Nigeria in 1min: Economic, Business and Financial Headlines – 161117


November 16, 2017 7:50 AM / Proshare News 


Headline Inflation Drops to 15.91% in October 2017, 0.07% Lower Than 15.98% September Rate -  The Consumer Price Index (CPI) which measures inflation increased by 15.91 percent (year-on-year) in October 2017. Source Proshare Read More 

Average Price of 1kg of Yam Tuber Increased by 10.22% YoY in October 2017 - Selected food price watch data for October 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 0.02% and decreased month-on-month by -3.01% to N472.85 in October 2017 from N487.51 in September 2017 Source Proshare Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas – October 2017 - Average price paid by consumers for Premium Motor Spirit (petrol) increased by 0.1% year-on-year and 1.0% month-on-month to N146 in October 2017 from N144.5 in September 2017. Source Proshare Read More                                  

Average Motorcycle Fare per Drop Increased by 4.52% YoY in October 2017 - The transport fare watch report for October 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and  water way passenger  transport. Source Proshare Read More 

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Eurobonds account for a fifth of Nigeria's foreign debt of $66.6 bln - Eurobonds make up more than a fifth of Nigeria’s total foreign debt portfolio of $66.63 billion as of September and more than half of interest paid in the third quarter, the Debt Management Office (DMO) said on Wednesday. Source Reuters Read More 

FEC approves N458m to hire Malaysian firm for economic growth plan, N27.2b for Gombe-Biu road - The Federal Executive Council (FEC) has approved N458 million for the payment of consultancy services to a Malaysian firm to facilitate the review of its Economic Recovery and Growth Plan (ERGP) for a period of three months. Source Guardian Read More 

2018: FG budgets N19.3bn export grant amid alleged abuse - The Federal Government has proposed a budget of N19.28 billion for the implementation of the Export Expansion Grant (EEG) in 2018 amid allegation by a non-governmental organisation (NGO) that the implementation of the grant this year has been abused. Source Daily trust Read More 

FG plans sale of three power plants to fund 2018 budget - The Federal Government has concluded plans to complete the sale of three electricity generation companies (Gencos) built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Projects (NIPPs) to help fund the projected deficit in the 2018 budget. Source  BUSINESSDAY Read More 

Fitch assigns ‘B+’ rating to Nigeria’s Eurobond - Fitch Ratings has assigned Nigeria’s upcoming senior unsecured Dollar-denominated notes (Eurobond) an expected rating of ‘B+. Source  THE SUN  Read More 

Nigeria begins roadshow to raise $2.5bn Eurobond - A team of Nigerian officials that include Finance minister Kemi Adeosun, Ben Akabueze, the director-general of the budget office and Patience Oniha, head of the Debt Management Office (DMO), will open talks with investors today in an initial attempt to raise some $2.5 billion in Eurobonds. Source  BUSINESSDAY Read More 

Nigeria’s new vehicle sales drop to 10,000 units in 2017 - Nigerians are giving up hope of buying brand new vehicles as the total number of new vehicle sold in Nigeria will not exceed 10,000 units by the end of this year, car dealers of have told BusinessDay. Source  BUSINESSDAY Read More 

Healthy Growth at PFAs, Coverage Still Thin - The assets under management (AUM) of the Nigerian regulated pension industry increased by 20.2% y/y in September to N7.16trn (US$23.4bn), and by 1.0% m/m. Source Proshare Read More 

Nigeria Produced a Meager 348,000 Tonnes of Cotton in 2016 - The 2018 budget expects a boost to non-oil revenue of 87%. One of such activities is the recovery in the production of cotton. Source Proshare Read More 

$5.5bn borrowing: FG meets global investors in US Friday - The Federal Government is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. Source Punch Read More 

Nigeria loses more than $25 billion to poor image yearly - Corruption, poor leadership and infrastructure deficit have all combined to hamper the journey of Nigeria to becoming a viable nation brand. Source Guardian Read More 

Gov revokes residence permits of expatriates in Intels, others - The Nigerian Immigration Service (NIS) said it has revoked the residence permits of expatriate staff in about six Nigerian companies, including Intels Nigeria Limited. Source THE NATION  Read More 

Ajaokuta Belongs to FG, Fayemi Reminds Global Steel Holding Limited - The federal government wednesday reminded Global Steel Holding Limited (GSHL) that it doesn’t need any mediation to determine the ownership of Ajaokuta Steel Complex even as it noted that the Integrated steel complex has always been its property. Source Thisday Read More 

