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Nigeria in 1min: Economic, Business & Financial Headlines – 210317

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March 21, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
FAAC Disburses N514.15bn in February 2017 - The Federation Account Allocation Committee (FAAC) disbursed the sum of N514.15bn to the three tiers of government in February 2017 from the revenue generated in January 2017. Source Proshare Read More

FG, states owe foreign creditors $11.41bn - The Federal Government, the 36 state governments, and the Federal Capital Territory Administration currently owe foreign creditors a total of $11.41bn, the Debt Management Office has said. Source Punch Read More

World Bank approves $57bn for Nigeria, others - The World Bank Group has announced the approval of $57bn for Nigeria and other sub-Saharan African countries for the next three years. Source Punch Read More

Adeosun Gives Conditions for Further Release of Paris-London Club Refunds - The Minister of Finance, Mrs. Kemi Adeosun, on Monday doused the expectations of the 36 state governors on the further release of Paris-London Club refunds to the states, making it clear that any further payments was dependent on the current and projected cash flows of the federation Source Thisday Read More 

Value of Nigeria’s maritime assets hits N90trn - NIGERIA’s maritime  industry asset is presently valued at about $200billion (N61trillion). Source Vanguard Read More 

Nigeria’s quest for food sufficiency  opens N525 billion opportunity in seeds industry - Nigeria’s failure to invest in seeds has created a N525.04 billion gap which presents an business opportunity in the industry, as farmers are left with low quality inputs that portend danger to crop production and the country’s food-sufficiency target. Source BUSINESSDAY Read More 

Reinventing Agriculture for Sustainable National Development – Source Proshare Read More 

 

PROSHARE MARKETS
Equities Market Opens The Week Positive With +0.07% Marginal Gain; Thanks to Big CAPs - Equities market closed today on a positive note, as NSE ASI appreciated by 0.07% to close at 25,671.55 basis points, as against 0.92% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.48%.  Source Proshare Read More

Phatisa Targets $300m for Food Fund II and IFC mulls $75m Oil & Gas Deal - If it was a big number you were looking for in Africa's private equity world last week, Phatisa gave it to us. The private equity investor that terms itself a development equity fund manager launched the raise for Phatisa Food Fund 2, a successor fund to the African Agriculture Fund. Source Proshare Read More 

MPC Preview - Goodbye Inflation; Hello Rate Cut? - The Central Bank of Nigeria’s (CBN) Monetary Policy Committee’s (MPC) 255th meeting (second this year) is scheduled to hold this week – 20th - 21st March, 2017. Source Proshare Read More 

Finally, AMCON Sells Keystone Bank for N25bn to New Investors - The Asset Management Corporation of Nigeria (AMCON) on Monday announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank consortium) as the new investors that have acquired the entire issued and fully paid up ordinary shares of Keystone Bank Limited, formerly BankPHB Plc.Source Thisday Read More 

GreenWish to Invest $280m in Nigeria Solar Plants - GreenWish Partners, a Paris-based independent power producer, will invest $280 million to build solar-power plants in Nigeria that are expected to start producing electricity in the first quarter of next year.Source Thisday Read More 

Dollar drops to N430 at street market as CBN supplies $180m - Naira yesterday started the week positively as it appreciated by about 4 percent at the street market. Source Daily Trust Read More 

NNPC to spend $15bn on 4,000MW power generation from gas - The Nigerian National Petroleum Corporation (NNPC) on Monday said it will generate about 4,000 megawatts of power in the next ten years to boost power supply in the country at the cost of $15 billion. Source BUSINESSDAY Read More 

Electricity: AfDB to invest $12b in Nigeria, others - THE Africa DevelopmentBank, AfDB, has stated that it is set to invest about $12 billion under its new deal with ‘Energy for Africa’, in the next five years. Source Vanguard Read More 

Mohammed Abacha, Pecos Energy Ask Court to Declare Them Owners of Malabu Oil - There seems to be no end in sight to the issues arising from the Malabu Oil deal, as some stakeholders in the company on Monday filed a fresh law suit against the federal government, Shell, Agip and seven others over the alleged illegal transfer of their stake in Oil Prospecting Licence (OPL) 245, which was once held by Malabu Oil and Gas Limited before its eventual sale to Shell and Agip. Source Thisday Read More 

