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Nigeria in 1min: Economic, Business and Financial Headlines – 100118


January 10, 2018 7:10 AM / Proshare News 


2018: Raising the Bar in Data Production, Data Quality and Statistical Advocacy – NBS - As yet another year rolls by, it is pertinent to reflect on how far we have come in raising the standard of data production in Nigeria, while increasing awareness about its usefulness for policy and business decision making. Source Proshare Read More 

A Poor Use of Limited Resources; Fuel Shortages Highlight Nigeria’s Failure to Refine Domestically - The fuel shortages highlight Nigeria’s failure to refine domestically the petroleum products it requires for its own consumption. Source Proshare Read More 

Solutions to Problems Associated with Nomadic Livestock Farming in Nigeria - Like so many of our economic and social problems in Nigeria, the challenges of nomadic livestock farming in Nigeria among other things are an infrastructure problem.  Source Proshare Read More 

Nigeria is the Largest Producer of Tomatoes in Sub-Saharan Africa and 13th in the World - With an annual output of 2.4milion tonnes, Nigeria is the largest producer of tomatoes in Sub Saharan Africa, and the 13th in the world. Notwithstanding, the industry faces challenges with distribution, storage and disease. Source Proshare Read More 

N100bn revenue shortfall: FG orders contractors to show TIN before payment - The Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs. Source Proshare Read More 

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The Casualty Effect of Sustained $68 per barrel on the Economy - On Tuesday 9th of January 2018, oil prices touched $68/barrel, sustaining its earlier upward trajectory. Establishing a 32% increase on a year-on-year basis, thus it provides us an opportunity to weigh in the possible effect of a $68/ barrel on the economy.  Source Proshare Read More 

World Bank predicts 2.5% growth for Nigeria in 2018 - The World Bank forecasts that Nigeria’s economic growth will edge up to at least 2.5 per cent this year, as the country benefits from improved commodity prices, investments and trade. Source THE NATION Read More 

Foreign portfolio inflows rise to $3.32b - Foreign portfolio inflows reached an all-time high of $3.32 billion during the third quarter of 2017, a report by FBN Capital, has shown. Source THE NATION Read More 

Nigeria spends 34% of revenue on debt servicing – DMO - Nigeria spends 34 per cent of its revenues on debt servicing, the Debt Management Office has said. Source Punch Read More 

2017 budget: Debts on federal roads hit N2.8tn - Liabilities on Federal Government’s road projects have hit N2.792tn, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, told the House of Representatives Committee on Works on Tuesday. Source Punch Read More 

Pension funds to book N1.1trn capital gains on bond rally - The adoption of the International Financial Reporting Standards (IFRS) by Nigerian Pension Fund Administrators may never come at a better time than now, experts say, as the recent bond rally helps PFAs to book some N1.1 trillion in capital gains. Source BUSINESSDAY Read More 

FG close to concluding $5.7bn deal to sell 10 NIPPs - Nigeria is on the verge of realizing some $5.74 billion from sale of its ten National Integrated Power Plants (NIPPs) as investors show keen interest to pick up 80 percent stake in the plants which the federal government has put up for sale. Source BUSINESSDAY Read More 

Bill Gates to Repay Nigeria’s $76m Polio Debt - Nigeria has authorised Bill and Melinda Gates Foundation to start the repayment of $76 million polio eradication loan to Japan. Source Thisday Read More 

InterContinental Group Threatens to Pull out of Nigeria - The InterContinental Hotels Group (IHG), the multinational hotels company headquartered in the United Kingdom, has threatened to pull out of Nigeria by January 18 over a breach of contract and huge debt owed it by the receiver/manager appointed by Skye Bank Plc. Source Thisday Read More 

PenCom Clears 20,529 Firms for FG Contracts Between 2012 and 2018 - The National Pension Commission (PenCom) issued compliance certificates to a total of 20,529 companies operating in Nigeria to bid for federal government contracts. Compliance certificates were issued from December 2012 January 3, 2018. Source Thisday Read More 

New Import Policy Raises Fear For Cargo Diversion - There are strong indications that cargoes and imports meant for Nigerian seaports may be diverted to neighbouring Benin Republic, Ghana and Togo if the federal government go on to implement its new import guidelines Source Leadership Read More 

INEC Releases Full Election Timetable, Parties Have Till Dec 3 to Produce Presidential Candidates   - The Independent National Electoral Commission (INEC) has finally issued detailed timetable of activities leading to the next general elections in 2019. Source Thisday Read More 

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FINRA Releases 2018 Regulatory And Exam Priorities - The Financial Industry Regulatory Authority (FINRA) yesterday released its 2018 Regulatory and Examination Priorities Letter, highlighting topics that FINRA will focus on in the coming year, including new and ongoing areas of focus. Source Proshare Read More 


Union Bank’s Rights Issue Records 120 percent Subscription Success - Union Bank of Nigeria Plc. (Union Bank), one of Nigeria’s long-standing and most respected financial institutions announced that the Bank successfully raised N49.7 billion through a Rights Issue which closed on October 30, 2017 with subscriptions recorded at 120%. Source Proshare Read More 

The First Public Issuance Of Belt and Road Panda Cooperate Bonds Launched By Shenzhen Stock Exchange - Recently, China Securities Regulatory Commission  granted permission to the public issuance of the Belt and Road Cooperate Bond of Puluosi Luohua China Overseas Holdings (Hong Kong) Co., Ltd. Source Proshare Read More 

Market Maintains Uptrend as NSEASI Firms Up by 1.29% to Close Above 40,000 Psychological Line - Equities market closed today on a positive note, as NSEASI appreciated by +1.29% to close at 40,362.97 basis points as against +2.38% appreciation recorded previously. Source Proshare Read More 

