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Nigeria in 1min: Economic, Business and Financial Headlines – 190418

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Thursday, April 19, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

Global Economy: Good News for Now but Trade Tensions a Threat - The world economy continues to show  broad-based momentum.. Against that positive backdrop, the prospect of a similarly broad-based conflict over trade presents a jarring picture. Source Proshare Read More 

IMF describes Nigeria’s debt servicing ratio as extremely high - THE International Monetary Fund, IMF, has once again expressed concerns about  Nigeria’s debt servicing capacity, as the size of the total debt keep rising against its revenue. Source Vanguard Read More 

Again, IMF list removal of tax exemptions as strategy to up Nigeria's revenue - The International Monetary Fund (IMF) has once again identified the removal of tax exemptions by Nigeria as one of the many strategies to increase government revenues for increased spending on infrastructure and social safety net. Source Daily Trust Read More 

World Bank: Nigeria’s, others’ GDP will rise to 3.1% - Sub-Saharan Africa is on course for economic growth of 3.1 per cent this year, the World Bank said yesterday. This is marginally slower than it previously forecast but faster than last year’s, thanks to rising commodity prices. Source THE NATION Read More 

Osun Assembly okays N179.2bn 2018 budget - The Osun House of Assembly on Wednesday, passed 2018 appropriation bill of N179.2 billion submitted before the Legislative House on December 28th, 2017 by Governor Rauf Aregbesola. Source BUSINESSDAY Read More 

FIRS seals 19 firms over unpaid taxes - The Federal Inland Revenue has sealed 19 companies over their alleged failure to fulfil their tax obligations. Source Punch Read More 

Unpaid taxes: BIRS seals off banks, others in Benue - The Benue State Internal Revenue Service (BIRS) on Wednesday sealed off three banks and three other establishments in Makurdi metropolis for defaulting in payment of their taxes. Source Daily Trust Read More 

“Our non-performing loans are beyond industry threshold, embarrassing,” says Reps - The Chairman of House of Representatives Committee on Banking and Currency, Hon. Jones Onyeyeri, has reacted to the concerns raised by the International Monetary Fund (IMF) about the rate of non-performing loans in some countries including Nigeria. Source Daily Trust Read More 

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FG approves N6bn information, landing systems for four airports - The Federal Executive Council on Wednesday approved contracts totalling N6bn for four different airports in the country. Source Punch Read More 

NIRSAL: Breaking New Grounds in Agriculture Financing in Nigeria - NIRSAL was created to address issues contributing to the lackluster and low level of Finance and Investment deployed to Agriculture and Agribusiness Source Proshare Read More 

Shrimps And Prawns Are Nigeria’s Third Largest Agricultural Export - Coffee is widely consumed in Scandinavian countries where the sun never sets in the summer (land of the midnight sun). However, Nigerians consume 850 tonnes of coffee (only 0.01% of global consumption). Source Proshare Read More 

Seizure of Upper Chamber Mace: Nigerian Senate Resumes Plenary With Mace Retrieved - 3.25PM - The @NGRSenate resumed plenary after coming out of an Executive (closed door) Session where the earlier incident of forceful removal of the mace was deliberated upon. Source Proshare Read More

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PROSHARE MARKETS

NSEASI Records -0.04% Marginal Loss to Halt Market Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at  40,772.26 basis points as against +0.63% appreciation recorded previously. Source Proshare Read More 

T-Bill Yields Continue Downtrend as Market Players Oversubscribe 1-yr PMA at 16X bid to cover - The Bond market remained slightly bullish with continued demand on the long end of the curve (27s - 37s) which compressed further by c.4bps.  Source Proshare Read More 

SEC: Fee Rate Advisory #3 For Fiscal Year 2018 – Set at $13 peiller - The Securities and Exchange Commission (US) yesterday announced that starting on May 22, 2018, the fee rates applicable to most securities transactions will be set at $13.00 per million dollars. Source Proshare Read More 

Buy And Sell Transaction Charges On The NSE - Below is the currently published “buy and sell” transaction charges for equities traded on the Nigerian Stock Exchange (NSE). Source Proshare Read More 

Wema Bank to start second tranche of 50 bln naira debt programme in May - Nigeria’s Wema Bank plans to start issuing the second tranche of a Tier II capital increase next month, part of a 50 billion naira ($159 million) programme, its deputy chief executive said on Wednesday. Source Reuters Read More 

C&I Leasing eyes fresh capital for expansion - Nigeria’s biggest and oldest leasing firm, C&I Leasing, plans to raise funds to buy more vessels to lease to oil companies and expand its business in Ghana as Dubai-based private equity firm Abraaj exits, its chief executive said. Source Reuters Read More 

Investors pile into money market funds as net assets hit N401bn - In 2016, there were only six Nigerian money market funds managing N177 billion among them. Fast forward two years and those numbers have nearly tripled, thanks to the high interest rate environment of the past two years and the paltry return on bank savings account. Source BUSINESSDAY Read More 

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Oil Markets Steady Following Geopolitical Spike - In today’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. Source Proshare Read More 

Shell gets 12-year $40-100/bbl operational benchmark - Royal Dutch Shell has pegged its operational outlook at between $40 and $100 per barrel of oil from this year to 2030.  It however noted that prices could move above or below this range. Source THE NATION Read More 

