Nigeria in 1min: Economic, Business and Financial Headlines – 140318


March 14, 2018 7:10 AM / Proshare News 


Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 15.1% year-on-year and -9.6% month-on-month to N172.5 in February 2018 from N190.9 in January 2018. Source Proshare Read More 

Growth Prospect with Rising Uncertainties - FSDH Research notes that the Nigerian economy requires additional policies to achieve sustainable growth particularly in the non-oil sector. Source Proshare Read More 

A Decline in Seaport Traffic - A new data series from the NBS captures shipping and port activities. The ship traffic statistics, drawn from the Nigerian Ports Authority, show a provisional figure of 4,175 vessels berthed at various ports across the country in 2017. Source Proshare Read More 

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Adeosun Seeks Technical, Institutional Support For West African Economy - The Minister of Finance, Mrs. Kemi Adeosun, yesterday called for more technical and institutional support from the Africa Regional Technical Assistance Center West 2 (AFRITAC West 2) for West African countries, a statement from her office said. Source Leadership Read More 

NIMASA, BPE partner to refloat national shipping line - The Nigerian Maritime Administration and Safety Agency (NIMASA) has expressed willingness to partner with the Bureau of Public Enterprises (BPE) to refloat a National Shipping Line. Source Guardian Read More 

Olam invests $1b in Nigeria’s agric sector - He said that Olam was working toward enhancing Nigeria’s food security, boosting the country’s self-sufficiency in food production and helping it to realise its goal of becoming a global exporter of rice. Source Vanguard Read More 

148 firms invest between $200m and $2bn in Ogun - Governor Ibikunle Amosun of Ogun state has disclosed that a total of 304 firms have either established new plants or expanded the existing ones in the last seven years in the state as 148 of such firms have each invested between $200 million and $2 billion, while remaining 156 have invested between $50 million and $200 million. Source BUSINESSDAY Read More 

AfDB projects 3.8% GDP growth for West Africa - The African Development Bank has predicted an average growth rate of 3.8 per cent in the Gross Domestic Product of West Africa economies. Source Punch Read More 

Nigeria’s excise duties on tobacco, alcohol very low – IMF - The International Monetary Fund has said that the excise duties being charged by the Federal Government on tobacco and alcohol are very low. Source Punch Read More 

No date for passage of 2018 budget yet – Senate - The Senate has said it is uncertain when the 2018 Appropriation Bill will be passed by the National Assembly. Source Punch Read More 

Senate lifts embargo on CBN deputy govs, MPC members’ confirmation - The Senate has approved that those nominated by President Muhammadu Buhari as deputy governors of the Central Bank of Nigeria, members of the board of the apex bank and members of the Monetary Policy Committee be screened for confirmation. Source Punch Read More 

Ilorin airport recorded 77,286 passengers in 2017 – Official - The Federal Airports Authority of Nigeria (FAAN), yesterday, said Ilorin International Airport a total of 77,286 passengers were airlifted between January and December in 2017. Source Daily Trust Read More

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Seplat Successfully Refinances US$300 Million Revolving Credit Facility - Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today announces that it has successfully refinanced its existing US$300 million revolving credit facility due December 2018 with a new four year US$300 million revolving credit facility due June 2022 (the “RCF”). Source Proshare Read More 

Stock Market Inches Up Marginally by 0.04% as Bellwether Stocks Lift NSEASI to Positive Territory - Equities market closed today on a positive note, as NSEASI appreciated by +0.04% to close at  43,073.42 basis points as against -0.26% depreciation recorded previously. Source Proshare Read More 

Bond yields crash by 15bps as DMO cuts Total Auction Size in Half - The Bond market witnessed a significant decline in yields in today’s session, as market players refreshed their offers significantly below their previous day levels on the back of the FGN bond offer circular released by the DMO showing a 50% cut in total offered size from the initial guidance of c.N140bn In the Q1 calendar.  Source Proshare Read More

