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Nigeria in 1min: Economic, Business and Financial Headlines – 070318

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March 7, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017 - The Nigerian Ports Statistics 2012 – 2017 reflected that ship traffic at the Nigerian ports recorded a total of 4,175 ocean going vessels with 131,569,821 gross registered tonnage in 2017 as against 4,622 ocean going vessels with 134,2,13,076 gross registered tonnage in 2016. Source Proshare Read More 

VAIDS: We have data on Nigerians with hidden assets — Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, yesterday,   declared that   the Voluntary Assets and Income Declaration Scheme (VAIDS) has given the   Federal Government access to   data of Nigerians with hidden assets both at home and abroad. Source Vanguard Read More

Africa: A Continent Without Democrats - The second wave of democratization in Africa, beginning in the 80s, and the gradual establishment of democracy as the new normal in the continent brought much hope and excitement. Source Proshare Read More 

FG Uncovers 130,000 High Profile Tax Defaulters - The federal government hinted yesterday that it has identified a new batch of over 130,000 high net worth individuals and companies with potential tax underpayments. Source Vanguard Read More 

FG advocates tax hike on tobacco, alcohol to fund healthcare - Minister of Health, Prof Isaac Adewole, yesterday, canvassed for increased consumption taxes on harmful products like alcohol and tobacco, saying the monies realised could be used for funding healthcare in the country. Source THE SUN Read More 

Nigeria is The World’s Third Largest Producer of Gum-Arabic - Nigeria is the world’s third largest producer of gum-arabic, with annual output estimated at 22,000 tonnes. Notwithstanding, the country’s production does not reflect its potential. Source Proshare Read More 

Nigeria’s annual freight cost rises to $6bn - Nigeria‘s total freight cost has been put  at between $5 billion and $6 billion annually as maritime oil and gas dropped to  $8 billion. Source THE SUN Read More 

Anambra to Produce 600,000 Metric Tons of Rice this Year - Anambra State governor, Chief Willie Obiano has said that the state’s rice production is set to hit 600,000 metric tons of rice this year. Source Thisday Read More 

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Bagudu Appeals for Increased Funding of Anchor Borrowers’ Programme - The Kebbi State Governor, Atiku Abubakar Bagudu has appealed for increased public funding of agriculture and greater lending to farmers for the nation to achieve food sufficiency. Source Thisday Read More 

N360bn worth of gemstone smuggled out of Nigeria yearly- Oluyede - About N360 billion ($1 billion) worth of gemstone is smuggled out of Nigeria illegally depriving the country of the foreign exchange she would have derived if the commodity was exported through the legal export channel. Source Daily Trust Read More 

PROSHARE REGULATORS

Temporary Engagement of Pre-shipment Inspection Agents (PIAs) for Non-oil Exports - This is to inform all Authorised Dealers, the Nigerian Customs Service, Terminal Operators and the general public that the Honourable Minister of Finance has approved the appointment of PIAs listed below on a TEMPORARY BASIS. Source Proshare Read More 

Finally, SEC asks Delloite to commence forensic audit of Oando Plc - The Securities and Exchange Commission (SEC) has asked Deloitte toproceed with the long-awaited forensic audit of Oando Plc after the regulator was being accused of delaying the process. Source BUSINESSDAY Read More 

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PROSHARE MARKETS

Stock Market Extends Gaining Streak by 0.22% as Market Breadth Closes Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.22% to close at  43,609.77 basis points as against +1.49% appreciation recorded previously. Source Proshare Read More 

Interest Rates Beyond the Market - One stark conclusion from today’s chart is that term depositors are poorly rewarded when we adjust their rates for inflation. Source Proshare Read More 

Stock Market Closes Lower in February 2018; FMDQ Admits 7-Year FGN Roads Sukuk to its Platform - Nigerian Equities Market closed the month of February 2018 slightly lower as NSEASI dipped by -2.28% as against +15.95% uptrend recorded in the month of January 2018. Market YTD return stands at +13.30% at the end of the month under review. Source Proshare Read More 

Pioneer “Power Bond” Listed on FMDQ by Viathan, to Fund Infrastructure Development in Nigeria - Infrastructure development in the nation is taking progressive steps in the right direction, as another corporate, Viathan Funding PLC, taps the debt capital markets (DCM) for funding targeted at this development. Source Proshare Read More 

CBN Boosts Forex Market With $210m - The Central Bank of Nigeria (CBN) on Tuesday, March 6, 2018 gave a boost of $210 million to the interbank foreign exchange market. Source Proshare Read More 

‘Only 43% of Nigerians are banked’ - Only about 43 per cent of Nigeria’s estimated 180 million people are currently banked. Source Guardian Read More 

NEXIM Bank Earmarks N12bn to Revive Businesses in Northeast - The Nigerian Export-Import (NEXIM) Bank has set aside N12 billion to resuscitate moribund industries in the Northeast so as to revive age-long trade between the sub-region and Central and East African countries. Source Thisday Read More 

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UACN lists 960.4m rights shares - UAC of Nigeria (UACN) Plc at the weekend listed a total of 960.43 million ordinary shares of 50 kobo each, adding about N16.4 billion to the market capitalisation of the conglomerate. The supplementary shares resulted from the recent rights issue of UACN, which was fully subscribed. Source THE NATION Read More 

N650bn debt: DAPPMAN calls off 14-day ultimatum - The Depot and Petroleum Products Marketers Association of Nigeria ( DAPPMAN ) has called off its 14-day ultimatum earlier given to the Federal Government over N650 billion debt owed its members. Source THE NATION Read More 

