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Nigeria in 1min: Economic, Business & Financial Headlines – 260717



July 26, 2017 7:00 AM / Proshare News 

CBN Communiqué No. 114 of the MPC Meeting – July 24-25, 2017 - The Monetary Policy Committee met on the 24th and 25th of July 2017, against the backdrop of a relatively improving global economy. However, protectionism in trade and immigration; fragilities in the financial markets, remain the key risks to global economic stability. Source Proshare Read More  

Reflections on a Commission for the Diaspora - Talks of a Nigerian Diaspora Commission began more than 10 years ago. Some of us felt then that a full-fledged Ministry for Diaspora Affairs was more deserving but we do not mind making a start with a Commission. Source Proshare Read More 

Tweaking by The Fund on Global Growth - The IMF’s new World Economic Outlook Update (WEO) has left its global growth forecasts for this year and 2018 unchanged from three months ago at 3.5% and 3.6%, yet revised the country contributions. Source Proshare Read More 

Tackling tax leakages in the 21st Century - What lessons can Nigeria learn from the OECD? - 2 - In our last edition of Inside Tax publication, we explored the concepts of tax avoidance and tax evasion and the impact of tax leakages on government revenue. Source Proshare Read More 

LIRS issues notices to employers to submit mid-year tax returns - The Lagos State Internal Revenue Service (LIRS) recently commenced issuance of notices to employers requesting submission of mid-year salary projections for employees in respect of 2017 tax year. Source Proshare Read More 

Nigerians in Diaspora remit N7.519trn - Nigerians in Diaspora remitted about N7.519 trillion ($20.8bn) in 2015 to either finance developmental project or assist family members. Source BUSINESSDAY Read More 

Nigeria Losing N8trn Annually From Gold Alone – RMAFC - Acting chairman of the Revenue Mobilisation and Fiscal Commission, Shettima Umar Abba-Gana has said it is estimated that Nigeria is losing about N8trillion annually from gold alone. Source Leadership Read More 

Fed Govt, states LGs share N652. 229b - A week after the Paris Club refund was disbursed, the three tiers of government yesterday shared a windfall of N652.229 billion as statutory revenue for this month. Source THE NATION Read More 

FG approves tax reduction for telecom firms - The Federal Government on Tuesday said that it had resolved to reduce taxes payable by telecommunications operators in order to enable them to expand their services to the hinterland. Source Punch Read More 

Global infrastructure cost to hit $97tr by 2040 - The Global Infrastructure Outlook, a report by the G20’s Global Infrastructure Hub (GI Hub) has revealed  the cost of providing infrastructure to support global economic growth will hit $97 trillion by 2040. Source THE NATION Read More 


SEC Directs CMOs & Public Limited Companies to Comply with Executive Order No.004 of 2017 on VAIDS - The Securities and Exchange Commission (The Commission) wishes to draw the attention of all Capital Market Operators (CMO’s) and Public Limited Companies (PLCs) to Executive Order No. 004 “Voluntary Assets and Income Declaration Scheme” (VAIDS), signed by the Acting President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on the 29th of June 2017. Source Proshare Read More  

CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes - In line with the overall objective of the Nigerian Payments System Vision 2020 (PSV2020) project aimed at creating an electronic payments infrastructure that is nationally utilized and internationally recognized, the Central Bank of Nigeria hereby issue the statements of payment finality for the four payment schemes (RTGS, Card, Mobile and ACH, Cheque & Instant Payments) in Nigeria. Source Proshare Read More 

CBN Announces the Introduction of the Nigeria Customs Service Electronic Auction (eAUCTION) Platform - This is to inform all Authorized Dealers and the General Public that the Nigeria Customs Service (NCS) has deployed and electronic auction platform tagged “NCS eAuction”. Source Proshare Read More 


NSEASI Records +2.54% Gain to Extend Market Gaining Streak; MPC Maintains Status Quo - Equities market closed today on a positive note, as NSE ASI appreciated by +2.54% to close at 35,533.00 basis points as against +1.86% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +32.22%. Source Proshare Read More

CAVERTON declares N594.58 million PAT in Q2'17 Results,(SP:N1.06k) - Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced its unaudited 2017 Half year results. Source Proshare Read More  

Diamond Bank Plc Appoints New Non-Executive Directors. - We write to formally notify the Exchange that the Board of Directors of Diamond Bank Plc, has appointed Mrs. Juliet Anammah, Mrs. Aisha Muhammed Oyebode and Mr. Dele Babade as Non-Executive Directors. Source Proshare Read More  

Lafarge Africa Plc H1’17 Results - Earnings Beat on Strong Q2 Numbers - Lafarge Africa wrapped up the first half of the year on a strong note, reporting H1’17 PAT of ₦19.7 billion. Source Proshare Read More 

Scoa Nigeria Plc Restructures Its Operations - The Board of Directors of Scoa Nigeria Plc.("the Company") in line with current business realities and with a view to' better consolidate its position and equip the company for the future, has restructured its operations for better efficiency and  profitability with the introduction of two (2) new entities: Scoa Equipment Limited (RC 1412772) and Scoa Motors Limited (RC 1412771). Source Proshare Read More 