Fed Govt to raise N70b via bond - The Federal Government plans to raise N70 billion ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said yesterday, less than it has sold at previous auctions. Source THE NATION Read More 

Nigeria’s External Reserves - Beyond The USD46bn Debate - Nigeria’s external reserves have featured frequently on the pages of national dailies and other media platforms in recent time. Unlike the case in 2015 and 2016, wherein every headline about the reserves contained such words as “decline”, “drop”, “fall” etc., the situation thus far in 2018 has been underpinned by “steady accretion”. Source Proshare Read More 

Knight Frank 2018 Wealth Report: Key Developments in Nigeria, Africa - Last week, Knight Frank released the 2018 Wealth Report which revealed that the number of ultra-high net-worth individuals in Nigeria, worth US$5m increased by six percent (6)  between  2016 and 2017. This revealed a significant increase from 3,950 individuals in 2016 to 3,730 individuals in 2017. Source Proshare Read More 

Shell, Eni preempt any U.S. probe over Nigeria with filings - Oil giants Royal Dutch Shell and Eni have voluntarily filed to U.S. authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa. Source Reuters Read More 

Nigeria's refinery overhaul projects to start in second quarter: NNPC - Refinery overhaul projects will begin in Nigeria as soon as the second quarter, an official from state oil company NNPC said on Tuesday. Source Reuters Read More 

FG developing solar energy city, says Fashola - The Federal Government is currently developing a solar energy city, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More 

Malabu scam: Shell, Eni file probe findings with US authorities - Royal Dutch Shell and Eni have voluntarily filed to United States’ authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa. Source Punch Read More 

Power generators blackmailing govt, planning to disrupt supply – Fashola - Power generation companies are planning to disrupt the supply of electricity across the country, an intention that suggests blackmail against the Federal Government, the Minister of Power, Works and Housing, Babatunde Fashola, has alleged. Source Punch Read More 

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FirstBank PLAS-Personal Loan Against Salary To Meet Your Pressing Financial Needs in No Time  - Salary accounts can do more than just receive monthly pay; they have inherent wealth that can be unlocked to help you achieve dreams that make you fulfilled on your job and be on top of situations at home and at work. Source Proshare Read More 

FBNHoldings Appoints Ariyibi, Borodo - FBN Holdings has announced the appointment of Mr Olawale Ariyibi as chairman of the board, FBNQuest Capital Limited,  and Mr. Tijanni Borodo,  as chairman of the board, FBNQuest Trustees Limited. Source Leadership Read More 

WEMA Bank Launches Aba Branch, Targets Eastern Nigeria’s Commercial Nerve Centre - Wema Bank, the pioneer of Nigeria’s first fully digital bank ALAT, has opened a new branch in Aba, Abia State, in line with its strategic expansion plan following a national licence granted the bank by the Central Bank of Nigeria in 2015. Source Proshare Read More 

FirstBank commemorates International Women''s Day in a Grand Style - Across the globe; societies, establishments, groups, and people were making an unwavering #PressforProgress as they championed international women’s day and took phenomenal actions geared towards being gender inclusive and this also included celebrating the diverse achievements of women over the years and across all ages. Source Proshare Read More 

LCCI urges Lagos Govt to review 2018 Land Use Charge Law - The Lagos Chamber of Commerce and Industry, has called on the State Government to review its recently re-enacted “Land Use Charge Law 2018”, until grey areas in the law are resolved. Source Proshare Read More 

PCL hosts Roundtable on Organizational Learning in the Digital Age - As part of its drive for providing quality, innovative and efficient organizational learning & development in Nigeria, Phillips Consulting hosted a roundtable on “Organizational Learning in the Digital Age” in Lagos. Source Proshare Read More 

Uncertainty Grips Oil Markets - In today’s review, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

Asian shares slip as Tillerson exit, tariffs raise protectionism fears - Asian shares faltered on Wednesday amid fears of rising U.S. protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and sought to impose hefty tariffs on Chinese imports. Source Reuters Read More 

