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Nigeria in 1min: Economic, Business & Financial Headlines - 290317


March 29, 2017 7:00 AM / Proshare News 

FG ’ll Go After Entrepreneurs, Others Over Tax Evasion – Adeosun - There may be no hiding place soon for entrepreneurs and other wealthy Nigerians who evade payment of tax in the country as the federal government has threatened to come up with a new tax regime that will stop them from sabotaging the country’s economy. Source Leadership Read More  

‘Nigeria To Save N1.52trn Annually By Reducing Importation Of Software’ - Nigeria will save about $147 billion it spends on importation of software in three years if the country begins to develop and consume its indigenous technologies. Source Leadership Read More 

States’ external debts hit $3.5b - The external debt of state governments stood at $3.57 billion as at last December. In a report, FBNQuest said the debt figures declined by $90 million over six months, and that the fall reflects not the fiscal prudence of the states but that of the Federal Government of Nigeria (FGN). Source THE NATION Read More 

‘Insurance firms owe N19.7b pension fund’ - The Pension Transitional Arrangement Directorate (PTAD) yesterday accused insurance firms of failing to  remit pension funds totaling N19.7billion. Source THE NATION Read More 

World Bank debates $150m FG request for mining sector - The board of the World Bank was deliberating in Washington on a proposal by Nigerian government of $150 million concessional loan for the development of the mineral sector, the Minister of Mines and Steel Development, Dr. Kayode Fayemi has said. Source Daily Trust Read More 

‘Nigerian airlines carry 8% of weekly passenger seats’ - The President of Aviation Roundtable, Elder Gabriel Olowo, has said Nigerian airlines have been at the losing end with regard to passenger seats in the last 40 years despite the significant increase in passenger traffic. Source Daily Trust Read More 

We flushed out 23,000 ghost enrollees – NHIS boss - Executive Secretary of National Health Insurance Scheme (NHIS), Usman Yusuf, said the agency had flushed out about 23,000 ghost enrollees in the system. Source BUSINESSDAY Read More 

Africa’s GDP increases 4.5% as youth unemployment remains high - With 60 percent of the African population projected to be under 25 years by 2050, it has been forecasted that the continent would be home to 452 million people under the age of 25. However, their drive, ambition and potentials for the continent are said to be at risk of being squandered. Source BUSINESSDAY Read More 

Government’s failure to automate cargo-clearing procedure fuels corruption at seaports -  Federal Government’s failure to develop an online driven standard cargo clearing procedure has continued to encourage corruption and other sharp practices among government agencies operating in the nation’s seaports, BusinessDay has learnt. Source BUSINESSDAY Read More 

Irish musician acquires Nigerian firm for $80m - A private equity firm with interest in agriculture and technology, 8 Miles, on Tuesday acquired minority stakes worth about $80m in the Nigerian biscuit company, Beloxxi Industries Limited. Source Punch Read More

NSEASI Dips by -0.31% as Market Resumes Downtrend; Thanks to Big CAPs - Equities market closed today on a negative note, as NSE ASI depreciated by -0.31% to close at 25,406.72 basis points, as against 0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.46%.  Source Proshare Read More  

Shareholders approve Africa Prudential Registrars 30k dividend payment for 2016 FY - Shareholders today at the 4th annual general meeting of Africa Prudential Registrars Plc, approved the payment of 30k dividend for the 2016 financial year. Source Proshare Read More 

Forex: CBN Slashes BDC Rate to N360...$100m Offer Fully Subscribed - Barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles, the Central Bank of Nigeria (CBN), on Tuesday, March 28, 2017 crashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria to N360 and directed the BDCs to sell to end users at not more than N362/$1. Source Proshare Read More 

FCMB Declares N14.34 bn Profit in 2016 Audited Results, (SP:N0.87k) - Source Proshare Read More

PZ Cussons Nigeria Plc - Lower OPEX Supports Q3’17 Earnings - Supported by traditionally stronger volumes in the period and increased prices, PZ recorded its strongest third quarter revenue figure on record as Q3’16/17 (period ended February 2017) revenue rose 44% q/q to ₦23.8 billion – outperforming Vetiva estimate of ₦20.4 billion. Source Proshare Read More 

