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Nigeria in 1min: Economic, Business & Financial Headlines – 260917

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September 26, 2017 7:00 AM / Proshare News

PROSHARE ECONOMY
Senate highlights priorities ahead of resumption
- The Senate has highlighted some of its legislative priorities as its resumes from its annual recess on Tuesday, September 26. Source Businessday
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FAAC Disburses N467.85bn in August 2017 -
NBS The Federation Account Allocation Committee (FAAC) disbursed the sum of N467.85bn to the three tiers of government in August 2017 from the revenue generated in July 2017. Source Proshare
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Seven Drivers Of Urgent Need To Fix The Economy - Bola Tinubu
- Former Lagos Governor, Asiwaju Bola Tinubu was Principal Guest of Honour/Keynote Speaker at the 2017 Annual Dinner of the King’s College Old Boys’ Association (KCOBA) on Saturday, September 23rd, 2017 at King’s College, Lagos. Source Proshare
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23 states exceeded borrowing limits– FRC
- Contrary to the guidelines of the Debt Management Office on subnational borrowing, 23 states of the federation exceeded their borrowing limits in 2015, the Fiscal Responsibility Commission has said. Source Punch
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Riding The Energy Transition
- Oil Beyond 2040The motor vehicle was very quick to replace horses in the early 20th century, and the advent of the electric car suggests that another profound shift in transportation and energy could be around the corner. Source Proshare
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FG to reintroduce tolls on federal highways
- The Federal Government on Monday said it would reintroduce tolling on the nation’s highways to raise the much needed funds to maintain the roads. Source Punch
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OPEC Endorses Nigeria’s Position on Oil Production Cut
- The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries ended in Vienna on Friday afternoon endorsing Nigeria’s position that the exemption granted it at the November 2016 Ministerial Conference and extended by the May Ministerial Conference should be sustained until it stabilizes its crude oil production.  Source Proshare
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NIS adopts control mechanism of immigrants at land borders, ports
– The Nigeria Immigration Services, NIC, has adopted three control mechanisms on the influx of immigrants into the country for investments/businesses and tourism. Source Vanguard
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BPE revs up commercialization of NIPOST, as minister harps on repositioning – The Nigerian Postal Service (NIPOST) is being reformed to strengthen and reposition for e-commerce and e-government services, as a strategic response to technological challenges that have affected mail services globally, according to Alhaji Abdur-Raheem Adebayo Shittu, the Minister of Communications. Source Vanguard
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On hold on a Majority Vote Expected - The monetary policy committee (MPC) opens its latest meeting in Abuja today, and is due to announce its decisions tomorrow afternoon. In July it reached a split decision, with six members in favour of no change and two for easing. Source Proshare
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MPC Preview: Policy Trade-Off Still Favours No Change - As the MPC commences a two-day policy meeting today, we expect majority of its members to vote to keep monetary policy unchanged. This decision will be aided by the body’s zero tolerance for price and exchange rate volatility which has subsisted in the last few months. Source Proshare
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Pre-MPC Commentary - Inflation, FX Considerations Should Stay MPC Hand - At the start of this week, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will sit for its 115th meeting, confronted by the reality of sticky domestic inflation and weak economic recovery, as well as accelerating monetary tightening in the United States (U.S.). Source Proshare
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Restructuring: leaders harp on political economy, spirit of togetherness - In the quest for reformation and true federalism in Nigeria to make governance more meaningful to the citizenry, special focus on political economy that provides opportunity for even distribution has been stressed for class elevation and egalitarianism. Source Businessday
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Stakeholders endorse SNEPCo’s Global Nigeria Forum - Public and private sector players in the Nigerian oil and gas industry have described the annual Global Nigeria Forum (GNF) as a model worthy of emulation by the country’s local content regulator. Source Businessday
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Inaccurate billing cause of Nigeria’s irregular power supply – Osinbajo - Yemi Osinbajo, Nigeria’s vice president, has said that the problem of irregular power supply in the country is caused by inaccurate billing system resulting from insufficient metering machines. Source Businessday
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Proposed healthcare bill may hurt U.S. economy: S&P - A report from Standard & Poor’s Global Ratings on Monday suggested that the latest proposed healthcare bill to overhaul Obamacare could hurt the U.S. economy, states and health insurers. Source Reuters
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China delays deadline for implementing food import rules after industry pushback - China plans to delay a deadline for implementing new food import regulations by two years until Oct. 1 2019, a senior EU official said on Tuesday, following a lobbying effort by Europe and the United States amid concerns about disruption to trade. Source Reuters
