Nigeria in 1min: Economic, Business and Financial Headlines – 151217

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December 15, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

Manufacturing To Develop At Its Own Pace - The FGN will not accept an Economic Partnership Agreement (EPA) with the EU but has this week signed a joint declaration on economic cooperation with the European Free Trade Association. Source Proshare Read More 

Nigeria to release $1 bln from excess crude account to fight Boko Haram -state governor - Nigerian state governors approved on Thursday the release of $1 billion from a foreign reserves account to the government to fight Boko Haram, the governor of Edo state said. Source Reuters Read More 

VAIDS: FG Amnesty On Tax Defaulter Ends March 2018 – Fowler - The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler has said federal government tax defaulters have until March 2018 to declare assets and income via the  Voluntary Assets and Income declaration Scheme (VAIDS) or face the consequence. Source Leadership Read More 

FG To Stop Budget Loans To Defaulting States - The federal government yesterday said it would stop giving budget support loan to states that fail to comply with the conditions agreed under the fiscal responsibility plan. Source Leadership Read More 

Africa Infrastructure Fund secures $100m loan from AfDB - In a bid to reduce the huge infrastructure financing gap in Sub-Sahara Africa, the African Development Bank (AfDB) has approved US $100 million to the Emerging Africa Infrastructure Fund (EAIF), a Public Private Partnership (PPP) company, a statement has said . Source THE NATION Read More                                                                                                                                                     Proshare Nigeria Pvt. Ltd.                                                                            

Ajimobi presents N267b budget - Oyo State Governor Abiola Ajimobi yesterday presented N267,436,357,912.19 budget proposal to the House of Assembly. Source THE NATION Read More 

Nigeria spends N43tr on food imports in 6 years –Onu - Minister of Science and Technology, Ogbonnaya Onu, yesterday, said, the National Bureau of Statistics has said that the country spent N43 trillion for the importations of goods between 2010 to 2016. Source THE SUN Read More 

Reps summon telecoms firms over non-payment of taxes - An ad hoc committee of the House of Representatives on Thursday summoned chief executive officers of some telecommunications firms operating in the country over alleged default in the payment of taxes. Source Punch Read More 

Reps put N26bn industry ministry’s budget on hold - The House of Representatives Committee on Commerce on Thursday put on hold the defence of the 2018 budget proposal of the Ministry of Industry, Trade and Investment. Source Punch Read More 

DPR proposes N415m for local, foreign trips, Senate kicks - Members of the Senate Committee on Petroleum Resources (Upstream) have expressed shock over the proposal by the Department of Petroleum Resources to spend about N415m on local and foreign trips in 2018. Source Punch Read More 

VAIDS: FIRS to offer free consultancy services to tax payers - The Federal Inland Revenue Service (FIRS) will offer free advisory services to taxpayers, who were ready to comply with the Voluntary Assets and Income Declaration Scheme (VAIDS). Source Daily Trust Read More 

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PROSHARE MARKETS

NSE ASI Performance Review and How Key Sectors Fared in 2017 - Nigerian Stock Market performance in 2017 has been very bullish. NSE ASI remained in the positive territory in terms of YTD performance review in most trading days of the year after trading in the negative territory in most trading days in Q1 2017.Source Proshare Read More 

NSEASI Dips Further by -1.56% to Close Below 38,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.56% to close at 37,933.70 basis points as against -1.00% depreciation recorded previously. Source Proshare Read More 

NSE Announces Winners of 2017 NSE CEO Award - The Nigerian Stock Exchange (“NSE” or “The Exchange”) is pleased to announce the recipients of the 2017 edition of its prestigious NSE CEO Awards. Source Proshare Read More 

2017 Markets Updates: CSCS clears, settles N13.86 trn shares - The Central Securities Clearing System, CSCS Plc has cleared and settled over 1.2 billion units of shares worth N13.86 trillion between January and November 2017. Source Vanguard Read More 

Med-View Airline Plc Successfully Operated Its Inaugural Flight to Dubai - Med-View Airline Plc Successfully Operated Its Inaugural Flight to Dubai Source Proshare Read More 

Nigeria repays $1.1 bln worth of T-bills; overnight rates fall - Nigeria’s central bank repaid a total of 340 billion naira ($1.1 bln) worth of treasury bills on Thursday instead of rolling them over, in a move to lower government borrowing costs, traders said. Source Reuters Read More 

FGN Set to Issue Debut Green Bond in the Domestic Market - As part of the preparations towards the Issuance of the first Sovereign Green Bond, the Debt Management Office would sensitize the prospective investors in the Bond through a roadshow in Abuja and Lagos on December 14 and 15, 2017.  Source Proshare Read More 

