Nigeria in 1min: Economic, Business and Financial Headlines – 050418

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Tuesday, April 05, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

CBN Communiqué No. 117 of the MPC Meeting – Apr 03-04, 2018 - The re-constituted Monetary Policy Committee (MPC) held its maiden meeting, the 260th meeting of the Committee, its first in 2018, on 3rd and 4th of April, 2018 against the backdrop of strengthening global growth and improving domestic economic conditions. Source Proshare Read More 

Domestic debt servicing gulps N3.72tn in three years - The Federal Government has spent a total of N3.72tn to service local debts in the past three years, statistics available from the Debt Management Office have shown. Source Punch Read More 

Commodities Markets Diverged From Stock Markets and Inched Upwards - Global stock markets plunged in reaction to trade and twitter wars. U.S markets went into correction territory (-10%). Source Proshare Read More 

Financial Turmoil Hits Oil Markets Hard - In today’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

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Prospect of the First Rate Cut Since 2015 - The latest meeting of the monetary policy committee (MPC) closes this afternoon in Abuja. It is the first since November due to the lack of quorum until the Senate obliged by confirming enough presidential appointments to make good the shortfall. Source Proshare Read More 

No Surprises, as MPC Holds Rates Steady At the End of 1st 2018 Meeting - The Monetary Policy Committee (MPC) meeting has just been concluded with all key policy decisions retained. Source Proshare Read More 

African carriers in record 15.9 % rise in cargoes demand - African carriers saw an increase of 15.9 per cent in freight demand in February 2018 compared to the same month last year - the largest increase of any region. Source Daily Trust Read More 

Low contributors, returning expatriates pull N22 billion from pension purse - Nigerian workers whose Retirement Savings Account (RSA) balance stands at N550, 000.00 or below at retirement, as well as expatriates who worked in Nigeria and have returned to their home countries have taken away N22.07 billion from pension funds since take off of the Contributory Pension Scheme(CPS). Source BUSINESSDAY Read More

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PROSHARE REGULATORS

We are gathering details on Milost, Unity Bank saga - SEC - The Securities and Exchange Commission (SEC) has said it is still gathering details on about $1bn share purchase crisis rocking Nigeria’s Unity Bank Plc and United States based Milost Global Inc. Source Daily Trust Read More 

PROSHARE MARKETS

NSEASI Extends Losing Streak; Dips Further by -0.26% - Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at  40,749.86 basis points as against -1.56% depreciation recorded previously. Source Proshare Read More 

GTI Top-5 Stock Picks for 030418 - At last, the MPC will now hold her first meeting of the year this week, starting from Tuesday, April 3rd to Wednesday, April 4th. This is coming after four months of inactivity as a result of failure to form a quorum in the heart of executive and legislative government face-off.  Source Proshare Read More 

China Imposes Retaliatory Tariffs on $50bn of US Imports  - Chinese state TV is reporting that 106 US products are affected, including a 25% tariff on soybeans, automobiles and chemicals. In total, the goods affected are worth $50bn per year. Source Proshare Read More 

ARM Fixed Income Strategy Diary – April 2018 - Based on consensus estimate, a lower yield environment is upon us. But how low and for how long remains a tough call with lots of guesstimates. Source Proshare Read More 

Treasury bill yields Decline Further on Excessive System Liquidity - The bond market remained slightly bullish in today’s session compressing by c.7bps on average, in a continued recovery from the bearishness of the previous week. Source Proshare Read More 

OPEC March oil output sinks to 11-month low - Reuters survey - OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey found, sending compliance with a supply-cutting deal to another record. Source Reuters Read More 

Nigeria, Others To Spend $811bn On 615 Oil Fields - Nigeria and other countries across the world would spend about $811 billion on 615 upcoming oil and gas fields in the next eight years, a research conducted by data and analytics firm, Global data has revealed. Source Leadership Read More 

Nigeria’s active oil rigs hit three-year high - From a record low of 23 in December 2016, the number of the nation’s active oil rigs rose to 35 in February this year, a level last seen in early 2015. Source Punch Read More 

LEKOIL sues Petroleum Ministry over OPL 310 - LEKOIL Limited, an oil exploration and production company, has commenced legal proceedings against the Ministry of Petroleum Resources over government’s failure to grant consent to its (LEKOIL’ s) investment in  Oil Prospecting  Lease (OPL) 310, offshore Nigeria, following acquisition of interests previously held by Afren Plc in the oil block. Source THE NATION Read More 

Power sector loses N108 billion in first quarter - Nigeria’s power sector lost about N108 billion during the first three months of this year due to several constraints inhibiting the regular supply of electricity in the country. Source Guardian Read More 

Seven Discos Fail to Pay NBET in January - The recalcitrant financial attitudes of electricity distribution companies (Discos) to statutory payments for electricity sold to them by the Nigerian Bulk Electricity Trading Plc (NBET) every month seems to have persisted with just four of them – Abuja; Enugu; Jos and Yola reported as the only Discos that paid parts of their monthly bills to the NBET in January. Source Thisday Read More 

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PROSHARE BUSINESS

Court Approves Website Seizure and Anton Piller Order Against Online Copyright Piracy Platform - Rights holders in the media industry that are victims of piracy should therefore consider enforcing their rights before the Federal Court of Appeal, which demonstrates an understanding of the piracy ecosystem and which can issue remedies when the infringer can be identified and is located in Canada. Source Proshare Read More 

Buhari approves N360bn for arms procurement - President Muhammadu Buhari has approved the release of N360billion for procurement of equipment to fight insecurity in the country. Source Daily Trust Read More 

Asia shares bounce from two-month lows as trade war fears ease - Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-U.S. trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted. Source Reuters Read More 

Barclays's Rating Is Cut by Moody's to Lowest Investment Grade - Barclays Plc’s debt ratings were cut to one level above junk by Moody’s Investors Service on Wednesday, after the U.K. bank separated its investment banking activities from retail operations to comply with new rules. Source Bloomberg Read More 

Cannabis Sales May Surpass Soda by 2030 - Pot may be on its way to beating pop. Source Bloomberg Read More 

South Africa Minister Signs Long-Delayed Renewable Power Deals - South African Energy Minister Jeff Radebe signed agreements with 27 independent power producers after more than two years of delays. Source Bloomberg Read More 

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PROSHARE FINANCE

7th Detail Business Series examines Real Estate Market Disruptions - Stakeholders in the Nigeria real estate sector explored the opportunities, challenges and the way forward for the market with increasing technology disruptions at the 7th Detail Business Series. Source Proshare Read More 

PROSHARE TECHNOLOGY

US SEC Breaks Silence On Certain Cryptocurrency Exchanges - On March 7, 2018, the staff of the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission (SEC) issued a public statement regarding exchanges and other secondary trading platforms that list and/or facilitate the trading of coins and tokens online. Source Proshare Read More 

Facebook Says Data on Most of Its 2 Billion Users Is Vulnerable -  Facebook Inc. said data on most of its 2 billion users could have been accessed improperly, giving fresh evidence of the ways the social-media giant failed to protect people’s privacy while generating billions of dollars in revenue from the information. Source Bloomberg Read More 

Teleology Clarifies on $50m Cash Deposit, Restates Commitment - Teleology Holdings Limited has come out bold to clarify doubts expressed over its payment of the $50 million non-refundable cash deposit for the acquisition of 9mobile. Source Thisday Read More 

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