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Nigeria in 1min: Economic, Business & Financial Headlines - 220517

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May 22, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 220517 - In the week ahead, Monetary Policy Committee meeting will take place, which will hold on 22nd and 23rd of May.  A recalibration in monetary policy is needed as output gaps linger on coupled with an amplified growth in non performing loans. Source Proshare Read More 

FG, states, LGs shared N1.4 trillion in Q1 - The three tiers of government shared over N1.4 trillion during the first quarter of the year, official data has shown. Source Daily Trust Read More 

FG requires $1.21bn to revive Ajaokuta Steel Complex - The country requires a total of $1.21bn to put Ajaokuta Steel Company Limited, Nigeria’s integrated steel complex, into production, investigation has shown. Source Punch Read More 

N100bn needed to reconstruct Apapa road — Fashola - The design and other requirements needed for the reconstruction of the Apapa road in Lagos State are ready, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. Source Punch Read More 

Nigeria to raise $3.5bn in foreign loans to fund budget - Global markets traded mixed this past week amidst a number of factors. The markets got off to a positive start to the week on continued recovery in oil prices from recent slide, driven by announcement that Saudi and Russia are open to extending the OPEC oil production cut. Source Punch Read More 

New procurement bill’ll harm TSA –World Bank - A new bill seeking to amend the Public Procurement Act, 2007 does not only represent a policy somersault, but will also hamper government’s capacity to provide basic services to the citizenry if passed into law, the World Bank has said. Source Punch Read More

NCAA declares Ethiopian Airlines’ deportation tax illegal - The Nigerian Civil Aviation Authority has ordered Ethiopian Airlines to stop taking deportation charges from Nigerians travelling to South Africa. Source Punch Read More 

Nigeria with 1.68 % shares earns $.2m dividend from IsDB - Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296, 143 as dividend from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares. Source Daily Trust Read More 

World Bank: Nigeria Faces Prospects of Fragile Economic Recovery in 2017 - The World Bank has revealed that Nigeria faces a prospect of fragile economic recovery in 2017, given a high degree of fragility and risks from future shocks to the oil price or further unrest in the Niger Delta region, which is not yet fully stabilised. Source Thisday Read More 

AHMED LAWAN KURU: 300 NPLs Account for 70% of 14,000 Bad Loans Acquired by AMCON - AMCON’s work basically is banking related. Of course you know that AMCON was set up to purchase Non-performing loans away from the financial institutions. Source Thisday Read More 

AMCON takes over Wokson Intl Ltd - Hon. Justice Babs Kuewumi of the Federal High Court Lagos Division has granted an injunction against Wokson International Limited in Asaba and Warri in Delta State on the application of Asset Management Corporation of Nigeria (AMCON). Source Daily Trust Read More 

Pharma firms embrace mergers as FX woes weigh on profits - Nigerian Pharmaceutical firms are embracing mergers as a means to scale up operations and better handle the negative fallout from a recent devaluation of the naira. Source BUSINESSDAY Read More

PROSHARE MARKETS
Corporate Earnings for the Week Ending 190517 – PHARMDEKO Declares N3.40 mln Loss in Q1'17  - During the week ending May 19, 2017, two quoted firms declared their results. Source Proshare Read More 

Market Sustains Uptrend With Marginal Gain as NSEASI Records -0.28% Loss WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.04% to close at 28,101.63 basis points, as against +0.72% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.61%. Source Proshare Read More

MPC Meeting: Considering Policy Options - Time for a Policy Change? - We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates at the current levels when the Committee meets on May 22 and 23, 2017. Source Proshare Read More

Naira In Upswing...As CBN Targets Convergence -With the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) meeting this week, the Naira continued its strong run against the United States dollar at the weekend, underscoring the resolve of the apex Bank to achieve convergence of rates between the interbank and Bureau de Change segments. Source Proshare Read More

FBN Holding Plc outlines robust 2017-2019 strategy at its 5th AGM - Nigeria’s largest financial institution FBN Holdings Plc at its 5th Annual General Meeting in Lagos, outlined a robust financial services strategy that will cover the period 2017-2019. Source Proshare Read More 

Banks’ total assets decline to N32 trillion - The nation’s Deposit Money Banks suffered a 0.53 per cent decline in value by the end of February this year, just as the industry’s assets and liabilities settled at N32.1 trillion. Source Guardian Read More 

CBN makes N3.3 billion from banks’ borrowing - For frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017. Source Guardian Read More 

Nigeria earns $296,143 dividends from Islamic Dev’t Bank - Nigeria has earned $296, 143 dividends from its investments in the Islamic Development Bank for the 2016 fiscal year. Source Vanguard Read More 

