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Nigeria in 1min: Economic, Business and Financial Headlines – 241117

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November 24, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

FAAC Disburses N558.08bn in October 2017 -NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N558.08bn to the three tiers of government in October 2017 from the revenue generated in September 2017. Source Proshare Read More 

Fitch Withdraws Nigeria's Seven Energy Ratings- Fitch Ratings has withdrawn Nigeria-based Seven Energy International Limited's (Seven Energy) Long-Term Issuer Default Rating of 'RD' (Restricted Default) Source Proshare Read More 

FG approves N28bn budget loan for 35 states - The Federal Government has approved N800 million budget support loan facility for each of 35 states of the federation. Source Daily Trust Read More 

Ahmed presents N181bn budget for 2018 - Kwara State Governor, Dr Abdulfatah Ahmed has presented a budget estimate of N181.8 billion for the 2018 financial year. Source Daily Trust Read More 

Tax: FG goes after 500 owners of overseas property - The Federal Government has obtained a list of 500 Nigerians with property and trusts abroad to determine their tax compliance status at home. Source Daily Trust Read More 

Fed Govt to reintroduce toll gates in 38 points, says Fashola - Arrangements have been concluded to reintroduce toll gates in 38 points across the country, Power, Works & Housing Minister Babatunde Fashola said yesterday. Source THE NATION Read More 

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Adesina: High Taxes Stunting the Growth of African Airlines - The President of African Development Bank (AfDB), Dr Akinwumi Adesina has said that high taxes imposed on airlines by government agencies was a major challenge dwarfing the growth and development of air transport in Africa. Source Thisday Read More 

FG Saves N3bn on Single Project with NITDA’s IT Project Clearance - The National Information Technology Development Agency (NITDA) has saved the federal government the sum of N3billion on a single cleared IT Project of an agency through its commitment as the government’s clearing house for all IT procurement and services in the public sector. Source Thisday Read More 

Five Best Performing Sectors from Q3’17 National Accounts; Agriculture Out at the Front- From the national accounts for Q3 2017 we highlight the five best performing sectors. We cover only those sectors accounting for at least 1% of GDP at constant basic prices, and exclude other services. Source Proshare Read More 

PROSHARE REGULATORS

Proposed Cross Border Listing Rules and Amendments to Premium Board Rules- Notice is hereby given that; the following proposed Rules and Rule Amendments are exposed for comments. Source Proshare Read More 

Court Stikes Out Oando’s Suit against SEC over Forensic Audit, Shares Suspension - Oando Plc has suffered a major setback in its effort to stop the Securities and Exchange Commission (SEC) from conducting a forensic audit into its affairs, as a Federal High Court in Lagos, on Thursday, declined the jurisdiction to entertain the suit brought before it by the embattled oil firm. Source Thisday Read More

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PROSHARE MARKETS

Market Maintains Uptrend as NSEASI Firms Up by 0.22%- Equities market closed today on a positive note, as NSEASI appreciated by +0.22% to close at 36,688.75 basis points as against +0.02% appreciation recorded previously. Source Proshare Read More 

Nigerian Tier 2 Banks - Playing a Catch-up Game- Which club will get to top 4? It’s an interesting tale in the EPL as three rivals, Chelsea, Liverpool, and Arsenal continue to struggle for a place in the top four. Source Proshare Read More 

African Alliance Insurance Plc Issues Notice of 49th Annual General Meeting- Notice is hereby given that the 49th Annual General meeting of African Alliance Insurance Plc will be held at Universal Hotel at Plot 3, Aguleri Street, Independent Layout, Enugu, Enugu state on Wednesday 13th December, 2017 at 10AM to transact the following businesses Source Proshare Read More 

Nigerian Breweries Q3 2017 Results Review: FX Related Costs Weigh On Earnings-Nigerian Breweries’ (NB) Q3 2017 PBT came in well behind our forecast, mainly because of negative surprises in gross margin, operating expenses and net finance costs. Source Proshare Read More 

Weaker UK Growth Forecasts Highlight Debt Challenge- Ensuring the medium- to long-term sustainability of the UK's public finances appears more challenging following the November Budget and the Office for Budget Responsibility's (OBR) reduction to its economic growth forecasts, Fitch Ratings says.  Source Proshare Read More 

Suspense as Corporate Giants Battles For 2017 Pearl Awards - As indicators from the office of National Bureau of Statistic (NBS) continues to suggest that Nigeria’s recovery from recession is a reality, companies listed on the floor of Nigerian Stock Exchange (NSE) are set for the 2017 PEARL Awards slated for November 26, 2017 at the prestigious Eko Hotel & Suite Lagos. Source Proshare Read More 

Dangote’s $300m cement plant commissioned in Congo - A new 1.5 million metric tonnes per annum (MMTPA) Dangote Cement Plant built at a cost of $300million was commissioned in Mfila, in the Republic of the Congo yesterday. Source Vanguard Read More 

