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Nigeria in 1min: Economic, Business and Financial Headlines – 090418

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Monday, April 09, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 090418 - According to the Central Bank of Nigeria’s economic bulletin the Company Income Taxes at the end of Q4 2017 stood at N295.6 billion, reflective of a 45.24% dip when compared to the previous quarter.  Source Proshare Read More 

NBA launches $300m AfDB fund for Niger Basin - The Niger Basin Authority (NBA) has launched a 300-million-dollar fund with the African Development Bank (AfDB) for technical and environmental studies to protect the basin from the consequences of climate change. Source Guardian Read More 

Chinese, European investors to invest $450m in industrial park - SOME foreigners are planning to invest $450million in the Tomaro Industrial Park in Lagos, The Nation learnt at the weekend. Source THE NATION Read More 

CBN, banks plan fresh N60bn disbursement to boost economy - The Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) may be fine-tuning plans to disburse N60 billion, being 5 per cent of their profit to buoy various developmental initiatives of the Federal Government. Source THE SUN Read More 

NPA generated $62m in 2017, says management - Nigerian Ports Authority (NPA), Rivers Port Complex, has said it generated $62.3 million and N1.2 billion in 2017, compared to $57.6 million and N772.4 million it recorded in 2016. Source THE SUN Read More 

$1.4trillion lost to illicit financial outflows from Africa in 30 years - Indications are that African countries may have lost over $1.4trillion to illicit financial flows (IFFs) in the last three decades. Source THE NATION Read More 

KWHA approves N4bn loan for LG salary, pension arrears - The Kwara State House of Assembly has authorised the state government to access a N4 billion loan facility to settle the outstanding salaries and pension of staff of the 16 local government councils in the state. Source Daily Trust Read More 

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PROSHARE MARKETS

Why These Listed Companies Have Delayed Filing Results As At March 31, 2018 - Quoted companies listed on the floor of the Nigerian Stock Exchange are expected to the file their audited financial statement after 90 days at the end of every financial calendar. However, a few have filed for delay in submitting their FY 2017 financial statements to the NSE. Source Proshare Read More 

Corporate Earnings for the Week Ending 060418 – DANGFLOUR Declares N15.13bn PAT in 2017 Audited Result - During the week ending April 06, 2018, fifteen (15) quoted firms declared their results. Source Proshare Read More 

Nigeria's FCMB sees flat loan growth, eyes UK retail licence: CEO - Nigerian mid-tier lender FCMB expects loan growth to be flat this year after it rose 5.4 percent last year as oil companies pay down debt, its chief executive said on Friday. Source Reuters Read More 

$46.7b foreign reserves keep naira stable - The naira remains stable at the official and parallel markets, with the foreign exchange (forex) reserves standing at $46.7billion, a report by Exotic Capital, an investment and research firm, has said. Source THE NATION Read More 

UBA’s Loans to Agriculture, Power Sectors Hit N265 Billion - Whereas most commercial banks shy away from lending to the agriculture sector, Pan-African banking group, United Bank for Africa (UBA) Plc has granted as much as N85billion loans to the sector. Also, lending to the power sector Source Thisday Read More 

NNPC completes group financial audit for five years - The Nigerian National Petroleum Corporation on Sunday announced the completion of the outstanding audit of its group financial statements from 2011 to 2016. Source Punch Read More 

Shares, banking, others attracted $47.45bn forex in 4yrs - Shares, financing and banking were the three top economic activities that attracted the bulk of the $47.45 billion foreign exchange inflow to Nigeria in the last four years. Source Daily Trust Read More 

Oilserv signs 200km Lot 1 AKK gas transmission contract with NNPC - Indigenous Engineering, Procurement and Construction (EPC) Company, Oilserv Limited, has sealed a two-year contract with the Nigerian National Petroleum Corporation (NNPC) for the Ajaokuta Kaduna Kano (AKK) gas pipeline project after a rigorous bidding process. Source THE SUN Read More 

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PROSHARE BUSINESS

CIBN holds 2018 AGM, elects Dr Uche Olowu as 20th President - The Chartered Institute of Bankers of Nigeria on Saturday April 7th, 2018 held its 2018 Annual General Meeting in Lagos, where it announced the election of new executives and reviewed the 2017 financial and operational reports. Source Proshare Read More 

Motorists laud Dangote over Obajana-Kabba concrete road project - Motorists and commuters travelling from the north to the south and vice versa, have commended the Dangote Group for the quality of work done so far on the 44 km Obajana-Kabba road which is adjudged to be the longest concrete road projects in the country.Source Proshare Read More 

JP Morgan says it knew ex-minister linked to firm in Nigeria oilfield deal - JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters. Source Reuters Read More 

Zambian economy to grow more than 4 pct this year, finmin says - Zambia’s economy is expected to grow by more than 4 percent this year helped by the mining, agriculture and construction sectors, Finance Minister Margaret Mwanakatwe said. Source Reuters Read More 

Cyberattack ‘Wake-Up Call’ Puts Pipeline Industry in Hot Seat - A cyberattack that U.S. natural gas pipeline owners weren’t required to report has lawmakers taking a closer look at how the industry is handling such threats, raising the prospect of tighter regulation. Source Bloomberg Read More 

Saudi Arabia's Rating Affirmed by S&P  - Saudi Arabia’s credit rating was affirmed by S&P Global Ratings as its heir to the throne, Crown Prince Mohammed bin Salman, is on a three-week tour of the U.S. in search of deals that would diversify his country’s oil-dependent economy. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Nigeria’s ICT market loses billions as foreign firms control 80% share - Despite the enormous growth and influence Nigeria’s Information and Communications Technology (ICT) sector has recorded in the last 20 years, activities of local firms remain low, making foreign firms to continue to dominate. Source Guardian Read More 

South Africa’s Central Bank To Establish Self-Regulatory Body To Oversee Crypto Industry -  The South African Reserve Bank (SARB) is establishing a self-regulatory organization to control cryptocurrency and fintech developments in the country, the news outlet Finextra reported April 4th, 2018. Source Proshare Read More 

Eurojust - Council Of Europe: Joint Conference On Judicial Cooperation In Cybercrime Matters - To cope with the ever-increasing number and complexity of cybercrime cases, enhanced international judicial cooperation is required. Source Proshare Read More 

Facebook Suspends Data Firm Cubeyou in Wake of Privacy Scandal - Facebook Inc. suspended another data firm after allegations surfaced that it may have improperly handled users’ information. Source Bloomberg Read More

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