Africa Prudential Awarded Best Registrar In West Africa, Unveils new Corporate Identity - Africa Prudential Registrars Plc has been named the Best Registrar Firm in West Africa by Africa-Canada Trade Alliance at the 7th Edition of the West Africa Innovation and Excellence Awards ceremony which held at Abuja recently. Source Proshare Read More  

NMRC, MFBs raise N4.5bn for affordable housing scheme - The Nigerian Mortgage Refinancing Company has signed an agreement with the Ogun State Property Investment Corporation, Imperial Homes, TrustBond and Homebase Mortgage Bank for the construction of affordable houses for Nigerians. Source Punch Read More 

N6bn capital raising’ll boost productivity –Fidson - Fidson Healthcare Plc says its N6bn capital raising recently approved by shareholders will aid the expansion of its production capacity. Source Punch Read More 

Trans-Nationwide Express floats N238.6m rights issue - Trans-Nationwide Express (Tranex) Plc is offering its shareholders three new ordinary shares of 50 kobo each for every two ordinary shares held under a N238.6 million rights issue that opened on Monday. Source THE NATION Read More 

Diageo to take 100% of its Rights in Guinness N40bn Issue - Diageo, the parent company of Guinness Nigeria Plc has indicated that it is fully committed to its investment in the country and would take up its Rights in full in the N40 billion Rights Offer, which opened on Monday. Source BUSINESSDAY Read More 

Crude Oil Price Rises By 3% as US Shale Shows Signs of Slowdown - Crude oil price rose by around three per cent Tuesday, a day after United States oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude oil exports to help curb global oversupply. Source Thisday Read More 

U.A.E. Pledges Further Oil Output Cuts Starting in September - The United Arab Emirates reiterated its commitment to the OPEC agreement on production cuts and said it would deepen its own curbs. Source Bloomberg Read More 

Shell shuts down key supply pipeline in Nigeria - Anglo-Dutch energy giant Shell said Tuesday it has shut down a key crude supply pipeline in Nigeria’s restive south because of a leak Source Vanguard Read More 

Big Oil Bosses Are Learning to Live With $50 Crude - Big Oil is starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices. Source Bloomberg Read More 

Power sector lost N7.73bn in one week - THE Nigeria power sector lost N7. 73 billion  in seven days  between Tuesday, July 18 and Monday, July 24, 2017, due to gas and water constraints, as power supply leapt to 3, 221 Megawatts per hour (MWh/h). Source Vanguard Read More 

Online Privacy for Journalists – A must have for Journalism in 2017 - Many veteran journalists, but not only these, surely noticed that we are all of a sudden bombarded again from all-over with mentions of Watergate. Source Proshare Read More 

IMF sees oil making up as much as 4 percent of battered Uganda economy - Uganda's new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund's country chief says. Source Reuters Read More 

South African Airways asked for 10 bln rand injection - Treasury - South Africa's troubled state-run airline South African Airways asked the Treasury for a 10 billion rand ($770 million) bail-out in March, Finance Minister Malusi Gigaba said in a written reply to parliamentary questions. Source Reuters Read More 

Zimbabwe Parliament Changes Constitution, Extends Mugabe Powers - Zimbabwean lawmakers voted to pass changes to the constitution that will allow President Robert Mugabe to appoint the nation’s chief justice and deputy chief justice without consulting parliament or the justice ministry. Source Bloomberg Read More 

A Worldwide Gas Glut Claims Latest, $27 Billion Victim in Canada - A $27 billion energy project in Canada just became the latest casualty of a worldwide glut of natural gas. Source Bloomberg Read More 

Abu Dhabi Ports Weighs IPO Amid U.A.E. Listing Spree - Abu Dhabi Ports Co. is considering an initial public offering, joining a growing list of state entities in the United Arab Emirates seeking to sell shares, according to people familiar with the matter. Source Bloomberg Read More 


Exciting New Features on FirstBank’s FirstMobile Application - First Bank of Nigeria Limited has implemented new and exciting features on its mobile banking application – FirstMobile to enhance security and customers’ digital banking experience. Source Proshare Read More 

9mobile to get new investors December – CBN - Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele yesterday said that new investors to the newly unveiled brand 9mobile would emerge latest December this year. Source Vanguard Read More 

9mobile asks Citi, Standard Bank to find new investors – source - 9mobile, the mobile operator formerly known as Etisalat Nigeria, has appointed Citigroup and Standard Bank to find an investor to buy into the firm and three companies have shown interest, a banking source close to the deal said on Tuesday. Source Vanguard Read More 

BofA Says Bitcoin Needs Acceptance to Thrive But That's Unlikely - Bank of America Merrill Lynch is looking past the increase in bitcoin trading volume to caution against a surge in optimism surrounding the digital currency. Source Bloomberg Read More 

Bankers Ditch Fat Salaries to Chase Digital Currency Riches - Richard Liu gave up a seven-figure salary this month to get into one of the hottest financial instruments around right now: initial coin offerings. The former China Renaissance deal-maker has since backed a clutch of cryptocoin sales that’ve raised millions -- sometimes in seconds -- often without a single product. Source Bloomberg Read More 





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