Lafarge Africa buys out Ashaka Cement’s shareholders with 85.26m shares - Lafarge Africa Plc has issued and listed 85.26 million ordinary shares of 50 kobo each in the name of minority shareholders of Ashaka Cement (AshakaCem) Plc following the conclusion of share exchange agreement that seeks to fully consolidate the Gombe-based Ashaka Cement as a wholly-owned subsidiary of Lafarge Africa. Source THE NATION Read More 

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Ecobank introduces 1% fee on rapid transfer - Ecobank Nigeria has announced a one per cent fee on all the Ecobank Rapid Transfer payments via its mobile app called the Ecobank Mobile. Source Punch Read More 

AfDB invests $500m in Development Bank of Nigeria - The African Development Bank has announced that it was investing about $500m in the Development Bank of Nigeria. Source Punch Read More 

Average money market rate sheds 16.28% - The Nigerian average money market rate declined by 16.28 per cent on Thursday to settle at 11.90 per cent as interbank liquidity improved. Source Punch Read More 

PROSHARE BUSINESS

Kenya central bank holds main lending rate at 10.0 pct -  Kenya’s central bank held its benchmark lending rate at 10.0 percent on Thursday for the seventh time in a row, citing muted inflation that was expected to drop further, the Monetary Policy Committee said. Source Reuter Read More 

Zimbabwe's economic situation "very difficult": IMF mission chief - Zimbabwe’s economic growth is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms, a senior International Monetary Fund (IMF) official said. Source Reuter Read More 

Zambia moves to slow down debt accumulation as it seeks IMF aid - Zambia has suspended new non-concessional borrowing to slow down the pace of debt accumulation as it seeks support from the International Monetary Fund (IMF), Finance Minister Felix Mutati told parliament. Source Reuter Read More 

South Africa holds repo rate, says risks to inflation rising - South Africa’s central bank kept its benchmark repo rate at 6.75 percent on Thursday, in-line with expectations, citing increased risks to inflation posed by currency weakness, possible credit downgrades and political jostling. Source Reuter Read More 

China Bank Profits Face Squeeze From Tighter Rules, Fitch Says - Profit margins at Chinese banks will be squeezed next year and credit growth is likely to slow as increasing regulation eats up capital, Fitch Ratings said. Source Bloomberg Read More 

OPEC Is in the Dark About Shale - OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers.  Source Bloomberg Read More 

Biggest Dubai IPO in 3 Years Has Worst Debut Since 2014 - Geopolitical risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates market. Source Bloomberg Read More 

Qatar Says Committed to Official FX Rate After MSCI Proposal - Qatar’s central bank said it will honor commitments to provide dollars to local and foreign investors at the official exchange rate, describing a proposal by index provider MSCI Inc. to use the offshore rate to value the country’s stocks as unjustified. Source Bloomberg Read More 

Venezuela’s State Oil Producer Tells Staff to Cut Costs by 50% - Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50 percent in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people. Source Bloomberg Read More 

Oil Extends Rally Above $58 as Keystone Outage Cuts U.S. Supply - Oil extended its rally above $58 a barrel as supply disruptions on the Keystone pipeline added to optimism that the U.S. glut is waning and that OPEC will prolong its output curbs. Source Bloomberg Read More 

DBS Overtakes Singtel as Southeast Asia's Most Valuable Company - Reaping the rewards of going big on tech, DBS Group Holdings Ltd. has pushed past Singapore Telecommunications Ltd. to become Southeast Asia’s biggest company by market capitalization. Source Bloomberg Read More 

UBS Seeks to Expand Workforce in Artificial Intelligence - UBS Group AG is expanding its workforce in artificial intelligence, one of few areas in banking where demand for talent is growing. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

PPP driven machine learning, key for Nigeria in 4th Industrial Revolution- Bayo Adekanmbi - A strategic public-private partnership focused on machine learning in Nigeria, is vital to repositioning the country as a key player in the fourth industrial revolution era driven by digital technology. Source Proshare Read More 

Thanksgiving e-commerce sales pass $1.5B, up 17% year-on-year - Black Friday, the day after a quiet Thanksgiving Thursday, traditionally has been thought of as the start of the holiday sales season, but the rise of e-commerce in the last few years has changed all that, and the action is already kicking off today. Source TechCrunch Read More 

Enjoy Fast, Safe and Seamless Banking with FirstBank USSD*894# - First Bank of Nigeria Limited has remained committed to empowering the Nigerian populace with the *894# Quick Banking service as part of its financial inclusion drive. Source Proshare Read More 

PROSHARE MSME

ADB commits $450m to DBN for on-lending to MSMEs - The African Development Bank, ADB, has injected $450 million to the Development Bank of Nigeria, DBN, for on-lending to  Micro Small and Medium Enterprises, MSME. Source Vangaurd Read More 

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