South Africa Sees Receptive Market for $3 Billion Bond Sale - South Africa plans to tap international markets for as much as $3 billion as the country seeks to take advantage of relatively low rates and strong demand from yield-hungry investors. Source Bloomberg Read More 

Desert Sun to Power Upper Egypt With $2.8 Billion Solar Park - Egypt inaugurated the first solar power plant at a remote desert complex where the government plans to generate as much as 1.8 gigawatts from the sun, cutting the most populous Arab nation’s reliance on dirty and expensive fossil fuels. Source Bloomberg Read More 

Qatar, Abu Dhabi Extend Deal for Shared Oil Field Despite Feud - Qatar Petroleum and the Abu Dhabi Supreme Petroleum Council agreed to extend a concession for a Japanese-operated oil field they share in the Persian Gulf, in a rare display of cooperation amid the political standoff between their two countries. Source Bloomberg Read More 

Oil edges up on strong China data, but rising U.S. output caps gains - Oil prices edged up on Wednesday after posting two days of declines at the start of the week. Source Reuters Read More 


LASG Land Use Act Mathematical Facts And the Truth – Urgent Call For Sensitivity and Good Governance - There is a common saying that “seeing is believing”. It is in this light that we are sharing with members of the public the mathematical facts and truths and the new Land Use Charge of Lagos State. Source Proshare Read More 

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SEC Publishes New Guidance On Cybersecurity Disclosures And Compliance Practice - In an unusual step that appears to indicate renewed, if not intensified, scrutiny of public companies' cybersecurity practices by the Securities and Exchange Commission (SEC), the SEC's five commissioners unanimously issued guidance (the "Guidance") on February 21, 2018 covering a range of cybersecurity topics including disclosure obligations, board oversight and risk management controls. Source Proshare Read More 

Bitcoin’s Premium to Gold Looks Set to Get Hit by Fed Hikes - Bitcoin’s soaring premium to gold is being eroded as the digital currency faces regulatory scrutiny and lower demand. The convergence is likely to accelerate with help from the Federal Reserve, according to Mike McGlone, a strategist at Bloomberg Intelligence, who says rate hikes have marked bitcoin tops and gold bottoms. Source Bloomberg Read More 

Google to Ban Ads for Cryptocurrencies - Google is following Facebook’s lead by banning ads for cryptocurrencies and other “speculative financial products” across its advertising platforms. Source Bloomberg Read More 

Google pulls down 3.2b violating adverts, pays publishers $12.6 billion - Search giant, Google pulled down 3.2 billion adverts that violated its advertising and publishers policies in 2017, in Nigeria and other part of the world. The firm said it paid publishers $12.6 billion in the year under review. Source Guardian Read More 

Six banks pitch for Airtel Africa IPO - About five to six banks are believed to be pitching Indian telco Bharti Airtel on a potential listing of its Africa operations. The unit could be worth around $6.6 billion. Airtel has a presence in over 15 African countries. Source Guardian Read More 

Coinbase gets e-money license in the UK, will add Faster Payments to speed up fiat deposits -  The will be welcome news for cryptocurrency fans in the U.K. and Europe. Coinbase, one of more popular and accessible cryptocurrency exchanges, has been granted an e-money license by the U.K. regulator the Financial Conduct Authority (FCA). Source TECH CRUNCH Read More 

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#Election2019: Omoyele Sowore’s Profile - Born (February 16, 1971) Omoyele Sowore a  blogger, writer, lecturer, human rights activist and public commentator on national issues is an indigene of Ondo State from South-Western Nigeria. Source Proshare Read More 

Nigerian President Appoints New Head for Oil Region Amnesty - Nigerian President Muhammadu Buhari appointed a new coordinator for the implementation of the amnesty granted to militants who disarmed in the southern Niger River delta, home to the country’s oil and gas industry. Source Bloomberg Read More 


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