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Nigeria in 1min: Economic, Business and Financial Headlines – 060418

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Friday, April 06, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

MPC: Far From a Needle Shift - At the end of the first monetary policy committee’s (MPC) meeting for 2018, the committee kept its policy levers untouched. Thereby sustaining the current policy levers beyond the current period of 21 months Source Proshare Read More 

Nigeria PMI - Another Steady Expansion in March 2018 - The Central Bank of Nigeria (CBN) Purchasing Managers’ Indices (PMI) for the manufacturing and non-manufacturing sectors recorded stronger readings in March, expanding 56.7 and 57.2, compared to 56.3 and 56.1 in February. Source Proshare Read More 

Communiqué – Quarterly Western Nigeria Governors’ Forum Held At Lagos House, March 27 and 28, 2018 - The meeting was primarily focused on consolidating regional actions and processes that would drive the sustainable development of key socio-economic sectors of Western Nigeria. Source Proshare Read More 

A Modest Recovery in the FAAC Distribution - The total monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N647bn (US$2.11bn) in March (from February revenues). This was an increase of N11bn from the previous distribution. Source Proshare Read More 

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Osinbajo launches Nigerian Economic Diplomacy Initiative - Vice President Yemi Osinbajo, yesterday, described the Nigerian Economic Diplomacy Initiative (NEDI), as an initiative of monumental importance to the nation’s foreign policy and economy. Source THE SUN Read More 

Pension fund hits N7.51trn - Nigeria’s pension fund assets has grown to N7.51 trillion as at 31 December, 2017, a report by the National Pension Commission (PenCom), has shown. Source THE NATION Read More 

Nigeria wants IsDB to reconsider loan pricing - Nigeria has called on the Islamic Development Bank (IsDB) to reconsider its loan pricing to some member countries to avoid prolonged period of negotiation. Source Daily Trust Read More 

NOTAP saves N200b in 10 years - The local vendor policy initiated by the National Office for Technology Acquisition and Promotion (NOTAP) has promoted the development of indigenous software, its Director-General, DanAzumi  Ibrahim has said. Source THE NATION Read More 

Fertiliser production hits 2.22m metric tonnes - The Federal Government’s investment in promoting local farming, particularly  making affordable fertiliser available to farmers, may have paid off as production of made-in-Nigeria fertiliser may have hit 2.22 million metric tonnes. Source THE NATION Read More 

N1.5trn social investment project a failure – Senate - The Senate on Thursday described the implementation of the N1.5 triilion National Social Investment Programme as a failure. Source BUSINESSDAY Read More 

Maize farmers to get N500m IITA incentive - The International Institute for Tropical Agriculture has said that maize farmers who use Aflasafe system in the production of the crop this year will benefit from an incentive package worth N500m. Source Punch Read More

Nigerian banks to benefit from AfDB’s $50m trade risk guarantees - The African Development Bank on Thursday said it had approved a $50m Risk Participation Agreement for Commerzbank AG to address the continent’s trade finance market demand. Source Punch Read More 

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PROSHARE REGULATORS

Recommendations To Improve Regulatory Reporting And Transparency In Corporate Bond Markets - The Board of the International Organization of Securities Commissions (IOSCO) published today its recommendations for improving the information on secondary corporate bond markets available to both regulators and the public. Source Proshare Read More 

PROSHARE MARKETS

Nigerian Stock Market Halts Two-Day Losing Streak; NSEASI Inches Up by 0.31% - Equities market closed today on a positive note, as NSEASI appreciated by +0.31% to close at  40,875.69 basis points as against -0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.88%. Source Proshare Read More 

Markets Turn Bearish as CBN Resumes OMO with c.N748bn T-bill Sale - The Bond market turned slightly bearish, with some sell, especially on the 34s taking yields higher by c.8bps across the curve. This was following a resumption in OMO by the CBN which stifled any significant investors’ interest in the market. Source Proshare Read More 

China Bank Results Reflect Pressure from Credit Migration - Reported asset quality of Chinese banks improved in the full-year results for 2017, reflecting an improvement in economic conditions and a shift toward retail lending where non-performance is generally lower. Source Proshare Read More 

Dangote Cement Plc Announces Closed Period - With reference to circular NSE/LARD/LRD/CIR2/15/05/17 on the "Notice of Securities Trading by Interested Parties" effective January 1, 2015, please note that Dangote Cement Plc had entered a closed trading period from April 5, 2018 until one (1) day (24 hours) after the unaudited financial results for the period ended March 31, 2018 are released to the public after the Board meeting scheduled for April 20, 2018. Source Proshare Read More 