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CBN registers 285 more BDCs, operators hit 3,432 - The Central Bank of Nigeria (CBN) has registered an additional 285 foreign exchange dealers, bureau de change operators, in the country between January and September this year. Source Daily Trust Read More 


Equities Market Maintains Downtrend as NSEASI Dips Further by -0.91%  - Equities market closed today on a negative note, as NSE ASI depreciated by -0.91% to close at 36,953.41 basis points as against -0.96% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.25%.  Source Proshare Read More 

Bond Market Maintains Bullish Run as Headline Inflation Declines to 15.91% - The Bond market maintained its bullish run in today’s session, as yields declined further by an average of 4bps to close at 14.89%, marking a 3rd consecutive decline in yields from 15.04% opening levels on Monday. Source Proshare Read More 

Chellarams States Reason Behind Late Filing of Financial Statements for the Period Ended Sep 30, ‘17 - Chellarams Plc ("the Company") wishes to notify its esteemed shareholders and the investing public that the Company filed its Unaudited Financial Statements (UFS) for the period ended 30 September 2017 with The Nigerian Stock Exchange (“the Exchange”) on 14 November 2017. Source Proshare Read More 

UACN Rights Issue of 960.43m Ordinary Shares Opens Today - Dealing Members are hereby notified that the Rights Issue of UAC of Nigeria Plc. of 960,432,193 ordinary shares of 50 Kobo each at the offer price of N16 per share on the basis of one (1) new ordinary share Source Proshare Read More 

Court vacates interim forfeiture order on accounts without BVN - The Abuja Division of the Federal High Court, Wednesday, varied the orders it made on October 17, which directed 19 commercial banks in the country to freeze all accounts without the Bank Verification Numbers, BVN. Source Leadership Read More 

NNPC reviews corporate governance to combat fraud - The Nigerian National Petroleum Corporation (NNPC) said it is executing a major restructuring of its corporate governance framework to engender an accountable and fraud repellent system cross its value chain. Source Daily Trust  Read More 

Troubled Nigerian oil firm, Seven Energy, to sell assets - After several defaults on its debt-servicing obligations, Seven Energy, an indigenous oil and gas exploration, development, production and distribution group, has entered into a transaction for a comprehensive capital restructuring, part of which is to sell most of its assets. Source Punch Read More 

Oil prices end gain streak, drop to $61 - The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days. Source THE NATION  Read More 

McGrath: ExxonMobil adds 600,000bpd to Nigeria’s output - The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd. Source THE NATION  Read More 

$21.7bn missing from NNPC since 1999, says Falana - A human rights lawyer Femi Falana (SAN), on Wednesday accused the Nigerian National Petroleum Corporation  of failing to remit over $21.7bn and N376bn since 1999. Source Punch Read More 

Discos ripping off consumers with new prepaid meters – Reps - The House of Representatives on Wednesday accused electricity distribution companies of ripping off power consumers in the country with their new Mojec prepaid meters and called for urgent investigation to be conducted into the development. Source Punch Read More 

3,050MW plant: FG, Chinese bank negotiate $4.92bn loan - The Minister of Power, Works and Housing, Babatunde Fashola, announced on Wednesday that the Federal Government had commenced negotiations for a $4.92bn loan from the China Exim Bank for the construction of the 3,050 megawatts Mambilla Hydro Power Plant. Source Punch Read More 

Firm makes first off-grid energy investment in Nigeria - An independent impact investing company, All On, said it had made its first set of transactions aimed at facilitating increased access to affordable, reliable and sustainable energy sources for low-income households, the Small and Medium Enterprises and communities. Source Punch Read More 

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Moghalu, Former Deputy Governor of CBN harps on the need for broad-based growth in Nigeria - The Goddy Jidenma Foundation held its 5th Public Lecture series on Wednesday, November 15, 2017 at the main auditorium of the Nigerian Institute of International Affairs, Kofo Abayomi Street, Victoria Island, Lagos to discuss the theme “The Challenge of Economic Growth in Nigeria.” Source Proshare Read More 

Moscow Exchange Holds Investment Conferences For Chinese Investors - On 13-15 November 2017, Moscow Exchange is hosting a series of investment conferences in China to bring together representatives of the Chinese financial community, including funds, banks and trading venues. The events are taking place in three cities: Shenzhen (13 November), Shanghai (14 November) and Beijing (15 November). Source Proshare Read More 

