Nigeria in 1min: Economic, Business and Financial Headlines – 140218

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February 14, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 28.4% year-on-year and11.1% month-on-month to N190.9 in January 2018 from N171.8 in December 2017.   Source Proshare Read More 

FG expended N1. 6t on capital projects in 2 years, says Osibanjo - The Federal Government has increased capital expenditure to the tune of N1.6 trillion in two years.Vice President Yemi Osinbajo yesterday in Lokoja, at the maiden Kogi State economic and investment summit, said for the first time the Buhari administration has brought about a revolution in infrastructure. Source Guardian Read More 

FG has spent N1.2trn to support states —Osinbajo - Vice President Yemi Osinbajo, yesterday, said the Federal Government has supported 36 states of the federation with N1.19 trillion as at September 2017. Source Vanguard Read More 

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Nigeria’s leasing industry grows to N1.3trn - The volume of leasing business in Nigeria crossed a trillion Naira mark. Source Vanguard Read More 

World Bank Group scores Nigeria agric sub-sector low - The World Bank Group on Tuesday in Abuja has said there is a need for governments to strengthen laws that govern the agricultural sector in the country. Source Vanguard Read More 

Nigeria records paltry $9m of Africa’s $2.7b non-oil export to U.S. - Nigeria may have to do more under its diversification agenda and remove several restrictions to investments if it hopes to benefit from the extended trade deal, Africa Growth and Opportunity Act (AGOA) by the United States, the State Department’s Acting Director for Economic and Regional Affairs, Harry Sullivan said during a telephonic briefing on Tuesday. Source Guardian Read More 

89% Of Nigeria’s Economy Still In Recession – Mr. Opeyemi Agbaje - Only 11 per cent of the Nigerian economy is out of recession while the remaining 89 per cent is still in recession, CEO of RTC advisory services Ltd, Mr. Opeyemi Agbaje has said. Source Leadership Read More 

Businesses spend N116bn on oil palm importation despite forex restriction – Senate - The Senate has disclosed that businesses imported 450,000 metric tons of palm oil at a total cost of N116.3 billion into the country in 2017. This is despite the crop being among the 41 items restricted from accessing foreign exchange by the Central Bank of Nigeria and the growing concern of the country’s high food Source BUSINESSDAY Read More 

Nigeria/US trade increased to $6b in 2017 – Envoy - Harry Sullivan, United States, (US), Acting Director for Economic and Regional Affairs, on Tuesday, said Nigeria, US trade increased from about $3.4 billion to about $6 billion in 2017. Source BUSINESSDAY Read More   

122 agencies to pay operating surpluses, FG targets N886bn - A total of 122 agencies are now required to pay operating surpluses annually into the Consolidated Revenue Fund of the Federal Government. Source Punch Read More 

NSIA says $350m NBET funds now $384m - The Nigerian Sovereign Investment Authority (NSIA) has said the $350 million it is managing for the Nigerian Electricity Bulk Trading Company (NBET) has grown to $384 million. Source BUSINESSDAY Read More 

Japan extends $700m loan to ADF - The Japan International Cooperation Agency (JICA) has signed a loan agreement with the African Development Fund (ADF) designed to provide an Official Development Assistance (ODA) loan to the tune of 73.601 billion Japanese Yen (about $700.9 million). Source THE NATION Read More 

NPA asks NAFDAC, SON to vacate seaports in 24hrs - The Nigerian Ports Authority (NPA) has given a 24-hour ultimatum to officials of unauthorised government agencies to vacate the seaports or risk being arrested. Source Daily Trust Read More 

Nigerian airlines over-taxed – IRS boss - The Managing Director of IRS Airlines, Alhaji Isiyaku Rabiu, has urged the Federal Government to immediately review the taxes and charges paid by airlines, saying airlines in Nigeria are over-taxed. Source Daily Trust Read More 

AMCON takes over Daily Times - The Asset Management Corporation of Nigeria (AMCON) yesterday, through Gbenga Fakoya, took over the assets of  Daily Times Nigeria Plc over unpaid debt owed to defunct Hallmark Bank Plc. Source THE NATION Read More 

