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Nigeria in 1min: Economic, Business and Financial Headlines – 120118

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January 12, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

Udoma lauds Japan’s development assistance programmes - Nigeria’s Minister of Budget and National Planning, Senator Udoma Udo Udoma, has commended the Japanese Government for aligning its development assistance programmes with the development needs of Nigeria.  Source Proshare Read More 

Inflation Reversal to 15.94% in December; Is it a Trend or a Blip? - We forecast that headline inflation will creep up to 15.94% in December 2017, from 15.90% in November. This will be the first increase after 10 months of consecutive marginal declines (cumulatively 1.88%). Source Proshare Read More 

Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS - Inequality in Nigeria worsened between 2004 and 2013 but improved in 2016 using either the Gini coefficient or Theil. Inequality as measured by the Gini worsened from 0.356 in 2004 to 0.41 in 2013 but improves to 0.391 in 2016. Source Proshare Read More 

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Inflation Rate to Drop to 15.85% in December 2017 – FSDH - FSDH Research expects the inflation rate (year-on-year) to drop to 15.85% in December 2017 from 15.90% recorded in the month of November. Source Proshare Read More 

Lagos total revenue in 2017 stands at N503.7bn - Ambode - The Lagos State Governor, Mr Akinwunmi Ambode has disclosed that the state was able to record the sum of N503.7 billion as it’s total revenue generated. Source Daily Trust Read More 

Wike presents N510bn 2018 budget proposal to Rivers Assembly - The Rivers State Governor, Nyesom Ezenwo Wike has presented the 2018 Appropriation Bill of N510billion to the Rivers State House of Assembly for consideration and subsequent approval. Source Vanguard Read More 

AMAC budgets N6.9bn for 2018 - The Chairman Abuja Municipal Area Council (AMAC), Mr Abdullahi Candido, on Thursday presented N6.92 billion budget for 2018 fiscal year, representing an increase of 11.76 per cent from last year’s budget. Source BUSINESSDAY Read More 

Total pension assets rise to N7.4tn - The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017. Source Punch Read More 

Federation Account gets N2.63tn non-oil revenue in 12 months - Gross inflows into the Federation Account have amounted to N6.14tn in 12 months, data obtained by FBNQuest Research have shown. Source Punch Read More 

FMN to begin N39.86bn share sale on Monday - Flour Mills of Nigeria Plc plans to start marketing a share sale to existing investors aimed at raising N39.86bn ($130m) on January 15, 2018, the Nigerian Stock Exchnage said on Thursday, after granting approval. Source Punch Read More 

Nigeria spends N19.5trn importing raw materials in 7yrs - Nigeria spent N19.5 trillion to import raw materials in seven year from year 2000 to 2016. Source Vanguard Read More 

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PROSHARE MARKETS

Market Records 6-Day Gaining Streak Consecutively as NSEASI Hits 43,000 Psychological Line - Equities market closed today on a positive note, as NSEASI appreciated by +2.93% to close at 43,041.54 basis points as against +3.60% appreciation recorded previously. Source Proshare Read More 

CBN Resumes OMO to Mop-up inflows from Maturing OMO bills - The bond market witnessed slight retracements of c.7bps in yields due to slight profit taking coming on the backdrop of a slowdown in demand. Source Proshare Read More 

Financial Services Sector is the Most Capitalized Sector; Contributes 31.62% to Total Market CAP - Nigerian Stock Market performance in 2017 was very impressive. The market capitalization as at 29th December 2017 stands at N13.62trn compared to the N9.25trn ,as at the last day of trading in 2016. Source Proshare Read More 

Outcome of the Corporate Governance Rating System (“CGRS”) Steering Board Meeting - Following the inauguration of the Steering Board of the Corporate Governance Rating System (“the Board”) and its successful inaugural meeting on 12 December 2017; the Board will reconvene on Friday, 19 January 2018 to consider and approve the results of successful Directors and Companies who passed the CGRS certification exercise. Source Proshare Read More 

Vitafoam Nigeria Plc Secures N2billion Bank of Industry Loan - The Management of Vitafoam Nigeria Plc wishes to notify esteemed shareholders, market operators and the general public that it has secured the approval of the Bank of Industry (BOI) for a long term loan of N2billion to augment working capital. Source Proshare Read More 

