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Nigeria in 1min: Economic, Business and Financial Headlines – 240418

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Tuesday, April 24, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

FAAC Disburses N647.39bn in March 2018 –NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.39bn to the three tiers of government in March 2018 from the revenue generated in February 2018. Source Proshare Read More 

Re: Commonwealth Head of Government Meeting (CHOGM) 2018 - Let me be the first to congratulate you on the successful hosting of the Commonwealth Head of Government Meeting (CHOGM). Source Proshare Read More 

Lagos Shines Bright in Washington - We attended a briefing at the Business Council for International Understanding last week at the IMF/World Bank spring meetings in Washington DC. Source Proshare Read More 

Lagos Saves N4.5bn from Non-sponsorship of Religious Pilgrims - The Lagos State Government has saved N4.5 billion in the last three years as a result of the decision of Governor Akinwunmi Ambode to stop the sponsorship of people for religious pilgrimages to Israel and Saudi Arabia, the Commissioner for Home Affairs, Dr. Abdulhakeem Abdullateef, has revealed. Source Thisday Read More 

Nigeria tops remittances to Sub-Saharan Africa with $22bn- World Bank - The World Bank, yesterday, said that Nigerians living abroad (Diaspora) sent home $22 billion in 2017, the highest in the Sub-Saharan region, and the fifth highest in the world. Source Vanguard Read More 

ILO chief warns of rising inequality impeding inclusive growth - The Director-General of the International Labour Organisation (ILO), Guy Ryder has warned that high and rising levels of inequality are impeding inclusive and sustainable development. Source Guardian Read More 

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Pension Fund Operators Invest N5.5trn In FG Securities - With the nation’s total pension fund rising to N7.79 trillion as at the end of February 2018, pension fund operators have invested N5.5 trillion, about 70 per cent, of the pension assets in federal government securities. Source Leadership Read More 

FCTA Targets N146Bn IGR In 2018 - To boost its revenue base, the Federal Capital Territory Administration (FCTA) said that its target is to generate about N146 billion, as an internally generated revenue (IGR) before the end of 2018. Source Leadership Read More 

World Bank Group’s shareholders back $13b capital package - The World Bank Group’s shareholders yesterday endorsed a $13 billion paid-in capital increase and  a series of internal reforms. It also approved a set of policy measures that will strengthen its ability to scale up resources and deliver on its mission in areas of the world that need the most assistance. Source THE NATION Read More 

We can’t produce national identity cards for everyone – NIMC - The National Identity Management Commission has said that it cannot produce national identity cards for everyone who enrolled for it despite the huge public clamour for it. Source Punch Read More 

Nigeria not ready for post-oil economy, say Fashola, others - Nigeria has not shown enough readiness to commence the journey into a post-oil economy, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More

#Elections2019: Nigeria’s Emerging Political Leaders - A strong indication of both the quality and failure of politics in Nigeria, as the people look forward to the next general elections in 2019, is the manner in which virtually “every” Nigerian believes that he or she is good enough to be President of Nigeria. Source Proshare Read More 

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PROSHARE REGULATORS

Shareholder Group Leader harps on the need for a SEC Nigeria Board - With the recent developments around the leadership of the Apex regulator of the Nigerian Capital Market- The Securities and Exchange Commission, Shareholder group leader Mr Okezie Boniface has called on the Federal Government to constitute a board for the commission. Source Proshare Read More 

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PROSHARE MARKETS

NSEASI Extends Losing Streak by -0.12% to Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at  40,763.93 basis points as against -0.14% depreciation recorded previously. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week 230418 - Performance of the domestic bourse was dragged by sustained profit taking. Consequently, the All Share Index (ASI) declined 0.3% W-o-W to settle at 40,814.89 points while YTD return moderated to 6.7%. Source Proshare Read More 

Unilever Plc Q1 2018 – Better Than Expected Revenue And Lower Opex Margin Offset Weaker Gross Margin - Last week, UNILEVER published Q1-18 result showing net profit grew by 81% y/y, 2% ahead of our estimate (and 21% ahead of consensus). Source Proshare Read More 

UBA Reports Q1 2018 Results - PAT Grew by 45% YoY, Thanks to Strong OCI Gains - UBA’s Q1 2018 results which were published this afternoon showed that PAT grew by 45% y/y to N33.0bn, largely driven by a positive result of N11.2bn in other comprehensive income (OCI). Source Proshare Read More 