Manufacturers’ power demand hits 14,882MW, want stranded 2,000MW - The Manufacturers Association of Nigeria on Tuesday declared that the daily demand for electricity by its members had increased to 14,882 megawatts and called on the Federal Government to sell the stranded 2,000MW of power produced by the generation companies to its members. Source Punch Read More 

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PROSHARE REGULATORS

US SEC Launches Initiative To Encourage Self-Reporting And The Prompt Return Of Funds To Investors - The Division of Enforcement of the Securities and Exchange Commission today announced a self-reporting initiative that seeks to protect advisory clients from undisclosed conflicts of interest and return money to investors. Source Proshare Read More 

CBN Seek Legislative Powers To Revoke Bank Licences - The Central Bank of Nigeria(CBN) yesterday urged the House of Representatives to amend the laws, so as to empowers it to revoke the licences of erring banks and power to be able to inject funds in a ailing bank. Source Leadership Read More 

PROSHARE MARKETS

Sell Pressure Persists as NSEASI Closes Below 42,000bpts Psychological Line - Equities market closed today on a negative note, as NSEASI depreciated by -2.41% to close at 41,708.15 basis points as against -0.90% depreciation recorded previously. Source Proshare Read More 

Dramatic Turnaround in FX Availability - Data published in the CBN’s Economic Report Fourth Quarter 2017 confirm the continuing dramatic improvement in fx liquidity. Source Proshare Read More 

Stock market in seven-day fall, investors lose N370bn - The Nigerian stock market declined by N370bn in one session on Tuesday, continuing on a free fall for seven straight sessions. Source Punch Read More 

FG to auction N100bn bonds on Feb. 21- DMO - The Federal Government has offered for subscription by auction N100 billion worth of bonds in its Feb. 21 auction, the Debt Management Office (DMO) said Source Vanguard Read More 

Banks’ loan request from CBN hits N11.73tr - Commercial banks’ three-month total loan requests from the Central Bank of Nigeria (CBN) stood at N11.73 trillion as at last December, the CBN Economic Report for the fourth quarter has shown. Source THE NATION Read More 

Transactions on First Bank’s USSD channel hit N1tr - First Bank of Nigeria Limited said that over N1 trillion transactions have been processed on its 894 quick banking, USSD based channel. Source Vanguard Read More 

Nigeria’s oil output rises to 1.736 mb/d in January - Nigeria’s oil output increased   by 167,000 barrels   per day (b/d)   or   10.6 percent   to   1.736 million barrel per day (mb/d ) in the   month of   January 2018. The output was 1.569mb/d in  December 2017 Source Vanguard Read More 

Oil to hit $80 within six months — Goldman Sachs - THE oil market has rebalanced as Brent will reach $82.50 a barrel within six months, Goldman Sachs, a leading global investment banking, securities and investment management firm that provides a wide range of financial services said. Source Vanguard Read More 

Nigeria’s oil, gas sales rose to N1.22trn in 2017 - Nigeria crude and oil gas sales rose sharply to N1.22 trillion in 2017, according to data obtained from the Central Bank of Nigeria, CBN. Source Vanguard Read More 

NNPC recovers N100bn assets in Lagos, Abuja, others - The NNPC Properties Limited (NPL), the real estate management company of the NNPC, says it has recovered a 92-hectre parcel of land on Chevron Drive, Lekki, Lagos; Royal Grove Estate, Port-Harcourt, and others in Abuja and Kaduna in what it termed aggressive commercial drive. Source THE SUN Read More 

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NNPC subsidises petrol by over 60% – Report - The Nigeria National Petroleum Corporation (NNPC) continues to subsidise the pump price of petrol by over 60 per cent of the regulated N145 price per litre, Pan-African lender, Ecobank ,said in a report yesterday. Source Daily Trust Read More 

Kachikwu allays fear of debt over Egina FPSO project - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has allayed fear of debt over the Egina Floating Production Storage Offloading (FPSO) project.He gave the assurance yesterday in Lagos during the tour of the project. Source Guardian Read More 

