Nigeria in 1min: Economic, Business and Financial Headlines – 050718


Thursday, July 05, 2018 / 7:10 AM / Proshare News


June 2018 Economic Update: Economics Vs Politics- FG’s debt stock rose 5.03% QoQ to N18 trillion over Q1 2018 with domestic debt accounting for 70% of total debt. The increase in debt stock over Q1 was largely on the back of a $2.5 billion Eurobond issued in February, which resulted in a 19% QoQ expansion in external debt to $5.4 billion. Source Proshare Read more 

Olam Hatcheries and Ceva Santé Animale Sign MoU To Further Develop Poultry Production in Nigeria - Olam Hatcheries Limited (“Olam Hatcheries”), a wholly owned subsidiary of Olam International Limited (“Olam”), a leading agri-business operating across the value chain in 70 countries, and Ceva Santé Animale S.A. Source Proshare Read more 

Mid-tier Banks Show Solid Earnings Potential But Still Need to Recover From the 2016 Recession- Nigeria's mid-tier banks -- Fidelity Bank Plc (Fidelity), Union Bank of Nigeria Plc (Union), First City Monument Bank Limited (FCMB), Sterling Bank Plc, and Diamond Bank Plc (Diamond) -- will grow their earnings materially over the long-term, says Moody's Investors Service ("Moody's") in a report published today. Source Proshare Read more 

Fowler: Tax defaulters must pay arrears with interests, penalties - The Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler, yesterday said  Nigerians who defaulted in paying their taxes at the expiration of the grace given by the Voluntary Assets Income Declaration Scheme (VAIDS), would pay the outstanding taxes with interests and penalties. Source THE NATION Read more 

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Enugu Seals Federal Institutions, Hotels, Banks over N30bn Tax Debt - At least, two federal government institutions, a filling station, three major hotels, as well as the complex of a telecommunications company were wednesday sealed by the Enugu State Government for alleged failure to remit about N30 billion in taxes to the coffers of the state government. Source Thisday Read more 

FG to spend N13bn on minerals' exploration, consultancy - The Federal Executive Council on Wednesday approved a sum of N12.7 billion for a contract for the exploration and consultancy on some of its targeted minerals like gold, industrial minerals, earth metals and iron ore. Source Daily Trust Read more 

FEC okays $92million for gas pipeline consultancy - The Federal Executive Council on Wednesday approved a contract for consultancy service for the construction of a gas pipeline at the cost of $92 million. Source Daily Trust Read more 

Nigeria has a debt management strategy – DMO - The Debt Management Office on Wednesday refuted a report that the country had no debt management strategy. Source Punch Read more 

FG to introduce new classification for insurance firms - The Federal Government, through the National Insurance Commission, plans to introduce a new classification policy in the industry, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Muhammad Kari, has said. Source Punch Read more 

FEC Approves N206bn for 2nd Niger Bridge Link Road - The Federal Executive Council (FEC) Wednesday in Abuja approved N206 billion for the construction of 11.9 kilometre-link road to the second Niger Bridge. Source Thisday Read more 

Kwara Spends N11bn on Infrastructures in One Year - Kwara state government has disclosed that it has spent over N11 billion under the state infrastructure project fund (K-IFK) for the infrastructural development of the state between 2016 and 2017. Source Thisday Read more 

Nigeria Records $32bn Foreign Investment in ICT - The federal government has said the country recorded well over $32 billion in Foreign Direct Investment (FDI) over the last 15 years as a result of revolution in the Information and Communication Technology (ICT) sector. Source Thisday Read more

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Equities Market Extends Two-Day Losing Streak as NSEASI Dips by -0.28%- Equities market closed today on a negative note, as NSEASI depreciated by -0.28% to close at 37,499.07  basis points as against -0.90% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.95%.  Source Proshare Read more 

FLOURMILL FY 2018 Results - Gains from Deleveraging To Support FY 2019 PAT- FLOURMILL recently released its FY’18 financial results showing a 3% y/y rise in revenue to ₦542.7 billion and a notable 54% y/y jump in PAT to ₦13.6 billion. The impressive y/y performance was however weaker than we had expected. Source Proshare Read more 

CBN Renews The Mandate Of Skye Bank Board of Directors  - The Central Bank of Nigeria (CBN) has renewed the mandate of the Board of Skye Bank for an additional two (2) years. Source Proshare Read more 

MTN Nigeria IPO to begin August after SEC’s go ahead - Source BUSINESSDAY Read more 