N1bn lost to electricity theft, vandalism —Eko DISCO - EKO Electricity Distribution Company Plc (EKEDC) has offered to pay 20 per cent of the money recovered from electricity thefts to anyone who reports such. Source Vanguard Read More 

FG to Adopt Centralised Electricity Bills Payment System - Following its disagreement with electricity distribution companies (Discos) over the accumulated electricity bills owed by its agencies, the federal government said it would henceforth adopt a new payment mechanism for the settlement of the monthly electricity bills of its Ministries, Departments and Agencies (MDAs). Source Thisday Read More 

NEITI: Nigeria’s Revenue Plunged by 40% for Three Years - Between 2013 and 2016, the three tiers of government in Nigeria cumulatively lost about 40 per cent of the aggregate income they received from the Federation Accounts Allocation Committee (FAAC), the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. Source Thisday Read More 

Oil prices rise on talk that OPEC could extend supply cut - Oil prices rose on Tuesday on expectations that an OPEC-led production cut to prop up the market could be extended, while strong demand would also work to slowly erode a global fuel supply overhang. Source Reuters Read More 

 

PROSHARE BUSINESS
Proshare Nigeria Launches IOS Version of Mobile App - Proshare Nigeria, known for its credibility, reliability and timeliness is delighted to announce that the Proshare Mobile App is now live on IOS compliant mobile devices. This development is coming as a prompt response to feedbacks received from you our esteemed readers and subscribers following the launch of the android version. Source Proshare Read More

NNPC Accuses Capital Oil and MRS of Criminal Diversion of 130m Litres Of Petrol - The Nigerian National Petroleum Corporation (NNPC) Friday said it will go after Capital Oil % Gas Limited for criminally diverting 100 million litres of petrol belonging to the corporation without authorization. Source Proshare Read More

Nigerian Stock Exchange Partners Access Bank To Celebrate Global Money Week Across Nigeria - Consistent with its commitment to promote financial literacy and inclusion in Nigeria, The Nigerian Stock Exchange (NSE or Exchange) in collaboration with Access Bank Plc will commemorate the 2017 Global Money Week themed: ‘Learn. Save. Earn’ with a series of educational programs to raise awareness and improve the capabilities of young people to make sound decisions when it comes to financial matters. Source Proshare Read More

Fiscal, Monetary and Economic Policy and The Impact on Capital Formation - Being a presentation at the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and The Hudson Group organised National Strategy Session held on March 20, 2017 at The Wheatbaker Hotel on Enterprise Development Solution. Source Proshare Read More 

Kenya says has drawn down $800 mln syndicated loan - Kenya has signed an $800 million syndicated loan with four international lenders and the government has already drawn down the sum, a senior Treasury official said on Monday Source Reuters Read More

World Bank to lend Tanzania $2.4 bln over 3 years for infrastructure projects - The World Bank will lend Tanzania $2.4 billion over the next three years to finance infrastructure projects, the bank's president Jim Yong Kim said on Monday. Source Reuters Read More

Asian shares at 15-month high, dollar soft on less hawkish Fed - Asian shares hit 15-month highs on Tuesday while the dollar and U.S. bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory. Source Reuters Read More

PROSHARE FINANCE
DFM Officially Publishes Final Version Of “Standard On Hedging Against Investment And Finance Risks” - Dubai Financial Market (DFM) today officially published the final version of its “Standard on Hedging against Investment and Finance Risks”, the first comprehensive standard of its kind, as part of the DFM’s constant efforts to further enhance the guiding framework of Islamic finance and capital markets. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
What is FinTech? - The term can refer to startups, technology companies, or even legacy providers. The lines are blurring, and it’s getting harder to know where technology ends and financial services begin. Source Proshare Read More 

Proshare Nigeria Launches IOS Version of Mobile App - Proshare Nigeria, known for its credibility, reliability and timeliness is delighted to announce that the Proshare Mobile App is now live on IOS compliant mobile devices. This development is coming as a prompt response to feedbacks received from you our esteemed readers and subscribers following the launch of the android version. Source Proshare Read More 

Goldman building robo-adviser to give investment advice to the masses - Goldman Sachs Group Inc (GS.N), known for advising the world's richest and most powerful, is building a so-called robo-adviser geared to mass affluent customers, according to a job listing posted Monday on the bank's website. Source Reuters Read More

 

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