Seven-up Shareholders approve firm’s scheme of arrangement - Shareholders of Seven-Up Bottling Company Plc, yesterday, approved the Scheme of Arrangement by which the majority shareholder, Affelka S.A. would acquire the outstanding 26.8 per cent shares of the company. Source Guardian Read More 

FGN Debt Strategy Could Benefit Refineries - Nigeria’s fuel scarcity has eased, but not completely. The NNPC’s long term game plan is to boost domestic production via the state-owned refineries (Good Morning Nigeria, 09 January 2018).  Source Proshare Read More 

Oil Crosses $70 Per Barrel Rubicon Line - In recent time, the bullish run experienced in oil prices have left many analysts guessing. If the on-going second wind will trigger oil prices to cross beyond the $70/barrel, a psychological threshold that seem to have been farfetched as at the emergence of the global downturn in 2014. Source Proshare Read More 

Petrol price hits N160/litre at depots - Despite the repeated assurance by the Nigerian National Petroleum Corporation (NNPC), that it has not increased its petrol ex- depot price from N133.80k, Daily Sun findings across some depots in Apapa proved otherwise. Source THE SUN Read More 

Blackout looms as NNPC suffers fresh pipeline explosion  - Nine days after wild bush fire ruptured its Escravos to Lagos (ETL) gas pipeline in Ondo State, the Nigerian National Petroleum Corporation (NNPC) on Thursday suffered another pipeline damage along Egbokodo-Omadino, in Warri South Local Government Area of Delta State. Source THE SUN Read More 

W/Bank, TCN agree on $486m loan for power transmission - The Interim Managing Director (IMD) of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, says they have completed negotiations with the World Bank for $486 million loan to improve transmission infrastructure under the Nigeria Electricity Transmission Project (NETAP) last December. Source Daily Trust Read More 

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PROSHARE BUSINESS

Satyam Scam: SEBI Bans PwC From Auditing Listed Firms For Two Years - In one of the most stringent orders passed by any regulator against a Big Four auditor, SEBI had on Wednesday found PwC guilty in the Satyam scam and barred its network entities from issuing audit certificates to any listed company in India for two years. Source Proshare Read More 

STERLNBANK Announces Retirement of Mr. Yemi Adeola as CEO; Appoints Abubakar Suleiman as Replacement - We wish to notify you of the retirement of Mr. Yemi Adeola, Managing Director/Chief Executive Officer of Sterling Bank Plc (the Bank) with effect from March 31st, 2018. Source Proshare Read More 

Dangote richest in Africa for 7th year – Forbes - For the 7th year running, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has been adjudged as the richest man in the continent of Africa with a net worth that Forbes pegged at $12.2 billion. That was an increase of $100 million from a year ago. Source Daily Trust Read More 

Dollar under pressure, euro bolstered by hawkish ECB minutes - The dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus. Source Reuters Read More 

S&P cuts Brazil debt rating as pension reform doubts grow - Ratings agency Standard & Poor’s cut Brazil’s credit rating further below investment grade on Thursday as doubts grew about a presidential election in October and a push to trim its costly pension system, seen as vital to closing a huge fiscal deficit. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Adopting Insurtech to drive Life Insurance: A New Report - The Global Life Insurance Industry is ready to get a big leap and shift with the adoption of technology, to improve scale, depth, capacity, service delivery and product offerings designed to revolutionize the sector. Source Proshare Read More 

9mobile Sale: Jan 16 is Deadline for Bidders to Submit Final Bids, NCC Clarifies - The telecoms industry regulator, Nigerian Communications Commission (NCC), thursday gave further clarification on the true position of 9mobile sale by Barclays Africa, in relation to the January 16 date earlier announced. Source Thisday Read More 

Chinese bitcoin miners eye sites in energy-rich Canada - China’s Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative Source Reuters Read More 

Bitcoin Set for Worst Weekly Slide Since 2015 as Scrutiny Rises -Bitcoin slumped again on Friday, leaving the largest cryptocurrency heading for its worst weekly performance in three years as regulators around the world step up scrutiny out of concerns ranging from investor losses to strains on power systems. Source Bloomberg Read More 

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