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Nigeria in 1min: Economic, Business & Financial Headlines – 310717

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July 31, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 310717 - The amount of aggregate foreign inflow through the Central bank in May 2017 stood at $2.25billion, reflective of 21.7% fall compare to the previous month. The reduction in the total aggregation foreign inflow was due to a 27% shrink in oil receipts. Source Proshare Read More 

Nigeria Outlook H2-2017: After The Rain - As economic activities gain momentum and commodity prices recover from their troughs in 2016, consensus estimates see scope for an improvement in global economic growth in 2017 [World Bank (2.7%, +125bps y/y) and IMF (3.5%, +129bps y/y)]. Source Proshare Read More 

FG, States, LGs Shared N3.010tn in First Half of 2017 - The Federal Account Allocation Committee (FAAC) disbursed N3.010 trillion to the three tiers of government between January and June this year, figures compiled by THISDAY have shown. Source Thisday Read More 

TSA: Govt saves N4b bank charges monthly - The Treasury Single Account (TSA) policy has enabled the Federal Government to save N4billion monthly from charges that banks collected on its numerous accounts, it was learnt at the weekend. Source THE NATION Read More 

AfDB to invest $24b in agric - The African Development Bank (AfDB) will invest $24 billion in agriculture as part of its Feed Africa programme – a strategy for agricultural development in Africa. Source THE NATION Read More 

N20b export grant inadequate, says MAN - The Manufacturers Association of Nigeria (MAN) has decried the N20 billion provision in the 2017 budget for the payment of backlog of Export Expansion Grant (EEG). Source THE NATION Read More 

Julius Berger suspends work on Lagos-Ibadan Expressway - The Federal Ministry of Power, Works and Housing said on Sunday that Julius Berger Nigeria Plc had finally suspended work on the Lagos-Ibadan Expressway as a result of delays in the payment of agreed contract fees for work already done. Source Punch Read More 

AfDB to invest $12billion to boost energy in Africa - African Development Bank (AfDB) has hinted of plans to invest the sum of $12billion to tackle the perennial energy crisis In Africa. Source THE NATION Read More 

 

PROSHARE REGULATORS
Financial reports: CBN directs banks to implement IFRS9 - The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 on or before January 1, 2018 deadline. Source Punch Read More 

 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 280717 – DANGCEM Declares N144.04 billion PAT in Q2'17 Result - Forty out of the Fifty two quoted companies recorded growth in revenue while others recorded decline in revenue. Source Proshare Read More  

Niger Delta in Investors' Good Books - Niger Delta Exploration & Production Plc. presented a comprehensive and strong report card to its shareholders at its 22nd Annual General Meeting. Its profits after tax increased to over ₦8 billion, up 316% versus a year ago – that is inspiring growth for a Company in the ailing Nigerian Oil & Gas industry. Source Proshare Read More 

NSEASI Dips by -1.02% as Market Records +8.36% Gain WoW -Equities market closed today on a negative note, as NSE ASI depreciated by -1.02% to close at 36,864.71 basis points as against +1.37% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +37.17%. Source Proshare Read More 

$657m CBN Intervention Boosts Naira - An injection of $657.33 million into the foreign exchange market last week saw the value of the naira gain strength at three of the foreign exchange markets rising by 0.8 per cent at both the parallel and Bureau de Change ends of the market. Source Leadership Read More 

CBN to Sell Treasury Bills worth N229bn - The Central Bank of Nigeria (CBN) will this week conduct its bi-weekly treasury bills auction with total offer of N229.1 billion to offset maturing bills of the same amount. Source Thisday Read More 

Innoson sues GTBank for N400billion over defamation - The chairman/chief executive of Innoson Nigeria Limited, Chief Innocent Chukwuma and the  company have filed a fresh lawsuit against Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja claiming a total sum of N400billion damages for injury to their reputation, moral character, credibility, office, vocation and trade. Source THE NATION Read More 

New Policy Seeks Significant Drop in Oil Production Cost to $10/bbl - Contents of Nigeria’s new national petroleum policy recently approved by the Federal Executive Council (FEC) and obtained by THISDAY has revealed that the country would be seeking to significantly reduce the cost of producing a barrel of crude oil in her fields to $10 from the current $27, which it considers not quite competitive. Source Thisday Read More 

Shell Discharges Caverton Helicopters from $55m Loan Repayment Obligations - The Shell Petroleum Development Company of Nigeria Limited (SPDC) has confirmed the non-indebtedness of Caverton Helicopters Limited on the $55 million loan advanced to the company by the oil giant to finance the acquisition of three new AW 139 helicopters. Source Thisday Read More 

FG adopts $11bn Dangote refinery under new petroleum policy - The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Source Vanguard Read More 

