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Nigeria in 1min: Economic, Business & Financial Headlines – 200917

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September 20, 2017 7:20 AM / Proshare News 

 

PROSHARE ECONOMY
Lagos State Has the Highest Foreign and Domestic Debts as at June 2017 - Nigerian States and Federal Debt Stock data as at 3oth June 2017 reflected that the country's foreign and domestic debts stood at $15.05bn and N14.06trn respectively. Source Proshare Read More 

Personal Statement by the MPC Members at the 114 MPC Meeting of July 24-25, 2017 - The improvement in the performance of key macroeconomic variables, which commenced in the early part of the year, appears to have been fairly sustained. Source Proshare Read More 

Lagos Accounted for 74.8% of International Passenger Traffic in Q2 2017- In the second quarter of 2017, overall passenger traffic (domestic and international) increased by 21.06% over the previous quarter but declined by -18.56% year on year. Similarly, aircraft movement increased by 11.23% in Q2 2017 over Q1 2017 but declined by -20.40% year on year. Source Proshare Read More 

FG inaugurates Investment and Securities Tribunal board - The federal government has reconstituted the Investment and Securities Tribunal (IST) as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy. Source Daily Trust Read More 

FIRS generates N2.5tn from taxes in eight months - The Federal Inland Revenue Service on Tuesday said it generated a total of N2.51tn from taxes for the federation between January and August this year. Source Punch Read More 

FG okays concession of Kano, PH airports - The Federal Government on Tuesday said it had approved the concession of Kano and Port Harcourt airports, as well as transaction advisers for the process. Source Punch Read More 

Fashola: FG Resorting to Tax Relief to Fund Road Construction  - Following its claims of huge reduction in its revenues from the oil industry, and the resultant paucity of funds to conveniently carry on with its infrastructure development plans, the federal government tuesday said it would now begin to look towards tax recovery funding schemes to build and reconstruct roads in the country. Source Thisday Read More 

IMF Puts Global Cost of Bribery at $2tn Annually - The International Monetary Fund (IMF) has estimated that the annual cost of bribery — just one sub-set of corruption — to be between $1.5 and $2trillion. Source Thisday Read More 

Nigeria Airways protest non-payment of N78b severance benefits - FORMER workers of Nigeria Airways have protested the delay in the payment of their over N78 billion severance benefits that have been approved by the federal government. According to the protesters the amount was approved by President Muhammadu Buhari over a year ago. Source Vanguard Read More 

Cashew exports up 463% in three months - Nigeria’s cashew farmers and exporters are benefiting from improved farming practices and packaging, leading to a significant increase in exports of the produce from the country. Source BUSINESSDAY Read More 

FG eyes private capital to fund $300bn infrastructure gap - The cash-strapped Federal Government is banking on funds from the private sector to plug the huge infrastructure gap, estimated at over $300 billion, Udoma Udo-Udoma, minister of budget and national planning, said in Lagos on Tuesday. Source BUSINESSDAY Read More 

Nigeria imports hit US$8.5 billion in three months, reversing 3-year decline - Despite a relatively weaker naira, Nigeria’s import bill for the second quarter of 2017 rose for the first time in three years, data compiled by BusinessDay has shown. Source BUSINESSDAY Read More 

#NES23 will address issues around employment, productivity and opportunities-Udoma - The 23rd edition of the Nigeria economic summit group conference scheduled for October 10-12, 2017 will address issues around employment, productivity and opportunities in the economy. Source Proshare Read More 

Make Your Research Relevant to National Development, Udoma Charges NISER - The Nigerian Institute for Social and Economic Research (NISER) has been charged to consistently generate credible knowledge through quality research, specialized training and consultancy services to aid national development. Source Proshare Read More 

Alarm Bells As Current Account Surplus Narrows Again - The blue ink in Nigeria’s current account (CA) narrowed from a surplus of $2.7 billion in Q1 2017 to $1.4 billion in the second quarter - the second consecutive QoQ contraction in CA surplus since the turn of the year. Source Proshare Read More  

Odu’a opens N500m project, plans more in S’West - Odu’a Investment Company Limited on Tuesday inaugurated a N500m real estate project, which was completed in nine months. Source Punch Read More 

 

PROSHARE REGULATORS
SEC APC Decision: Partnership Inv. CEO Victor Ogiemwonyi Banned for Life; Chairman Gets 5-Yr Ban - The Securities and Exchange Commission (SEC) has banned the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited Mr. Victor Ogiemwonyi for life from holding directorship position in any public company in Nigeria for his unprofessional conduct in respect of the activities of both companies and also withdrawn the operating license of the companies. Source Proshare Read More  

Insider abuse: CBN probing bank directors, says Emefiele - The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said the regulator was currently looking at some cases of insider abuse by members of the board of directors of commercial banks and other financial institutions in the country. Source Punch Read More 

 