Risks to Global Growth Rise as Trade Tensions Escalate- Increased trade tensions have raised the risk that new measures may be taken that would have a much greater impact on global economic growth than those enacted so far, Fitch Ratings says. Source Proshare Read more 

NEC Directs NNPC, Finance Ministry to Audit Daily Petrol Usage - The National Executive Council (NEC) has directed the Nigerian National Petroleum Corporation (NNPC) and Ministry of Finance to undertake an audit exercise to determine the actual volume of petrol consumed daily in Nigeria Source Thisday Read more 

Nigeria talking with World Bank on petrol consumption data – NNPC - The Nigerian National Petroleum Corporation (NNPC), Wednesday, said it is presently discussing with the World Bank to determine the actual daily Premium Motor Spirit (PMS) consumption of Nigeria. Source Leadership Read more 

NCDMB, Waltersmith seal $10m modular refinery deal - The Nigerian Content Development and Monitoring Board (NCDMB) has signed a $10 million equity investment agreement with Waltersmith Refining & Petrochemical Company Limited for the construction of a 5,000 barrels daily modular refinery in Ibigwe in Imo State. Source THE NATION Read more 

‘DisCos sell power at shortfall of N49.38 per kilowatt’ - The inability of the power distribution companies (DisCos) to meet their obligations to customers is because they incur huge losses in the market, the Executive (ED) Director, Research and Planning, Association of Nigerian Electricity Distributors (ANED), Mr. Sunday Oduntan, has said. Source THE NATION Read more 

‘600m have no electricity in sub-Saharan Africa’ - Global law firm, Hogan Lovells, has said about 600 million people in sub-Saharan Africa have no access to electricity. Source THE NATION Read more

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IOSCO Seeks Feedback on Proposed Good Practices for Commodities Storage and Delivery- The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on proposed good or sound practices to assist relevant storage infrastructures and their oversight bodies to identify and address issues that could affect commodity derivatives’ pricing and in turn affect market integrity and efficiency. Source Proshare Read more

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Liberia central bank governor resigns -  Liberia’s central bank governor has resigned midway through his five-year term, the president’s office said. Source Reuters Read more 

Oil prices fall as Trump demands OPEC 'reduce pricing now' - Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude. Source Reuters Read more 

Spreading Violence in Central Nigeria Risks Buhari's Re-Election - An age-old conflict over grazing land in Nigeria that’s exploded into widespread violence may be threatening President Muhammadu Buhari’s chances for re-election in February. Source Bloomberg Read more 

China Bails Out Petrobras's $14 Billion Refinery Misadventure - China National Petroleum Corp plans to help complete a refinery in Rio de Janeiro that already cost Brazil’s state-controlled oil company Petrobras $14 billion before it was halted amid a widespread graft investigation. Source Bloomberg Read more 

South Korea May Force Sale of $13 Billion in Samsung Shares - About 15 trillion won ($13 billion) worth of shares in Samsung Electronics Co. are poised to flood South Korea’s stock market, as lawmakers and regulators seek to restrict the control that chaebol families exert over their business empires. Source Bloomberg Read more

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Macron harps on a new narrative, innovation and vibrant private sector for Africa- French President Mr Emmanuel Macron believes Africa needs to redefine its narrative, build an entrepereneurship that drives innovation and leverage on a vibrant private sector, to achieve progress as a continent. Source Proshare Read more

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CBN Issues Circular on Compliance with Cybercrime Act 2015 - Pursuant to the provisions of Section 44 (S. 1 and 2) of the Cybercrime (Prohibition, Prevention, etc) Act 2015, all Mobile Money Operators (MMOs) and other affected Payment Service Providers are hereby directed to comply with the statutory provision for the collection and remittance of the 0.005 levy on all electronic transactions by the businesses specified in the second schedule of the Act. Source Proshare Read more 

Africa's Largest Data-Center Firm Plans $73 Million Investment - Teraco Data Environments Pty Ltd. plans to invest about 1 billion rand ($73 million) as Africa’s largest data-center operator expands infrastructure to meet rising demand. Source Bloomberg Read more

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Nigeria Immigration Service Suspends Biometrics Enrolment and Associated Charges For Visa On Arrival- The Nigeria Immigration Service has temporarily suspended the biometrics enrolment process and associated $90 charge for Visa on Arrival (VoA). The suspension only applies to the recently introduced biometrics enrolment aspect of the VoA policy. Source Proshare Read more


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