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Nigeria in 1min: Economic, Business and Financial Headlines – 160118

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January 16, 2018 7:00 AM / Proshare News 

PROSHARE ECONOMY

NSR H1 2018 - Africa Economy Back From The Brink  - Given recently released data and estimates, Africa’s economy is back from the brink and on course for a modest recovery in 2017 as higher global commodity prices supported growth in Sub-Saharan Africa (SSA) while fiscal consolidation was responsib Source Proshare Read More 

FG pays N35bn promotion arrears of 267 MDAs - The Federal Government has released the sum of N35 billion to settle the backlog of promotion arrears owed to Federal Civil Servants across the federation covering years 2011 -2016. So far, over N30 billion is being spent on verified MDAS accoding to a statement from AGF office. Source Daily Trust Read More 

Customs targets N1.5 trillion in 2018 - Ali - The Comptroller-General of Customs, Hammed Ali, disclosed this at the first management meeting for 2018 held in Abuja. Source Daily Trust Read More 

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World Bank supports sub-Sahara Africa with $10b - The World Bank and ECOWAS Commission have concluded a high-level consultation event on Regional Integration, as a possible catalyst to reignite Africa’s economic growth engine. Source Guardian Read More 

Fed Govt targets more tax revenue from VAIDS - The Federal Government expects to net considerable tax revenue this year through the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme, an initiative of the Federal Ministry of Finance that provides a time-limited window for taxpayers with undisclosed income and assets to regularise their tax status. Source THE NATION Read More 

2018 budget: Oil revenue to increase by over $1.7m - Funding the 2018 budget through domestic and external borrowings may be jettisoned if the current oil prices of $70 per barrel are sustained. Source THE SUN Read More 

PROSHARE REGULATORS

NAICOM cuts microinsurance firms’ capital base to N40m - The National Insurance Commission has reduced the minimum capital base for microinsurance companies from N150m to N40m. Source Punch Read More 

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PROSHARE MARKETS

Market Resumes Uptrend to Open The Week Positive; NSEASI Records 0.51% Gain - Equities market closed today on a negative note, as NSEASI depreciated by +0.51% to close at 43,119.00 basis points as against -0.33% depreciation recorded previously. Source Proshare Read More 

Bond Yields rise by 13bps with slight profit taking on the 20-yr - The Bond market traded on a relatively quiet note, even as yields retraced by c.13bps on the backdrop of a relative absence of demand and slight profit taking on the 20-yr. Source Proshare Read More 

NSE Places 7-Up Bottling Company Plc Shares on Full Suspension - Dealing Members are hereby notified that trading in the shares of 7-Up Bottling Company Plc. has been placed on full suspension on The Nigerian Stock Exchange (“The Exchange”) with effect from today, 12 January 2018. Source Proshare Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017 - Average price paid by consumers for premium motor spirit (petrol) increased by 17.10% year-on-year and 17.98% month-on-month to N171.8 in December 2017 from N145.6 in November 2017. Source Proshare Read More 

NPDC raises crude oil production by 7000b/d – NNPC - Oil production by the Nigerian Petroleum Development Company (NPDC), the flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), has grown following the successful drilling and completion of wells in Oil Mining Lease (OML) assets operated by the company. Source Daily Trust Read More 

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NNPC begins direct fuel supply to independent marketers - The Nigerian National Petroleum Corporation has commenced the direct supply of Premium Motor Spirit, popularly known as petrol, to independent oil marketers in order to effectively clear the fuel queues still prevalent in some parts of the country. Source Punch Read More 

Oil price rises above $70 as supply drops - International oil benchmark, Brent crude, hovered near a three-year high of over $70 per barrel on Monday on signs that production cuts by the Organisation of Petroleum Exporting Countries and Russia were tightening supplies. Source Punch Read More 

NEITI: NNPC Illegally Withholding $16bn NLNG Dividends - The Nigerian National Petroleum Corporation (NNPC) has yet to provide documentary evidence to show that the presidency actually authorised it to withhold and disburse funds paid to it as dividends by the Nigeria Liquefied Natural Gas (NLNG) Limited, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. Source Thisday Read More 

Electricity grid bounces back at 4,000MW after pipeline fire - The latest data on electricity generation obtained on Thursday from the NSO shows that the national grid bounced back to 4,623MW peak electricity generation on Wednesday. This was about two days after Fashola announced the restoration of gas supply to the six GenCos affected. Source Daily Trust Read More 

