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Nigeria in 1min: Economic, Business and Financial Headlines – 130718

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Friday, June 13, 2018 / 8:10 AM / Proshare News 

PROSHARE ECONOMY

NSR H2 2018 (2) – A Tale of Resolve and Recovery Across MEA-  In our H1 2018 Strategy report, we had posited that growth in SSA will remain resilient on the back of strong momentum in smaller economies which should neuter downside risk in powerhouse constituents such South Africa, while we opined that growth in the MENA region will be driven by sturdy performance in Egypt. Source Proshare Read more 

N4.8trn bad debt: Senate to allow AMCON publish debtors’ list - The Senate, yesterday said it would soon authorise the Asset Management Corporation of Nigeria (AMCON) to publish names of the debtors responsible for 80 percent of its N4.8 trillion debt. Source Vanguard Read more 

FAAC: States fail to agree on May revenue sharing - For the third time in one month, the Federation Account Allocation Committee meeting, which was to consider as well as approve revenue sharing among the three tiers of government for the month of May ended in a deadlock on Thursday. Source Punch Read more 

External reserves drop by $102m in six days - The nation’s foreign exchange reserves have pared some of the gains recorded last month, falling by $102m in the six days to Wednesday. Source Punch Read more 

FG reconstitutes tax appeal tribunals - The Federal Government has reconstituted the tax appeal tribunals in the six geo-political zones as well as Lagos and Federal Capital Territory. Source Punch Read more 

Abuja international airport terminal to begin operation in October - The new international terminal that is being constructed at the Nnamdi Azikiwe International Airport, Abuja will begin operations in October this year, the Federal Airports Authority of Nigeria announced on Thursday. Source Punch Read more 

Nigeria’s passenger, cargo figures decline by 30%, say airlines - The Association of Foreign Airlines Representatives in Nigeria (AFARN), yesterday, called for improvement in aviation infrastructure in the country and a review of charges. Source Daily Trust Read more 

Oyo to benefit from $200m livestock loan - A Senior Economist with the World Bank, Mr Samuel Taffesse, says  Oyo State is among the 16 states  that will benefit from a $200m loan to improve livestock production. Source Punch Read more 

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PROSHARE MARKETS

NSEASI Dips by -0.07% to Extend Two-Day Losing Streak as Sell Pressure Persists- Equities market closed today on a negative note, as NSEASI depreciated by -0.07% to close at 37,226.44  basis points as against -0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.66%. Source Proshare Read more 

Financial Stability Board Issues Statement on Reforms to Interest Rate Benchmarks- The Financial Stability Board (FSB) has today published a statement on reforms to interbank offered rates (IBORs) and the development of overnight risk-free, or nearly risk-free, rates (RFRs) and term rates. Source Proshare Read more 

OMO Auction tapers excess liquidity, bonds rally on demand- The Bond market witnessed demand for locally-issued bonds, as market participants continued interests on the 2027s (mid-term) and 2036s (long-end) securities. Yields compressed by c.11bps on the average across board. Source Proshare Read more 

Foreign investment outflows from NSE rise by 125% -  Foreign portfolio investment outflows from the nation’s stock market rose by 125 per cent in May, with the market capitalisation of listed equities losing N1.146tn as it fell to N13.802tn. Source Punch Read more 

The Future Relationship Between The United Kingdom And The EU- The Government is advancing a detailed proposal for a principled and practical Brexit. This proposal underpins the vision set out by the Prime Minister at Lancaster House, in Florence, at Mansion House and in Munich, and in doing so addresses questions raised by the EU in the intervening months. Source Proshare Read more 

Stanbic IBTC, Dangote Cement seal N50b commercial paper - Stanbic IBTC Capital, and Stanbic IBTC Bank, subsidiaries of Stanbic IBTC Holdings Plc, have partnered with Dangote Cement Plc, Africa’s largest cement producer, to announce the issuance of a N50billion Series 1 and 2 Notes Source Guardian Read more 

