Nigeria in 1min: Economic, Business and Financial Headlines – 161118


Friday November 16, 2018 / 7:00 AM / Proshare News


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Towards A Better Energy Mix - Today we turn our attention back to this year’s Nigerian Economic Summit held in Abuja, where we attended a session geared towards mini-grid expansion. Epileptic power supply continues to be a challenge in Nigeria. Industry sources suggest that 55% of Nigerians lack access to electricity. Source Proshare Read More 

The Economics of Wages - The concept of a minimum wage is universal and has its origins in the Poor laws of the 18th century Britain, the early days of the industrial revolution. Workers were of the view that capitalists were exploitative. They believed that minimum wage helps mitigate the imbalance of power between employers and low-wage workers. In the absence of a wage floor, employers could take advantage of workers’ vulnerability and weaknesses. This could undermine the purchasing power of low income earners.  Source Proshare Read More 

Commercial Agricultural Credit Scheme: Evaluation and Impact Assessment Report - The Commercial Agriculture Credit Scheme (CACS) is a sub-component of the Federal Government of Nigeria’s Commercial Agriculture Development Programme (CADP) financed from the proceeds of the N200 Billion seven (7) year bond raised by the Debt Management Office. Source Proshare Read More 

NIPOST Revokes Licences Of 30 Courier Companies - The Courier Regulatory Department of the Nigerian Postal Service has revoked the licences of 30 courier companies in the country for flouting industry regulations. Source Punch Read More 

Chinese Investment in Africa Predatory Capitalism, Says Trump’s Ex-chief Strategist - Former Chief Strategist to the President of the United States, Donald Trump, Mr. Steve Bannon, has called on African governments to be circumspect of China’s investment in Africa, warning that the goal of the Chinese is to colonise the region. Source Thisday Read More 

Nigeria To Become 2nd Largest Rice Importer In 2019 — USDA - The United States Department of Agriculture (USDA) has projected Nigeria to be the second largest rice importer come 2019. Source Vanguard Read More 

N30,000 Minimum Wage: Labour Spurns Governors’ Retrenchment Threat - The Nigeria Labour Congress (NLC), in a statement by its president, Comrade Ayuba Wabba, said workers are not moved by the threat to sack them as such threat is not new in the struggle for the review of the national minimum wage in Nigeria. Source Leadership Read More


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SEC Nigeria Announces The Introduction of The Interpretive Guidance Note - The public and all capital market stakeholders are informed of the introduction of the Commission’s Interpretive Guidance Note (IGN). The IGN would assist in the understanding of; provide guidance in compliance with the Investment Securities Act (ISA), SEC Rules and Regulations and other issues within the Commission’s regulatory purview. Source Proshare Read More 

SEC Extends Regularisation Deadline For Multiple Share Accounts - The acting Director General, Securities and Exchange Commission, Ms Mary Uduk, has announced the extension of the forbearance window for the regularisation of multiple subscriptions held by shareholders to December 2019. Source Punch Read More

The Central Bank And The Regulators Of Fintech - The new licensing regime appears to be focused on banks in relation to their relationship with Fintech companies and is not necessarily designed to provide a broader regulatory framework/enabling environment within which they could thrive. Source Proshare Read More

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Eurobond Issuance: A Seven-day Wonder? - Yesterday, the FG completed its $2.86 billion (N856.8 billion) Eurobond issuance, taking the country’s total issuance for the year to $5.3 billion. The offer is made up of a $1.18 billion (7-Yr), $1 billion (12-Yr), and $750 million (30-Yr) priced at 7.625%, 8.75% and 9.25% respectively. Source Proshare Read More 

Officials of The National Lottery Regulatory Commission Seals Up NB Premises in Lagos and Abuja - Nigerian Breweries Plc hereby confirms that officials of the National Lottery Regulatory Commission (“NLRC” or “the Commission”) sealed up its Headquarters premises in Lagos and two of its premises in FCT, Abuja on the 13th of November, 2018 and the 12th of November, 2018 respectively. Source Proshare Read More 

NSEASI Closes Below 32,000bpts; Dips By -0.76% - Equities market closed today on a negative note, as NSEASI depreciated by -0.76% to close at 31,864.80 basis points as against -0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.68%. Source Proshare Read More 

SEPLAT Confirms 20-Year License Renewal for OMLs 4, 38 and 41; Gets Presidential Approval - Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today announces that the President and Honourable Minister of Petroleum Resources has given consent for the renewal of OMLs 4, 38 and 41 to a new expiry date of 21 October 2038. Source Proshare Read More 

Latest Nine-Month Reports As Insights To 2018 Full-Year - The recently concluded quarterly earnings reports season of listed companies on the Nigerian Stock Exchange, as would be expected, showed actual financial health and where they really stand, going into end of their financial year. Source Proshare Read More 

Naira Under Increased Pressure In The Forex Market - Global oil prices (Brent) have averaged $73.07pb in 2018 and remained comfortably above the budget benchmark of $51 per barrel (pb), largely due to high demand and the output-cut led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. This has ultimately translated to stronger external buffers with gross external reserves peaking at $47.87bn in May. Source Proshare Read More 

As SAHCO Ends Four-Year IPO Drought, What Are The Worries? - Skyway Aviation Handling Company (SAHCO)’s Initial Public Offering (IPO) by way of an offer for sale of 406,074,000 ordinary shares of 50 kobo each at N4.65 per share, which commenced on Monday, November 12, 2018, put an end to four-year drought of IPO listing at the Nigerian Stock Exchange (NSE). Source Proshare Read More 

Nigerian Eurobond Offer Records Significant Over Subscription with Skew to the 7-Yr - Spreads were tighter today, with some client interests seen flowing into the market on the mid to long end mostly, as market players cherrypicked on some attractive yield offerings especially on the 2034s. Source Proshare Read More 

New Nigeria Eurobond Issues Trade to Discount despite Early Rally - The bond market remained relatively stable in today’s session, with yields compressing marginally by c.3bps following slight interest still mostly on the 2034s. The slight pullback in yields is reckoned to be majorly a consolidation due to bargain interests on some previously sold off maturities. Source Proshare Read More

JAIZBANK, JAPAUL and 40 Others Trade Below 50kobo as at November 15, 2018 - Jaiz Bank Plc (JAIZBANK), Japaul Oil and Maritime Services Plc (JAPAUL) and forty other equities traded below their nominal value at the Nigeria’s stock market as at the close of trading on Thursday, November 15, 2018. Source Proshare Read More


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Stanbic IBTC Announces Key Appointments - Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced appointments and changes in some senior management positions in some of its subsidiaries, as part of strategic positioning to sustain its growth trajectory through skills rotation. Source Proshare Read More


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SEC Nigeria CMC Inaugurates FinTech Roadmap Committee - Inaugurating the Committee which has Mr. Ade Bajomo, Executive Director is Access Bank as Chairman, during the 3rd Quarter CMC meeting in Lagos Wednesday, Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk expressed the need for the Nigerian capital market to transit towards a technology-driven one as is obtainable in other economies. Source Proshare Read More

E-Settlement Partners SERIATE For Acquisition and Deployment of 20,000 mPOS - One of Nigeria’s fastest growing agency banking provider, E-Settlement has partnered Seriate Limited, a Tech focused investment company to acquire and deploy up to 20,000 pieces of Mobile Point of Sale (mPOS) within the next 12 months in Nigeria. Source Proshare Read More

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