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Nigeria in 1min: Economic, Business & Financial Headlines – 250117

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January 25, 2017 6:10 AM / Proshare News 

 

PROSHARE ECONOMY
MPC Again Plays The "Do Nothing" Card - At the end of its 254th meeting (first this year), the Central Bank of Nigeria's Monetary Policy Committee (MPC) – still faced with the challenges of a severely weakened macroeconomic landscape, accentuated by stagflation dilemma, declining economic and business activities, and deepening recessionary trend. Source Proshare Read More 

Government loses N1.2tr tax revenue to crude oil price dispute - The lingering pricing dispute between the International Oil Companies (IOCs) and the Federal Government has resulted in a revenue loss of over $4.04 billion (N1.232 trillion at N305-$1) in eight years, according to the Nigerian Extractive Industry Transparency Initiative (NEITI). Source Guardian Read More 

 

PROSHARE REGULATORS
CBN Communiqué No. 111 of the MPC Meeting – Jan 23-24, 2017 - The Monetary Policy Committee held its first statutory meeting of fiscal 2017 on 23rd and 24th January, 2017 against the backdrop of increased uncertainty arising from political and economic developments around the world. Source Proshare Read More

NSE Admits SIAML Pension ETF 40 to its Daily Official List - It gives me great pleasure to welcome you to The Nigerian Stock Exchange (The Exchange) for the Facts Behind the Listing Presentation of SIAML Pension ETF 40. On behalf of the Council, Management and Staff of The NSE, I congratulate the Board and Management of StanbicIBTC Asset Management Limited (SIAML) on the successful IPO of their second ETF, which recorded about 60% subscription. Source Proshare Read More 

External reserves rise to $28.9bn as CBN insists on dollar management policy - Nigeria’s foreign reserves have risen to $28.9 billion as at Tuesday, January 24, 2017 driven by oil price increase and relative stability in the Niger Delta, according to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

 

PROSHARE MARKETS
Equity Market Resumes Downtrend as MPC Maintains Status Quo - Equities market closed today on a negative note, as NSE ASI depreciated by 0.05% to close at 26,217.54 basis points, compared with the 0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.44%.  Source Proshare Read More 

Banks’ bad loans hit N856.9b, says report - Banks’ assets have depreciated in the last two years, with provisions for Non Performing Loans (NPLs) hitting N856.9 billion, a financial market report has said. Source THE NATION Read More 

AFC issues $150m maiden Sukuk - Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has issued its maiden Sukuk, the highest-rated ever Sukuk issuance from an African institution. Source THE NATION Read More 

Nigeria Sees Oil Hitting Mid-$60s in Coming Months as OPEC Bites -Crude oil prices, hovering around $55 a barrel since early December, will climb by about $10 in the coming months as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. Source Bloomberg Read More

 

GE offers to fix Warri, Kaduna, P/H refineries in 11 months - US multinational company, General Electric (GE) on Tuesday in Abuja, proposed to invest in the nation's three refineries located in Port Harcourt, Warri and Kaduna. Source Daily Trsut Read More 

Libya’s Oil Output Is at Three-Year High and Rising - Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as the country restores much of the production lost amid political chaos and conflict, the state oil company’s chairman said. Source Bloomberg Read More

 

PPPRA board meets to review petrol price, others - Following the myriad of suggestions favouring adjustment in the price of petrol, the board of the Petroleum Products Pricing Regulatory Agency (PPPRA), the agency responsible for fixing fuel price, will meet on Thursday to consider among other issues, the review of the petroleum product pricing template. Source Daily Trust Read More 

Power plants damaged by frequent grid collapses - Frequent power system collapses are highly injurious to the turbines and other installations of generating companies, the Managing Director of Mainstream Energy Solution, Engr Lamu Audu, has said. Source Daily Trust Read More 

 

PROSHARE BUSINESS
South African reserve bank keeps repo rate at 7 percent - South Africa's central bank kept its benchmark repo rate unchanged at 7 percent on Tuesday, in line with expectations, saying the near-term outlook of inflation has deteriorated while the domestic growth outlook remained constrained. Source Reuters Read More 

Egypt committed to repaying $3.5 bln to foreign oil firms: petroleum minister -  Egypt is committed to repaying the $3.5 billion it owes in arrears to foreign oil companies but a foreign currency shortage has made the drawing down of those debts more difficult, Petroleum Minister Tarek El Molla said on Tuesday. Source Reuters Read More 

Africa Finance Corp issues $150 million debut sukuk - Africa Finance Corp (AFC) said it issued a three-year $150 million sukuk, becoming the first African government-backed entity to sell an Islamic bond. Source Reuters Read More 

Brexit ruling: Supreme Court judges defy Government and empower Parliament - The Government will bring a Bill to Parliament to start the legal Brexit process "within days", after the Supreme Court ruled against Theresa May's plans and decreed that MPs were entitled to vote on whether to trigger Article 50. Source Reuters Read More 

Japan long bond yields just surged to an 11-month high - Japan’s 30-year bond yields surged to the highest level in almost 11 months as investors snapped up equities and trimmed safe haven bets. Source BUSINESS INSIDER Read More 

PROSHARE FINANCE
Bold Initiatives for Housing; FMBN is Developing a Diaspora Mortgage Housing Scheme - Official records place the country’s housing deficit at 17 million units. In the current economic downturn, the real estate sector contracted by -7.4% y/y in Q3 2016 after -5.3% the previous quarter. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Cisco to Buy Software Maker AppDynamics for $3.7 Billion - Cisco Systems Inc. agreed to acquire AppDynamics Inc. for $3.7 billion, snapping up the fast-growing software maker just before it planned to go public. Source Bloomberg Read More 

Nigeria’s teledensity increased by 2.27 per cent in 2016 - Nigeria recorded a marginal increase in its teledensity in 2016, ending the year with 110 per cent growth in the spread of telephony services, including voice, data, and multimedia services, and a host of others to its over 170 million populace. Source Guardian Read More

 

 

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