NERC unveils plan to tackle liquidity gaps in power sector - In a bid to resolve shortfalls in the electricity sector estimated to be about N1 trillion, the Nigerian Electricity Regulatory Commission (NERC) has Source BUSINESSDAY Read more 

Oil sector loses 754,000bpd to pipeline disruption - Nigeria’s oil sector is estimated to have lost over 754,000 barrels per day (bpd) in February, to production shut-in occasioned by pipeline vandalism, according to the latest monthly financial report of the Nigerian National Petroleum Corporation (NNPC). Source Guardian Read more 

Promoter of $1.1 billion Qua Iboe signs agreement on community development projects  - Qua Iboe Power Plant Limited (QIPPL), the promoter of the $1.1billion Qua Iboe Power Plant, has signed a community partnership agreement (CPA), for the development of communities in Akwa Ibom State. Source Guardian Read more

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PROSHARE REGULATORS

NSE Rule on Nominal Transfers Takes Effect- Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to the Rule set out below. Notice is hereby given that the following rule shall become effective on the date set forth below. Source Proshare Read more 

PROSHARE BUSINESS

Reflections on President Macron’s Recent Visit to Nigeria- Head of Corporate and Government Relations, Olam Nigeria Mr Ade Adefeko in a recent interview with Proshare WebTV gave his key take away from the recent visit of President Emmanuel Macron to Nigeria. Source Proshare Read more 

Thoughts On The Future Of Accounting- The accounting technician programme has on its register over 120,000 students enrolled out of which 25,000 are graduates of the scheme. This graduates serves as middle level accountants in banks, audit assistants in audit firms, finance related positions in the civil service etc. Source Proshare Read more 

A $15 Billion Oil Bet Is Toughest Challenge for Richest African -Aliko Dangote has made a fortune out of cement and food processing. Now, Africa’s richest person is embarking on a bigger challenge: a $15 billion investment in oil, gas and petrochemicals that could, if he pulls it off, transform Nigeria’s economy. Source Bloomberg Read more 

Old Mutual appoints Deloitte as joint auditor in a blow to scandal-hit KPMG - South African insurer Old Mutual has appointed Deloitte as joint auditor alongside scandal-hit KPMG, it said on Thursday, an unusual move reflecting what it said were unresolved challenges related to its sole auditor for nearly two decades. Source Reuters Read more 

Oil edges lower, set for big weekly decline - Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production. Source Reuters Read more 

Trump Says May's Brexit Plan Likely to Kill Off U.S. Trade Deal - President Donald Trump dealt a double blow to U.K. Prime Minister Theresa May, saying her plans for a soft Brexit would likely end hopes of a trade deal with the U.S. and that Boris Johnson, who quit her cabinet this week, would be a “great” leader. Source Bloomberg Read more 

PROSHARE MSME

Development Bank to offer N5b loans to 20,000 SMEs - The Development Bank of Nigeria (DBN) is gearing up to provide N5 billion to 20,000 Small and Medium Enterprises (SMEs), its Managing Director, Tony Okpanachi, has said. Source THE NATION Read more

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PROSHARE TECHNOLOGY

Interest Rate Benchmark Reform: Transition to A World Without LIBORWhen I spoke about LIBOR in July last year, I made clear the need to transition away from LIBOR before end-2021. The importance of doing so has not changed. Today, one year closer to that end-2021 date, I would like to talk about what the world of interest rate benchmarks after LIBOR will look like. Source Proshare Read more 

Robotics and Food Packaging- In the food industry, Packaging is amongst the most established robotic applications. The requirement for uniformity of products in the packaging stage cam only is met when the process is automated as opposed to being handled by human workers. Source Proshare Read more 

eTRANZACT Deepens Financial Inclusion Through CBN-Funded SANEF Initiative- eTranzact, Africa’s premier e-payments solution provider, is set to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents, through the CBN-funded Shared Agent Network Expansion Facility (SANEF) initiative, within the next 24 months. Source Proshare Read more 

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