PROSHARE MARKETS
NSEASI Dips by -0.08%; Extends Two-day Losing Streak - Equities market closed today on a negative note, as NSE ASI depreciated by -0.08% to close at 34,846.82 basis points as against -0.38% depreciation recorded previously. Source Proshare Read More

[De]Globalisation and Inflation – Mark Carney - Governor, Bank of England - During his term as Managing Director, Michel Camdessus oversaw the second great wave of globalisation.The Berlin Wall fell, capital controls were liberalised, the euro was constructed, and China prepared to join the WTO. Source Proshare Read More

Invest in FGN Monthly Bond Auction – September 2017 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source Proshare Read More  

Flour Mills to raise N40b equity funds in three years - Flour Mills of Nigeria (FMN) Plc has registered a shelf fund raising programme with the Securities and Exchange Commission (SEC). It will allow the leading flour-milling company to raise up to N40 billion in equity funds over the next three years. Source THE NATION Read More 

‘Egina project’ll boost oil production by 200,000bpd’ - The nation’s oil production will be boosted by 200,000 barrels per day by the fourth quarter of 2018, the Deputy Managing Director of Total, a principal partner of the Egina Project, Mr. Ahmadu Musa-Kida, has said. Source Punch Read More 

Kaduna Disco Generates N1.7bn in Sokoto in Eight Months - The Kaduna Electricity Distribution Company (KAEDCO), Tuesday said it generated about N1.7 billion in Sokoto state from January 2017 till date. Source Thisday Read More 

PROSHARE BUSINESS
Dangote Foundation, GBCHealth, join forces to build Coalition on Health - Dangote Foundation and GBCHealth have joined forces to forge a new model of partnership, African Business Coalition on Health (GBCHealth) in Africa. Source Proshare Read More  

Dangote Begs Public to Help Monitor Truck Drivers - The Management of Dangote Industries Limited (Dangote Group) has issued a passionate appeal to members of the public to assist in monitoring and reporting both recklessness and illegal haulage of contrabands goods by some of its truck drivers. Source Proshare Read More 

Up to $6bn of $80bn in government funds allotted for Katrina reconstruction went to fraudsters, according to the FBI - The federal government has prosecuted more than 1,000 cases of Katrina-related fraud - Source The Economist Read More 

Japan's Exports Jump 18% in Biggest Gain in Almost 4 Years - Japanese exports and imports surged in August, with both beating expectations as a recovery in trade appeared to gain momentum. Source Bloomberg Read More 

Standard Chartered Lends Zambia $134 Million to Finance Roads - Zambia borrowed $134 million from Standard Chartered Plc to help fund the road sector, according to a finance ministry official. Source Bloomberg Read More 

The World’s Biggest Wealth Fund Hits $1 Trillion - Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar. Source Bloomberg Read More 

Two more firms fire KPMG as corporate South Africa weighs links with auditor - A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Source Reuters Read More 

World Bank cuts South Africa's 2017 growth forecast - The World Bank on Tuesday halved its 2017 growth forecast for South Africa after the economy fell into recession earlier this year. Source Reuters Read More 

Egyptian banks have provided $55.1 bln to fund trade since currency float: c.bank official - Egyptian banks have provided about $55.1 billion to fund trade since the country floated its currency in November last year, a central bank official told Reuters on Tuesday. Source Reuters Read More 

OPEC’s Allies Race Ahead on Output Cuts - For most of the year, OPEC nations working to eliminate an oil supply glut have been far better than their allies outside the group in complying with pledged output cuts. That changed in August, the eighth month of curbs. Source Bloomberg Read More 

PROSHARE FINANCE
Dissecting the FGN’s N100bn Sukuk (Bond) Offering - Last week, the Nigerian government via FGN Roads Sukuk Company 1 Plc issued a 7-Year N100bn Sukuk (bond). Source Proshare Read More  

Federal Government of Nigeria (FGN) N100bn Debut Sukuk Offer Opens For Sale to the Public - FBN Merchant Bank Limited and Lotus Financial Services Limited have been appointed as Joint Financial Advisers to the Debt Management Office (DMO) of the Federal Government of Nigeria on the inaugural FGN N100 billion Sukuk offer. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
'Bitcoin Jesus' Sees the Digital Currency Splitting Again - Bitcoin will probably see another splintering off in November as miners and developers debate how best to scale the cryptocurrency’s rapidly growing marketplace, says investor Roger Ver, chief executive officer of Bitcoin.com. Source Bloomberg Read More

 

PROSHARE MSME
Tony Elumelu Entrepreneurs To Receive Tech Support From Microsoft - Microsoft, through its 4Afrika Initiative, has collaborated with the Tony Elumelu Foundation (TEF) to provide entrepreneurs in the TEF Entrepreneurship Programme with technology-based tools, resources and mentorship. Source Proshare Read More 

 

 

 

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