Katsina to establish refinery – Commissioner - Katsina State Commissioner of Commerce, Industry and Tourism, Alhaji Abubakar Yusuf has on Sunday disclosed plans by the Governor Aminu Bello Masari’s led administration to establish a refinery in the state. Source Vanguard Read More 

N-Delta militants to resume fresh attacks Sept 31 - NIGER DELTA Revolutionary Crusaders, NDRC, one of the militant groups that asked the Pan-Niger Delta Forum, PANDEF, led by  Chief Edwin Clark, to stop all engagements with the Federal Government, has announced that it will commence fresh attacks on oil facilities across the Niger Delta on September 31. Source Vanguard Read More 

PENGASSAN issues 21-day  nationwide strike notice - Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened a nationwide over what it termed anti-labour practices by several oil companies operating in the country. Source BUSINESSDAY Read More 

PROSHARE BUSINESS
Global Banking Education Standards Board (GBEStB), Dr. Olusegun Aina of Nigeria elected Chairman  - Dr. Olusegun Aina OFR, FCIB, consumate banker, community leader, fintech envoy, social entrepreneur, past President of Chartered Institute of Bankers of Nigeria and West Africa Bankers Association was on Tuesday 25th July 2017 elected as the pioneer Chairman of the Global Council of Global Banking Education Standards Board (GBEStB).Source Proshare Read More 

Qatar Crisis Back to Square One as Economy Shows the Strain - The Saudi-led alliance that severed ties with Qatar reinstated a list of 13 demands that must be met before talks to resolve the eight-week crisis could start, just as as fresh economic data highlighted the impact of the unprecedented boycott on the Gulf nation. Source Bloomberg Read More 

Oil Skeptics Pull Out as Market Dispels Gloom to Flirt With $50 - As pessimism over oil dissipates and investors flirt with $50 a barrel again, short-sellers are getting out of the way. Source Bloomberg Read More 

U.K. Customs Checks Could Cost $1.3 Billion a Year Post-Brexit - Customs checks at the border after the U.K. leaves the European Union could cost 1 billion pounds ($1.3 billion) a year and cause delays for goods being shipped in both directions, according to a report by Oxera, an economic consultancy. Source Bloomberg Read More 

China Factory PMI Suggests Economic Momentum Dialed Back in July - China’s official factory gauge dialed back a notch in July as a push by authorities to curb financial risks spreads. Source Bloomberg Read More 

Asia Raw-Material Producers Gain; Oil Nudges $50 - Asian raw-material producers advanced after a surge in commodity prices bolstered optimism the global economy can gather momentum. Oil extended last week’s strongest rally this year. Source Bloomberg Read More 

Egypt to lower customs exchange rate to 16.25 pounds/dollar -finmin - Egypt will lower its customs exchange rate to 16.25 pounds per dollar from 16.50, effective from Tuesday, Finance Minister Amr El-Garhy told Reuters on Sunday. Source Reuters Read More 

Egypt's currency float boosts foreign investment - stock exchange chairman - Foreign investors have bought a net 11 billion Egyptian pounds ($615.90 million) worth of shares since the country floated its currency last November, the stock exchange's chairman Mohamed Omran said on Sunday. Source Reuters Read More 

South Africa's petrol, diesel pump prices to increase in August - The retail price of petrol in South Africa will increase by more than 1.5 percent from Aug. 2, while the price of wholesale diesel will rise by 2.6 percent, the energy department said on Friday. Source Reuters Read More 

South Africa's central bank chief expects the economy returned to growth in Q2 - South Africa's economic growth likely resumed in the second quarter of 2017 after two straight quarters of contraction that pushed the economy into a recession, Reserve Bank Governor Lesetja Kganyago said on Friday. Source Reuters Read More 

 

PROSHARE TECHNOLOGY
FINTECH Association of Nigeria debuts to support development of the financial technology industry - Over 25 FinTech companies attended the recent inaugural meeting of FTAN - FinTech Association of Nigeria – which principal objective is to serves as a platform for the development of the financial technology industry in Nigeria and to be a forum for the exchange of ideas and dissemination of information by and between various stakeholders in the industry. Source Proshare Read More 

Nigeria ranks eight in global Internet growth – Google - With 91 million Internet users, Nigeria ranks first in Africa and eighth in the world in terms of Internet growth, Google has said. Source Punch Read More 

Nigerian Senate withdraws report exonerating MTN - Nigeria's Senate has withdrawn a report that largely exonerated South African telecoms giant MTN of accusations of illegally repatriating $14 billion and rebuked the Nigerian central bank for regulatory failures. Source Reuters Read More

 

PROSHARE MSME
FG Launches Entrepreneurship Network - Minister of State for Industry, Trade and Investment, Aisha Abubakar has launched the Global Entrepreneurship Network (GEN). Source Thisday Read More

 

 

 

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