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Nigeria in 1min: Economic, Business and Financial Headlines – 190218

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February 19, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 190218 - Non-oil revenue rose from N665.17 billon at the end of Q3 2017 to N814.55 billion in Q4 2017, implying a 22.4% buffering in non-oil income. Source Proshare Read More 

‘70 million Nigerians still locked out of micro-pension scheme’ - Despite the huge funds expended on the micro pension initiative by the National Pension Commission (PenCom), it could not keep to its assurance of commencing the scheme by the end of 2017. Source Guardian Read More 

64% of vehicles on Nigerian roads run on fake insurance — NIA - ONLY about 36 percent of vehicles plying Nigerian roads are currently insured as records indicate that most of the vehicles run on fake insurance certificates. Source Vanguard Read More 

FG, states fail to fund workers’ retirement accounts - Many workers who are retiring under the Contributory Pension Scheme are either unable to get their pensions or earning ridiculously low stipends because the government has been inconsistent with the remittance of its deductions into their Retirement Savings Accounts Source Punch Read More 

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PROSHARE REGULATORS

CBN bars banks with huge bad loans from paying dividends - The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base. Source Punch Read More 

PROSHARE MARKETS

Stock Market Records 0.08% Gain as Market Breadth Closes Negative; Down by -1.13% WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.08% to close at  42,638.83 basis points as against +1.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +11.49%. Source Proshare Read More 

NASD OTC Market Sustains Positive Momentum; USI Up by 3.70% WoW - Shares of UBN Property Company Plc have been approved to trade on the OTC Market. The security was introduced by Equity Capital Solutions Limited by way of Security Admission. Source Proshare Read More 

Eurobond: Nigeria external reserves to hit 54 months high of $45bn - NIGERIA’s external reserves will  rise to 54 months high of $45 billion this month following the conclusion of federal government’s $2.5 billion Eurobond this week. Source Vanguard Read More 

FMDQ OTC: Transactions turnover hits N11.71trn in January - Transactions in the Fixed Income and Currency (FIC) markets for the month of January 2018 amounted to N11.71 trillion from N11.86 trillion recorded in December 2017, resulting to a 1.28 per cent/ N0.15 trillion decrease and a 28.17 per cent increase year-on-year (YoY1). Source SUN Read More 

Petrogress To Invest $5m In Nigeria’s Oil, Gas Sector - Petrogress, Inc, through subsidiary, Petrogress International, has entered into a Memorandum of Understanding (MoU) and a Partnership Agreement with A&E Petroleum Co. Limited, a Nigerian corporation to jointly form and co-operate a firm to be named P&A Nigeria Oil Co. Ltd. (“PANOC”) to engage in oil and gas business opportunities in Nigeria. Source THE NATION Read More 

Reps demand N800bn supplementary budget for fuel marketers - The House of Representatives is unhappy over the lingering scarcity of petrol in the country and has asked the Executive to submit a N800bn supplementary budget to the National Assembly to offset the debts allegedly owed fuel marketers. Source Punch Read More 

World Bank to support Nigeria’s power recovery with $2.6bn - The World Bank Group has expressed its willingness to assist the Federal Government’s Power Sector Recovery Programme with $2.6bn. Source Punch Read More 

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PROSHARE BUSINESS

Zambia to rearrange China loans to meet IMF conditions -  Zambia will rearrange loans from Chinese companies and instead look to borrow directly from the Asian giant’s government in a bid to satisfy International Monetary Fund conditions and unlock a potential $1.3 billion loan from the multilateral lender. Source Reuters Read More 

Dollar finds footing after steep fall, holds above three-year lows - The dollar found some traction on Monday following last week’s steep fall and managed to hold above a three-year low against a basket of currencies. Source Reuters Read More 

Oil hits highest in nearly two weeks on Asian equity recovery - Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and by worries over tensions in the Middle East. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Nigerians Trade N1.3bn Bitcoin On 13 Platforms Weekly - Despite warnings by regulators and legislators, Nigerians have continued to invest in crypto currency, trading up to N1.38 billion across 13 local crypto-currency exchanges in the country. Source THE NATION Read More 

Coinbase Releases Tool for Merchants to Accept Cryptocurrencies - It may become a whole lot easier to use cryptocurrencies for payments. Source FORTUNE Read More 

MDXi to Invest Additional N2.5bn for Data Centre Expansion - MDXi, the data centre owned by MainOne Broadband Company, has commenced the second phase expansion to build additional 300 racks for its data centre operation, estimated to gulp N2.5 billion. Source Thisday Read More 

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