UBA, Stanbic IBTC’s Impairment Charges Hit N47.5bn - United Bank for Africa Plc and Stanbic IBTC Holdings Plc have set aside N47.48 billion to cover bad loans in their 2016 financial results. The provision showed a jump of 138 per cent compared to N19.9 billion they set aside in 2015. Source Thisday Read More 

FBN General Insurance Announces N2.2bn Premium -FBN General Insurance has announced gross premium of N2.2billion from its 2016 business activities. Source Thisday Read More

Keystone Bank gets transitional board - Following the sale of Keystone Bank Limited to the Sigma Golf-Riverbank Consortium by the Asset Management Corporation of Nigeria, the new owners have announced the names of members of the lender’s transitional Board of Directors Source Punch Read More

Arik, Aero failed corporate governance test, says AMCON - The Asset Management Corporation of Nigeria (AMCON) has criticised previous managers of Arik Air and Aero Contractors for negligence of corporate governance principles in running the companies. Source THE NATION Read More

Transnational Corporation of Nigeria - Closure of ABV to Impact Hospitality Revenue - We met with the management of Transnational Corporation of Nigeria Plc (TRANSCORP) last week to understand the key drivers of its FY'16 results, and its plans for the future especially with regards to recent government action in the power sector.  Source Proshare Read More 

Recent Developments on the Petition for Winding Up of RT Briscoe Nigeria Plc by Diamond Bank Plc - The Board and Management of R.T.Briscoe (Nigeria) PLC hereby inform the Nigerian Stock Exchange and the general public that discussions are ongoing with the 7 banks to which our company is indebted, for a restructuring of our credit facilities. Source Proshare Read More 

Oil prices rise above $51 - A severe disruption to Libyan oil supplies and comments from officials suggesting OPEC could extend its production cuts deal to the end of the year boosted oil prices on Tuesday. Source Daily Trust Read More 

What A Westinghouse Bankruptcy Could Mean For U.S. Utilities - International news services now report that Japan’s Toshiba Corporation (9502.T) is preparing to make a chapter 11 bankruptcy filing for its Westinghouse Electric subsidiary as soon as this Monday, March 27. For most of our readers this news evokes little surprise. Source Proshare Read More 

Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank - Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa. Source Reuters Read More

Libya's oil output down 252,000 bpd after shutdown at Sharara, Wafa fields - Production at the western Libyan fields of Sharara and Wafa has been blocked by armed factions, reducing output by 252,000 barrels per day (bpd), a source at the National Oil Corporation (NOC) said on Tuesday. Source Reuters Read More 

Egypt attracts $3.1 billion portfolio inflow after currency float  - …as investors watch Nigeria’s “managed float” The Egyptian government’s decision to float its currency has already started yielding positive outcomes in the economy, even though inflation spiked.  Source BUSINESSDAY Read More 

Sterling Drops as May Signs Brexit Trigger for Process to Begin - Sterling fell in early Asian trading as investors brace for the start of the two-year negotiation for the U.K. to leave the European Union. Source Bloomberg Read More

Vietnam’s Economy Expands at Slower Pace in First Quarter - Vietnam’s economy expanded at a slower pace in the first quarter than the previous three months, the statistics agency said. Source Bloomberg Read More

Malaysia's Currency Crackdown is Hitting Speculators - Malaysia is succeeding in snuffing out currency speculation -- now it has to deal with the fallout. Source Bloomberg Read More

Saudi Aramco’s Valuation Could Top $1 Trillion After Tax Cut - Saudi Aramco could have a market value of more than $1 trillion in an initial public offering after the government slashed the oil producer’s tax burden to attract investors, analysts at Sanford C. Bernstein & Co. and Rystad Energy AS said. Source Bloomberg Read More

Much Activity in the Tech Start-up Space - At the Business Council for Africa’s annual debate in London last week, the most encouraging sessions covered the thriving tech space. Erik Hersman, the chief executive officer of Kenya-based BRCK, characterized investment in tech as the new gold rush in Kenya that did “more for less” and drew heavily on “old” first-world technology. Source Proshare Read More  

Tesla deal boosts Chinese presence in U.S. auto tech - China's Tencent Holdings Ltd (0700.HK) has bought a 5 percent stake in U.S. electric car maker Tesla Inc (TSLA.O) for $1.78 billion, the latest investment by a Chinese internet company in the potentially lucrative market for self-driving vehicles and related services. Source Reuters Read More   




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