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Nigeria in 1min: Economic, Business & Financial Headlines – 210217

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February 21, 2017 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
German firm pledges N97.5bn for Nigerian industrialists - A total sum of €300m (N97.5bn) has been set aside by a German investment group, CUBE Commodities Company, to finance small-scale industrialists in Nigeria. Source Punch Read More

PenCom seeks N113 billion to pay government retirees - The Director General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, has sought the appropriation of over N113 billion for the 2017 retirees of the Federal Government, against the initial N50.2 billin submitted in the 2017 Appropriation Bill, thereby resulting in a shortfall of almost N63 billion. Source Guardian Read More

Fitch re-affirms BoI’s rating at AA+ - Negative revision due to health of economy Fitch Ratings has re-affirmed Bank of Industry Limited’s (BoI) National long-term rating at AA+, as well as its Long-Term Issuer Default Rating (IDR) at ‘B+’. Source Guardian Read More

Air turbulence due to macro challenges - Nigeria’s aviation sector has suffered from the general slowdown in the economy. Based on data from the Nigerian Civil Aviation Authority, last year passenger traffic declined by -0.5% y/y on domestic flights. Source Proshare Read More 

Q3 Implicit Price Deflator - Price Weakness Persist Across Most Sectors - An implicit price deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy: Which is represented is always represented in an index form to gauge the extent of changes price level or inflation in an economy. Source Proshare Read More 

Enugu govt seals 36 banks over N1bn withholding tax - The Enugu State Board of Internal Revenue, yesterday, sealed eight banks with a combined number of 36 network branches in the state, for failing to remit over N1billion withholding tax. The state government said the banks had owed the state since 2007. Source Vanguard Read More 

Nigeria, biggest cassava producer, imports 95% of starch - Despite been the world largest producer of cassava, Nigeria still imports about 95 percent of its industrial starch, a by-product of cassava. Source BUSINESSDAY Read More 

N500b for mortgage finance coming - The Federal Government says it will inject N500 billion into the Federal Mortgage Bank (FMB) to enable it meet the housing needs of Nigerians. Source THE NATION Read More 

Fed Govt, China in talks over N900b loan - The Federal Government and the Peoples Republic of China have commenced talks on a N900 billion ($4.5b) loan to facilitate the production of agricultural machineries for large scale farming in selected states across the country. Source THE NATION Read More 

UK wants skills upgraded in Southwest, commits £250mn to socio-economic growth - Oliver Blake, the team leader, Governance and Social Development of United Kingdom-established Aid Scheme – Department for International Development (DfID) says that the British Government is committing £250 million this year to support Nigeria as part of efforts to engender rapid socio-economic growth in the country. Source BUSINESSDAY Read More 

PROSHARE REGULATORS
FOREX Utilization: CBN Boosts Manufacturing, Agricultures, Others - The Central Bank of Nigeria (CBN) has disbursed the sum of $2.83 billion for utilization in the critical sectors of the economy between December 2016 and January 2017. Source Proshare Read More 

CBN Releases New Policy Actions in the Foreign Exchange Market - In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. Source Proshare Read More

 

PROSHARE MARKETS
Nigerian Stock Market Maintains Uptrend To Open The Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by 0.34% to close at 25,249.49 basis points, as against 0.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.05%.  Source Proshare Read More

FCMB Group Announces Leadership Changes; Ladi Balogun to Emerge Group CEO - FCMB Group Plc has announced the re-organisation of its leadership at the Group level, as well as its flagship company First City Monument Bank Limited (FCMB Limited). Effective March 20th, 2017, Ladi Balogun, having served as Group Managing Director of the Commercial banking arm, FCMB Limited for 10 years, will be stepping down in this capacity. Source Proshare Read More 

NB's PAT Drops by 25% in 2016 Audited Results; Proposes N2.58 per share Final Dividend(SP:N119.81k) - The Audited Results of Nigerian Breweries Plc in respect of the year ended 31st December, 2016 were approved at a Board Meeting of the Company which took place on the 15th of February, 2017. The requisite filings have been uploaded via the Issuers’ Portal. Source Proshare Read More 

