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Nigeria in 1min: Economic, Business & Financial Headlines – 190917

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September 19, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
Federal Republic of Nigeria Ratings Affirmed At 'B-B'; Outlook Stable - Oil production in Nigeria has accelerated this year, while the public and financial sectors are now better able to access external financing, in our view, improving external financing and supporting the level of international reserves at the central bank. Source Proshare Read More 

FG to launch ICRC PPP Contracts Disclosure Portal on September 22 - The Federal Government in its drive to ensure transparency in the public-private partnership model it is deploying to finance critical infrastructure projects, is set to launch the first of its kind contract disclosure portal on Friday September 22nd, 2017.  Source Proshare Read More  

FG inaugurates panel to coordinate financial statistical data - The Federal Government on Monday inaugurated a finance sectoral consultative committee for the effective coordination of statistical data in the Ministry of Finance and its agencies. Source Punch Read More 

Nigeria Will Be Finally Out Of Recession By 2020 – Udoma - The Minister of Budget and National Planning, Senator Udoma Udo Udoma, yesterday, declared that Nigeria will finally get out of recession in 2020. Source Leadership Read More 

FG’s Monthly Pension Payment To Retirees Hits N7.5bn - The Pension Transitional Arrangement Directorate (PTAD) said the current government pays about N7.5 billion in monthly pension to its retirees just as the agency commenced verification exercise of federal government pensioners in Lagos State with the view to determine actual government pension liability. Source Leadership Read More 

FG Spends N67.5bn on Pensions in Eight Months - The federal government has said it has so far spent N67.5 billion this year on the payment of pension benefits to 250,000 pensioners under the old Defined Benefit  Pension Scheme. Source Thisday Read More 

ICRC: $100bn Required for Nigeria’s Infrastructure Development - The acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwa, has put the total amount of funds required to provide quality infrastructure in Nigeria over the next six years at about $100 billion. Source Thisday Read More 

NCAA Certifies Lagos Airport, Says It Meets International Standards - After months of remedial work and remodeling of facilities at the Murtala Muahmmed International Airport (MMIA) in Lagos, the Nigerian Civil Aviation Authority (NCAA) has certified the nation’s busiest airport for meeting global safety and security standards as prescribed by the International Civil Aviation Organisation (ICAO) Source Thisday Read More 

Nigeria has higher investment risk but beats sub-Saharan Africa peers on returns - Among Africa’s top three economies, it is Nigeria that offers both the highest risk and highest reward to foreign investors, according to a Risk-Reward index developed by global risk consultancy firm, Control Risks Group Limited. Source BUSINESSDAY Read More 

Growth in Money Supply Falls below Targets - The monetary aggregates (narrow money and broad money) as at July 2017 show that the annualised growth rate in money supply is below the target that the Central Bank of Nigeria (CBN) has set for the year 2017. Source Proshare Read More  

Statement by Senate President Dr Bukola Saraki on Recent crisis in South East - Following the clash between the military and members of the Indigenous People of Biafra (IPOB), I hereby call for calm and restraint by all Nigerians so that we would all jointly find the right solution to the current problem rather than worsening the crisis. Source Proshare Read More 

 

PROSHARE REGULATORS
Forex: CBN Goes Tough on Banks; Floods Market With $545m - The Central Bank of Nigeria (CBN) on Monday, September 18, 2017, threatened to sanction any Deposit Money Bank (DMB) in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies. Source Proshare Read More 

 

PROSHARE MARKETS
NSE Empowers Stakeholders with Investor Clinic on Dematerialization, DCS and E-Dividend - The Nigerian Stock Exchange (“The Exchange or NSE”) is pleased to announce that it organised an Investor Clinic to educate capital market stakeholders on ‘The role of Dematerialization, Direct Cash Settlement and E-dividend in the development of the Nigerian Capital Market’. Source Proshare Read More

NSEASI Closes Below 35,000bpts to Open the Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -0.38% to close at 34,873.07 basis points as against -1.84% appreciation recorded previously. Source Proshare Read More  

IST Fourth Tribunal to be Inaugurated on 19th September 2017 - The inauguration of the fourth Tribunal of the Investment and Securities Tribunal by the Hon. Minister of Finance has been scheduled to hold on Tuesday 19th September, 2017 by 1:00pm at the Hon. Minister’s Conference Room, Federal Ministry of Finance H/Quarters Ahmadu Bello Way, Abuja. Source Proshare Read More  

Union Bank to open N50bn rights issue on Wednesday - Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017. Source Punch Read More 

Illegal dollar evacuation to Dubai threatening naira – Gwadabe - The President of the Association of Bureaux De Change Operators of Nigeria,  Alhaji Aminu Gwadabe, says consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to stability of the naira. Source Punch Read More 

Strike: Fuel depots shut, FG meets NUPENG today - The nationwide strike called by the United Labour Congress of Nigeria commenced on Monday and led to the shutdown of fuel depots in Apapa, Lagos and other parts of the country, threatening the supply of petroleum products to filling stations. Source Punch Read More 