PROSHARE BUSINESS

Reps summon Emefiele, NDIC, BoI CEOs over N17bn NERFUND loans - An ad hoc committee of the House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, over the N17bn non-performing loans recorded by the National Economic Reconstruction Fund. Source Punch Read More

South Africa's unemployment rate falls to 26.7 percent in Q4 2017 - South Africa’s unemployment rate fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter, the statistics office said on Tuesday. Source Reuters Read More

Botswana's central bank holds lending rate at 5 percent - Botswana’s central bank left its benchmark lending rate unchanged at 5 percent on Tuesday, saying the outlook for price stability was positive. Source Reuters Read More 

Asia's Biggest Private Equity Acquirer Is Seeking $6 Billion - Hillhouse Capital Management, the Chinese investment firm that last year helped lead Asia’s biggest-ever buyout deal, is targeting to raise about $6 billion in a new private equity fund, people with knowledge of the matter said. Source Bloomberg Read More 

ANC orders Zuma to step down as South African president - South Africa’s ruling party ordered Jacob Zuma on Tuesday to step down as head of state after marathon talks over the fate of a leader whose scandal-plagued years in power darkened and divided Nelson Mandela’s post-apartheid ‘Rainbow Nation’. Source CNBC Read More 

Inside the Bribery Scandal Sweeping Through the Oil Industry - A top oil executive walked into the marble lobby of an exclusive Milan hotel on a chilly winter night. His dinner date was a former Nigerian oil minister offering to sell one of Africa’s biggest untapped oil discoveries. Source WSJ Read More 

America's Supertanker Terminal Set to Export Oil for the First Time - The flood of crude leaving the U.S. could be about to get a major boost: the nation’s top imports terminal is testing one of the industry’s biggest tankers to load an export cargo for the first time. Source Bloomberg Read More 

Oil Recovery Struggles Near $60 on Fears Over U.S. Supply Gains - Oil is being held back after its worst week in two years as fears over rising U.S. crude supplies curb investor optimism. Source Bloomberg Read More 

Zambia to Seek Restructuring of Debt to China After IMF Warning - Zambia’s cabinet approved plans to restructure the country’s loans from China after the International Monetary Fund said Africa’s second-biggest copper producer was at high risk of debt distress. Source Bloomberg Read More 

Uber Quarterly Sales Rose 61% to $2 Billion Amid Heavy Loss - Uber Technologies Inc. had a painful 2017, but the business managed to grow. Source Bloomberg Read More 

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PROSHARE FINANCE

IFRS 9 to Drive Modest Rise in Insurers'' Income Volatility - Insurers are likely to see a moderate increase in investment income volatility following the implementation of IFRS 9 accounting standards for financial instruments at the start of 2018, as more financial assets will be valued on a fair-value basis, says Fitch Ratings. Source Proshare Read More 

PROSHARE TECHNOLOGY

Saudi Arabia Capital Market Authority Warns Investors Against Digital Currency Investment - The Capital Market Authority (CMA) affirmed that investment, speculation and participation in the digital currency initial offers involve high risk, including risk of capital loss and fraud, as well as market risks associated with high volatility in digital currency prices, and uncertainty about its valuation. Source Proshare Read More 

Proposed Guidelines To Protect Users Of Electronic Payments - Monetary Authority Of Singapore - The Monetary Authority of Singapore (MAS) today launched a public consultation on proposed guidelines to protect users of electronic payments (“e-payments”).  The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions1 and e-payment users. Source Proshare Read More 

NIBSS Records N5.7trn Transactions In January - The value exchanged on the Nigeria Inter Bank Settlement System Instant Payment (NIP) rose to N5.74 trillion in the month of January. Source Leadership Read More 

160,000 security breaches, data thefts, business disruptions recorded wordwide - The world recorded over 160,000 security breaches, data thefts, and disruption of business operations, and a host of others in 2017. Source Guardian Read More 

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