons BoI MD over N11bn Unrecovered Loans - The House of Representatives Committee on Public Accounts thursday issued a 24-hour ultimatum to the Managing Director, Bank of Industry (BoI), Mr. Olukayode Pitan, to defend allegations of N11bn unrecovered loans disbursed to various customers. Source Thisday Read More 

With Congo finances collapsing, desperate government has few options - As Congo's government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister's office. Source Reuters Read More 

Tunisia's foreign currency reserves fall to 'weak' levels - A worsening trade deficit has further eroded Tunisia's foreign currency reserves, which are now equal to just 90 days of imports, official figures showed on Thursday, the weakest level in three decades. Source Reuters Read More 

New BRICS bank plans $1.5 bln lending for South African projects -  A New Development Bank (NDB) set up by the "BRICS" group of emerging economies plans to lend $1.5 billion to South Africa for infrastructure projects over the next eighteen months. Source Reuters Read More 

S&P's Biggest Drop Was a Selloff Waiting to Happen - Is the market’s latest fit of nerves normal restlessness, or something worse? Based on an analysis that considers not political sensitivity but the breadth of share moves, don’t be surprised if it’s the latter. Source Bloomberg Read More 

Energy Capital Is Said to Plan $5.5 Billion Calpine Takeover - Private equity firm Energy Capital Partners has reached an agreement to buy U.S. power generator Calpine Corp. for $5.5 billion in cash, people familiar with the matter said. Source Bloomberg Read More 

Qatar to Tell Banks to Seek Overseas Funding as Gulf Spat Drags On - Qatar is telling its banks to tap international investors to raise financing, instead of mainly relying on government funding, people familiar with the matter said, as the impact of the ongoing Saudi-led boycott puts pressure on liquidity. Source Bloomberg Read More 

Libya Gets Better at Keeping Oil Flowing as Industry Stabilizes - Libya’s getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again. Source Bloomberg Read More 


FirstBank Drives Youth Empowerment with Zuriel Oduwole, Girl Education Advocate and World’s Youngest - First Bank of Nigeria Limited, the most valuable bank brand in Nigeria as part of its commitment towards youth empowerment has partnered with the Zuriel Oduwole DUSUSU (Dream up, Speak up, Stand up) Foundation to implement a mentoring session where Zuriel inspired over 200 students to stay in school and actualize their greatest potential at every given opportunity. Source Proshare Read More 

Pension Funds missing out on Equity Market Performance - Nigerian Pension funds continue to show resilience and strength so far in 2017 as they gather improvements in performance but it seems that no matter how hard they try, they are lagging the performance of pure equity portfolios. Source Proshare Read More 


Egypt's first bitcoin exchange to begin trading this month - Egypt's first bitcoin exchange will go live later this month, the founders of Bitcoin Egypt said, linking the Middle East's most populous country with a cryptocurrency that has surged in value in recent months. Source Reuters Read More 

Australia proposes stronger money laundering rules, includes bitcoin - Australia said on Thursday it would strengthen its money laundering laws, including bringing bitcoin providers under the government's financial intelligence unit, days after a fresh scandal at one of the country's biggest banks. Source Reuters Read More 


BoI disburses micro-credit loans to 7000 in Ogun - THE Bank of Industry (BoI) has disbursed over N450 million micro credit loans to more than 7,000 beneficiaries under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State. Source Vanguard Read More 


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