ARM Weekly Stock Recommendation 230418 - In this note, we update our views on PZ Cussons Nigeria Plc, factoring the nine-months 2018 numbers and revise our FVE lower to N16.56 (Previous: N20.97). Source Proshare Read More 

Global Growth Momentum Strengthens - The global growth and trade trajectory strengthened in 2017. The International Monetary Fund (IMF) reported that global growth firmed to 3.8% in 2017, from 3.2% in 2016. Source Proshare Read More 

UBA shareholders approve 2017 final dividend of N22.23bn - The United Bank for Africa (UBA), yesterday, endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended December 31, 2017. Source Daily Trust Read More 

NEITI: NNPC Failed to Remit N998bn Oil Proceeds in 2014 - Domestic crude valued at N2.45 trillion, about $15. 6 billion was sold in 2014 but only N1.44 trillion was paid into the Federation’s Account by the Nigerian National Petroleum Corporation (NNPC), resulting to an unreconciled and unremitted sum of N998 billion, according to the highlights of remedial issues in the Nigerian Extractive Industries Transparency Initiative (NEITI) 2014 audit report of the oil and gas sector, presented at the weekend in Abuja during the Civil Society and Media Consultation on remediation. Source Thisday Read More 

Excess crude income hits $65.4m daily - NIGERIA’s excess crude account is set to swell as the price of Bonny Light leaps towards $75 per barrel in the international market. Source Vanguard Read More 

US oil floods Europe, threatens Nigeria’s exports - Nigeria’s crude oil exports are under pressure as the United States is flooding Europe with a record amount of crude as efforts by the Organisation of Petroleum Exporting Countries to balance the oil market bear fruit. Source Punch Read More

NETCO Records N3.2bn Profit, Delivers N750m Dividend to NNPC - The National Engineering and Technical Company Limited (NETCO) has recorded a profit before tax of N3.257 billion for the 2017 financial year and delivered dividend of N750 million to the Nigerian National Petroleum Corporation (NNPC). Source Thisday Read More 

Electricity firms owe N8.892bn for February service charge - The Electricity Distribution Companies (DisCos) owe N8.892 billion for electricity supply services after the supply for February 2018, records from the Market Operator (MO), a section of the Transmission Company of Nigeria (TCN), have shown. Source Daily Trust Read More 

Power supply gets boost with proposed 400 mw plant in Delta - The nation’s quest for uninterrupted power supply got a boost following the ground-breaking ceremony of the 400MW combined cycle power plant at Ekrokpe/Ekrejegbe, Ughelli South local council by Delta State Governor, Ifeanyi Okowa. Source Guardian Read More 

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PROSHARE BUSINESS

Fire Safety Compliances and Regulations - Increments in population and urbanisation, with no commensurate improvement and expansion in public infrastructure, have in no small measure contributed to the increase in fire incidents and fire related fatalities. Source Proshare Read More 

N1.8b recovered from payroll fraud, says Bayelsa governor - Governor Seriake Dickson of Bayelsa State has disclosed the recovery of N1.8 billion from payroll fraud. Source Guardian Read More 

Egypt aims for $10 bln foreign investment in oil, gas in 2018/19 - Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said on Sunday. Source Reuters Read More 

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PROSHARE FINANCE

President Buhari’s Slips, Nigeria’s “Lazy” Youth And A Looming Education Crisis - I regret to inform you that president Buhari has done it again. Just over two years ago, I had cause to defend the constituency of which I am a part when he made remarks in London during a newspaper interview implying that Nigerians abroad have a single story of criminality. Source Proshare Read More 

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PROSHARE TECHNOLOGY

British Finance Expert To Sue Facebook For Scam Cryptocurrency Ads - Martin Lewis, an English finance journalist and money-saving expert, is set to issue High Court proceedings against Facebook Monday April 23, accusing the social network of defamation related to deceptive cryptocurrency advertisements, according to Lewis’s blog post on April 20. Source Proshare Read More 

Huawei:Digital economy value to hit $23tr - By 2025, the number of personal smart devices will reach 40 billion and the total number of connections around the world will reach 100 billion, creating a digital economy worth $23 trillion, technology giant, Huawei has said. Source THE NATION Read More 

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