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Nigeria in 1min: Economic, Business & Financial Headlines – 250817



August 25, 2017 7:10 AM / Proshare News 

A Disappointing FAAC Payout - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government retreated in August (from July revenues) to N468bn (US$1.53bn) from N652bn. Source Proshare Read More 

Nigeria’s refinancing plan: Impact on debt sustainability is likely to be modest - The Federal Executive Council (FEC) recently approved a plan to issue USD3 billion worth of foreign bonds of up to three years’ maturity to refinance maturing nairadenominated treasury bills. Source Proshare Read More 

South Korea to support Nigeria fast-track economic recovery - The Republic of Korea has expressed readiness to assist Nigeria accelerate implementation of its Economic Recovery and Growth Plan (ERPG). Source Daily Trust Read More 

Mass housing construction begins in 33 states - The Federal Government on Thursday announced that it had commenced the construction of mass housing projects in 33 states across the country. Source Punch Read More 

FG makes N13bn from stamp duty - The total amount of stamp duty collected on deposits in bank accounts across the Deposit Money Banks has yielded N13bn to the Federal Government, investigation has shown. Source Punch Read More 

‘Nigeria spends $2bn annually on bee importation’ - Experts in apiculture industry in Nigeria have lamented that at least $2bn is spent annually on the importation of bee to beef up the shortfall in local production. Source Punch Read More 

President Buhari signs key agreements to strengthen Anti-graft war - President Muhammadu Buhari today signed key international agreements to strengthen the anti-corruption crusade of his administration, at the Presidential Villa, Aso Rock, Abuja.  Source Proshare Read More  

Illegal Recruitment: Senate to Accelerate Passage of Existing Vacancies Bill, Says Saraki - President of the Senate, Dr. Abubakar Bukola Saraki, has said that the Senate will accelerate the passage of the Existing Vacancies in the Federal Civil Service (Prohibition) Bill, once it resumes in September. Source Proshare Read More 


CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks - In a bid to aid liquidity management and deepen the financial  system,  the  Central Bank  of Nigeria  (or  the Bank) hereby introduces two new financial  instruments,  namely,  ‘Funding  for  Liquidity  Facility (FfLF)" and Intra-day Facility (IDF). Source Proshare Read More  

SEC Strategies to Stop the Printing of Companies Annual Reports - The  Securities and Exchange Commission has revealed plans to stop the printing of annual reports and accounts by quoted companies. Source Proshare Read More 


Market Halts Two-day Gaining Streak as NSEASI Dips by -1.30% - Equities market closed today on a negative note, as NSE ASI depreciated by -1.30% to close at 36,575.86 basis points as against +0.26% appreciation recorded previously. Source Proshare Read More

Access Bank Plc H1-17 Results: Impressive Top Line Growth Dashed by Change in AMCON Levy Treatment - Access Bank Plc. (ACCESS) this afternoon released its H1-17 results, wherein gross earnings (44.45% y/y, 8.00% above our estimate) came in strong. Source Proshare Read More

Summary of FGN Bond Auction Results for August 2017 - Successful bids for the 14.50% FGN JUL 2021, 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 were allotted at the Marginal Rates of 16.8000%, 16.8000% and 16.9000%, respectively. Source Proshare Read More  

Dangote Sugar Refinery Plc Earnings on Track for a Strong Finish - In this report, we provide an update on Dangote Sugar Refinery Plc following the release of its impressive H1'17 results. Following adjustments to our projections, we have revised our target price (TP) to N14.45 (previous: N9.78) and retain our HOLD rating on the counter. Source Proshare Read More  

Afreximbank introduces $300m equity offering to Nigerian investors - The African Export-Import Bank (Afreximbank) on Thursday in Lagos met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering. Source Vanguard Read More 

Nigeria bond auction raises 56 bln naira, less than half of amount on offer-traders - Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. Source Reuters Read More 

