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Nigeria in 1min: Economic, Business and Financial Headlines – 081117

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November 8, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

2018 Budget of Consolidation Presentation Speech by President Muhammadu Buhari - I am here to present 2018 Budget Proposals. Before presenting the Budget, let me thank all of you Distinguished and Honourable Members of the National Assembly, and indeed all Nigerians, for your support and prayers for my full recovery while I was on medical vacation. Source Proshare Read More 

Nigeria Seeks to Narrow Budget Gap With Rise in Non-Oil Revenue - Nigerian President Muhammadu Buhari projects the nation’s budget shortfall will narrow next year as revenue from non-oil sources increases. Source Bloomberg Read More 

FG Introduces Infrastructure Tax Credit Scheme through Road Trust Fund - The Federal Executive Council at its meeting on Thursday, 26 October 2017, approved the establishment of Road Trust Fund (RTF or the Scheme).  Source Proshare Read More 

Remarks of Senate President Dr Bukola Saraki at the 2018 Budget Presentation by President Buhari - Mr. President, on behalf of my colleagues, Distinguished Senators of the Federal Republic of Nigeria and Honourable Members of the House of Representatives, I welcome you and members of your Executive team to this joint session of the National Assembly. Source Proshare Read More 

Moody’s downgrades Nigeria’s sovereign issuer rating to B2 with a stable outlook - Moody’s Investors Service has downgraded Nigeria’s long-term issuer and senior unsecured debt rating to B2 from B1 and the senior unsecured MTN program rating and the provisional senior unsecured debt rating to (P)B2 from (P)B1. Source BUSINESSDAY Read More 

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FG’ll prosecute tax defaulters who shun VAIDS – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would prosecute tax defaulters who fail to take advantage of the nine-month amnesty period offered under the Voluntary Assets and Income Declaration Scheme. Source Punch Read More 

FG okays 13-year technology road map for Nigeria - The Minister of Science and Technology, Dr. Ogbonnaya Onu, has said the Federal Government has approved a 13-year National Science, Technology and Innovation Road Map to transform Nigeria from a resource-based to a knowledge-based economy. Source Punch Read More 

Adeosun: Offshore Tax Havens, Avoidance Schemes Not Illegal - As revelations from the Paradise Papers continue to make waves globally, the Minister of Finance, Mrs. Kemi Adeosun, has clarified that offshore tax havens are not illegal insofar as Nigerian taxpayers using such shelters have paid the applicable taxes locally before the transfer of funds or assets to the tax shelters. Source Thisday Read More 

FG to Launch First African Sovereign Green Bond in December - President Muhammadu Buhari has said the Federal Government will launch the first African Sovereign Green Bond in December 2017, to finance renewable energy projects. Source Thisday Read More 

FG saves N24.7bn monthly through TSA, IPPS, BVN - PRESIDENT Muhammadu  Buhari, yesterday, said the federal government is saving the country N24.7 billion every month through the implementation of the Single Treasury Account (TSA) policy, the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN) Source Vanguard Read More 

Insurance firms yet to return Fed Govt’s N25b pension fund, says PTAD  - Over N25 billion of  pension funds from the Defined Benefit Scheme (DBS) is still being owed by some insurance firms, the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mrs Sharon Ikeazor, has said. Source THE NATION Read More 

Nigeria’s rising debt profile worrisome, says Moghalu - Former CentralBank of Nigeria (CBN) Deputy Governor, in charge of Financial System Stability, Prof. Kingsley Moghalu, has described Nigeria’s rising debt burden as worrisome. Source THE NATION Read More 

N143bn lost to tax evasion by telcos – Reps panel - Telecommunications companies operating in Nigeria have evaded tax to the tune of N143 billion in several years, a House of Representatives ad hoc panel has said. Source Daily Trust Read More 

CITC Leadership Centre, holds maiden Special Masterclass in Lagos - CITC Leadership Centre, a private initiative and strategic platform designed to reposition leadership in Nigeria, for global impact hosted its maiden edition of the “Leadership MasterClass” session at the Renaissance Hotel, Ikeja GRA, Lagos. Source Proshare Read More 

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PROSHARE REGULATORS

CBN boosts forex supply with $195m - The Central Bank of Nigeria has intervened in the inter-bank foreign exchange market with the injection of another $195m. Source Punch Read More 

