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Nigeria in 1min: Economic, Business and Financial Headlines – 061117

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November 6, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 061117 - The Federal Government revised its growth outlook downwards for both 2017 and 2018.  The recent growth projections for 2017 and 2018 stands at 1.5% and 3.5% compare to its earlier projections of 2.2% and 4.8%. Source Proshare Read More 

Inflation Rate to Drop Further to 15.91% in October 2017 - FSDH Research expects the inflation rate (year-on-year) to drop marginally to 15.91% in October 2017 from 15.98% reported in the month of September 2017. Source Proshare Read More 

7.71m Workers Are Registered Under the Pension Scheme as at Q3 2017 - NBS - The Pension Asset and RSA Membership Data Q1 – Q3 2017 reflected that 7,710,564 workers are registered under the pension scheme compared to 7,589,936 registered workers in Q2 2017 while the Pension Fund Asset under Management as at Q3 2017 stood at N7,164mln as against N6,832mln in Q2 2017. Source Proshare Read More 

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Nigeria’s economy not booming – Obasanjo - Former President Olusegun Obasanjo has observed that Nigeria’s economy is not booming yet. Source Punch Read More 

Debt servicing gulps N928bn in six months -  Amidst increasing anxiety of the nation’s indebtedness to local and foreign creditors, the Federal Government is spending huge sums to service loans from different sources, IFEANYI ONUBA writes Source Punch Read More 

FG uncovers 800,000 companies that never paid taxes - The Federal Government said it had identified over 800,000 companies, including some of its contractors, which had never paid any form of taxes. Source Punch Read More 

Abuja airport N61.2b terminal opens February 2018 - All things being equal, the Nnamdi Azikiwe International Airport’s (NAIA) new terminal in Abuja will open for operations February next year. Source Guardian Read More 

Reserves Rise By $1.1bn As I&E Window Sees $677.7m Inflow - Nigeria’s external reserves have in one month accrued $1.12 billion on the back of the rally in oil prices and re-balancing of the Federal Government debt in favour of external borrowing, as the Investors’ and Exporters’ (I&E) foreign exchange window saw an inflow of $677.7 million last week. Source Leadership Read More 

9 insurance companies owe N25bn legacy pension funds to PTAD - NINE life insurance companies are yet to transfer a total of N25 billion legacy pension funds belonging to Pension Transitional Arrangement Directorate (PTAD), the Executive Secretary of PTAD, Mrs. Sharon Ikeazor has said. Source Vanguard Read More 

Nigeria not an oil economy – Adeosun - Nigeria is not an oil economy, the Minister of Finance, Mrs. Kemi Adeosun, has said. Source Vanguard Read More 

Nigeria saves $2bn from local cement production, says BUA Group - Nigeria has saved $2billion from local production of cement in the country in the past one year, a development which culminated in the corresponding reduction in the import of the product. Source Guardian Read More 

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PROSHARE MARKETS

FBNH Plc: Earnings to Outperform in FY-2017, Analyst Revise TP to N7.38 (Previous: N6.41) - First Bank of Nigeria Holdings Plc (''FBNH'') recently released their unaudited Q3-17 results, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate), while PBT and PAT rose 28.01% q/q (71.19% y/y) and 24.44% q/q (145.47% y/y), respectively. Source Proshare Read More 

NASD USI Up by 1.31% WoW - NASD closed its trading day on Friday 3, November 2017 higher compared to last Friday. The Market Capitalisation closed the week 1.31% higher at ₦414.81 billion against ₦409.46 billion previously Source Proshare Read More 

Corporate Earnings for the Week Ending 031117 – NESTLE Declares N22.98 Bln PAT in Q3 2017 Result - Source Proshare Read More 

Diamond Bank enters 61 euros equity divestment deal with Manzi Finances - DIAMOND Bank Plc has concluded arrangement to divest its 97.07 per cent equity stake valued at €61 million (Sixty One million Euros) in Diamond S.A through a deal with Manzi Finances. Source Vanguard Read More 

Mutual Benefits begins N2b Rights Issue next month - Mutual Benefit Assurance Plc is set to raise additional capital of N2 billion through rights issue this month, its Managing Director, Segun Omosehin, has said. Source THE NATION Read More 