Associations Request SEC Modernize Electronic Recordkeeping Requirements - Several trade associations have asked the U.S. Securities and Exchange Commission (SEC) to update its broker-dealer electronic retention Rule 17a-4 by eliminating an outdated recordkeeping requirement known as WORM (write once, read many), examining authority notification, and third-party downloader requirements. Source Proshare Read More 

7 Things NAICOM Must Do To Deepen Insurance Acceptance Before Penetration - It was mixed feelings for me as I read a BusinessDay report that quoted the Deputy Commissioner, Technical (NAICOM), Mr. Sunday Thomas as stating that there are only two million insurance policyholders out of Nigeria's estimated 180 million population. Source Proshare Read More 

Vacant: New Position of Chief Risk Officer Created in US SEC. - Chief Risk Officer reporting to the Office of the Chief Operating Officer at Securities and Exchange Commission . The appointment is open to only US Citizens. Source Proshare Read More 

Ghana govt sees 2017 economic growth at 7.9 pct - Ghana’s government expects the economy to grow 7.9 pct in 2017, up from an initial forecast of 6.3 pct, Finance Minister Ken Ofori-Atta said in a budget speech to parliament on Wednesday. Source Reuters Read More 

Kenya Airways completes $2 bln debt restructuring -  Kenya Airways has finished restructuring $2 billion of debt, the carrier said on Wednesday, completing a key part of its turnaround plan after heavy losses. Source Reuters Read More 

Zimbabwe inflation rises to 2.24 percent y/y in October - Zimbabwe’s consumer price inflation rose to 2.24 percent year-on-year in October from 0.78 percent in September, data from the national statistics agency showed on Wednesday. Source Reuters Read More 

Volkswagen, Partners Plan $12 Billion China EVs Investment - Volkswagen AG will invest more than 10 billion euros ($12 billion) with its partners to make and develop a range of new-energy vehicles in China as carmakers step up investments in low-emission models in the world’s biggest auto market. Source Bloomberg Read More 

Philippine GDP Growth of 6.9% Beats All Economists Estimates - The Philippine economy grew 6.9 percent last quarter, exceeding all estimates in a Bloomberg survey and cementing its position as one of the fastest-expanding in the world. Source Bloomberg Read More 

Deutsche Bank Says Junk Bonds Are a Buy, But Be Ready to Get Out - High-yield corporate debt is getting unfairly hammered and investors should use this opportunity to buy back in, according to Deutsche Bank AG’s chief international economist. They should just be prepared to exit at some point perhaps in mid-2018, he reckons. Source Bloomberg Read More 

Japan’s Expanding Economy Hides Wealth Disparity - Not everybody is celebrating Japan’s seven-straight quarters of economic expansion. Source Bloomberg Read More 

Australia's Jobless Rate Falls to Lowest in More Than Four Years - Australia’s jobless rate unexpectedly fell in October as fewer people sought work, while full-time positions that have driven hiring this year extended their surge. Source Bloomberg Read More 

Zimbabwe Doesn’t Have Its Own Currency and Bitcoin Is Surging - Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power. Source Bloomberg Read More 

Angola’s President Fires Dos Santos’ Daughter as Sonangol Boss - Angolan President Joao Lourenco dismissed Isabel dos Santos as chair of state-owned oil company Sonangol as he takes aim at the family of former President Jose Eduardo dos Santos. Source Bloomberg Read More 

SoftBank Plans Up to $25 Billion in Saudi Investments - SoftBank Group Corp. plans to invest as much as $25 billion in Saudi Arabia over the next three to four years as the Japanese company run by Masayoshi Son deepens investment ties with the kingdom, according to people familiar with the matter. Source Bloomberg Read More 

Saudi Arabia to Freeze Trading Accounts as Part of Probe - Saudi Arabia’s market regulator has frozen the trading accounts of individuals being detained or investigated as part of the kingdom’s crackdown on alleged corruption, according to three people familiar with the matter. Source Bloomberg Read More 

World's Best Macro Fund Surges 47% This Year - As macro hedge funds worldwide shape up as the industry’s worst performers this year, Singapore’s PruLev Global Macro Fund is surging ahead with a 47 percent gain. Source Bloomberg Read More 


African SMEs face $136bn financing gap annually—IFC - The International Finance Corporation, IFC, a member of the World Bank Group, has estimated that in Africa, small and medium enterprises, SMEs, face a financing gap of over $136 billion annually.Source Daily Trust Read More 


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