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Nigeria in 1min: Economic, Business and Financial Headlines – 160218


February 16, 2018 7:10 AM / Proshare News 


Average Price of 1kg of Tomato Increased by 9.87% YoY in January 2018 - NBS - Selected food price watch data for January 2018 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by 14.79% and month-on-month by -11.59% to N437.13 in January 2018 from N494.43 in December 2017 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -18.07% and month-on-month by -5.99% to N38.85 in January 2018 from N41.32 in December 2017. Source Proshare Read More 

Declining Inflation is likely to Encourage a Shift Towards an Accommodative Monetary Stance - Year-on-Year inflation dipped further in the month of January to 15.13%, in line with our projection. This also marks the 12th consecutive monthly decline in Y-o-Y headline inflation since February 2017. Source Proshare Read More 

11 states get N16.1bn budget loan - Eleven of the 23 states that have access to the federal government's budget support loan facility have received N16.1 billion as of January 2018. Source Daily Trust Read More 

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FG releases pricing for $2.5bn fifth Eurobond - The Federal Government on Thursday announced that it had priced its offering of $2.5bn aggregate principal amount of dual series notes under its Global Medium Term Note Programme. Source Punch Read More 

Seme Customs rakes in N.546bn in Jan, records 64 seizures - THE Seme Command of the Nigerian Customs Service, NCS, said that it generated N546.8million for the first month of the year representing 81 percent of 2018 revenue target. Source Vanguard Read More 


Mutualism: Reimagining The Role Of Shareholders In Modern Corporate Governance - Thank you, Professor [Anat] Admati, for that kind introduction. It is a pleasure to be with you this evening, and I would like to thank the Corporations and Society Program and the Rock Center for Corporate Governance for inviting me to visit with you. Source Proshare Read More 


Stock Market Maintains Uptrend as NSEASI Inches Up Further by 1.03% - Equities market closed today on a positive note, as NSEASI depreciated by +1.03% to close at 42,604.40 basis points as against +1.11% appreciation recorded previously. Source Proshare Read More 

FBN Holdings Plc - Regaining its Mojo; Upgrade to Strong BUY - Across our Tier 1 banking universe, we beam our spotlight on FBN Holdings (FBNH). The bank trades at a P/B of 0.7x compared to peer average of 1.4x, and its FY 17E P/E of 6.6x is at a sizable discount to current P/E of 18.8x. Source Proshare Read More 

Nigerian Banks Plan Market-Based Reporting of FC Exposure - Nigerian banks' move to a more market-based presentation of foreign-currency (FC) assets, liabilities and profit-and-loss items is likely to come into focus when they publish their 2017 results in the coming weeks, Fitch Ratings says. Source Proshare Read More 

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Nigeria’s $2.5bn Eurobond attracts over 7.143% rates - The Federal government has announced the offering of US$2.5 billion aggregate principal amount of dual series notes under its Global Medium Term Note Programme. Source Vanguard Read More 

Reps halt renewal of $120m GEM contract - The House of Representatives has asked the ministers of Finance and Industry, Trade and Investment, Kemi Adeosun and Okechukwu Enelamah, as well as the World Bank not to renew or extend the Growth and Employment (GEM) Project contract, which expires today. Source Daily Trust Read More 


ASIC Reports On Credit Rating Agencies, Recommends Changes - ASIC has conducted a market-wide surveillance of credit rating agencies (CRAs) and made a number of recommendations for change. Source Proshare Read More 

Abuja Selected to Host Afreximbank’s 2018 Annual Meetings and 25th Anniversary - Nigeria has emerged the host country for the 2018 African Export-Import Bank (Afreximbank) Annual Meetings (AAM2018) and 25th Anniversary celebrations scheduled to take place from 9 to 14 July, the Bank announced today in Cairo. Source Proshare Read More 

Senate adopts conference committee report on #ElectoralAct, to deepen democracy - The Senate of the Federal Republic of Nigeria yesterday Wednesday February 14, 2018 adopted the conference committee report on the electoral act, to deepen the democratic process in the country and provide legislative frameworks for some of the good measures introduced by the Independent National Electoral Commission in the 2015 elections. Source Proshare Read More 