UACN gets regulatory approval to raise N15.4b new equity capital - Authorities at the Nigerian Stock Exchange (NSE) have approved application by Nigeria’s oldest surviving business, UAC of Nigeria (UACN) Plc, to raise about N15.4 billion in new equity funds. Source THE NATION Read More 

Investors Aren't Ready to Call End to Nigeria's Currency Problem - Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree. Source Bloomberg Read More 

Liquidity squeeze push 8 banks to CBN window in October - No fewer than 8 banks have accessed the standby liquidity facilities window of the Central Bank of Nigeria (CBN) for the month of October. Source BUSINESSDAY Read More 

‘Deepwater projects contribute $90b revenue’- Nicholas Terraz - Terraz said this while discussing the success story of the Egina project at the 55th Business Anniversary event of the Oil Producers Trade Section (OPTS), an arm of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos. Egina project, which currently is Nigeria’s deepest offshore oil field, is being operated by Total and expected to begin production in 2018. Source THE NATION Read More 

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PROSHARE BUSINESS

Adeolu Bajomo to Leave The Nigerian Stock Exchange, Market Grateful For Excellent Service - Mr. Adeolu Bajomo, the Executive Director responsible for Market Operations and Technology at the Nigerian Stock Exchange (NSE), resigned yesterday from the position he assumed on May 1, 2011. Source Proshare Read More 

FG Sacks Obono-Obla as Chairman Public Assets Recovery Panel - On the strength of his actions of late, the federal government has directed the Chairman of the Special Investigation Panel on the Recovery of Public Property, Chief Okoi Obono-Obla to desist from carrying out any operation in his capacity as head of the panel. Source Thisday Read More 

IMF cuts Cameroon GDP growth forecast to 3.7 pct for 2017 - Cameroon’s economic growth rate is expected to slip to 3.7 percent this year, down from an earlier estimate of around 4 percent, due to falling oil production, the International Monetary Fund said on Friday. Source Reuters Read More 

Ford to invest $211 million in South Africa to boost output - American car-maker Ford said it would invest 3 billion rand ($211 million) in its South African assembly plant to meet rising domestic and international demand for its Ford Ranger pickup truck, the company said on Friday. Source Reuters Read More 

Kenyan PMI hits record low in October on political woes - Private sector activity in Kenya dropped to a record low in October as prolonged political instability exerted a heavy toll on the economy, survey data showed on Friday. Source Reuters Read More 

China's Shadow Banking Halts as Regulation Bites, Moody's Says - China’s shadow banking sector, estimated by some analysts to be worth 122.8 trillion yuan ($18.5 trillion), stopped growing in the first half of the year as issuance of wealth management products declined, according to Moody’s Investors Service Source Bloomberg Read More 

Crackdown on Billionaires and Other Top Officials Shakes Up Saudi Arabia - Even by the standards of Crown Prince Mohammed bin Salman, whose meteoric ascent has put him on the cusp of the Saudi throne at the age of 32, the Saturday night crackdown was stunning. Source Bloomberg Read More 

China's Central Bank Chief Warns of ‘Sudden, Contagious and Hazardous’ Financial Risks - China’s financial system is becoming significantly more vulnerable due to high leverage, according to central bank governor Zhou Xiaochuan, who has made a series of blunt warnings in recent weeks about debt levels in the world’s second-largest economy. Source Bloomberg Read More 

The next Fed chair is not an economist. Does it matter? - Jerome Powell is Donald Trump’s pick to be the next Federal Reserve chair. If confirmed by the Senate, he will be the first non-economist to hold the job for nearly 40 years 1. Source Yahoo News Read More 

#ParadisePapers was a year-long cross-border investigation between ICIJ and its partners - Source ICIJ Read More 

Jeff Bezos Sells $1.1 Billion Amazon Shares With Stock at Record - Jeff Bezos sold a million Amazon.com Inc. shares this week for $1.1 billion, according to a U.S. securities filing on Friday. The sale represented 1.3 percent of his holding and leaves Bezos with a 16.4 percent stake in the retailer. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Saudi Arabia arrests one of tech's biggest investors - Saudi Arabia is in the midst of a crackdown on alleged corruption, and its dragnet has caught one of the tech world's most important investors Source Engadget Read More 

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