Nigeria in 1min: Economic, Business and Financial Headlines – 230518


Wednesday, May 23, 2018 / 7:00 AM / Proshare News



CBN Communiqué No. 118 of the MPC Meeting – May 21-22, 2018 - The Monetary Policy Committee (MPC) met on the 21st and 22nd of May, 2018 against the backdrop of optimistic global growth outlook and sustained recovery in the domestic economy. Source Proshare Read more 

2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS - The Q1 2018 road transport data reflected that 2,482 road crashes occurred in Q1 2018. Speed violation is reported as the major cause of road crashes in Q1 and it accounted for 50.81% of the total road crashes reported. Tyre burst and dangerous driving followed closely as they both accounted for 8.26% and 8.42% of the total road crashes recorded. Source Proshare Read more 

Borno saves N5.5b from ghost workers, pensioners in 2017 - The Borno State Government has saved N5.5 billion from 11,876 ghost workers and pensioners, after a verification and biometric data exercise of serving and retired workers Source Guardian Read more 

FG invested $10bn in infrastructure in 2 years – Osinbajo - The Federal Government invested a total of $10 billion (N3.61 trillion) in infrastructures across the country in the last two years. Source Daily Trust Read more 

IMF doubts Nigeria’s capacity to repay debts - The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilise more revenues domestically. Source Punch Read more 

Reps seek N500bn recapitalisation for FMBN - The House of Representatives on Tuesday asked the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500bn. Source Punch Read more 

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NBA Seeks Collaboration with SEC Nigeria - The Nigeria Bar Association (NBA) is seeking collaboration with the Securities and Exchange Commission (SEC) in the Commission’s efforts to deepen the capital market. Source Proshare Read more 


NSEASI Dips Further by -0.43% as MPC Retains MPR at 14% - Equities market closed today on a negative note, as NSEASI depreciated by -0.43% to close at 40, 249.29. basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.25%. Source Proshare Read More 

New Rules on Suspension of Trading in Listed Securities – Matters Arising - On April 26, 2018, the Nigerian Securities and Exchange Commission (SEC) approved the Nigerian Stock Exchange (NSE) drafted Rules on Suspension of Trading in Listed Securities (Trading Suspension Rules). Source Proshare Read More 

Bond Market Reverses Prior Session Loss ahead of Auction - The Bond market opened the week on a weaker note, with yields rising higher by c.14bps. This was following fears of continued selloff from offshore investors which pushed bid prices significantly lower, despite the relatively scanty volumes traded. Source Proshare Read More

Tribunal Overrules FCMB in N2.5bn Debt - The Investments and Securities Tribunal (IST) sitting in Abuja has finally resolved a decade-long cyclical dispute between a stock broking firm, Valueline Securities and Investments Ltd and First City Monument Bank Plc (FCMB) over the repayment of N2.5 billion shares purchase fund misappropriated in 2008 by the defunct FinBank Plc with which FCMB consummated a merger. Source Thisday Read More 

SPDC JV expends N14.85 billion on GMoUs in Rivers State - Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint venture has invested a total of N14.86 billion on Global Memorandum of Understanding (GMoU) clusters in Rivers State. Source Guardian Read more 

Glut: Unsold Nigerian crude cargoes liter market - A large overhang of unsold Nigerian crude oil has kept activity in the country’s crude sales market fairly quiet. Source Daily Trust Read More 

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Lessons From The Royal Wedding - I could not resist the temptation to watch the royal wedding between Prince Harry and Meghan Markle. Source Proshare Read More 

FBNQuest Merchant Bank Receives Accolades for Impactful Deals - FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has received accolades from global financial and capital market awarding institutions in recognition of the impact and size of transactions delivered by the Investment Banking business in 2017. Source Proshare Read More 

N1.4tr spending on fuel subsidy, a misallocation of resources - Emir Sanusi - The Emir of Kano, Malam Muhammadu Sanusi II, has condemned the continued fuel subsidy spending by the Buhari administration, saying it is misallocation of scarce resources. Source Daily Trust Read More 

Dubai's Biggest Bank Bets $3.2 Billion on Turkey's Wild Ride - By most accounts, Dubai’s biggest bank got a good deal when it agreed to buy Turkey’s Denizbank AS for $3.2 billion. The question is whether that’s enough to make up for entering a market under pressure from all sides. Source Bloomberg Read More 

Barclays Exploring Possible Merger With StanChart, FT Says - Barclays Plc has been exploring a potential merger with rival banks including Standard Chartered Plc, as part of wide-ranging contingency plans being weighed by senior board members following pressure from an activist investor, the Financial Times reported. Source Bloomberg Read More 

Oil dips as market eyes possible easing of OPEC supply curbs - Oil prices edged lower on Wednesday with the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs. Source Reuters Read More 

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PwC Business School to hold a Management Training for SMEs on June 5, 2018 - PwC Business School is pleased to announce the third edition of its Management Training for SMEs. As a business owner, we know you are interested in growing your business. Source Proshare Read More 


EFInA Reconstitutes Board, Appoints Sarah Alade, Bunmi Lawson; As Modupe Ladipo Departs - Enhancing Financial Innovation and Access (EFInA), the UK Government‘s Department for International Development (DFID) and the Bill & Melinda Gates Foundation funded financial sector development entity, focused on promoting financial inclusion in Nigeria, has announced changes to its board and management team. Source Proshare Read More 

How The General Data Protection Regulation Will Affect Your Business - On 25th May 2018 the General Data Protection Regulation comes into force, revolutionising the way that personal data are used and handled. Controllers and processors of personal data have a short amount of time to get ready. Source Proshare Read More 

FinTech big threat to banks, says Emefiele - The Central Bank of Nigeria (CBN) has identified the rising influence of Financial Technology (FinTech) firms in providing financial services to consumers as a big threat  to banking. Source THE NATION Read More 

South Africa kidnappers make ransom demand in bitcoin  - Abductors of boy, 13, left note demanding £92,000 worth of cryptocurrency for his release Source THE Guardian Read More

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