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Nigeria in 1min: Economic, Business & Financial Headlines – 240717

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July 24, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 240717 - The most recent monthly economic bulletin of the apex bank showed that claims against the federal government stood at N4.82 trillion, reflective of a 12.3% dip compared to the previous month. Source Proshare Read More 

Foreign Reserves Hit $30.5bn On Rising Oil Prices - The nation’s foreign reserves reached $30.5 billion last week as a result of increased global oil prices, checks by LEADERSHIP on the Central Bank of Nigeria’s (CBN) website have revealed. Source Leadership Read More 

FG releases N470bn for outstanding pension - The Nigeria Union of Pensioners (NUP) has commended the Federal Government for the release of about of he sum of N740 billion for the settlement of outstanding pension liabilities and promotion arrears of federal workers across the country. Source THE NATION Read More 

Government requires N3.5trillion to provide 700,000 houses yearly - Nigeria requires a whooping N3.5trillion to build 700,000 housing units on a yearly basis for her teeming population. But this target has become difficult to attain as a result of the on-going economic challenges facing the nation, Managing Director of the Nigeria Mortgage Refinance Company (NMRC) Prof. Charles Inyangete has said. Source Guardian Read More 

House C’ttee Gives HMOs Deadline to Submit Audited Accounts   - The House of Representatives Committee on Healthcare Services has issued a two-day deadline to 35 Health Maintenance Organisations (HMOs) to present their audited accounts to the committee. Source Thisday Read More 

Debt servicing gulped N7.88tn in five years – DMO - The Federal Government spent $25.82bn to service its debts between 2012 and 2016, the Debt Management Office has said. Source Punch Read More 

Ghana, Gambia, others to use Nigeria’s AIB laboratory - The International Civil Aviation Organisation has said that the revitalised air safety laboratory of Nigeria’s Accident Investigation Bureau will be of benefit to seven countries in the West African sub-region. Source Punch Read More 

Cross River Commences Cotton Cultivation, to Make First Harvest November - As part of the backward integration policy of Prof. Ben Ayade’s administration, Cross River State Government is set to roll out 30 tonnes of cotton from its cotton farm by November this year. Source Thisday Read More 

Agric Leads Non-oil Export Proceeds with N105.06bn in First Quarter - Efforts by the federal government to diversify the economy and generate foreign exchange from other sources might have started yielding the needed results as the trade statistics report by the National Bureau of Statistics (NBS), revealed that the exportation of agricultural goods grew by 82 per cent in the first quarter of 2017. Source Thisday Read More 

 

PROSHARE REGULATORS
Banks Battling to Meet IFRS 9 Deadline, Says CBN - With less than six months to the implementation of the International Financial Reporting Standards 9 (IFRS-9) deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria (CBN) to move to the new financial reporting regime with effect from 1, January, 2018. Source Thisday Read More 

 

PROSHARE MARKETS
Market Records +2.28% Gain WoW to Sustain Positive Stance - Equities market closed today on a positive note, as NSE ASI appreciated by +0.96% to close at 34,020.37 basis points as against +0.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +26.59%. Source Proshare Read More 

NASD USI Down by -1% WoW - NASD closed its trading day on Friday 21 July 2017 lower compared to last Friday. The Market Capitalisation shed 1% to close at ₦408.57 billion against ₦412.30 billion previously. The NASD USI also closed 1% lower at 603.74 points, as against 609.26 points last Friday. Source Proshare Read More 

Corporate Earnings for the Week Ending 210717WAPCO Declares N19.73bn PAT in Q2 2017 Result - Five out of the nine quoted companies recorded growth in revenue while others recorded decline in revenue. Source Proshare Read More 

Nigeria to hold-off on rate cut for sixth successive time - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria starts their by-monthly meeting today but analysts are forecasting that they are going to hold off cutting the benchmark Monetary Policy Rate for a sixth consecutive time. Source BUSINESSDAY Read More 

Cash crunch hits banks as CBN mops up naira - In order to reduce demand for foreign exchange, especially the dollar, the Central Bank of Nigeria has engaged in continuous and aggressive mop up of cash from the economy in the past six months. Source Punch Read More 

CBN sells TBs above inflation to attract FX flows - The Central Bank of Nigeria has offered six and 12-month Treasuries at yields higher than the country’s inflation rate to lure yield-hungry investors and attract dollar inflows. Source Punch Read More 

H1: Transactions in Fixed Income, Currently Market Hit N67.4tn - The fixed income and currency over-the-counter (OTC) market enjoyed high patronage in June as the value of transactions rose by 32.89 per cent from the previous month’s level.Source Thisday Read More 