Implementation of New Par Value and Pricing Methodology Rules: Classification of Equities by Prices - Pursuant to the implementation of the approved amendments to the Pricing Methodology1 and Par Value Rules, as contained in Rules 15.29 and 15.30 respectively of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), (“the Rules”), this report which is based on market values of equities as at December 31, 2017. Source Proshare Read More 

Extract from Financials - DANGCEM Tops Companies by Turnover, PAT, Fixed Asset as well as Net Asset - Extracts from the latest financials of quoted companies based on Turnover, PAT, Fixed Assets and Net Assets help reveals below perspectives. Source Proshare Read More 

Bond yields drop 10bps on renewed offshore demand as CBN holds back on OMO - The Bond market resumed its bullish run in today’s session, due to renewed demand from some offshore buyers, especially on the 10– and 20-yr bonds. Average bond yields consequently declined by 10bps to 13.47%. Source Proshare Read More 

Banks borrow N404bn from CBN in six days - The Deposit Money Banks in the country borrowed the sum of N404bn from the Central Bank of Nigeria during the first six trading days of this year to cover their financial shortfalls, data on the CBN website have shown. Source Punch Read More 

Average T-bills yield settles at 14.64% - Bearish sentiments characterised the secondary market for Treasury bills on Tuesday, as the yield on all tenors advanced. Source Punch Read More 

Oil rises above $68, highest since May 2015 - Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low. Source Punch Read More 

Nigeria’s oil production hits 2.5mb/d - Nigeria’s  crude production now stands 1.8 million barrel per day without condensate, and 2.5million per day with condensate, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) , Dr. Maikanti Baru, has said. Source THE NATION Read More 

254 firms bid for Nigeria’s oil lifting contract - Around 254 companies have indicated interest to purchase and lift Nigerian crude oil grades for the period 2018/2019. Source Daily Trust Read More 

Nigeria’s rig count rises by one, as OPEC’s declines by four - NIGERIA’S rig count for the month of November, 2017, increased by one, as the country recorded 29 as against 28 recorded in the month of October of the same year. Source Vanguard Read More 

NNPC delivered 8,020mmscfd of gas to GENCOs in one year - AN average of 8, 020 Million Standard Cubic Feet Per Day (MMSCFD) of gas was delivered to power plants by the Nigerian National Petroleum Corporation, NNPC, between October, 2016 and October, 2017. Source Vanguard Read More 

Liquidity crisis: DisCos owe N6.4bn for November supply - The 11 electricity Distribution Companies (DisCos) paid N3.3 billion of the N9.7bn invoice for service provider charges issued for November, the Market Operator (MO), a section of the Transmission Company of Nigeria (TCN), has said.  Source Daily Trust Read More 

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eTranzact International Plc Announces the Resignation of Mr. Felix Ohiwerei from its Board - eTranzact International PLC ("The Company") wishes to inform its esteemed Shareholders, stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public that Mr. Felix Ohiwerei has notified the Company of his decision to resign from the Board. Source Proshare Read More 

CBN Disowns Fake Emefiele Twitter Handles - The attention of the Central Bank of Nigeria (CBN) has been drawn to the existence of several twitter handles purportedly owned by the Governor, Mr. Godwin Emefiele. Source Proshare Read More 

With a net worth of more than $105 billion, Jeff Bezos is now the richest person in history - The Amazon CEO's net worth reached $105.1 billion Monday, according to Bloomberg's billionaire tracker. That eclipses the record previously held by Microsoft founder Bill Gates. Source CNN Read More 

Here’s a big bitcoin problem I just discovered - I bought a fraction of a bitcoin in October, and my little investment has appreciated about 150% since then. But if I want to cash out, I might have a problem — because apparently it’s not so easy to sell. Source YAHOO Read More 

Algeria bans imports of cell phones, veg and other goods to curb trade deficit - Algeria has temporarily banned the import of 900 products including cell phones, household appliances and vegetables in a bid to cut a ballooning import bill following a fall in energy earnings, according to an official document seen by Reuters. Source Reuters Read More 

Gundlach Says S&P 500 Will Have Negative Return for 2018 - Jeffrey Gundlach, the billionaire bond manager, says the S&P 500 Index will end the year with a negative return and is dubious of the long-term value of bitcoin. Source Bloomberg Read More 

Aramco Is Said to Seek $2 Billion From Japan's Export Agency - Saudi Arabian Oil Co. is seeking a $2 billion loan from Japan’s export-credit agency, three people with knowledge of the matter said, as competition for a role in potentially the world’s largest initial share offering heats up. Source Bloomberg Read More 

Bitcoin's 43% Arbitrage Trade Is a Lot Tougher Than It Looks - It’s the kind of market anomaly that savvy traders usually devour in fractions of a second: bitcoin prices in South Korea are 43 percent higher than those in the U.S. Source Bloomberg Read More 

Dollar extends losses vs yen after BOJ tapering talk - The dollar extended losses against the yen on Wednesday after the Bank of Japan’s move to trim Japanese government bond (JGB) purchases in the previous session triggered speculation that it could begin tapering its massive, ultra-easy monetary stimulus. Source Reuters Read More 

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Securities Commission Malaysia Issues Cease And Desist Order To CopyCash Foundation - The Securities Commission Malaysia (SC) has directed CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO) on 10 January 2018 in Malaysia. Source Proshare Read More 

Internet users hit 94.8m mark in November –NCC - The number of internet users increased marginally to 94 .8 million in November, the Nigerian Communications Commission (NCC), has said. The NCC made this disclosure in its Monthly Internet Subscribers Data for November 2017 published on its website on Tuesday in Abuja. Source THE SUN Read More 


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