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FG Open to Divestment of 40% Shares in Discos, Says Fashola  - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, Monday stated that the federal government would be open to welcome new and tangible offers that would lead to it divesting its 40 per cent shares in the 11 electricity distribution companies (Disco) in the country. Source Thisday
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PROSHARE REGULATORS
CBN injects $195m into forex market MPC decides today - As the financial markets await the decision of the Monetary Policy Committee (MPC) today, the Central Bank of Nigeria (CBN) on Monday, September 25, 2017, boosted the forex market by offering a total of $195 million in three segments of the market. Source Business Day
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CBN, banks bicker over slow disbursement of SMEs funds - The Central Bank of Nigeria (CBN) and lenders involved in the disbursement of N220 billion Small, Medium Enterprises (SMEs) funds to small businesses have traded blames over the slow pace of the disbursement of the funds. Source The Nation
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PROSHARE MARKETS
Nigerian Breweries Plc - Thoughts from the Lagos Brewery Tour - Nigerian Breweries held a 2017 Financial Market Forum on the 14th of September 2017, where the new CEO. Johan Doyer and the Finance Director Mark Rutten hosted a management presentation on the company’s operations and later treated analysts to a tour of the Iganmu-based Lagos Brewery. Source Proshare
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Banks’ second quarter NPL ratios reveal gap in asset quality - There is still a widening gap between the asset quality of Banks as Tier 1 lenders have been shown to have lower non-performing loans (NPLs) compared to the mid-sized lenders. Source Businessday
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Short to Medium Term Instruments Remain Attractive - Last week, investors’ interest (foreign and domestic) in T-Bills instruments was sustained both in the primary and secondary markets. As a result, average T-Bills rates declined across tenor – down 134bps M-o-M. Source Proshare
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Oando reduces debt position by 24% despite low price – Despite the low crude oil price in the global market, Oando Plc disclosed that it has reduced its debt position by 24 per cent. Source Vanguard
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Afrinvest Stock Recommendation for the Week – 250917- In line with our expectation, the All Share Index (ASI) gained 1.4% W-o-W to close at 35,488.81 points as investors took position in stocks that previously declined while YTD gain expanded to 32.1%. Source Proshare
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GTBank - International Cash Tender Offer in Respect of US$400m 6.000 per Cent Notes Due 2018 - Guaranty Trust Bank Plc. (“GTBank”) intends to launch an invitation to holders of its U.S. $400 Million 6.000 per cent. Source Proshare
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NSE Holds 56th Annual General Meeting - The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce that it held the 56th Annual General Meeting (AGM) of its members on Monday, September 25, 2017, at the NSE Event Centre, Lagos. Source Proshare
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Ogunbanjo emerges NSE President, replaces Aig-Imoukhuede - The Nigerian Stock Exchange (NSE) on Monday announced the emergence of Mr Abimbola Ogunbanjo as the new President of National Council of the Exchange. Source Punch
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NNPC subsidiary, NETCO, records N5.1bn profit for 2015, 2016 financial year – The National Engineering and Technical Company Limited (NETCO) has recorded a profit after tax of N5.1billion for 2015 and 2016 financial years. Source Vanguard
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Nigerian Stock Market Opens The Week Negative as NSEASI Retracts by -0.37% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.37% to close at 35,488.81 basis points as against +0.85% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +31.57%. Source Proshare
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Fresh insights for investors as Wigwe speaks on Creative Diaspora Financing at RIS UK - Part of the highlights of the Refined Investor Series (RIS), a premium real estate event to be co-hosted by BusinessDay Media Limited and Fine & Country West Africa International in London early October. Source Business Day
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PROSHARE BUSINESS
Corporate Governance and Directors' Remuneration - The Directors of a company play a very important role - especially in performing oversight functions - in the success or failure of a company. Source Proshare
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9mobile opening UK investment window - 9mobile, Nigeria’s fourth largest telecommunications service provider, is gearing towards sealing a deal with investors from the United Kingdom. Source Businessday
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KPMG Sacks Management Team Over Financial Scandal - Foremost accountancy firm, KPMG, has removed the leadership team of its South African arm after an internal investigation into work it did for the Gupta family. Source Proshare
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SEC chair to face grilling from Senate panel over cyber breach - The chairman of the U.S. Securities and Exchange Commission is expected to be grilled by Congress on Tuesday over a 2016 hack of the regulator’s corporate filing system that has shaken investor confidence in its cyber defenses. Source Reuters