Banks have not grown branch network in 5 years says NBS - Nigerian banks have put a hold on branch network expansion in the last five years, data obtained from the National Bureau of Statistics (NBS) shows. Source BUSINESSDAY Read More 

Sterling Bank writes FG over $46.5 million due to state - Sterling Bank has written to the government's accountant to say it has not withheld $46.5 million the government says it should hand over. Source Daily Trust Read More 

Skye Bank recovers N60 billion from debtors, N6 billion from divestment - Stability is fast returning to Skye Bank Plc, as it had recorded a N60 billion recovery from its bad loan books.It also achieved a N6.2 billion cash inflow from full divestment from four local subsidiaries, and currently in the process of divesting from others, as part of strategies to weed it of unprofitable ventures and streamline operations for sustainable growth. Source Guardian Read More 

Unilever Nigeria floats N58.9 billion rights issue - Following shareholders approval received in May, Unilever Nigeria Plc, has announced that it has received regulatory clearance for the issue documents from the Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange (NSE), in respect of a Rights Issue. Source Guardian Read More 

7 companies plan N191bn rights issue this year ..- AGAINST the backdrop of  economic woes which significantly impacted the Nigerian capital market in 2016 recording zero capital raise, companies quoted on the Nigerian Stock Exchange, NSE, have begun to take opportunities occasioned by increased investors’ confidence to raise fresh funds to meet operational and investment needs. Source Vanguard Read More 

Britain to invest in Nigeria’s pipeline, gas and power - The British Government has expressed its readiness to invest in pipeline infrastructure, renewable energy, gas and power of the Nigerian oil and gas industry. Source Daily Trust Read More 

NNPC says cenbank supervising $231.8 mln government remittance - Nigeria's state oil company on Friday said the central bank was supervising the remittance of funds to the government totalling $231.8 million from Diamond Bank, Skye Bank and Keystone Bank. Source Reuters Read More 

Libya, Nigeria Oil Output Caps Are Said to Be Ruled Out for Now - Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks. Source Bloomberg Read More 

China's Diesel, Gasoline Exports Surge to Ease Domestic Glut - China’s diesel and gasoline exports surged in the first half of the year as a domestic supply glut and slowing demand growth prompted refiners to sell more fuel abroad. Source Bloomberg Read More 

PROSHARE BUSINESS
UBA Foundation Takes its Read Africa Initiative East - The United Bank for Africa (UBA) Plc, through its Corporate Social Responsibility arm, the UBA Foundation, continued on its quest to educate and empower African youths as it visited Our Lady of Mercy Girls Secondary School in Nairobi to donate over 500 copies of the book The Fishermen(by Chigozie Obioma), under the UBA Foundation’s Read Africa Initiative.  Source Proshare Read More 

Saudi Economic Pain Will Test Resolve of Prince's Reform Push - Saudi Arabia’s drive to reduce the economy’s reliance on oil has hit a snag: its reliance on oil. Source Bloomberg Read More 

America First No More as IMF Sees U.S. Fading as Growth Engine - The world is leaning less on its biggest economy to sustain the global recovery, according to the International Monetary Fund. Source Bloomberg Read More 

Singapore Startup Takes Bitcoin Into Real World With Visa - A recurring challenge for bitcoin and other cryptocurrencies is how to make them work in the real world. A Singapore-based startup says the answer is its Visa card. Source Bloomberg Read More 

SoftBank, Didi Hand $2 Billion to Uber's Biggest Asian Rival - Grab raised $2 billion from Didi Chuxing and SoftBank Group Corp. in the largest–ever venture fundraising in Southeast Asia, as it joins forces with the Chinese company that drove Uber Technologies Inc. out of China. Source Bloomberg Read More 

Ghana sells $89 mln of 3-year cedi bond at 18.5 pct - Ghana accepted 393.6 million cedis ($88.9 mln) worth of bids for an oversubscribed three-year domestic bond sold on Friday at a yield of 18.5 percent, the central bank said. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
#BDFintech2017: Stakeholders explore opportunities for Fintech growth in Nigeria - Prospects for the growth and development of the Fintech industry in Nigeria, came to the fore at the BusinessDay 2017 summit on Fintech. The focus on the theme was “Harnessing the power of disruptive innovation in Fintech”. Source Proshare Read More 

N40.6trn Transacted Via e-Channels In 6 Months - Nigerians in the first six months of the year spent N40.607 trillion through the electronic platforms in the country, increasing electronic transactions by 100.5 per cent compared to the N20.245 trillion figure recorded as at March 2017. Source Leadership Read More 

 

 

 

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