NNPC nets $476.25m from crude, gas sales  - The Nigerian National Petroleum Corporation (NNPC) said it recorded total export receipts of $476.25 million in December, 2017, from sale of crude oil and gas as against $201.11 million in November, 2017. Source THE SUN Read More 

Nigeria can’t regain lost US oil export market –Kachikwu - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigeria has forever lost the United States as a significant crude export market. Source Punch Read More 

GenCos Demand Payment Of N1trn For Power Generated - Power Generation Companies in Nigeria (GENCOs) have filed a lawsuit against the federal government and some of its agents accusing the government of consistently defaulting in the payment of all electricity generated and sent to the national grid. Source Vanguard Read More 

Power firms sue FG over alleged discriminatory practices - Power generation companies in the country have dragged the Federal Government before the Federal High Court in Abuja over what they termed discriminatory practices against their interest and that of their gas suppliers. Source Punch Read More 

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PROSHARE BUSINESS

Governor Akinwunmi Ambode On Land Use Charge  - Source LTV Read More 

Questions raised over insertion of Alpha Beta into Lagos Land Use Act - Amid a brutal backlash from Lagos residents over a four hundred fold increase in land use charges in Nigeria’s commercial city, fresh questions are now being raised over the private company- Alpha Beta Source LTV Read More 

Nigerian man elected as first black senator in Italy - An Italian man of Nigerian origin, who is the chief immigration spokesman for the far-right League party, has been elected as the country’s first black senator. Source Vanguard Read More 

South African Q4 GDP grows above forecasts as rating decision nears - South Africa’s economy grew more than expected at the end of last year as agriculture and trade recovered, data showed on Tuesday, boosting its chances of avoiding a potentially debilitating credit ratings downgrade. Source Reuters Read More 

Oil prices fall as Trump adviser's exit stokes trade war fears - Oil prices fell on Wednesday, pulled down by weaker stock markets after a key advocate for free trade in the U.S. government resigned, stoking concerns Washington will go ahead with import tariffs and risk a trade war. Source Reuters Read More 

Ghana 2018 GDP growth seen at 8.3 pct vs 6.8 pct budget target - Ghana’s economy is expected to grow 8.3 percent in 2018, higher than the 6.8 percent estimated in the government’s budget, President Nana Akufo-Addo said on Tuesday. Source Reuters Read More 

Ghana Becomes AFC’s Sovereign Shareholder - Ghana has marked its 7th anniversary as a member state of Africa Finance Corporation (AFC) by becoming a sovereign shareholder in the corporation, making an initial equity investment of US$10 million. Source Thisday Read More 

Rwanda's economy to grow 6.5 percent in 2018: central bank - Good climate conditions are expected to help Rwanda’s economy grow 6.5 percent this year, up from a projected 5.2 percent last year, the central bank governor said on Tuesday. Source Reuters Read More 

Kenya Airways looks upmarket for financial salvation - When Sebastian Mikosz took over as CEO of loss-making Kenya Airways last June, he immediately shut its outlet in Nairobi’s downmarket Accra Road, which served thousands of small traders who fly to the Far East to buy cheap goods in bulk. Reuters Read More 

IMF says confident Ghana will meet April review requirements - The International Monetary Fund is confident Ghana will implement outstanding measures needed for a successful review of its $918 million aid programme next month, the Fund’s Ghana chief said on Monday. Source Reuters Read More 

Saudi Aramco Says Fears of ‘Peak Oil Demand’ Are Overblown - Saudi Arabia’s oil company isn’t afraid of electric vehicles. Source Bloomberg Read More 

U.S. Futures Drop as Cohn Resigns; Yen, Bonds Gain - U.S. stock futures declined and Asian equities put in a mixed performance following the resignation of White House economic adviser Gary Cohn. The yen and Treasuries climbed as global trade-war concerns intensified. Source Bloomberg Read More 

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PROSHARE FINANCE

Developed SF Markets a Better Fit for Asset-Backed Sukuk - Established structured finance (SF) markets are likely to be more supportive of the development of asset-backed sukuk than the largest Islamic finance markets, Fitch Ratings says. Source Proshare Read More 

PROSHARE TECHNOLOGY

BlackBerry Sues Facebook for Patent Infringement Over Messaging - BlackBerry Ltd. is suing Facebook Inc. for patent infringement, claiming the social media giant uses technology invented by the former smartphone maker in Facebook’s massively popular messaging applications. Source Bloomberg Read More 

Coinbase is launching its own cryptocurrency index fund - When you’re the runaway leader in a growing industry, you typically have two opinions: A) Stay in your lane and let other companies pop up to solve the industry’s problems, or B) Try to offer as many products as possible and own the entire customer experience from A-Z (no Amazon pun intended). Source Tech Crunch Read More 

PROSHARE MSME

BoI disburses N362m to 75 MSMEs in Benue - The Bank of Industry (BoI) has presented N362 million cheque to the first batch of beneficiaries of the N2billion-Micro Small and Medium Enterprises (MSMEs) development fund in Benue State. It has also granted N1.5billion direct funding to 28 businesses. Source THE NATION Read More 

Lagos grants N4.9bn loans to 5,800 SMEs - Not less than 5,800 businesses have received approximately N4.9bn from the Lagos State Employment Trust Fund. Source Punch Read More 

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