Companies Reduce Staff Dollar Remunerations As Naira Hits N522/$ - As the receding Nigerian economy continues to take toll on the revenues of companies, they are finding new ways of reducing cost by cutting down staff remunerations and expenses. More companies are monetising benefits and paying in naira to avert the exchange rate challenges. Source Leadership Read More 

US shale oil producers drag down oil prices - Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Source Proshare Read More 

Nigeria loses N23.6bn over non-documentation of oil, non-oil exports in 19 months - …. As Senate alleges $850 billion crude oil export proceeds repatriation held by JVCs Nigeria has lost the sum of N23.6 billion due to non-documentation of export of oil and non-oil products in the last 19 months. Source BUSINESSDAY Read More 

DPR Seals Nakem Depot, Seizes 1.5m Litres of Adulterated Petrol - The Department of Petroleum Resources (DPR) has said it has sealed Nakem Depot in Kirikiri area of Lagos for receiving 1.5 million litres of petrol, which has no record of its source. Source Thisday Read More 

 

PROSHARE BUSINESS
South African watchdog fines Citi $5 mln to settle currency rigging probe -  South Africa's Competition Commission has fined the local arm of Citigroup 69.5 million rand ($5.3 million) for its role in a foreign currency trading cartel, the regulator said on Monday. Source Reuters Read More

IMF says drought to cut Somalia's 2017 growth to 2-2.5 pct - Somalia's economy is likely to expand by 2-2.5 percent this year, down from an estimated 3.4 percent last year, as drought cuts output in the important agriculture sector, the IMF's country representative said on Monday. Source Reuters Read More

World Bank sees Zambia economic growth at 4 percent in 2017 - Zambia's economic growth is seen rising to 4 percent in 2017 and 4.2 percent in 2018, the World Bank said on Monday, predicting a jump in copper prices and improved power supply. Source Reuters Read More

Nigeria naira hits new black market low as traders digest cenbank action - Nigeria naira hit a fresh low of 520 on the black market on Monday, as retail currency traders tried to digest a new central bank decision to sell dollars to retail users through commercial lenders, one retail trader said. Source Reuters Read More 

Wanda's $1 Billion Bid for Dick Clark Faces Hurdles -Billionaire Wang Jianlin’s Dalian Wanda Group Co. is facing obstacles in its $1 billion bid to buy Golden Globe Awards producer Dick Clark Productions Inc., according to people familiar with the matter. Source Bloomberg Read More 

Saudis Kick Off $50 Billion Renewable Energy Plan to Cut Oil Use - Saudi Arabia is kicking off its $50 billion renewable-energy push as the world’s top crude exporter turns to solar and wind power to temper domestic oil use in meeting growing energy demand. Source Bloomberg Read More 

China Wins Big With Stakes in $22 Billion Abu Dhabi Oil Deal - Chinese companies are big winners in the competition among foreign bidders for stakes in Abu Dhabi’s largest oil concession, snatching a combined 12 percent of the venture as the Middle Eastern emirate looks increasingly to Asia, its biggest market, for investment. Source Bloomberg Read More 

Saudi Arabia Breaks Records on Oil Exports and Output for Year - Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply. Source Bloomberg Read More 

Russia Overtakes Saudi Arabia as World's Top Crude Oil Producer - Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Source Bloomberg Read More 

Kenya Said to Be Near $800 Million Loan With Citibank, StanChart - Kenya is close to signing an $800 million syndicated loan with four banks to help fund infrastructure projects and support the shilling, according to a person familiar with the matter. Source Bloomberg Read More 

IMF Says Donors May Partly Forgive Somalia's $5.3-Billion Debt - The International Monetary Fund says creditors may forgive part of Somalia’s outstanding $5.3 billion debt if the strife-torn Horn of Africa state takes concrete steps toward reforming its economy and improving governance. Source Bloomberg Read More

JAMB Received 11.7m Applications Between 2010 and 2016 - The Joint Admissions and Matriculation Board data reflected that a total of 11,703,709 applications were received between 2010 and 2016 while a total of 2,674,485 students were admitted across the 36 states and the FCT between 2010 and 2015. Source Proshare Read More 

 

 

 

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