S/Korea cuts Iranian oil import for Nigeria’s light crude - South Korea’s leading energy company SK Incheon Petrochem plans to increase imports of light crude oil from sources including Nigeria to replace Iranian condensates, due to rising prices for the Middle Eastern oil. Source Daily Trust Read More 

KEDCO loses N180m monthly - The management of Kano Electricity Distribution Company (KEDCO) has said that it loses N180m every month due to activities ot vandals. Source Daily Trust Read More 

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PROSHARE BUSINESS

Online Racket By Swiss Golden Swindles Over 7,000 Nigerians of N3Bn - The Economic and Financial Crimes Commission (EFCC) has recovered N216, 402,565.05 from Swiss Golden Investment, an online ‘investment’ that purportedly deals in buying and selling of Gold Bars which is said to have instead swindled about 7,000 Nigerians of a total of N3 billion. Source Proshare Read More 

EiE's Light A Candle Dinner Held Successful Auction For Time Out With Dangote, Akin Oyebode, Others - Enough is Enough Nigeria held their fundraising event for the RSVP and Office of the Citizen program on Sunday, April 15 2018 at the Harbor Point, Victoria Island Lagos. Source Proshare Read More 

IMF Warns of Rising Threats to Global Financial System - Threats to the global financial system are rising, with the price of risky assets surging in a manner reminiscent of the years before the global financial crisis, the International Monetary Fund warned. Source Bloomberg Read More 

Libya Oil Chief Says Fuel Smuggling Costing $750 Million a Year - Fuel smuggling is costing Libya about $750 million a year, the head of the country’s National Oil Corp. said. Source Bloomberg Read More 

Oil Market Faces Tense Wait as Iran Sanctions Too Close to Call - Global markets for equities, currencies and metals have all been whipsawed by the uncertainty over what President Donald Trump’s next geopolitical move would be. Oil’s about to have a turn. Source Bloomberg Read More 

IMF lifts South Africa's GDP forecast to 1.5 percent in 2018 - The International Monetary Fund on Tuesday lifted South Africa’s economic growth forecast for the next two years citing the election of a new political leadership, but warned growth would underperform if no economic reforms were carried out. Source Reuters Read More 

Big sub-Saharan African economies to get potent lift in 2018 - Sub-Saharan Africa’s biggest economies will benefit from a global upswing this year - as long as the U.S.-China tariff dispute does not disturb improving global trade flows, a Reuters poll found on Wednesday. Source Reuters Read More 

South Africa's CPI falls to 7-year low as rains ease food prices - South African consumer price inflation slowed to its lowest rate in seven years on Wednesday as the end of the worst drought in decades helped push down food prices, data showed on Wednesday. Source Reuters Read More 

Egypt ports to remain open 24 hours to cut down on wait times -minister - Egypt will keep its ports running for 24 hours a day, up from 16 currently, in an effort to cut down on “long waiting times” for shipments, Transportation Minister Hesham Arafat said on Wednesday. Source Reuters Read More 

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PROSHARE FINANCE

The Eko Comedy Festival 2018 Expands On Role Of Comedy In Nation Building - Eko Comedy Festival organized by First Class Entertainment, is a festival solely put together to maximize Nigeria’s comedy for economic development, celebrate the comedy industry, tackle challenges on how to attain greater heights and showcase Lagos as a center stage for arts, tourism and culture. Source Proshare Read More 

720,958 Passport Applications Received in 2017 - NBS - The Immigration Statistics for 2017 reflected that a total of 720,958 passport applications were received in 2017 as against 3,684,288 received in 2016. Source Proshare Read More 

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PROSHARE TECHNOLOGY

Blockchain Platform Prepares To Test Cryptocurrency Payment System In Major Shopping Mall - A Blockchain-driven platform has announced it will begin testing a brand-new transaction system for cryptocurrency payments within the coming days. Source Proshare Read More 

New York Attorney General's Office Launches Inquiry Into Cryptocurrency Trading Platforms - Yesterday, New York Attorney General Eric T. Schneiderman launched the Virtual Markets Integrity Initiative, a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual or “crypto” currencies like bitcoin and ether. Source Proshare Read More 

MTN-Ecobank Partnership - Diamond Bank Clarifies The Diamond Yello Proposition - There was news in the media recently of the signing of a partnership agreement between MTN and ECOBANK to grow financial inclusion in Africa and bring banking services to the unbanked. Source Proshare Read More 

Bitcoin Whale Sightings Are Leaving Cryptocurrency Traders Jumpy - Occasional sighting of Bitcoin whales are leaving advocates of the biggest cryptocurrency anxious after what’s already been a choppy week of trading. Source Bloomberg Read More 

Blockchain Is About to Revolutionize the Shipping Industry - Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. Source Bloomberg Read More 

Court stops planned sale of 9mobile - An Abuja  Federal High Court has halted the planned sale of 9mobile, following opposition to the move by some aggrieved shareholders. Source THE NATION Read More 

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PROSHARE MSME

FIRS, JTB, SMEDAN Begin Sensitisation for SMEs - The Federal Inland Revenue Service (FIRS), Joint Tax Board (JTB) and the Small and Medium Enterprises Development Agency (SMEDAN) have begun a sensitisation exercise for Business Membership Organisations (BMOs) on tax payment and their rights as taxpayers, a move calculated at stimulating economic growth in the country Source Thisday Read More 

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