Oil prices move close to $56 - Oil prices moved close to $56 yesterday, remaining near multi-month highs reached late last week. Source THE NATION Read More 

Kachikwu: $100 Oil Impossible in 2018 - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said it would not be possible for the price of crude oil to rise to $100 per barrel in 2018 as the current market conditions did not support such expectations. Source Thisday Read More 

Multinational oil companies offer over $1billion in financing for new gas projects - This year alone, multinational oil companies have provided more than $1billion in alternative financing for gas projects in Nigeria, and experts say this may be a viable model to unlock the country’s gas potential.  Source BUSINESSDAY Read More 

TCN appoints focal persons to interface with the DISCOs - In an effort to resolve and minimize technical challenges, expand the load and promptly attend to Distribution interface issues, the Management of Transmission Company of Nigeria (TCN), has appointed Focal Person tointerface with DisCos in order to ensure that the DisCos take more power to the consumers. Source Vanguard Read More 

FG accuses DisCos of under remitting revenue - THE Federal Government has accused Electricity Distribution Companies (DISCOs) of inability to collect and remit revenue in the power sector, currently threatened by huge revenue losses. Source Vanguard Read More 

TCN Records 15 System Collapses in 2017 - The Transmission Company of Nigeria (TCN) has so far recorded 15 system collapses in 2017, indicating strong evidence of the weakness of the transmission infrastructure to wheel power from the generation companies to the distribution companies, THISDAY has learnt. Source Thisday Read More 

MAN, Hoteliers, Others Reject NERC’s Proposal on Tariff Review - Top electricity consumers in Nigeria comprising the Manufacturers Association of Nigeria (MAN), Nigeria Electricity Consumers Advocacy Network (NECAN), and Hotel Owners Forum Abuja (HOFA) yesterday rejected a proposal by the Nigerian Electricity Regulatory Commission (NERC) to review electricity tariff in the country on a monthly basis. Source Thisday Read More 

2,000MW of Electricity Rejected by Discos, Says Power Ministry - Two thousand mega watts of electricity generated into the national is not distributed to consumers, according to Mr Louis Edozien, Permanent Secretary, Federal Ministry of Power, Works and Housing. Source Thisday Read More 

PROSHARE BUSINESS
Ivory Coast inflation jumps to 1.3 pct in August: stats office - Consumer price inflation in Ivory Coast, the world’s top cocoa producer, accelerated to 1.3 percent year-on-year in August from 0.8 percent in July, data from the National Statistics Institute showed on Monday. Source Reuters Read More 

Foreign investment in Egypt's debt at $17.6 bln since pound float: finance ministry - Foreigners have invested a total of $17.6 billion in Egyptian debt instruments since the central bank floated the pound currency in November 2016 and up until mid-September this year, Deputy Finance Minister Ahmed Kojak told Reuters on Monday. Source Reuters Read More 

KPMG, McKinsey Feel the Heat as Graft Scandal Rocks South Africa - As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. Source Bloomberg Read More 

Zambia Seeking Bidders for New Mobile Provider to Take on MTN - Zambia is seeking bidders for a fourth mobile-network license to take on operators including market leader MTN Group Ltd. in the southern African country, Transport and Communications Minister Brian Mushimba said. Source Bloomberg Read More 

Saudi Arabia to Seek Bidders for 1,000-Mile Red Sea-Gulf Railway - Saudi Arabia plans to seek bidders for the construction of a 1,000-mile (1,600-kilometer) railroad linking the Red Sea with the Persian Gulf as early as the end of this year, signaling the go ahead for a long-delayed project seen as vital to reducing the economy’s dependence on oil. Source Bloomberg Read More 

Wages Rising Just A$3 a Year Has Aussies Snared In Debt Trap  - Australians’ average weekly household income grew by A$213 ($170) between 2004 and 2008. Since then, it’s increased by a total A$27.  Source Bloomberg Read More 

PROSHARE FINANCE
LIRS Issues Clarification on the Taxation of Interest Benefit on Loans granted to Employees - There has been a lack of clarity regarding the taxation of benefits that arise from loans granted to an employee by the employer. Source Proshare Read More  

First Bank of Nigeria Limited: Leading Sustainable Development within its Communities - First Bank of Nigeria Limited, Nigeria’s Most Valuable Bank Brand, is known to be the leading financial services provider to stakeholders with varying social stratification and the Bank understands that the ability to operate successfully in a multicultural society. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
GE Working on Robot That It Says Can Save $200 Billion of Power - General Electric Co. is working on a way to use artificial intelligence in electricity grids, a technology that it expects will save $200 billion globally by improving efficiency. Source Bloomberg Read More

Cryptocurrency has soared more than 20% from Friday’s low - The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. Source Bloomberg Read More

 

 

 

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