Nigeria's GT Bank trades off-market deals worth $9.2 mln - Nigeria’s GT Bank traded the largest volume on the Lagos bourse on Thursday in deals worth 2.89 billion naira ($9.2 million) as foreign funds exchanged shares in off-market deals following strong half-year results, traders said. Source Reuters Read More 

Nigeria launches $200 mln fund to help local oil and gas firms - Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy. Source Reuters Read More 

Banks lack oil, gas industry knowledge — Kachikwu -The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said some Deposit Money Banks in Nigeria lacked sufficient knowledge of the oil and gas sector. Source Punch Read More 

The Next Oil Price Spike May Cripple The Industry - Two diametrically opposed views dominate the current debate about where the oil price is heading.  Source Proshare Read More

Nigeria’s oil output in July below 1.8m bpd – Minister - Nigeria’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July, the country’s oil minister said yesterday. Source Daily Trust Read More 

FG to commence 100% local fabrication of modular refineries - The Federal Government, yesterday, said it has initiated plans to achieve 100 per cent local fabrication of modular refineries in Nigeria and has entered into discussions with Original Equipment Manufacturers, OEM, in this regard. Source Vanguard Read More 

FG targets $1bn fund to support local oil, gas firms - The Federal Government yesterday launched a $200 million intervention fund with future plans to raise the value to $ 1 billion to help local oil and gas companies grow their capacities. Source Daily Trust Read More 


Improve your business communication or fail - Awful business communication is a common plague in Nigeria. From business websites without a useful FAQs page and unusable customer service channels, to advertisements without a clear call to action, examples abound around us but how hard could it be for a business to pass useful information. Source Proshare Read More 

China's Big Businesses Risk Trump's Punishment Over North Korea - President Donald Trump’s administration is looking for ways to pressure North Korea to stop developing a nuclear-weapons program, and some American analysts warn that the search may end on the doorsteps of China’s biggest oil companies and banks. Source Bloomberg Read More 

Chinese Dealmaker Raises Billions From Shadow Banks - Few companies have come to symbolize China’s global ambitions quite like HNA Group Co. Source Bloomberg Read More 

Wall Street Banks Warn Downturn Is Coming - HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle. Source Bloomberg Read More 

Amazon's Plans to Cut Food Prices Will Be a Headache for the Fed -  Amazon’s plans to cut prices at Whole Foods is great news for shoppers, but not so much for Federal Reserve officials wondering whether they’ll ever hit their 2 percent inflation target. Source Bloomberg Read More 

As Harvey Heads for Refineries, Oil Prices Take a Beating - As Hurricane Harvey strengthens in the Gulf of Mexico, traders are taking note. Crude prices are down 2.6 percent in New York as only a few oil and natural gas platforms in the storm’s path have been shut, while its rainfall threatens to flood refineries in Corpus Christi and Houston. Source Bloomberg Read More 

Qatar to Return Envoy to Iran as Gulf Arab Crisis Persists - Qatar said it will return its ambassador to Iran and seek stronger relations with its Persian neighbor as the gas-rich nation’s standoff with four Arab countries drags on. Source Bloomberg Read More 


Do More with FirstBank USSD*894# Quick Banking Today - First Bank of Nigeria Limited has remained committed to empowering the Nigerian populace with the *894# Quick Banking service as part of its financial inclusion drive. Source Proshare Read More 

ICT contributes N1.6tr to GDP quarterly – NCC - The quarterly contribution of Information and Communications Technology (ICT) sector to the Gross Domestic Product (GDP) has increased to N1.6 trillion from N1.4trn, the Nigerian Communications Commission has said. Source Daily Trust Read More 

BoI rolls out plans to recover N8.4bn from 53 delinquent debtors - Olalekan Pitan, Managing Director of Bank of Industry (BoI) has assured the House of Representatives of its resolve to recover over N8.4 billion owed by 53 delinquent debtors. Source BUSINESSDAY Read More 






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