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Nigeria in 1min: Economic, Business and Financial Headlines – 050618

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Wednesday, June 05, 2018 / 7:00 AM / Proshare News
 

PROSHARE ECONOMY

Nigeria’s Financial System Strategy 2020 Plan “Our Dream” - Extensive work done by Goldman Sachs in 2001, projected that the economies of Brazil, Russia, India & China (BRIC) would surpass that of the G6 nations based on extrapolation of growth rates, demographic changes, capital accumulation, diminishing returns with development, exchange rates etc Source Proshare Read More 

2018 Nigerian Economic Outlook: 3 Drivers to Watch -Doyin Salami - At the recent 5th edition of the Nigeria Stock Exchange and London Stock Exchange Dual Listing Conference at the Wheatbaker Hotel, Ikoyi, Nigeria’s notable economist, Dr. Doyin Salami gave a presentation on the “State of The Nigerian Economy”. Source Proshare Read More 

AMCON 2017 Financial Result – Resolution Bank Turns the Corner - AMCON, Nigeria’s institutional response to the global financial crisis, banking systemic meltdown and stock market crash in 2008, is finally turning the corner. Source Proshare Read More 

Ghana Signs 12-yr Deal To Get Russian Gas For Power Production  - As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Ghana National Petroleum Corporation (GNPC) signed the package of documents assuming the delivery to the port of Tema (Ghana) over 12 years of the liquefied natural gas (LNG) in the volume of ca. 1.7 mmtpa Source Proshare Read More 

FIRS seals 2 firms over tax debts in Lagos - THE Federal Inland Revenue Service, FIRS, Monday, sealed the premises of three companies for failure to pay taxes. Source Vanguard Read More 

We spent N2.75tn on power, roads in two years – Buhari - president Muhammadu Buhari said on Monday that his administration had spent $9bn (N2.745tn at the official exchange rate of N305 to $1) on power, roads and railways in the country in the last two years. Source Punch Read More 

FG has no money to complete Ajaokuta steel – Minister - Members of the House of Representatives and the Minister of State for Solid Minerals Development, Mr. Abubakar Bwari, disagreed on Monday over the fate of the Ajaokuta Steel Company Limited. Source Punch Read More

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PROSHARE MARKETS

May 2018 SSS Quality Report: Equities Market Closes Red as NSE Proposes Growth Board Listing Rules - Nigeria’s Equities Market closed the month of May 2018 further in red as NSEASI Dips by -7.67% as against -0.57% loss recorded in the month of April 2018 while market YTD return hits negative territory as it stood at -0.36% at the end of the month under review. Source Proshare Read More 

NSEASI Halts Downtrend to Open The Week Positive; Inches Up By 0.36%  - Equities market closed today on a positive note, as NSEASI appreciated by -0.36% to close at 36, 947.10.  basis points as against -1.30% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.39%. Source Proshare Read More 

Parallel Market Rates to Appreciate Further as CBN approves Dollar Sale to BDCs  - The bond market traded on a slightly bearish note, with some sell mostly on the 2034s and 2037s. Source Proshare Read More 

Forex: CBN Okays Wider Margin for BDCs - The Central Bank of Nigeria (CBN) has approved an upward review of the trading margin available to operators of Bureau De Change (BDC) in the country. Source Proshare Read More 

June 2018 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Source Proshare Read More 

Shell Says Nigeria Attacks Persist Even as Oil Output Recovers - Nigeria’s oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output. Source Bloomberg Read More 

Mideast Bets on $100 Billion Industry as Oil-Use Outlook Dims - They are the building blocks of our daily stuff, from sports shoes to computer keyboards, created when oil and natural gas molecules are split, or cracked, to produce ethylene, propylene and other chemicals. Source Bloomberg Read More 

Nigeria records increase, as world rig count declines by 90 - For the first time in three months, Nigeria has witnessed an  increase in its rig count having recorded 32 in April as against 31 recorded in the month of March, data from the Organisation of Petroleum Exporting Countries, OPEC, have  shown. Source Vanguard Read More 

Gas shortage cuts 2,148MW electricity from grid - Shortage in gas supply for power generation cut down electricity by 2,148 megawatts (MW) at the national grid last Thursday, a report has shown. Source Daily Trust Read More 

Petrol Glut Hits Nigerian Market as NNPC Struggles for Buyers - The efforts of the Nigerian National Petroleum Corporation (NNPC) to sustain the availability of petrol in the country with massive importation of product have led to a glut of petrol in the market, with the corporation struggling for buyers, THISDAY’s weekend market survey revealed. Source Thisday Read More 

NERC Raises the Alarm over 20 Inactive PPAs, 18 GSAs in Gencos - A status report of the Power Purchase Agreements (PPAs) and Gas Supply Agreements (GSAs) of electricity generation companies (Gencos) published by the Nigerian Electricity Regulatory Commission (NERC) has indicated that 20 Gencos do not have active PPAs, while another 18 do not have GSAs. Source Thisday Read More

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PROSHARE BUSINESS

Egypt net foreign reserves rise to $44.14 bln at end-May-c.bank - Egypt’s net foreign reserves rose to $44.14 billion at the end of May from $44.030 billion at the end of April, the central bank said on Monday. Source Reuters Read More 

Oil rises on expected stockpile drop, but U.S. output, possible OPEC increase drag - Oil prices rebounded on Tuesday after falling in the previous session on expectations that inventories in the United States may decline but increasing U.S. production and concerns that OPEC may raise output continue to weigh on sentiment. Source Reuters Read More 

U.K. Government to Sell 7.7% Stake in RBS - The U.K. government said Monday it will sell a 7.7% stake in Royal Bank of Scotland Group PLC, pushing on with a plan to shed its ownership in the Scottish bank at a loss. Source WSJ Read More 

Value of top 100 global brands’ increase, hit $4.4 tr - WPP’s marketing and brand consultancy firm, Kantar Millward Brown has valued top 100 global brands at $4.4 trillion, an increase of $750 million which is 21 per cent increase. The brands are dominated by European and Western countries. The first 10 brands list this year in Brandz ranking has 8 American brands. Source BUSINESSDAY Read More

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PROSHARE TECHNOLOGY

Illegal Data Renewal: NCC To Slam N5m Fine On Defaulting Telcos - Nigerian Communications Commission (NCC) has directed all service providers in the country to desist from carrying out automatic or unwarranted renewal of data packages without the consent of the subscribers or risk N5million penalty. Source Leadership Read More 

‘Nigeria lost over $649m to cyber crooks last year’ - Nigeria lost over $649million last year to cyber criminals, the 2017 Nigeria Cyber Security Report released yesterday has shown. Source THE NATION Read More 

Mobile internet users in Nigeria hit 101.2m - Internet users in the country increased to 101. 2 million in April from 100.6m recorded in March, the Nigerian Communications Commission (NCC), has said. Source Daily Trust Read More 

Nigeria lagging behind in financial inclusion, mobile money ― IFC - The International Finance Corporation has said Nigeria is lagging behind its peers in sub-Saharan Africa in terms of financial inclusion and mobile money. Source Punch Read More

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