Nigeria in 1min: Economic, Business and Financial Headlines – 131117


November 13, 2017 7:10 AM / Proshare News 


What To Expect From The Markets This Week- 111117 - In the week ahead the National Bureau of Statistics will make available inflation figures for the month of October 2017.  We do expect month on month inflation to sustain its slide due to monetary sterilization effort by the Central Bank.  Source Proshare Read More 

2018 Budget: Fiscal Consolidation Or Toppling? - A Slide Presentation - Although the President’s speech at the budget presentation session beamed with optimism and on the surface is well aligned with the recovery plan, implementation while crucial remains inexact. Source Proshare Read More 

SEC 2018 Budget Seminar, explores opportunities for the Capital Market - The opportunities and prospects of the 2018 Budget of Consolidation for the Nigerian capital market, came to the fore at the second ever Securities and Exchange Commission budget seminar in Lagos. Source Proshare Read More 

FG signs N2trn contract for 3050mw Mambilla hydropower project - The Federal government has signed the contract for the 3,050 megawatts (mw) Mambilla hydropower project valued at $5.792 billion (about N2.096 trillion) in Taraba State. Source Daily Trust Read More 

Proshare Nigeria Pvt. Ltd.

FG Unfolds Fresh Plans for Niger Delta Devt - In view of the recent threat by the Niger Delta Avengers (NDA) to resume attacks on oil installations, the federal government at the weekend released plans for the development of the volatile oil-rich Niger Delta region. Source Thisday Read More 

FG begins process of disbursing $100m CVFF - After 14 years of non-implementation of the Cabotage Vessel Financing Fund (CVFF), which is now over $100 million, the Federal Government  has begun the review of the scheme with a view to disbursing the fund to qualified shipowners. Source THE SUN Read More 

Moody’s downgrades eight Nigerian banks - Moody’s Investors Service (Moody’s) has downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks: Access Bank Plc (Access), Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA) and Zenith Bank Plc (Zenith) and the long-term local and foreign currency issuer ratings of Bank of Industry, a Nigerian development bank in a report released on Friday. Source Daily Trust Read More 

New airport terminals require $500m extra to correct defects - About  $500 million (N152.5 billion) extra is required to fix design anomalies in the on-going airport terminal buildings in four locations in the country Daily Trust has learnt. Source Daily Trust Read More 

GE to invest $2.7bn on infrastructure, maintenance, says Amaechi - The Minister of Transportation, Mr Rotimi Amaechi on Saturday said General Electric (GE) was investing 2.7 billion dollars on infrastructure, Operation and Maintenance (O and M) of the entire narrow gauge lines concession. Source Guardian Read More 

Domestic bonds market soars by 11.5% to N7.4tn - As of August 2017, the market capitalisation of Nigeria’s domestic bonds market stood at N7.4tn, representing a growth of 11.5 per cent from a year earlier when the figure was estimated at N6.64tn. Source Punch Read More 

Construction firms asks FIRS to refund N36bn excess tax - The Federation of Construction Industry has said that over N36bn Withholding Tax credit belonging to its members is pending with the Federal Inland Revenue Service. Source Punch Read More 

Lagos, PHC Airports rated 5th, 3rd among 20 worst airports - Two international airports, Murtala Muhammed Airport (MMA), Lagos and Port Harcourt International Airport (PHIA), have been rated among the 20 worst airports in the world, according to a 2017 survey. Source Daily Trust Read More 

Tax: Lagos to shut headquarters of defaulting companies from Nov. 20 - The Lagos State Government on Sunday said it would begin to shut the corporate headquarters of organisations that had defaulted in remitting statutory taxes to the government from Nov. 20. Source THE NATION Read More 

$5.5b loan: Moody’s downgrade raises borrowing cost - The Moody’s Investors’ Service downgrade of Nigeria’s long-term issuer and senior unsecured debt rating to B2 from B1 (with a stable outlook) means higher cost of international borrowing, top financial analyst Bismarck Rewane has said. Source THE NATION Read More 

N700m invested on IT Infrastructure, Human Capital, Civil Works says Mines Ministry - The Ministry of Mines and Steel development on Sunday clarified N700 million was investment on IT Infrastructure, Human Capital and Civil Works . Source BUSINESSDAY Read More 

Major institutional funds own 7.4% of Nigeria banks valued at N334 bn - Major foreign institutional funds have an average of 7.4 percent holding in stocks of the ten banks that make up the Nigeria Stock Exchange Banking 10 index (NGSEB10). Source BUSINESSDAY Read More 

