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Nigeria in 1min: Economic, Business & Financial Headlines – 280917

Proshare

September 28, 2017 7:00AM / Proshare News

PROSHARE ECONOMY

Nigeria adopts new approach to recover looted funds
- The federal government is now adopting a new approach to recover stolen funds stashed abroad, the Minister of Foreign Affairs, Geoffrey Onyeama, said on Wednesday. Source Businessday
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Reps demand for audit report of funds accrued into TSA since 2015
- The Ad-hoc Committee set up by the leadership of the House of Representatives to investigate the status of the Treasury Single Account (TSA) on Wednesday directed Central Bank of Nigeria (CBN) and office of the Auditor General of the Federation (oAGF) up to November 2017, to provide detailed reconciliation and audit reports of the amounts generated so far. Source Businessday
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Youth inclusiveness key to good governance, says Saraki
- Senate President, Bukola Saraki, has said giving young persons the opportunity to partake in leadership is crucial to good governance and economic development. Source Businessday
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Nigeria pulls out of 90 International Institutions on huge costs
- Federal Executive Council has directed Ministries Departments and Agencies MDAs, of government to immediately review Nigeria’s membership of over 310 international organizations, following huge financial obligations. Source Businessday
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Reps summon Customs, DSS chiefs over frightening influx of small arms, light weapons
- The House of Representatives on Wednesday invited Hammed Ali, Comptroller General of the Nigeria Customs Service (NCS) and Mamman Daura, Director General, Directorate of Security Service (DSS), over the influx of small arms and light weapons into the country. Source Businessday
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Senate proposes N540bn devt fund for Police annually
- The Senate has proposed a development fund of N540 billion annually for the Nigeria Police to help in training and retraining of personnel of the force. Source Vanguard
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MPC: Demanding For More Macro Clarity or Playing the Oliver Twist?
- As earlier expected the monetary policy committee came out of the statutory September meeting, leaving its Monetary Policy Rate (MPR) unshaved. Source Proshare
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CBN Holds Again – Better Safe than Sorry
- In line with market consensus, the MPC kept monetary policy stance on hold and maintained status quo on other parameters. Source Proshare
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Oil Prices Climbed Sharply to a 2-year High of $59pb
- The MPC concluded its fifth meeting of the year and in line with market expectations maintained status quo on all key rates for the 7th consecutive time. Source Proshare
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MPC Holds Rates in Nod to Sticky Inflation
- At its penultimate meeting of 2017, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to hold all key monetary policy tools at their previous levels. Source Proshare
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Post-MPC View
- Stance Unchanged, and onto 2018 - The seven members of the monetary policy committee (MPC) at this week’s meeting decided by six votes to one to hold the policy rate of 14.00%.  Source Proshare
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Foreign debt payment to gulp $11.62bn in 10 years
– DMO Nigeria may have to grapple with the payment of $11.62bn in foreign debt in the next 10 years, a projection of the Debt Management Office has shown. Source Punch
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Nigeria’s crude oil over-subscribed, says NNPC
- The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply. Source Punch
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U.S. targets 4m jobs in Nigeria annually
- United State of America is  set to create  four million jobs annually in Nigeria through African Growth and Opportunity Act (AGOA) scheme, Fred Oladehinde a U.S. expert has said. Source Businessday
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Trump Sets Annual Refugee Limit at 45,000, the Lowest in Decades
- The U.S. will accept no more than 45,000 refugees in the year starting Oct. 1, according to Trump administration officials, reducing the limit by more than half from the previous year and setting a target that’s the lowest since current refugee legislation was passed in 1980. Source Bloomberg
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Trump proposes U.S. tax overhaul, stirs concerns on deficit
- President Donald Trump proposed on Wednesday the biggest U.S. tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. Source Reuters
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PROSHARE REGULATORS

House of Reps gives SEC Two weeks to submit Report on Oando PLC-
The Securities and Exchange Commission Nigeria has been given two weeks to submit its report on its investigations of Oando PLC, Nigeria's largest integrated energy company. Source Proshare
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PROSHARE MARKETS