AfDB updates its African Bond Index, to boost market liquidity - The African Development Bank has updated its composite index available to Bloomberg Professional service subscribers via BADB Index. The index, which is enriched with two sub-indices (BADBC and BADBX), was released in January 2018 to improve African debt market liquidity and transparency. Source Proshare Read More 

Afreximbank Urges Use of Factoring to Expand Africa’s Regional Value Chains - African countries should take make use of factoring in order to take advantage of the opportunities for expanding the continent’s regional value chains, participants at a regional factoring conference held in Dakar have heard. Source Proshare Read More 

Cyril Ramaphosa takes over from Zuma, as President of South Africa - Mr Cyril Ramaphosa in an unanimous decision today at the parliament, emerged the new leader of one of Africa’s leading economies South Africa. Source Proshare Read More 

European Oil Majors Adapt to Low Oil; Break Even in 2017 - European oil majors, including Shell, Total and BP, have broadly adapted to oil prices under USD60/bbl thanks to improved spending discipline, cost deflation and lower cash dividends, Fitch Ratings says. Source Proshare Read More 

S&P sticks with Kenya stance after Moody's downgrade - S&P Global shows little sign that it will match a move by Moody’s and downgrade Kenya, saying its rating could stay where it is as long as political uncertainty didn’t disrupt the running of the country. Source Reuters Read More 

Egypt Cuts Interest Rates as Debt Market Seen Defying Fed Impact - Egypt cut interest rates for the first time since floating the currency at the end of 2016, starting a widely-anticipated easing cycle after record-high borrowing costs helped curb inflation and attract $20 billion into local-currency debt. Source Bloomberg Read More 

China Holdings of U.S. Debt Rose in 2017 by Most in Seven Years - China increased its holdings of U.S. Treasuries last year by the most since 2010, in a signal its demand for American debt remains resilient. Source Bloomberg Read More 

Oil gains as dollar sags near three-year low; many Asian markets shut - Oil prices edged higher on Friday as the dollar stood near a three-year low in subdued Asian trade, with many markets closed for the Lunar New Year holiday. Source Reuters Read More

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Google’s Exciting New AMP Feature in Gmail to Bring Life to Emails - Accelerated Mobile Pages (AMP) has been around for some time now, a technology that is used to improve mobile page performances. Source Proshare Read More 

Nigeria, SA, Kenya accounts for 75% tech funding - Seventy five percent of the total funding that come into the African technology space goes to three countries, namely South Africa, Kenya, and Nigeria. This was disclosed by panellists at the ongoing Africa Tech Summit that holding in Kigali, Rwanda. The summit started on Wednesday and will be ending today, Friday Source BUSINESSDAY Read More 

Bitcoin Millionaires Have a New Way to Cash Out Without Ever Selling a Single Bitcoin - Cryptocurrency die-hards face a dilemma: true believers never want to cash out, but what's the benefit of amassing all this wealth on the blockchain if you can't actually put it to use in the real world? Source INC Read More 

Bitcoin rises above $10,000, strategist sees new high by July - Bitcoin rose above $10,000 on Thursday for the first time in more than two weeks, as investors bought back the digital currency after having fallen 70 percent from its all-time peak hit in mid-December. Source Reuters Read More 

U.S. regulator warns of cryptocurrency 'pump-and-dump' schemes - The U.S. derivatives regulator warned investors on Thursday about cryptocurrency “pump-and-dump” scams that aim to rip off investors by inflating the price of volatile virtual tokens through spreading bogus information. Source Reuters Read More 

MTN has so far paid N110bn in fine – NCC - MTN Nigeria Communications Commission has paid a total of N110bn into the coffers of the Federal Government out of the N330bn imposed on the telecommunications company by the Nigerian Communications Commission Source Punch Read More 

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Abuja Chamber begins Capacity Building for SMEs - The Abuja Chamber of Commerce and Industry, through its Business Entrepreneurship, Skills and Technology (BEST), has rolled out programmes for capacity building for Small and Medium Enterprises (SMEs). Source Proshare Read More 


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