International Breweries Plc listed 5.3bn Additional Shares - Dealing Members are hereby notified that 5,301,612,656 ordinary shares of International Breweries Plc (“International Breweries” or “the Company”) were today, 14 December 2017 listed on the Daily Official List of The Exchange. Source Proshare Read More 

Oil prices stable on tighter market, but rising US output looms for 2018 - Oil markets were stable on Friday as the Forties pipeline outage in the North Sea and ongoing OPEC-led production cuts supported prices, while rising output from the United States kept crude from rising further. Source Reuters Read More 

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Reps give two weeks to Marginal field operators to remit $250m to FG - The House of Representatives Committee on Oil and Gas has given two weeks to marginal field operator companies to remit the sum of $250 million to the Federal Government. Source Daily Trust Read More 

TCN completes over 18 transmission projects, adds 1,100mw to grid - The Transmission Company of Nigeria (TCN) has completed and is ready to commission over 18 high voltage transformers to help evacuate 1,100 megawatts (MW) of electricity to the national grid by January 2018. Source Daily Trust Read More 

EU pledges €25m for Nigeria’s power transmission expansion - The European Union has pledged to support the expansion of Nigeria’s power transmission infrastructure with a grant of €25m (N7.6bn at the official exchange rate of N305 to one Euro). Source Punch Read More 

PROSHARE BUSINESS

Honeywell Flour Mills Plc Appoints Mr. Sikiru Rufai as a Non-Executive Director - We hereby notify the general public that Mr. Sikiru Rufai has been appointed to the Board of Directors of Honeywell Flour Mills Plc as a non-Executive Director, with effect from the 13th of December, 2017. Source Proshare Read More 

Namibia's economic recession deepens in third quarter - Namibia’s economy plunged deeper into recession in the third quarter as declines in the construction and trade sectors eclipsed growth in manufacturing and mining, the statistics agency said on Thursday. Source Reuters Read More 

LafargeHolcim ends talks with South Africa's PPC - LafargeHolcim has ended talks with South African cement maker Pretoria Portland Cement (PPC) about a possible deal, the Swiss group said on Wednesday. Source Reuters Read More 

JPMorgan Sees S&P 500 Hitting 3,000, Warns on Tech Stocks  - Another Wall Street firm says the bull market’s going to continue to run next year. But it won’t be because of tech shares. Source Bloomberg Read More 

Disney Keeps Options Open for Sky in $52.4 Billion Fox Deal - Walt Disney Co. is keeping its options open regarding European broadcaster Sky Plc. Source Bloomberg Read More 

Oil in 2018 Is a Duel Between Visions of OPEC Victory or Defeat - The two most critical forecasts of global oil markets offer contrasting visions for 2018: one in which OPEC finally succeeds in clearing a supply glut, and another where that goal remains elusive. Source Bloomberg Read More 

Central Banks Want the World to Carry On While They Quietly Tighten - Central bankers are gingerly trying to take away the punch bowl without interrupting the party. Source Bloomberg Read More 

Oil Sands Job Cuts Continue as Cenovus Axes 15% of Workers - Cenovus Energy Inc., which has been selling assets to pay off debt from a major oil-sands acquisition, plans to cut about 15 percent of its workforce as the new chief executive officer steps up cost cuts. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

9mobile sale: Dec 31 handover is sacrosanct – NCC - The Nigerian Communications Commission (NCC) has reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct. Source Daily Trust Read More 

NIBSS, PFS launch national automated cheque clearing system - Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) have collaborated to unveil a new National Automated Clearing System (NACS), which allows all the Deposit Money Banks in the country to clear cheques within hours. Source Guardian Read More 

Buying Bitcoin More Like Gambling Than Investing, Poloz Says - Cryptocurrencies such as bitcoin are a gamble to Canada’s central bank chief. Source Bloomberg Read More 

Deutsche Bank Says Japan's Retail Investors Are Behind Bitcoin's Surge - It’s not drug dealers and tax cheats, it’s Mrs. Watanabe. Source Bloomberg Read More 

World's Biggest Pension Fund Says AI Will Replace Asset Managers - Hiromichi Mizuno was named chief investment officer of Japan’s Government Pension Investment Fund, the world’s biggest manager of retirement savings, in 2014. He has since led a push to increase equity holdings and advocated for incorporating ESG, or environmental, social and governance, factors into investing. Source Bloomberg Read More 

China builds world’s first solar-powered highway - The world’s first photovoltaic expressway has begun to take shape in the city of Jinan, east China’s Shandong Province. Source THE SUN Read More 

Moves in South Korea to make cryptocurrency trading more transparent - A South Korean blockchain association announced on Friday measures to boost transparency in trading of cryptocurrencies, agreed by 14 exchanges in the country including the world’s busiest virtual currency exchange, Bitthumb. Source Reuters Read More 

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