Nigeria in 1min: Economic, Business and Financial Headlines – 050218

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February 5, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 050218 - The January manufacturing index’s for the month of January bumped slightly from 59.3 in December to 57.3 in January, nevertheless the PMI remained within the expansionary territory as it beat the fifty (50) expansion threshold, thereby reflecting 10 months of successive expansion in PMI Source Proshare Read More 

Nigeria ranks lowest in industrial GDP, says AfDB - Nigeria may have lost her position as the biggest economy on the continent, according to a report by the African Development Bank (AFDB). Source THE NATION Read More 

FG, States, LGs Shared N5.9tn in 2017 - A new report by the Economic Confidential has shown that the federal government, 36 states and the 774 local government councils in Nigeria shared a total sum of N5.9 trillion from the Federation Account in 2017 in spite of the economic recession witnessed during the period. Source Thisday Read More 

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FG to Tighten Noose Around Tax Defaulters by Obtaining Bank Details  - The federal government is currently working on modalities to implement the common reporting standards (CRS) in the country, which would enable it to obtain every taxpayers’ information directly from the commercial banks. Source Thisday Read More 

FG: Agriculture Has Created Seven Million Jobs - Over seven million jobs have been created through engagements in the agricultural sector, particularly the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme, the Minister of Information and Culture, Lai Mohammed, has said. Source Thisday Read More 

‘Mortgage market records 82 per cent growth’ - The mortgage finance  market recorded 82 per cent growth between 2010 and 2016, the Mortgage Banking Association of Nigeria (MBAN) President, Mr. Akinniyi Akinlusi, has said. Source THE NATION Read More 

FG targets N5tr from non-oil export - Federal Government says it is planning to grow Nigeria’s non- oil export revenue from N1.5 trillion to N5 trillion within 3 – 4 years. Source THE SUN  Read More 

Nigeria risk premium hits 4-year low - The risk premium or extra yield demanded by foreign investors to hold Nigerian dollar debt is retreating as oil prices race to multi-year highs. Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

NAICOM to check illegal placement of business abroad - The Commissioner for Insurance, Alhaji Mohammed kari, has warned insurance consumers and operators against placing their risks abroad when the local capacity in the country has not yet been exhausted. Source Punch Read More 

PROSHARE MARKETS

NSEASI Closes Jan 2018 Positive as New Par Value Rule Takes Effect; FMDQ Achieves N142trn Turnover - Nigerian Stock Market closed the first month of the year, January 2018, positive as the NSEASI inched up by +15.95% as against +0.79% uptrend recorded in the month of December 2017. Source Proshare Read More 

Corporate Earnings for the Week Ending 020218 – FLOURMILL Declares N13.25bn PAT in Q3'18 Results - During the week ending February 02, 2018, eighteen (18) quoted firms declared their results. Source Proshare Read More 

Market Maintains Uptrend to Close The Week Positive; NSEASI Records 1.98% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.40% to close at 44,639.99. basis points as against +0.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +16.73%. Source Proshare Read More 

CBN Mops Up N2.2trn Through OMO In Jan 2018 - Liquidity at the Nigerian money market remained tight with the Central Bank of Nigeria (CBN) mop up of N2.185 trillion from the system through Open Market Operations (OMO) auctions which it held all through the month of January 2018. Source Leadership Read More 

Insurers owe Dangote Group over N400m - PRESIDENT/Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote has said that two insurance companies have refused to pay about N400 million claims being owed subsidiaries of the Group since 2016. Source Vanguard Read More 

FG Pays Marketers N26b For Petroleum Products Transportation - The Petroleum Equalisation Fund, an agency of the federal government, has confirmed that it pays out a minimum of N26 billion annually as reimbursement to petroleum product marketers as palliative for transportation. Source Leadership Read More 

OPEC Production Cut Will Last Till December – IEA - The International Energy Agency (IEA), has said that the Organization of Petroleum Exporting Countries (OPEC) led production cuts will last for the rest of the year saying an early termination in June would be a surprise to the market. Source Leadership Read More 