Independence Day Free Investment Education Summit
- APT Securities & Funds Ltd in association with Investdata Consulting Ltd will on October 2, 2017 host a Free Independence Day Education Summit themed “Profitable Stock Market Trading Strategies For Financial Independence and Freedom” Source Proshare
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FGN Debut Sukuk Offer Oversubscribed
- The Debt Management Office (DMO) has announced that its offer for the N100 billion 7-year debut Sukuk Offer, which closed last week Friday was oversubscribed. Source Proshare
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Private Equity Market Review for WE 220917, AFIG Funds Backs FSDH Merchant Bank
- Africa's power sector saw the biggest investment deal last week. On the sidelines of U.N. General Assembly meeting in New York, Highland Group Holdings signed an agreement to co-invest $100 million alongside Symbion Energy in a methane gas power generation project on Rwanda's Lake Kivu. Source Proshare
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Neimeth CEO resigns, equities gain N52bn
- The Chief Executive Officer of Neimeth International Pharmaceuticals Plc, Dr. (Mrs.) Ebere Ekpunobi, has resigned from the company’s board. Source Punch
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Oando CEO Stresses need for strategic partnerships
- The Group Chief Executive, Oando Plc, Wale Tinubu, has highlighted the importance of strategic partnership to maximise organisation’s potential and grow the nation’s economy. Source Punch
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Lafarge Africa Notifies NSE of Its Board Decision to Merge with UniCem & Atlas Cement Company Ltd
- Lafarge Africa Plc (“Lafarge Africa” or “the Company”) hereby notifies The Nigerian Stock Exchange of the decision of the Board of the Company to merge United Cement Company of Nigeria Limited (“UniCem”) and Atlas Cement Company Limited (“Atlas”) with Lafarge Africa.  Source Proshare
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PZ Cussons Nigeria - Decent Results despite Substantial Fx Loss
-  PZ Cussons Nigeria’s (PZ) delivered another set of strong numbers in Q4 2017 (end-May), similar to the prior quarter. Source Proshare
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GTBank Plc Announces Board Meeting to Consider Q3’17 Financial Statements-
Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted companies.  Source Proshare
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GTBank Plc Announces Commencement Date of Closed Period
- Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted companies, we hereby inform you of the scheduled commencement of the closed period for trading in the Bank’s shares on September 29, 2017, in respect of the unaudited financial statements for the third quarter ended September 30, 2017. Source Proshare
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Stock Market Halts Downtrend as NSEASI Inches Up by +0.44%
- Equities market closed today on a positive note, as NSE ASI appreciated by +0.44% to close at 35,103.40 basis points as against -1.15% depreciation recorded previously. Source Proshare
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OTC fixed income, currency markets turnover hits new high of N12.89trn
- The turnover in Nigeria’s Over-The-Counter (OTC) markets for Fixed Income and Currency (FIC) amounted to N12.89trillion in the month of August, a remarkable 11.78percent (or N1.35trillion) increase from the value recorded in July and a 28.48percent (N2.82trillion) increase year-on-year (YoY). Source Businessday
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Honeywell pays dividend as profit grows by 291%
- Honeywell Flour Mills Plc has paid 6kobo dividend per share to its shareholders following their approval at the company’s just concluded 8th Annual General Meeting held last Friday in Lagos. Source Businessday
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NSE, Ciuci Consulting partner to boost entrepreneurship
- THE Nigerian Stock Exchange (NSE) and Ciuci Consulting, a strategy and consumer intelligence company, have launched the ‘Nigeria Business Composite 10’ (NiBC 10) to celebrate 10 successful Nigerian enterprises in Lagos. Source Vanguard
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Coca-Cola to splash $600m on new investments in Nigeria
– Coca-Cola Nigeria has announced new investments totaling $600million to expand operations in Africa’s largest economy, as part of a global strategy to extend the product range beyond soft drinks businesslive reports. Source Businessday
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Naira depreciates to 360/$ in NAFEX as CBN plans to sell N130.4b T-bills
- The naira, yesterday, depreciated to N360 per dollar in the Nigerian Autonomous Foreign Exchange, NAFEX, just as the Central Bank of Nigeria, CBN plans to sell N130.4 billion treasury bills next month. Source Vanguard
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Stocks Catch Tax Cut Fever -
As they have done repeatedly, investors used the public unveiling of details on Donald Trump’s tax overhaul as an occasion to celebrate in the stock market. Source Bloomberg
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Dollar, bond yields rise after Trump tax plan; Asia stocks down
- The dollar and U.S. bond yields rose on Thursday after President Donald Trump proposed the biggest U.S. tax overhaul in three decades and as strong U.S. economic data added to the case for a rate hike by the Federal Reserve later this year. Source Reuters
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Oil falls as U.S. data shows mixed picture
- Oil prices fell on Thursday, with U.S. crude giving up some of the previous session’s gains that were driven by a surprise fall in inventories, while Brent moved further away from recent 26-month highs. Source Reuters
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PROSHARE BUSINESS