NIBSS Clears N4.09trn Cheques In 9 Months - The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that estimated N4.09 trillion total value of cheques were cleared between January and September 2017. Source Leadership Read More 

PROSHARE MARKETS

Stock Market Resumes Uptrend as NSEASI Closes Above 37,000bpts - Equities market closed today on a positive note, as NSE ASI appreciated by +0.22% to close at 37,013.57 basis points as against -0.02% depreciation recorded previously. Source Proshare Read More 

Bond Market turns Bearish as Offshore Investors Take Profit - The bond market turned bearish today, due to some sell by offshore clients on the long end of the curve (2027 - 2037 maturities). Source Proshare Read More 

FGN Savings Bond for November 2017 Opens - We are pleased to present to you a unique investment opportunity in the Federal Government of Nigeria Savings Bond (FGNSB).  Source Proshare Read More 

GTI Top-5 Weekly Stock Picks -061117 - The Nigerian equity market posted a positive performance in the week under review to reverse previous two weeks bearish run. Source Proshare Read More 

DMO: USD5.5 Billion Proposed External Capital Raising - The plans of the Federal Government of Nigeria to source USD5.5 billion funds from the International Financial Markets comprises of two components: USD2.5 billion new borrowing and USD3 billion for refinancing of existing Domestic Debt. Source Proshare Read More 

Nestle Nigeria Plc: Steady Earnings Momentum, Committed To Profit Stability - Still strongly supported by higher pricing and modest volume recovery, NESTLE reported a 43% y/y growth in revenue for the 9M’17 period, with top line (₦185 billion) largely in line with our estimate. Source Proshare Read More 

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Seplat Petroleum Development Company Plc - Revision to Forecast - Our deductions from Seplat Petroleum Development Company Plc. (Seplat’s) latest financial report as well as recent discussions with management underpins our view on the stock’s capacity to close the valuation gap vis-à-vis peers. Source Proshare Read More 

Global Spectrum Energy Services to list N4b shares on NSE - Global Spectrum Energy Services Plc, an indigenous oil and gas services company, has received regulatory approval to list its shares on the Nigerian Stock Exchange (NSE), paving the way for investors in the company to trade their shares on the secondary market. Source THE NATION Read More 

Dufil Prima Foods lists N10bn bond on FMDQ - Dufil Prima Foods Plc, following the approval granted by the FMDQ Board Listings, Markets and Technology Committee, on Tuesday listed the Dufil Prima Foods N10bn Series 1 Fixed Rate Bond under its N40bn Bond Issuance Programme (the Dufil Prima Bond) on the OTC Exchange. Source Punch Read More 

Banks to Adopt Basel IV Regulation from 2019 - Banks in Africa, Nigeria banks inclusive, will from January 2019 be expected to adopt the Basel IV regulation, which is expected to place them at par with other global operators. Source Thisday Read More 

Only 24% of Nigerians have BVN, says EFInA report - The Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation, has said that only 24 per cent of Nigerians have Bank Verification Number (BVN). The figure is contained in the Access to Finance 2016 Survey Data meant to promote the role of government in driving financial inclusion in Nigeria. Source THE NATION Read More 

There won’t be fuel queues in December – NNPC - The country will not experience fuel queues this end of year festive season, the Nigerian National Petroleum Corporation has assured the citizens. Source Punch Read More 

Bonga Oil Spill Victims Slam $3.6bn Suit Against Shell in the UK - Oil spill victims under the aegis of Oil Spill Victims Vanguard (OSPIVV) have initiated a lawsuit in the United Kingdom against Shell Nigeria Exploration and Production Company (SNEPCO), a subsidiary of the Royal-Dutch Shell Plc., over alleged $3, 600,191, 206 compensation to 168,000 persons and 350 communities affected by the December 20, 2011 spill from its Bonga Oil Field in Delta State. Source Thisday Read More 

Lagos Midstream Jetty To Save N43bn Annually - ASPM Limited, a subsidiary of OVH Energy Limited, has achieved a ground-breaking milestone as it launched its Lagos Midstream Jetty (LMJ) located at the Lagos Apapa Harbour. Source Thisday Read More 

OPEC Fights Back—and This Time, It’s Driving Oil Prices Up - OPEC’s finally getting some credibility back behind its swagger, ahead of the oil group’s meeting later this month in Vienna. Source Bloomberg Read More 