FG burns N191bn on dollar subsidy for companies in 2017 crude swap deals - Nigeria’s unsustainable subsidy for the consumption of petrol has the economy bleeding from both ends as the Federal Government burnt N191 billion subsidising foreign exchange for companies in its Direct Sales-Direct Purchase agreement who exchange crude oil for refined products, and N746.79billion on petrol subsidy since February 2017. Source BUSINESSDAY Read More 

With N69.3bn ‘Under-recovery’, NNPC Retains Petrol Price at N145/ltr in Jan - The Nigerian National Petroleum Corporation (NNPC) may have absorbed a financial subsidy worth N69.393 billion in January to keep the pump price of petrol at service stations within the government’s regulated price of N145 per litre, THISDAY investigation has revealed. Source Thisday Read More 

A’Ibom, NNPC, Dangote, Others to Establish New Power Plant - A new electricity generating company, Qua Iboe Power Plant, expected to gulp more than $1 billion is to be set up at the Qua Iboe Onshore Terminal in Ibeno Local Government Area of Akwa Ibom State. Source Thisday Read More 

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PROSHARE BUSINESS

Covenant University wins CFA Nigeria’s 1st National Research Challenge - The Chartered Financial Analyst Society of Nigeria as part of its focus of creating the platform, for  Investments and Finance research, hosted the first ever National Research Challenge in Lagos. Source Proshare Read More 

Gwarzo: SEC Board Approved Golden Handshake for Voluntary Retirees - The suspended Director-General (DG) of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, has defended the voluntary retirement scheme for some staff of the commission in 2015 christened the ‘Golden Handshake’, saying the board of SEC approved the exercise. Source Thisday Read More 

Fitch upgrades Access Bank’s national rating to ‘A+ - A global rating agency- Fitch Ratings, in its latest report, has upgraded Access Bank’s National Long-Term Rating to ‘A+ from ‘A and at the same time affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’. Source Bloomberg Read More 

Global Equity Slump Deepens as Rate Fears Grow: Markets Wrap - Asian equities fell and U.S. stock futures headed lower, extending the biggest selloff for global stocks in two years as investors adjusted to a surge in global bond yields. Source Bloomberg Read More 

Iran Can Boost Output Fast If OPEC Ends Cuts, Oil Minister Says - Iran can swiftly increase production of crude if OPEC decides to scrap limits on global output when the group meets next in June, Oil Minister Bijan Namdar Zanganeh said. Source Bloomberg Read More 

Egypt Foreign Reserves at Record Before Bond Sale - Egypt’s foreign-currency reserves climbed to a record in January just as as the government prepares to raise as much as $5 billion from an international bond sale. Source Bloomberg Read More 

Nissan to Invest $9 Billion in China to Boost Sales Over 5 Years - Nissan Motor Co., the biggest-selling Japanese carmaker in China, plans to invest about 1 trillion yen ($9 billion) in the country with the aim to raise annual deliveries by about 1 million units in the next five years. Source Bloomberg Read More 

Israel Begins Distributing Deportation Notices to Africans - Israeli authorities have begun distributing deportation notices to thousands of African migrants. Source Bloomberg Read More 

Oil prices fall on strong dollar, Brent near one-month low -  Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Zinox Acquires Konga in Landmark Industry Deal  - The Zinox Group, an integrated Information Communication Technology (ICT) solutions conglomerate and Original Equipment Manufacturer (OEM), has concluded the acquisition of e-commerce giant, Konga in a move that is expected to raise the profile of e-commerce in the country, THISDAY learnt yesterday. Source Proshare Read More 

Is BitCoin going to Zero? Or is it only worth $20? - Bitcoin “investors” have lost half of their money since December 2017, that is a 50% loss in 45 days, on average 1% loss a day. Source Security Magazine Read More 

China’s Crypto Crackdown Sends Miners Scurrying to Chilly Canada - China’s clampdown on its crypto industry is sending miners scurrying for a new home. They’re finding one in Canada, lured by its cold climate, lots of clean, cheap power and a welcoming market for raising capital. Source Bloomberg Read More 

E-payment struggles to grow as transactions hit N69trn in 2017 - NIP, NEFT, Mobile transactions record lower growth Analysts project divergent outlook for 2018 Source Vanguard Read More 

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