UK's FCA Sets Out Next Steps To Improve Competition In The Uks Asset Management Industry - The Financial Conduct Authority (FCA) has today published the latest step in its response to the concerns identified through its asset management market study. This is part of a package of remedies to ensure fund managers compete on the value they deliver, and act in the interests of the millions who entrust them with their savings. Source Proshare Read More 

US$20.5m Escrow Account – SEPLAT’s Subsidiary Reaches Settlement With Crestar Natural Resources Ltd - Seplat Petroleum Development Company Plc (”Seplat" or together with its subsidiaries the ”Group”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, announces that a settlement has been reached between its wholly owned subsidiary Newton Energy Limited ("Newton") and Crestar Natural Resources Limited ("Crestar"). Source Proshare Read More 

29 Insurance Firms Post N93.15 Billion Negative Reserves - Twenty nine insurance firms currently have negative reserves, recent data released by the Nigeria Insurers Association (NIA) has revealed. Source Thisday Read More 

Investor Stakes $450m on New Free Trade Zone, to Build Ships in Nigeria - The much needed investment that will spore activities in the maritime sector that stakeholders have been yearning for is set to materialise as promoters of the Tomaro Industrial Park, which was last year granted Free Trade Zone, have commenced work in the free zone. Source Thisday Read More 

Kachikwu confirms FG’s annual payment of 1.3 trillion ‘under recovery’ on petroleum imports - Emmanuel Ibeh Kachikwu,the Minister of State for Petroleum Resources said on Thursday that the federal governments current annual payment of under recovery on Petroleum import stands at N1.3 trillion annually. Source BUSINESSDAY Read More 

5% fuel levy: ‘Nigerians won’t accept another price hike’ - Any increase in the price of Premium Motor Spirt as a result of the five per cent levy on the product as stipulated in the Petroleum Industry Governance Bill that was recently passed by the National Assembly will not be welcomed by Nigerians, oil marketers have said. Source Punch Read More 

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PROSHARE BUSINESS

Ecobank Mobile App Reaches 4 Million Users Milestone In Africa - The upgraded version of Ecobank’s mobile app has attracted 3 million new customers in  six months, taking the total number of users to four million.  Source Proshare Read More 

Leadership Engagement on Workplace Innovation, focuses on Millennials- A Leadership engagement on Workplace Innovation, focusing on “Millenials” was convened today in Lagos,Nigeria  by the Head, Brand Management and Communications, Skye Bank Plc Mr Nduneche Ezurike. Source Proshare Read More 

Zimbabwe wants mining companies to list on local exchange - Zimbabwe wants mining firms to list on the local bourse as part of efforts under new president Emmerson Mnangagwa to boost investment and local ownership of its vast mineral resources, a new bill before parliament showed. Source Reuters Read More 

Kenya to set up mortgage refinancing company to meet housing demand -  Kenya is to set up a mortgage refinancing company to help to meet the government’s aim of providing 500,000 houses in five years as well as make it easier for banks to access long-term finance for home loans, the Treasury said. Source Reuters Read More 

Botswana's power utility lifts tariffs by 10 pct - The Botswana Power Corporation (BPC) said on Thursday it had increased electricity tariffs by 10 percent as the loss-making utility tries to recover costs. Source Reuters Read More 

Oil falls after Trump threatens new China tariffs - Oil prices fell on Friday along with equities as U.S. President Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. Source Reuters Read More 

Wells Fargo Plans to Integrate Corporate, Investment Banks - Wells Fargo & Co. is planning to further integrate its corporate and investment banks in an effort to reduce costs and better serve its clients, people familiar with the matter said. Source WSJ Read More 

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PROSHARE TECHNOLOGY

Japan's cryptocurrency exchanges face shortage of engineers - When cryptocurrency exchange Coincheck Inc explained how hackers made off with $530 million in digital money, it said part of the problem was beyond its control: Japan’s lack of software engineers. Source Reuters Read More 

Facebook fined $33 million for failing to aid Brazil graft probe -  A Brazilian judge has ordered that Facebook Inc (FB.O) pay 111.7 million reais ($33.4 million) for failing to cooperate with a corruption investigation, federal prosecutors said on Thursday, prompting Facebook to say it was exploring “all legal options.” Source Reuters Read More 

$6trn Exchanges Hands Across Bitcoin Network - Despite some negative trends noticed by experts, Bitcoin has continued to gain a momentum with over $6 trillion transferring hands already across its network. Source Leadership Read More 

Major blockchain group says Europe should exempt Bitcoin from new data privacy rule -Since people can store personal data in blockchains, the technology could fall under the purview of the upcoming European change to privacy law. Source THE VERGE Read More 

PROSHARE MSME

Kwara provides N3.2bn for SMEs - The Kwara State Governor, Alhaji Abdulfatah Ahmed, has said the state government has provided N3.2bn for the Small and Medium Enterprises. Source Punch Read More 

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