Nigeria in 1min: Economic, Business and Financial Headlines – 100418

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Tuesday, April 10, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

Role of the National Tax Policy in Evolving a Robust Tax System - Tax Systems useful instruments in the hands of governments all over the world in achieving a variety of objectives (Musgrave and Musgrave, (1989). Source Proshare Read More 

President Buhari To Run Again In 2019 - President Muhammadu Buhari, on Monday, is reported to have told the National Executive Committee of the All Progressives Congress (APC) that he will be seeking the party nomination to fly the party flag in the 2019 presidential election. Source Proshare Read More 

AfDB approves $50m for Commerzbank to address trade finance - The Board of Directors, African Development Bank (AfDB) has approved $50 million unfunded Risk Participation Agreement for Commerzbank to address Africa’s trade finance market. Source THE SUN Read More 

CBN, NEXIM vote N500b for local manufacturers, others - To boost non-oil exports, the Central Bank of Nigeria (CBN) and the Nigeria Export-Import Bank (NEXIM) will provide N500 billion for local manufacturers, CBN Governor Godwin Emefiele said yesterday. Source THE NATION Read More 

BOA, SunTrust Bank seal MoU on agric banking - As part of efforts at revitalising agriculture as alternative mainstay of the economy, the Bank of Agriculture (BoA) and SunTrust Bank, Monday in Abuja, sealed an e-banking agreement described by the Minister of Agriculture, Audu Ogbe, as instrumental to the development of agricultural sector in Nigeria. Source THE SUN Read More 

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PROSHARE MARKETS

NSEASI Extends Losing Streak; Sheds -1.01% to Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.01% to close at  40,429.18 basis points as against -0.08% depreciation recorded previously. Source Proshare Read More 

Lafarge Africa Reports a Pretax Loss of N35.1bn in Q4’17 Results; Driven by a Negative Gross Margin - Lafarge Africa’s (Lafarge) Q4 2017 results which were published over the weekend showed that the company reported a pre-tax loss of -N35.1bn compared with a PBT of N17.5bn in Q4 2016. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week 090418 - The local equities market in the previous week extended the 3-week consecutive downtrend as the All Share Index declined 1.6% W-o-W to 40,841.14 points while YTD returns moderated to 6.8%. Source Proshare Read More 

Asoko's Series A Beats Target By 20%, Q1''s Review Of Private Equity Exits And Fund Raises - Here's the latest weekly wrap of the most interesting Africa-related private equity, infrastructure and venture capital deal stories, market opinion articles and information pieces. Source Proshare Read More            

LAFARGE 2017FY Ends With a Disappointing Q4, and Broadly, H2 Performance - LAFARGE published disappointing Q4-17 and 2017FY results over the weekend. A loss after tax of NGN34.6 billion was reported for the full year, resulting from a disappointing H2 wherein losses of NGN35.5 billion and NGN18.8 billion were respectively recorded in Q4 and Q3.  Source Proshare Read More 

Cordros Weekly Stock Recommendation- 090418 - The shares of CADBURY depreciated by 3.97% last week to N14.50. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

Access Bank unveils USSD code to obtain loans - Access Bank Plc has launched a special USSD code to provide quicker and instant access to loans for its customers. Source Vanguard Read More 

Shell paid N1.5trn to FG in 2017 - Royal Dutch Shell paid a total of $4,322,742,582 (about N1.5 trillion) to the Federal Government in 2017, according to its annual payments report. Source Vanguard Read More 

Crude oil theft rose 50% in 2017 – Shell - IN a report indicating a worsened operational environment in Nigeria’s upstream oil sector, Royal Dutch Shell Plc, the parent company of Shell Company in Nigeria, said crude oil theft from its pipeline networks in Nigeria rose by 50 percent to 9,000 barrels of oil a day (b/d) in 2017, from about 6,000b/d in 2016. Source Vanguard Read More 

Shell’s divestments hit $22.3b in two years - Royal Dutch Shell said it has completed divestments worth around $22.3 billion over the period 2016-2017 out of its three-year (2016-2018) $30 billion divestment programme. Source THE NATION Read More 

TSA forced NNPC to close over 2000 bank accounts - official - The introduction of the Treasury Single Account (TSA) in August 2015 reduced the number of accounts managed by the Nigerian National Petroleum Corporation (NNPC) from over 2000 to a little under 200, the corporation’s chief financial officer (CFO) said. Source Daily Trust Read More 