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FG charges Elephant Group with unlawful fertilizer importation - The Federal Government has filed a criminal charge against Elephant Group Limited and its Managing Director, Tunji Owoeye, over alleged unlawful importation of urea fertilizer, which the prosecution said, was one of the raw materials used for the building of Improvised Explosive Devices. Source Punch
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PROSHARE FINANCE
FIRS opposes 10-year pioneer status, as ICAN supports Senate’s move - The Federal Inland Revenue Service (FIRS) has opposed the move by the Senate to amend the Company Income Tax Act (CITA), which seeks to increase pioneer status to new companies in Nigeria from five to 10 years. Source Businessday
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Insurance is a Social Responsibility - Constitutionally, governments are responsible for the security and welfare of their citizens. To execute their responsibilities they use laws and regulations. Source Proshare
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How to Stay Comfortable on a Long Haul Flight - The amount of time spent in the air – approximately 33,000 feet above sea level for a 16– 30 hour flight - might feel like time spent in limbo. However, a long flight doesn’t necessarily mean suffering. When travelling a long distance, you might as well sit back, relax and make the most of the trip. Here are tips to make your long economy flight an enjoyable experience: Source Proshare
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PROSHARE TECHNOLOGY
Adopting Fintech Is Saving UK Businesses £4.6bn, Says Market Invoice Nearly two-thirds of UK businesses are adopting financial technology (fintech) and making significant savings as a result, according to a survey conducted by business finance firm Market Invoice. Source Proshare
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Microsoft gets on board Nigeria’s digital transformation journey - Microsoft Nigeria is collaborating with Nigeria Information Technology Development Agency (NITDA) and Nigeria Communications Commission (NCC) towards the digital transformation of the public sector to make governance more accessible and more efficient for the benefit of the country. Source Businessday
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iHub buyout raises Nairobi status as Africa tech capital - iHub Limited, a company that runs an innovations incubation laboratory for techies, has been acquired by venture capital firm BSP Fund LLC for an undisclosed sum. Source BusinessDailyAfrica
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Mixed feelings as TSTV sets to hit Nigerian market - The entry of the Telcom Satellite TV Africa into Nigerian market has elicited different reactions from pay TV subscribers. Source Punch
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Top US investors eye Nigeria’s technology industry - Top United States investors, under the US-Nigeria Council platform, are looking at exploring market opportunities domiciled in the Nigerian economy. Source Punch
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ICRC considering 77 PPP projects for infrastructure development - The Infrastructure Concession Regulatory Commission is currently evaluating 77 projects under the Public-Private Partnership arrangement to boost the country’s infrastructure development. Source Punch
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Deloitte hacked, says 'very few' clients affected - Global accounting firm Deloitte [DLTE.UL] said on Monday it was the victim of a cyber attack that affected the data of a small number of clients, providing few details on the breach. Source Reuters
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Facebook, Google bound to change handling of politics ads -marketing execs - Facebook Inc and Alphabet Inc’s Google have little choice but to rein in internet political ads in the face of growing U.S. government pressure, a panel of advertising consultants and executives said on Monday. Source Reuters
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Alibaba raising stake in Cainiao to majority, investing $15 billion to grow logistics - Chinese e-commerce giant Alibaba Group Holding Ltd is raising its stake in logistics affiliate Cainiao Smart Logistics Network Ltd to 51 percent from 47 percent by investing 5.3 billion yuan ($801.21 million), Alibaba said on Tuesday. Source Reuters
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Singapore Cryptocurrency Firms Facing Bank Account Closures - Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms. Source Bloomberg
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China's Netflix to Seek at Least $8 Billion Value in IPO - Baidu Inc.’s iQiyi is targeting a U.S. initial public offering as soon as in 2018 that could value China’s most popular Netflix-style streaming video service at more than $8 billion, two people familiar with the matter say. Source Bloomberg
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PROSHARE START-UPS
Toyota Needs These Startups to Crack the Driverless Code - When it comes to cracking the code for self-driving cars, startups have an edge on big business, says computer scientist Katsuya Uenoyama. Source Bloomberg
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Nigeria to showcase ICT start-ups at Gulf fair - Nigeria will be showcasing 10 start-ups in the Information and Communications Technology sector at the forthcoming Gulf Information Technology Exhibition, the Director-General, National Information Technology Development Agency, Dr. Isah Ibrahim, has said. Source Punch
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