10 banks rake in N138bn from alerts, e-services in 1 yr - Leading banks in Nigeria have reported a significant rise in income from fees they charge customers for use of their various electronic banking services, principally, transaction alerts Source Vanguard Read More 

Moody’s Affirms Sterling Bank’s B2 Rating with Stable Outlook - Moody’s, an international rating agency, has assigned a B2 stable rating to Sterling Bank Plc based on its resilient deposit funding base and stable local currency liquidity as well as improvements on its IT infrastructure and risk management processes. Source Thisday Read More 

S&P Assigns ‘B/B’ Rating, Stable Outlook on UBA - These ratings on the pan-African financial institution were at par with S&P ratings on the Nigerian Sovereign. Source Thisday Read More 

C&I Leasing Eyes $100m Fresh Capital for Expansion - Mbakago said that the company would also focus on developing human capital with a view to strengthening service delivery and improving on implemented cost optimisation initiatives. Source Thisday Read More 

Stanbic IBTC: Regulatory Uncertainty Discourages Lending to Downstream Sector - The Chief Executive Officer of Stanbic IBTC Bank Plc, Dr. Demola Sogunle has identified the uncertainty of the operating environment and multiple regulatory agencies as the main factors that discourage banks from lending to the downstream sector of Nigeria’s oil and gas industry. Source Thisday Read More 

Okomu Oil Palm spends N20m on whistle blowers - The management of Okomu Oil Palm Company in Edo, said on Sunday, that it had spent N20m on whistleblowers who saved the company from incurring losses. Source Punch Read More 

 

Oil subsidy gulped N9tn in 10 years, says Oando chief - The Federal Government has spent about N9tn on oil subsidy in the last 10 years, the Executive Director and Chief Financial Officer, Oando Plc, Mr. Femi Adeyemi, has said. Source Punch Read More

 

PROSHARE BUSINESS
Church of England fund becomes top world performer - The Church of England’s £7.9bn investment fund, which has in the past struggled to reconcile questions of morality and mammon, achieved its strongest returns in more than three decades last year, lifting it into the top ranks of the world’s best-performing endowment funds. Source FT Read More  

General Electric to launch service plant for power turbines in Nigeria - General Electric (GE) plans to launch a repair and service plant for power turbines and has invested over $100 million, its local CEO said, as it seeks to tap growing demand for gas-fired power plants in Africa's biggest economy. Source Reuters Read More 

Saudi Arabia and Russia Are at Odds on Almost Everything, Except Oil - Saudi Arabia and Russia are at odds on pretty much everything: the war in Syria, policies on Iran, ties with Washington. But when it comes to propping up global oil prices, they’ve never been more aligned. Source Bloomberg Read More 

Egypt Unexpectedly Raises Rates as IMF Urges Action on Inflation - Egypt’s central bank unexpectedly raised interest rates in an effort to contain one of the highest inflation rates across emerging markets, following the decision to abandon currency controls almost seven months ago. Source Bloomberg Read More 

London House Prices Recover as Sellers Shrug Off Election - London house prices rebounded in May, rising to a record as buyers and sellers defied the usual trend of holding off on property transactions before an election. Source Bloomberg Read More 

Huntsman and Clariant Are in Talks Toward a $14 Billion Merger - Huntsman Corp. and Clariant AG are in talks to merge in a transatlantic deal that would create a chemicals company valued at about $14 billion, according to a person familiar with the discussions. Source Bloomberg Read More 

Ford Replaces CEO in Push to Transform Business - Ford is replacing its CEO amid questions about its current performance and future strategy. Source Bloomberg Read More 

China's Growth Engines Are Slowly Converging - Growth in China’s economy has long centered on the coast, where Shanghai and the Pearl River Delta form some of the world’s most productive regions on their own.  Source Bloomberg Read More  

Dubai set to build $1.7b man-made islands Marsa Al Arab by 2020 - Global investment company Dubai Holding unveiled this week plans for Marsa Al Arab, a four million square feet pair of man-made islands either side of the Burj Al Arab Jumeirah, the city's iconic sail-shaped hotel. Source CNN Read More 

 

PROSHARE TECHNOLOGY
Fintech's Coming to Trounce India's Banks - In the match for India's financial services future, fintech just scored twice while banks are still struggling to retrieve the ball they scuffed into their own net. Source Bloomberg Read More 

PROSHARE START-UPS
Delta micro credit agency disburses N784m to 5911 SMEs - Delta State Micro, Small and Medium Enterprises Agency (DEMSMA) on Sunday said it disbursed over N784 million to 5, 911 beneficiaries in the last two years. Source BUSINESSDAY Read More    

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