Ethical Culture with effective Leadership, key in Corporate Governance- Prof Mervyn King
- Ethical culture with effective leadership has been described as one of the key elements in driving corporate governance, that can achieve economic growth. Source Proshare
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China will boost imports to make trade structure more balanced: commerce ministry
- China will boost imports to make its trade structure more balanced, a spokesman for the Ministry of Commerce said Thursday in Beijing. Source Reuters
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Court summons Seplat chairman over alleged contempt
- The Federal High Court in Lagos has summoned the Chairman of Seplat Petroleum Development Company Plc, Dr. Ambrose Orjiako, over alleged disobedience of an order of court. Source Punch
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Court orders firm to pay AMCON N1.9bn undisputed debt
- The Federal High Court in Lagos on Wednesday ordered a firm, Ziklagsis Network Limited, to pay an admitted debt of N1,906, 732, 758. 66 to the Asset Management Corporation of Nigeria. Source Punch
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PROSHARE FINANCE

Hazy Path to Homeownership
- Homeownership in Nigeria remains a struggle. Given the choppy macro terrain, purchasing power has been severely subdued, making it difficult for income earners to purchase houses. Source Proshare
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PROSHARE TECHNOLOGY

UNDP trains 575 IDPs on technology skills
- The United Nations Development Programme (UNDP) on Wednesday said it has trained 575 Internally Displaced Persons (IDPs) from the North-East on various technology skills in the Livelihood Support Project of the agency. Source Businessday
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The 'Smartphone Effect' Is Weakening
- The rush to upgrade smartphones may be ebbing, prompting economists to dial back the outlook for Asian exporters. Source Bloomberg
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CRYPTOCURRENCY: Missing course in varsity curriculum
- Many universities across the US, Russia, UK and Europe have added new courses to their existing finance curricula that are focused on cryptocurrencies, bitcoin, and blockchain technology. Source Vanguard
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Transforming Businesses with Cloud Technology and Artificial Intelligence
- Emma Okonji writes that the move by Microsoft to digitally infuse cloud and artificial intelligence technologies across its products, will not only help customers to envision and create the future of businesses, but will also help solve some of the world’s biggest challenges. Source Thisday
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Chislett: Satellite Technology Will Drive Internet Access in Remote Communities
- Executive Director, Africa, Middle East and Asia at Yahsat, Mr. Boyd Chislett, was in Nigeria recently for the NigeriaCom conference. Source Thisday
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Ministry to use space technology in land mapping Lands
- CS Jacob Kaimenyi addresses journalists at Three Steers Hotel in Meru on July 7, 2017. Prof Kaimenyi has said the ministry will employ space technology in land mapping. Source Daily Nation
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Roku prices IPO at $14, valuing company at $1.3 billion
- Digital streaming business Roku has priced its IPO at $14 per share, raising close to $220 million. This values the company at about $1.3 billion. Source TechCrunch
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Revolut launches cell phone insurance in the U.K.
- Fintech startup Revolut is trying so many things at once that it’s hard to keep track of everything. This time, the company is partnering with Simplesurance to launch a new insurance product. You can now insure your cell phone for £1 per week/£42 per year, which represents $1.35 per week/$56.50 per year. Source TechCrunch
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Amazon just launched 6 new gadgets and none was over $150 - In the year of the $1000 iPhone Amazon just announced a scattering of new gadgets and none cost more than $150. Essentially, Amazon said “screws the margins” and are selling everything as cheap as possible. Source TechCrunch
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Onfido raises $30M more for its AI-based identity verification technology - Malicious hackers and security breaches that have exposed personal information of millions of people have pushed the issue of online security into the spotlight, not just for individuals but for organizations that do business with them. Source TechCrunch
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PROSHARE START-UPS
SME financing: Impact of Collateral Registry too early to assess – NASME - Four months after the take-off of the National Collateral Registry (NCR), its impact on financing the small and medium enterprises (SMEs) sub-sector cannot yet be determined, says Mr. Eke Ubiji, Executive Secretary, National Association of Small and Medium Enterprises (NASME). Source Vanguard
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