Consumer firms gross margins rebound from recession lows - Nigerian consumer good firms are beginning to see margin expansion following the worst recession in 25 years which saw their sales fall and costs spike. Source BUSINESSDAY Read More 

Ikoyi whistleblower to be paid this month – Adeosun - The payment due to the whistleblower, who provided tips that led to the recovery of funds stashed away in a property in Ikoyi, Lagos State, will be released this month, Minister of Finance, Kemi Adeosun, has said. Source Daily Trust Read More 

Proposed 2018 budget silent on subsidy - Failure of the government to include the provision for subsidy in its proposed 2018 budget is becoming an issue that cannot be relegated to the background. Source BUSINESSDAY Read More 

Proshare Nigeria Pvt. Ltd.


CBN Extends Settlement Banking Arrangement to All Clearing Sessions Effective January 1, 2018 - You will recall that the Central Bank of Nigeria introduced settlement banking framework on 1st April 2004. The framework categorized Deposit Money Banks into settlement and non-settlement banks Source Proshare Read More 

Emefiele Lists Gains of FX Restriction on 41 Items; Outlines Projections for 2018 - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the dogged implementation of the Bank’s policy, which restricts importers of certain items access to foreign exchange from the Nigerian Forex market, has led to improvements in the domestic production of those items and a reduction in Nigeria’s import bill. Source Proshare Read More 

NDIC pays N100bn to failed banks’ depositors - The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has called on the depositors of liquidated banks to come forward and claim their entitlements as the Corporation has so far expended N100billion in paying the customers. Source THE SUN Read More 

CBN writes banks, requests for accounts without BVN - The Central Bank of Nigeria has written a letter to the Deposit Money Banks in the country, asking them to submit list of customers and bank accounts without bank verification number. Source Punch Read More 

Proshare Nigeria Pvt. Ltd.


NASD USI Up by 0.10% WoW - The Securities and Exchange Commission (SEC) held its 2nd Budget Seminar Series to identify how the capital market can contribute to, and in turn benefit from the 2018 Budget (“Budget of Consolidation”) and its implementation. Source Proshare Read More 

Bond Market closes flat as Traders stay cautious - The bond market traded with mixed sentiments today, with slight buys witnessed at the opening of market. Some market players however sold some long end bonds before the close of market, with the average bond yields compressing just marginally by 1bp to 15.04% from 15.05% in the previous session. Source Proshare Read More 

Market Halts Downtrend as NSEASI Inches Up by 0.49% WoW - Equities market closed today on a positive note, as NSE ASI appreciated by +0.19% to close at 37,120.28 basis points as against -0.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +38.12%. Source Proshare Read More 

Corporate Earnings for the Week Ending 101117 – CHELLARAMS declares N2.64 Bln PAT in Q2'18 Result - During the week ending November 10, 2017, three quoted firms declared their results. Source Proshare Read More 

Forex reserves to hit $40 in 2018 - Emefiele - The Central Bank Governor, Godwin Emefiele,  has predicted that the nation’s Foreign Exchange reserve, which currently stands at $34 billion will hit N40 billion by the end  of 2018. Source Bloomberg Read More 

N261bn inflow to stabilise interbank interest rates - THE interbank money market will this week receive inflow of N261 billion which will enhancing stability of cost of funds in the market. Last week, cost of funds fell sharply due to inflow of N233.8 billion on Thursday from matured treasury bills (TBs). Source Vanguard Read More 

Money Supply: CBN Mop-up Hits N3.96trn In 10 Months - In its bid to manage money supply and curb inflation, the Central Bank of Nigeria (CBN) has effected excess liquidity mop-up, using the Open Market Operations (OMO) auctions estimated at N3.9 trillion in 10 months Source Leadership Read More 

Banks weigh recapitalisation options as pressure mounts - Commercial banks, especially mid-sized and small lenders in the country, are considering new options to raise additional capital as pressure continues to mount on them from various fronts. Source Punch Read More 

NIRSAL, Union Bank seal N10bn loan deal for farmers - The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) in collaboration with Union Bank of Nigeria has launched a N10 billion agriculture finance scheme. Source Daily Trust Read More 

SEC, CBN, TCN, others still without boards, 2yrs after -Dozens of federal agencies are still operating without substantive heads or boards for more than two years now Source Daily Trust Read More 

OPEC Sees a Future With Fewer Cars - The oil cartel doesn't explain why, but others point to autonomous vehicles and ride sharing. Source Bloomberg Read More

DisCos’ revenue shortfalls hit N892.4b - The  Chief Executive Officer (CEO) of the Association of Nigeria Electricity Distributors (ANED), Mr Azu Obiaya, who led officials of ANED and some DisCos on courtesy  visit to The Nation, spoke of how  the build up of the shortfalls resulted in the huge amount. Source THE NATION Read More 

Proshare Nigeria Pvt. Ltd.