Oil remains relevant, demand to rise by 35% - OPEC - Despite the threat posed by electric vehicles (EV) and targets set by countries to halt petrol-fueled cars, oil will still remain a fuel of choice at least for the foreseeable future, the Organisation of Petroleum Exporting Countries (OPEC) said yesterday. Source Daily Trust Read More 

Nigeria records highest oil production since 2016 –Data - For the first time in the last one year, crude oil and condensate production in Nigeria reached its highest level of 62.46 million barrels in July 2017, latest data from the Nigeria National Petroleum Corporation (NNPC) has shown. Source Daily Trust Read More 

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PROSHARE BUSINESS

Lagos Trade Fair: FirstBank set to Fete Customers with Bouquet of Products Offerings - First Bank of Nigeria Limited has announced its participation at the 2017 Lagos International Trade Fair, scheduled for November 3 – 12, 2017 at the Tafawa Balewa Square, Lagos. Source Proshare Read More

Nigeria gains Momentum on Ease of Doing Business - The World Bank Group (World Bank) on Tuesday, 31 October 2017, published its 2018 Doing Business Report (the Report) in which Nigeria is now ranked 145th among 190 economies on the ease of doing business index. Source Proshare Read More

The latest Business Competitiveness Ranking: How close is Nigeria to the Promised Land? - It is heartwarming to read the latest doing business report of the World Bank and Nigeria’s giant leap to 145th among 190 economies on the ease of doing business. Source Proshare Read More 

Finland's Nokia joins Vodacom to trial 5G technology in South Africa - Finnish network equipment maker Nokia will trial its 5G technology in South Africa in collaboration with Vodacom Group, the firms said on Tuesday, as they seek to provide faster data delivery Source Reuters Read More 

World Bank cuts Tanzania's 2017 growth forecast to 6.6 pct - The World Bank has cut Tanzania’s economic growth forecast for this year to 6.6 percent from the government’s 7.1 percent estimate, citing policy uncertainty and sluggish private sector activity. Source Reuters Read More 

China Exports Hold Up as International Demand Remains Resilient - China’s overseas shipments held up, underpinned by robust global demand, while buoyant imports showed the continued strength of the domestic economy. Source Bloomberg Read More 

Saudi Arabia Says Only Private Accounts Suspended in Crackdown - Saudi Arabia said it has only frozen the bank accounts of individuals and not those of the companies they own or manage, as the kingdom seeks to ease tension among global investors over a crackdown that’s seen princes and billionaires arrested. Source Bloomberg Read More 

IBM Touts Blockchain to Track Pot Industry From ‘Seed to Sale’ - IBM Corp., one of the bluest of U.S. blue-chip companies, is touting blockchain as the supply-management tool of choice for an unusual industry -- cannabis. Source Bloomberg Read More 

Singapore Is Coaxing Competing Banks to Collaborate on Fintech - Banks in Singapore that are used to competing against one another are finding ways to collaborate in the fintech space -- under the encouragement of the Monetary Authority of Singapore. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

FG plans 18,000km of fibre optic - The federal government has planned to install 18,000 kilometre of fibre optic for broad band penetration in the next 12 months. Source Daily Trust Read More 

Huawei: 76% of Africans unconnected - The President, Southern African Region, Huawei Technologies, Mr Li Peng, has lamented that 76 per cent of people in Africa still do not have access to information communication technology (ICT) tools. Source THE NATION Read More 

Snapchat share price craters on weak revenue and user growth in Q3 2017 - Snap’s losing streak continued with today’s Q3 2017 earnings report that saw it miss financial expectations and add just 4.5 million users. Snap earned $207.9 million in revenue with a loss of $0.14 per share, compared to expectations of a $237 million in revenue and a loss of $0.15 EPS. Source TECH CRUCH Read More 

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PROSHARE MSME

Project Financing From Commercial Sources – Part 1 - This article describes the various Project Financing from Commercial Sources in Local and International Lenders. Source Proshare Read More 

NCDMB releases N61.18bn local content fund to BoI - A total sum of $200m (N61.18bn at the official exchange rate of N305.9 to a dollar) has been released to the Bank of Industry as intervention fund for indigenous oil and gas service providers, the Nigerian Content Development and Monitoring Board announced on Tuesday. Source Punch Read More 

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