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Nigeria in 1min: Economic, Business & Financial Headlines – 210917

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September 21, 2017 7:40 AM / Proshare News 

PROSHARE ECONOMY
PMI Reading Rose to 58.5 Points in August from 56.3 Points in July - FBN’s PMI reading rose to 58.5 points in August from 56.3 points in July. According to the FBN report, output, employment, new orders and suppliers’ delivery time all expanded while stocks of purchases declined marginally in the review period. Source Proshare Read More

MPC to Hold Rate Steady as Green Shoots of Recovery Emerge - The fifth Monetary Policy Committee meeting is scheduled to hold on the 25th and 26th of September, 2017.  Source Proshare Read More 

NCC remits N133.4bn to federation account in 2 years - The Nigerian Communications Commission (NCC) has said it remitted a total sum of N133,426,062,786 to the consolidated revenue fund of the Federal Government in the last two years. Source Daily Trust Read More 

No going back on airports’ concession, says FG - The Federal Government says the planned concession of major airports across the country will go ahead as planned. Source Punch Read More 

Our August revenue beat July’s by 45% – Seme Customs - The Nigeria Customs Service, Seme Area Command, said that it generated N701m in the month of August, 2017. Source Punch Read More 

Apapa gridlock: Export cargoes rot away in warehouses - Non-oil exporters have lamented the negative impact of the Apapa gridlock and port congestion on their earnings. Source Punch Read More 

Nigeria-Indonesia bilateral trade drops by $2bn in 2 years - The Indonesian Ambassador to Nigeria, Harry Purwanto, on Wednesday said although the volume of bilateral trade between the two countries has fallen from $4 billion in 2014 to $2billion 2016, Nigeria still remains Indonesia’s largest commercial partner. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
Emefiele Identifies Bottlenecks to Mortgage Financing - The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has identified various bottlenecks hindering genuine investors and by extension free flow of funds into the mortgage sector. Source Thisday Read More 

 

PROSHARE MARKETS
Market Halts Three-day Losing Streak; NSEASI Inches Up by +1.04% - Equities market closed today on a positive note, as NSE ASI appreciated by +1.04% to close at 35,207.89 basis points as against -0.08% depreciation recorded previously.  Source Proshare Read More  

Naira Depreciated To N370-$ Mid-August in the Parallel Market - The Naira depreciated to N370/$ mid-August in the parallel market as robust demand from users such as hajj pilgrimage and school fees weighed on the naira. Source Proshare Read More

FO Puts Equity Offering on Hold Pending the Conclusion of an Ongoing Corporate Restructuring - Forte Oil Plc (“Forte Oil" or “the Company") wishes to notify the Nigerian Stock Exchange, investing public and its stakeholders that the Securities and Exchange Commission (SEC) has approved the Company’s proposed offering by way of Book Building. Source Proshare Read More 

Reps intervene in Oando/Ausbury controversy, summon SEC DG - A House of Representatives’ panel has commenced the process of intervening in the ongoing ownership controversy between Oando Oil Nig (Plc) and Ausbury Investment. Source Daily Trust Read More 

DMO extends N100bn Sukuk offer by 2 days - The offer for subscription of the Federal government N100 billion Sukuk which ended today, September 20th, has been extended by 2 more days, according to a circular from the Debt Management Office (DMO) today. Source Daily Trust Read More 

CBN raises N215.88b from T-Bills - The Central Bank of Nigeria (CBN) yesterday raised N215.88 billion from Treasury Bills after it received subscriptions for almost four times the amount of debt initially on offer, traders said. Source THE NATION Read More 

FX market in doldrums as funds offer dollars at premium – Traders - Offshore funds in Nigeria offered on Wednesday to sell the dollar at close to its black market rate, traders said, worsening a liquidity lull on the foreign exchange market. Source Daily Trust Read More 

‘Four Nigerian banks trade below minimum liquidity ratio’- Four Nigerian banks are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the central bank monetary policy committee said in statements on the bank’s website. Source Daily Trust Read More

Top Five Banks Account for 47% of Industry’s Impaired Credits - The performance of the Nigerian banking industry is largely dependent on the macroeconomic environment, as well as the performance of the top five banks, a report has stated. Source Thisday Read More 

At $56 Per Barrel, Crude Oil Set for Highest Gain Since 2004 - Crude oil headed for its largest third-quarter gain in 13 years as prices rose wednesday after the Iraqi oil minister said the Organisation of Petroleum Exporting Countries (OPEC) and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut.Source Thisday Read More 

NNPC begins prospecting of hydrocarbon in Sokoto Basin - The Nigeria National Petroleum Cooperation (NNPC) has began the process that will lead to the exploration of oil and gas in the Sokoto basin, Governor Aminu Tambuwal 's spokesman Imam Imam has said . Source Daily Trust Read More 

‘Nigeria loses $380bn in capital flight in oil, gas industry’ - Nigeria lost about $380 billion dollars in 50 years in capital flight due to the absence of regulation on local content development in the oil and gas industry. Source Daily Trust Read More 