China To Ease Ownership Limits On Foreign Joint Ventures In Finance Sector - Limits on foreign ownership of joint ventures in China’s financial services sector will be relaxed over the next five years, China’s deputy finance minister Zhu Guangyao said on Friday. Source Proshare Read More 

EU Determined To Reach A Deal On The Orderly Withdrawal Of UK Following Brexit - European Commission: Speech By Michel Barnier Following The Sixth Round Of Article 50 Negotiations With The United Kingdom, Brussels, 10 November 2017 Source Proshare Read More 

HSBC Closes Accounts Linked to South Africa’s Gupta Scandal - HSBC has revealed it closed ­accounts linked to South Africa’s Gupta family corruption investigation, admitting for the first time concerns about its potential ties to the snowballing scandal.Source Proshare Read More 

Egypt, IMF reach agreement on $2 bln loan instalment - IMF statement - Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday. Source Reuters Read More 

AFC signs Zambia as member country - Zambia has  become the first Southern African member country of the Africa Finance Corporation, AFC, a leading development finance institution for infrastructure in Africa. Source Vanguard Read More 

Peugeot launches joint venture to build cars in Algeria - Peugeot maker PSA Group signed a joint venture with three Algerian partners to launch a manufacturing unit building cars for the Algerian market, it said on Sunday. Source Reuters Read More 

Botswana coal miner Minergy plans UK listing for 2018 - Botswana coal producer Minergy plans to list in London next year to give it access to a pool of capital that it could tap at a later date to fund its expansion, it said on Friday. Source Reuters Read More 

South Africa's economy faces major challenges: central bank head - South Africa’s economy faces major challenges and government needs to win back the confidence of businesses and investors by tackling policy uncertainty and corruption, central bank governor Lesetja Kganyago said on Thursday. Source Reuters Read More 

Ivory Coast inflation falls to 1.1 pct in October - Consumer price inflation in Ivory Coast, the world’s top cocoa producer, fell to 1.1 percent year-on-year in October, from 1.3 percent in September, data from the National Statistics Institute showed on Friday. Source Reuters Read More 

Euro Economy is Heading Toward a Golden Period - Europe is no longer the sick man of the world economy. Source Bloomberg Read More 

U.K. Companies a Decade Behind Denmark in Technology, Industry Group Says - Britain has a lot of catching up to do when it comes to technology, and that’s hurting productivity and pay. Source Bloomberg Read More 

Top Tech Stocks' $1.7 Trillion Gain Eclipses Canada's Economy - Between the FAANG quintet and China’s rivaling BAT companies, gains in the world’s top technology shares are nearing a whopping $1.7 trillion in market value this year Source Bloomberg Read More 

Saudi King Will Not Relinquish Throne, Senior Official Says - King Salman isn’t planning to abdicate in favor of his son, a senior Saudi official said, dismissing mounting speculation that Crown Prince Mohammed bin Salman will soon ascend to the throne. Source Bloomberg Read More 

Proshare Nigeria Pvt. Ltd.


Bitcoin Plunges 29% From Record High - Bitcoin plummeted, extending its drop to 29 percent from a record high, on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future. Source Bloomberg Read More 

Bitcoins not legal tender in Nigeria, NDIC warns - THE Nigeria Deposit Insurance Corporation (NDIC) has warned members of the banking public on the danger of digital currencies like Bitcoins, saying they are not legal tenders in Nigeria. Source Vanguard Read More 

Gas flaring rises by 27%, says NNPC - The volume of natural gas flared by oil and gas companies in the country has hit its highest level in more than a year, as it increased to 27.4 per cent in August. Source Punch Read More 

90% of technologies used in Nigeria are imported – DG, NOTAP -  Patenting of innovations is to protect the innovation. It is one of the most important stages in commercialising research and development efforts. Any innovation that is not protected is like a land that does not have a Certificate of Occupancy. Anybody can encroach on it and the researcher has no monopoly over it. Source Punch Read More 

Uber Approves SoftBank’s Multi-Billion Dollar Investment Offer - Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion-dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever. Source Bloomberg Read More 


Proshare Nigeria Pvt. Ltd.

Related News