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Nigeria in 1min: Economic, Business & Financial Headlines – 310817

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August 31, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY
New Policy Rate in Mozambique Will Have Limited Impact on Inflation - The introduction of a new policy rate in April 2017 has not fundamentally changed the trajectory we forecast for inflation and broader monetary policy in Mozambique over the coming quarters. Source Proshare Read More 

The Uphill Battle for IGR Collection - Our look today at state governments’ internally generated revenue (IGR) shows a decline in the aggregate collection from N801bn to N756bn in 2015. Source Proshare Read More  

FG generates $8.2billion from air transport annually - Nigeria’s Federal government generates about $8.2billion annually from air transport operations across the country, Minister of State for Aviation, Hadi Sirika has said. Source BUSINESSDAY Read More 

Govt begins payment of workers’ N23bn salary, promotion arrears - The Federal Government has commenced the payment of about N23bn promotion arrears and salary shortfall to civil servants. Source Punch Read More 

FG begins probe of contractors’ tax records - The Federal Government has started reviewing the tax compliance records of all contractors who have received payments from the Federal Government and its various agencies in the last seven years. Source Punch Read More 

Commercialising NIGCOMSAT to gulp N2bn - The process of commercialising Nigerian Communications Satellite known as NigComSat-1R will gulp about N2bn, the Ministry of Communications has said. Source Punch Read More 

Allianz acquires 98% equity stake in Nigeria’s Ensure Insurance - Allianz Group, one of the world’s leading insurers and asset managers with more than 86 million retail and corporate customers on Wednesday announced a binding agreement to acquire 98 percent of Nigerian insurer, Ensure Insurance Plc from its core shareholder Greenoaks Global Holdings Ltd. Source BUSINESSDAY Read More 

Nigeria’s cement industry rise by 1400% - THE output capacity of Nigeria’s cement industry is set to hit 45 million tonnes per annum by 2018, 1400 per cent up from about 3.0 million a decade ago, with the target completion date for the second line (Line-2) of BUA Group’s Okpella plant in the first quarter next year. Source Vanguard Read More 

Japanese Miniso’s $1.5bn International Investment Enters Nigeria - The federal government’s quest for foreign direct investment (FDI) has yielded yet another positive boost as Miniso, a top Japanese designer brand and market leader, has opened its world-class outlets across the six high-brow shopping malls in Lagos. Source Punch  Read More 

 

PROSHARE REGULATORS
The Role Of Boards At Large Financial Firms - Good morning. Thank you to President Evans for inviting me to speak here today about the role of boards of directors of large banking firms. Source Proshare Read More 

 

PROSHARE MARKETS
Stock Market Extends Losing Streak as NSEASI Dips by -1.48% - Equities market closed today on a negative note, as NSE ASI depreciated by -1.48% to close at 35,629.13 basis points as against -0.42% depreciation recorded previously. Source Proshare Read More 

Nigeria's Access Bank takes impairment on 9mobile loan - Nigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Source Reuters Read More 

Oil field owners urged to lead modular refinery construction - To address the challenges facing modular refinery construction in Nigeria, industry stakeholders have urged indigenous exploration and production companies, which own producing oil fields, to drive the initiative. Source THE NATION Read More 

FG approves $5.8bn power plant construction by Chinese firm - MINISTER of Power, Works and Housing, Babatunde Fashola, said the Federal Government has approved the construction of a $5.8 billion Mambilla hydroelectric power plant by a Chinese state firm. Fashola explained that the contract was awarded following an agreement signed with China Civil Engineering Construction Corporation (CCECC) to build the plant. Source Vanguard Read More 

FG: Obsolete equipment hinders power distribution - Power distribution is now difficult because equipment acquired by the distribution companies upon privatisation have become obsolete, Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Daily Trust Read More 

PROSHARE BUSINESS
FirstBank Drives Humanitarian Support for Sierra Leone Mudslide Victims - First Bank of Nigeria Limited and its subsidiaries as part of its commitment to drive the sustainable development of the communities in which it does business, has identified and empathised with the victims of the mudslides and floods that devastated parts of Sierra Leone's capital, Freetown. Source Proshare Read More

Zimbabwe’s Tentative Recovery Will Face Destabilising Headwinds - Real GDP growth will post a modest improvement in Zimbabwe over 2017 and 2018 as harvests begin to improve in the agriculture sector following a damaging drought in 2016. Source Proshare Read More

South Africa mulls merger of three state-owned airlines - South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. Source Reuters Read More 

EFCC recovers N434bn in 8 months - The Economic and Financial Crimes Commission (EFCC) has recovered over N434.7billion between January and August this year, its acting Chairman Ibrahim Magu said during a meeting with journalists in Abuja yesterday. Source Daily Trust Read More 

Chinese Oil Giant Sinopec Probed by the U.S. Over Nigeria Bribery Allegations - U.S. authorities are investigating China Petroleum & Chemical Corp. over allegations that the state-controlled oil producer paid Nigerian officials about $100 million worth of bribes to resolve a business dispute, according to people familiar with the probe. Source Bloomberg Read More 

Angola Oil Minister Says Nation Needs Crude to Rebound to $60 - Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. Source Bloomberg Read More 

Oil Traders Grab Gasoline Tankers to Replenish Harvey-Hit U.S. - Oil traders are rushing to book tankers to haul European gasoline across the Atlantic Ocean as Hurricane Harvey transforms the global market for refined fuels. Source Bloomberg Read More 

Hit to Libya’s Oil Output Takes Some Heat Off OPEC - Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut. Source Bloomberg Read More 

Gold Is Shaken by a Mysterious 2 Million-Ounce Trade - After weeks of relative slumber, gold traders were rudely awoken to a surge in volume and volatility. In a span of one minute, gold futures contracts equaling more than 2 million ounces traded -- about 20 minutes before Federal Reserve Chair Janet Yellen was to address a gathering of policy makers in Jackson Hole, Wyoming. Source Bloomberg Read More 

No Quick Fix for South Africa's Battered Economy When Zuma Goes - Anyone who believes there’s a quick fix for South Africa’s political and financial malaise when President Jacob Zuma leaves office needs to think again. Source Bloomberg Read More 

India Financial Hub Slowly Recovers From Worst Deluge Since 2005 - India’s financial capital slowly began recovering as rains eased, allowing authorities to restore suburban rail services and clear waterlogged areas in Mumbai a day after the city suffered from the worst deluge since 2005. Source Bloomberg Read More 

Buffett Says Stocks Are ‘Less Attractive’ But Still Beat Bonds - Warren Buffett, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc., said the rally in markets over the last several years has made it harder to find bargains, but that stocks remain his choice over bonds. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
How Technology is Impacting Business Models - As businesses look towards increasing efficiency and productivity, the solutions that quickly come to the fore is the use of technology since it has fundamentally altered the way we produce, consume and communicate with one another. Source Proshare Read More

PROSHARE MSME
Over 700m account details leaked in biggest spam ever - More than 700 million email addresses and a number of passwords have been leaked in what could be the biggest spambot dump ever seen. Source Punch Read More 

 

 

 

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