Nigeria in 1min: Economic, Business and Financial Headlines – 160718

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Monday, July 16, 2018, / 7:10 AM / Proshare News 

PROSHARE ECONOMY
What To Expect From The Markets This Week - 160718 - The National Bureau of Statistics will on July 23, 2018 make available the headline inflation figures for the month of June 2018. As the market anticipates the figures, we look forward to witnessing the headline inflation maintain its current downward trajectory to about 10.7% in June 2018 Source Proshare Read More 

Weekly Economic and Financial Commentary – WE 13th July 2018 - In the US, rising input costs drove producer prices for final demand 0.3% MoM in June (3.4% YoY), with the core PCI rising 2.7% YoY (vs. 2.6% YoY in May). Source Proshare Red More 

Heritage Bank Delisted from FIRS Collection, Remittance and Reconciliation Scheme - The Federal Inland Revenue Service (FIRS) wishes to notify the general public that Heritage Bank (Heritage Banking Company Limited) has been de-listed from participating in the FIRS Collection, Remittance and Reconciliation Scheme with effect from 1st June 2018. Source Proshare Read More 

FIRS: tax revenue hits N2.52tr in six months - The Federal Inland Revenue Service (FIRS) has announced that it realised N2.52 trillion from various taxes from January to June 2018. Source THE NATION Read More 

FAAC to probe N90bn revenue underpayment by FIRS -The Federation Account Allocation Committee has expressed its readiness to probe the N90bn allegedly underpaid into the Federation Account by the Federal Inland Revenue Service. Source Punch Read More 

Nigeria spends over N120b on sugar importation - Nigeria imported over 750,000 metric tons of raw sugar worth over N120billion in the first six months, it was learnt in Lagos at the weekend. Source THE NATION Read More 

AMCON seizes Sigma Apartments over N1bn indebtedness - ASSET Management Corporation of Nigeria, AMCON, has taken over Sigma Apartments due to failure of its owners, Sigma Engineering & Construction Limited to repay N1 billion bank debt. Source Proshare Read More 

Trapped Containers: Operators, Clearing Agents Spoil For War Over N4bn Demurrage Charges - There is disquiet in the nation’s maritime industry over the 6600 containers trapped at the Lagos Ports complex during the six days strike action embarked on by truck owners and drivers over failure of the truck call-up system introduced to ease traffic congestion at the Tin-Can and Apapa ports in Lagos. Source Leadership Read More 

China Offshore Oil Company Set To Invest $3bn In Nigeria - The China National Offshore Oil Corporation (CNOOC) is set to bring its total investment stakes in its Nigeria offshore oil and gas operations to $17 billion as the management of the corporation has expressed readiness to invest additional $3billion. Source Leadership Read More 

NIMC requires N150bn to enroll every Nigerian – DG - The National Identity Management Commission (NIMC) says it requires N150 billion to enable it to enroll every Nigerian on the identity card programme in the next three years. Source Daily Trust Read More

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PROSHARE MARKETS
Market Review and Round-Up of Corporate News Announced During The Week Ending 130718 - The equities market recorded mixed performance – the listed equities market recorded -0.62% loss WoW while the NASD OTC went up by +4.17% WoW. Source Proshare Read More 

NASD OTC Closed the Week Positive as Niger Delta Exploration and Production Plc Gains 20% WoW! - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 4.16%, closing at 690.50 points (as against 662.89 points last Friday). Consequently, total market capitalization gained 4.16% this week, closing higher at ₦467.28 billion compared to ₦448.60 billion last Friday. Source Proshare Read More 

Forex: Retail SMIS Gets $358m - The Central Bank of Nigeria (CBN) on Friday, July 13, 2018 injected the sum of $358 million into the Retail Secondary Market Intervention sales (SMIS). Source Proshare Read More 

Forex Inflow Drops As Naira Firms At BDC Window - The inflow of foreign exchange dropped further last week as the volume of dollars sold by the Central Bank of Nigeria (CBN) and Nigeria Autonomous Foreign Exchange Market (NAFEX) declined to $1.066 billion against $1.073 billion that changed hands in the previous week. Source Leadership Read More 

Trading in Chinese Renminbi to Commence Before End of July, Says CBN - The Central Bank of Nigeria (CBN) yesterday disclosed that trading in the Chinese Renminbi would commence before the end of this month. Source Thisday Read More 

Excess liquidity to persist as N608bn inflow hits interbank - THE interbank money market will this week, receive inflow of N608 billion from maturing treasury bills, aggravating the excess liquidity which prompted cost of funds to fall last week. Source Vanguard Read More 

Unclaimed dividends hit N130b - Unclaimed dividends have risen to its highest level of N129.62 billion.  Shareholders have alleged deliberate efforts by registrars and company secretaries to frustrate the recovery of the unclaimed dividends and payment of new ones. Source THE NATION Read More 

Insurance firms lose N650bn to over-riding commission - NATIONAL Insurance  Commission, NAICOM, has warned insurance companies against deduction of overriding commission and expense from their premium income. Source Vanguard Read More 

Mobil: partial deregulation crippling downstream sector - The refusal of the Federal Government to deregulate the downstream oil sector completely is inhibiting the growth of the sub-sector, Mobil Plc Managing Director, Mr Tunji Oyebanji has said. Source THE NATION Read More 

Oando Plc: The London Court of International Arbitration’s Ruling Regarding Whitmore, OODP BVI and Ansbury Inc - Lawyers representing Wale Tinubu and Mofe Boyo the Group Chief Executive and Deputy Group Chief Executive of Oando PLC and co-owners of Whitmore Asset Management Limited, have come out to say that contrary to a statement issued by the Legal Counsel to Ansbury Investment, Mr. Andrea Moja, the amounts owed to Ansbury Investments Inc, owned by Mr. Gabriele Volpi, is in fact $80m owed by Whitmore Asset Management Limited, while the balance $600m is owed by Ocean and Oil Development Partners (OODP) BVI. Source Proshare Read More

Federation Account: Stakeholders Move to Stop NNPC from Collecting, Remitting Oil Royalty - To check the controversy associated with the Nigerian National Petroleum Corporation (NNPC) remittances into the Federation Account, stakeholders in the Federation Account Allocation Committee (FAAC) are moving to stop the state oil company from collecting and remitting royalties accruing from oil Source Thisday Read More 

OPEC Production Hits 4-month High of 31.87 mb/d - Occasioned by increased global oil supply of 370,000 barrel per day (mb/d) in June, due mainly to higher outputs from Saudi Arabia and Russia, OPEC crude production hit a four-month high of 31.87 mb/d, the International Energy Agency (IEA) has said. Source Thisday Read More

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PROSHARE BUSINESS
Africa's richest man Dangote signs $650 mln Afreximbank loan for oil refinery project - Africa’s richest man, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Nigeria. Source Reuters Read More 

UAE pledges $10 bln in investment, South Africa says - The United Arab Emirates (UAE) has pledged to invest $10 billion in South Africa’s economy, including the tourism and mining sectors, the South African presidency said on Saturday. Source Reuters Read More 

Libya's Biggest Oil Field Set to Cut Output After Kidnappings - Oil output at Libya’s biggest field is set to drop by about half after authorities evacuated staff and shut wells for safety following the armed abduction of several workers at the Sharara deposit, according to the state National Oil Corp. Source Bloomberg Read More

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