Nigeria ranks second worst electricity supply nation in 2017 - Nigeria has been ranked as the second worst nation in power supply as power drops to 3,851 megawatts, MW. Source Vanguard Read More 

Fashola Writes President Buhari, On TCN’s Recovery Of Government Assets - The Minister for Power, Works and Housing Mr Babatunde Raji Fashola (SAN) last year (October 31, 2017)  wrote President Muhammadu Buhari over the concessioning of the Transmission Company of Nigeria fibre network. Source Proshare Read More 

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PROSHARE BUSINESS

Access Bank Upgrades Ombudsman To Boost Dispute Resolution - Consistent with its reputation for adopting best practices in all facets of its operations, Access Bank Plc has upgraded its customer service function, Ombudsman, for the purpose of resolving service issues between the Bank and its customers.  Source Proshare Read More 

Directors of Nigeria’s 20 largest listed firms became N70bn richer in 2017 - Directors of some of the most capitalised companies on the Nigerian Stock Exchange (NSE) became N70 billion richer in 2017, as stocks recovered from a blighting downturn to reach record highs. Source BUSINESSDAY Read More 

NSE Promotes Ms. Tinuade Awe as Executive Director, Regulation - The Nigerian Stock Exchange (“Exchange” or “NSE”) announced today the promotion of Ms Tinuade Awe to Executive Director, Regulation with effect from 1 January, 2018. Her appointment has received regulatory approval. Source Proshare Read More 

Bitcoin Frenzy Helps Crypto Hedge Funds Reap 1,100% Gains - While most of the world’s institutional investors watched from the sidelines as cryptocurrencies surged last year, a small group of hedge fund managers piled in. Source Bloomberg Read More 

The World’s Best Stocks May Gain Even More If Oil Holds Up - The world-beating rally in Nigerian stocks may not be over yet. Source Bloomberg Read More 

Saudi Arabia Is Getting Ready for its First Nuclear-Power Deals - Saudi Arabia, the world’s biggest oil exporter, plans to award contracts in December for the construction of its first nuclear-power plants, according to a government official involved with the project. Source Bloomberg Read More 

Asian shares shrug off losses, euro near three-year top - Asian shares pushed higher on Tuesday, erasing early modest losses while the euro stood near a 3-year peak on rising expectations that the European Central Bank could pare its monetary stimulus. Source Reuters Read More 

Banks Increasingly Think OPEC Will End Supply Cuts as Oil Hits $70 - As oil rallies to a three-year high near $70 a barrel, the view that OPEC and its partners will end their supply cuts early is spreading. Source Bloomberg Read More 

No Rush for Dollars in Morocco as Looser Peg Boosts Currency - It finally happened: Morocco eased its grip on the dirham. But there was no stampede for dollars and the currency strengthened. Source Bloomberg Read More 

PROSHARE TECHNOLOGY

Cryptos in 2018 and Frozen Accounts - The cryptocurrency market was on a tear in 2017, and 2018 looks like it will be even bigger. Blockchain tech has made its way into the mainstream, even though the only people who use it are drug dealers and traffickers. Source Proshare Read More 

9Mobile: Reps summon members of defunct board over loan - A House of Representatives panel yesterday summoned members of the board of the defunct Etisalat Nigeria over the mismanagement of about N500 billion obtained from commercial banks. Source Daily Trust Read More 

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PROSHARE MSME

Upward Trend in Business Confidence - Small and medium-sized enterprises (SMEs) are regarded as growth engines for developing economies. However, for Nigeria, a large proportion are unrecorded since most SMEs fall within the country’s informal sector. Source Proshare Read More

Red Cross and Tony Elumelu FDN Partner To Empower 200 Nigerian entrepreneurs - The International Committee of the Red Cross (ICRC) and the Tony Elumelu Foundation (TEF) signed a memorandum of understanding today to empower 200 entrepreneurs from Nigeria’s North East and Niger Delta regions. Source Proshare Read More 

PAN, NSE plan $700m youth empowerment scheme - Hundreds of Nigerian youths are expected to benefit from a $700m empowerment initiative being put together by local vehicle assembler, PAN Nigeria Limited, with the support of the Nigerian Society of Engineers. Source Proshare Read More

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