NNPC Restores Normal Supply of Petrol at Cost of N1.4tn - Exactly six months after the Nigerian National Petroleum Corporation (NNPC) assumed the sole importer of petrol in October 2017 and struggled to meet the country’s need, the corporation has finally normalised the supply of the product, with depot owners now selling at official ex-depot price, THISDAY’s investigation has revealed. Source Thisday Read More 

NNPC Begins Integrity Test on 5000km Pipeline Network - The Nigerian National Petroleum Corporation (NNPC) has stated that it will embark on a comprehensive audit of the over 5, 000 kilometres of its petroleum products and crude oil pipelines to ascertain their integrity levels. Source Thisday Read More 

Gas: $2.8bn Ajaokuta-Kano pipeline project revived 13 yrs after - Plans by the Nigerian National Petroleum Corporation (NNPC) to extend its major gas pipeline infrastructure to connect various parts of the country got a major boost last week following the signing of contracts for the engineering, procurement, construction, commissioning and financing for two lots of the Ajaokuta - Kaduna - Kano (AKK) gas pipeline. Source Daily Trust Read More 

FG’s Ministries to Meet over Non-taxation of Imported Cooking Gas - The ministries of petroleum resources and finance would soon meet to address the issue of the continued exemption from value added tax (VAT), imported Liquefied Petroleum Gas (LPG), or cooking gas, while the product that is produced in Nigeria is taxed, Brenda Ataga, a Senior Special Adviser to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Thisday Read More 

FG has boosted Abia power supply with 7,000 megawatts, says Fashola - Minister of Power, Works and Housing, Babatunde Fashola has disclosed the boosting of Umuahia sub-station with 7, 000 megawatts. Source Guardian Read More 

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PROSHARE BUSINESS

Emefiele Emerges The Guardian Economic Personality of the Year - The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele was on Saturday, April 7, 2018, unveiled as The Guardian Economic Personality of the Year 2017 in recognition of his contribution to stabilizing the Nigerian financial sector amidst recession as well as the Bank’s effort in development financing. Source Proshare Read More 

North Trend for February 2018 Business Confidence Index - The latest data from the CBN in its Business Expectation Survey report for February 2018 show the business confidence index at 14.5 points (indicating respondents’ overall optimism on the macro economy). Source Proshare Read More 

Nigerian oil firm Neconde mounts arbitration case against Shell - Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the oil major continued to lift crude and failed to remit funds after a lease had been sold. Source Reuters Read More

South Africa's net foreign reserves rise to $43.4 bln in March - South Africa’s net foreign reserves rose to $43.384 billion in March from $43.272 billion in February, the Reserve Bank said on Monday. Source Reuters Read More

Russia's Richest Lose $16 Billion in Selloff Over U.S. Sanctions - It was a painful day to be a Russian billionaire. Source Bloomberg Read More

Global Debt Jumped to Record $237 Trillion Last Year - Global debt rose to a record $237 trillion in the fourth quarter of 2017, more than $70 trillion higher from a decade earlier, according to an analysis by the Institute of International Finance. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Jim Ovia Speaks on Fintech and the Future of the Nigerian Banking Industry - With the saturation of the mobile phone market in Nigeria and the advent of Financial Technology startups (FINTECH) in the financial services industry, the Nigerian polity has witnessed higher financial inclusion amongst the underbanked and unbanked. Source Proshare Read More 

In Africa, costly data slows internet TV's growth: Naspers' Showmax - Global entertainment group Naspers is trying to persuade telecoms operators in Africa to offer customers unlimited data to help boost the growth of internet television on the continent. Source Reuters Read More

Bitcoin, the Biggest Bubble in History, Is Popping - The greatest bubble in history is popping, according to Bank of America Corp. Source Bloomberg Read More 

Over 271,000 Nigerians affected by Facebook data breach - Facebook yesterday disclosed that about 271,469 data belonging to Nigerians whose friends would have installed the ‘This is Your Digital Life’ app, were exposed to the Cambridge Analytica data breach. Source THE SUN Read More 

NCC: MTN pays N165b out of N330b fine - The Nigerian Communications Commission (NCC) yesterday said telecoms giant, MTN, has paid N165billion out of the N330 billion fine slammed on it in 2015 for subscriber identity module (SIM) registration infractions. Source THE NATION Read More 

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