FG bars discretionary oil bloc awards in marginal fields bid rounds - The Federal Government, through the Department of Petroleum Resources (DPR) an oil sector regulator, has foreclosed the possibility of the controversial discretionary oil bloc allocation happening in the forthcoming oil marginal fields licensing rounds. Source BUSINESSDAY Read More

Oil Prices Hovered Around $55pb Ahead of OPEC Meeting - The naira appreciated to N367/$ at the parallel market, while oil prices hovered around $55pb ahead of the OPEC meeting on Friday. Source Proshare Read More 

Will OPEC Extend Oil Production Cut Deal At Next Meeting? - Two months before the next regular OPEC and Non-OPEC meeting in Vienna on November 30, 2017, the parties are already maneuvering to make their cases for what should happen. Source Proshare Read More  

Volatile Oil Prices in August - Oil prices in August were volatile. The shutdown of 20%25% of refining activities in Texas due to the effect of Tropical Storm Harvey, the slowdown in Chinese refining activities and the rise in U.S output weighed down on prices. Source Proshare Read More  

Power generation rises to 6619mw - The Minister of  Power, Works and Housing, Babatunde Fashola, has presented the Federal Government’s scorecard on the power sector for the past two years. Source THE NATION Read More 

PROSHARE BUSINESS
Stamp Duties on Bank Deposits and Transfers: Are There Unresolved Issues? - The Stamp Duties Act, Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria. Source Proshare Read More

FirstBank’s Customer Wins Grand Prize in Western Union Mega Promo - First Bank of Nigeria Limited has announced that its customer has won the grand prize of the just concluded Western Union Mega Promo which took place from July 24 – August 31, 2017. Source Proshare
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Ovia Bags African-American Institute Business Leader Award In New York - Chairman of Zenith Bank Plc, Mr Jim Ovia, has been conferred with the 2017 business leader award by the African-American Institute (AAI). Source Leadership Read More 

Africa will become the food basket of the world, says Dangote - Nigerian business leader Aliko Dangote, told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.” Source BUSINESSDAY Read More 

South Africa issues $2.5 billion in foreign currency bonds - South Africa has issued a pair of dollar bonds in overseas capital markets worth $2.5 billion to help finance its foreign currency commitments, National Treasury said on Wednesday. Source Reuters Read More 

South Africa's Sasol to write off $900 mln from 2008 empowerment deal - South Africa’s Sasol will write off $900 million of debt used to bring in black investors in a 2008 deal that foundered after a fall in oil prices hit its shares, the petrochemicals maker said on Wednesday. Source Reuters Read More 

In the past 10 yrs IFC invested over $1bn to support #Turkish firms in expanding into #emergingmarkets  - When Mustafa Kemal Atatürk, the founder of modern Turkey, visited the brand-new Paşabahçe Glass Plant in 1935, it was far more significant than the usual ceremonial meet-and-greet. That’s because Atatürk himself had established Turkey’s glassware industry just the year before, envisioning a sector—built from scratch—that would make the newborn nation self-sufficient. Source IFC Read More 

Ghana's Cocobod signs $1.3 bln loan for 2017/18 cocoa purchases - Ghana’s cocoa industry regulator Cocobod signed a $1.3 billion loan with international banks on Wednesday to fund purchases for the 2017/18 season, due to open early next month, Cocobod’s deputy chief executive said. Source Reuters Read More 

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale - South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Source Bloomberg Read More 

Hack of SEC Corporate Filing System May Have Led to Illicit Trading Profits - The vulnerability of governments and businesses to cyberattacks was exposed again Wednesday when a top U.S. financial regulator said hackers had breached its electronic database of market-moving corporate announcements, and may have profited from the information they stole. Source Bloomberg Read More 

Japan's Central Bank Keeps Policy Unchanged Amid Unexpected Dissent - The Bank of Japan kept its monetary stimulus unchanged Thursday, but a dovish new board member opposed the decision in his first meeting, an unexpected dissension on a board chosen entirely by Prime Minister Shinzo Abe. Source Bloomberg Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

Commonwealth Bank Sells Life Unit to AIA for A$3.8 Billion - AIA Group Ltd. agreed to buy Commonwealth Bank of Australia’s life insurance business for A$3.8 billion (more than $3 billion), in its most ambitious foray beyond the Hong Kong-based company’s core markets in Asia. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
The Nigerian Telecommunication Sector - Challenges and Cautious Optimism - The Nigerian telecommunication sector is the largest segment of the Information and Communication sector. Nigeria has one of the largest telecom markets in Africa. Source Proshare Read More  

Google Buys HTC Talent for $1.1 Billion to Spur Devices Push - Google agreed to buy part of HTC Corp.’s engineering and design teams for $1.1 billion, taking on a cadre of veterans that worked on the Pixel phone and could bolster its nascent hardware business. Source Bloomberg Read More 

 

PROSHARE MSME
BoI disburses N47bn to Kaduna entrepreneurs – Pitan - The Bank of Industry (BoI) has disbursed loans in excess of N47 billion to support Kaduna State industrialists in the Micro, Small and Medium Enterprises (MSMEs) categories. Source Daily Trust Read More 

 

 

 

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