Nigeria in 1min: Economic, Business and Financial Headlines – 260418

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Thursday, April 26, 2018 / 7:20 AM / Proshare News 

PROSHARE ECONOMY

FEC okays N64.108b for Lagos-Ibadan road project - THE Federal Executive Council (FEC) has approved N64.108 billion for additional work on 43 kilometres’ part of section one of the Lagos-Ibadan expressway. Source THE NATION Read More 

Apapa gridlock delays N85m solid minerals export - The persistent difficulty in accessing the nation’s major seaport, Apapa, is taking its toll on movement of non-oil exports and may affect the earnings for this year, investigation by our correspondent has revealed. Source Punch Read More 

Household Electrification Rate in Sub-Saharan Africa is the Lowest Globally - Today we revert to the recently concluded IMF/World Bank spring meetings. We attended a briefing on “The State of the Africa Region”, with energy the primary focus. Source Proshare Read More 

A New Lithium War Is About To Begin - It's the modern gold rush. Around the world, the most sought-after mineral isn't a precious metal, nor is it oil and gas…it's lithium. Source Proshare Read More 

Again, revenue underpayment by NNPC forces FAAC meeting shift - For the second consecutive month, the Federation Account Allocation Committee meeting, which was scheduled to hold on Wednesday to consider as well as approve statutory allocation for the month of March, was postponed due to what was cited as revenue discrepancies. Source Punch Read More

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PROSHARE REGULATORS

CBN To Raise Standards With Open Banking System - As the banking system moves to deliver quality services to consumers in the 21st century driven by new technological advancements, the Central Bank of Nigeria (CBN) has declared its interest in Open Banking System (OBS) which grants bank customers easy access to their data and opening the financial system to applications and other services. Source Leadership Read More 

SEC begins talks with MTN Group on $500m public offer - The Securities and Exchange Commission (SEC) yesterday confirmed that MTN Group had commenced discussions with it on its proposed $500 million Initial Public Offering (IPO). Source THE NATION Read More

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PROSHARE MARKETS

NSEASI Erases Previous Day Gain to Close Negative as Market Halt Uptrend - Equities market closed today on a negative note, as NSEASI depreciated by -0.11% to close at 40,755.73. basis points as against +0.10% appreciation recorded previously. Source Proshare Read More 

LAFARGE Africa Plc: Still Navigating Murky Waters, BUY Rating - Extending the poor run from FY’17, Lafarge Africa recently released its Q1’18 result reporting weak earnings in the period. Source Proshare Read More 

Access Bank holds 29th AGM, pays 0.40k dividend to shareholders - Access Bank a leading Nigerian banking group today held its 29th Annual General Meeting in Lagos, where it declared a profit-after-tax  of N61.9bn for the 2017 financial year. Source Proshare Read More 

Access Bank Reports Q1 2018 Results – Provisions Spiked by 55% YoY - Access Bank’s (Access) Q1 2018 results which were published this afternoon showed that PBT came in flat y//y to N27.4bn. Source Proshare Read More 

Diamond Bank Divests Fully from UK Subsidiary - Diamond Bank Plc has signed a share sale and purchase agreement with a member of GFG Alliance, for the disposal of its entire shareholding in its international subsidiary, Diamond Bank (UK) Plc. Source Thisday Read More 

Pharmacists seek foreign exchange of N200 to $1 - The Pharmaceutical Society of Nigeria (PSN) on Wednesday demanded an exchange rate of N200 to $1 as a measure to reduce prices of drugs especially anti-malarial drugs in the country. Source Proshare Read More 

BDC Operators Seek Integration into I & E Market - The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to integrate its members into the Investors’ and Exporters’ (I & E) foreign exchange (forex) window. Source Thisday Read More 

Oil Prices Tumble After Brent Breaks $75 - 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 

Oil prices rise on Iran sanctions worries, falling Venezuelan output - Oil prices rose on Thursday, supported by an expectation that the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand. Source Reuters Read More 

Rising oil price pushes petrol landing cost higher …NNPC to spend more on subsidy - The expected open market price of Premium Motor Spirit (petrol) being imported into Nigeria may have risen above N190 as crude oil price climbed towards a four-year high of $75 per barrel. Source Punch Read More 

TCN increases transmission substations’ capacities by 190MVA -The Transmission Company of Nigeria has upgraded the capacities of three substations in three states of the federation. Source Punch Read More 

TCN: Power sector system collapse imminent - The Transmission Company of Nigeria ((TCN), yesterday warned about the imminence of another system collapse as a result of the volume of idle power waiting for evacuation. Source THE NATION Read More

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PROSHARE BUSINESS

New QCA Corporate Governance Code Provides The Answer For AIM Companies - The revised QCA Corporate Governance Code - published today by the Quoted Companies Alliance - is a practical, outcome-oriented approach to corporate governance that is tailored for small and mid-size quoted companies in the UK. Source Proshare Read More 

Nigeria Automates Processing Of Business Permits And Expatriate Quota - Nigeria's Ministry of Interior is launching an e-citibiz portal for online processing of permits including business permits, expatriate quotas, citizenship applications and licenses to officiate marriages. Source Proshare Read More 

How Effective Will Africa’s Continental Free Trade Area Be? - Last month, 44 African nations gathered in Kigali to sign an agreement establishing a framework for the world’s largest free trade area (FTA) since the creation of the World Trade Organisation in 1995. Source Proshare Read More 

Saudi Arabia looks to raise $10bn by 2020 in privatisation scheme - Saudi Arabia hopes to raise around $10bn by 2020 by selling state assets, according to a new privatisation plan. Source FT Read More 

Ghana looking to sell debt in the 7 pct coupon range -minister - Ghana is seeking to issue up to $2.5 billion worth of Eurobonds in the coming weeks with a coupon in the 7 percent range, a rate well below previous sales, the West African nation’s finance minister told Reuters in an interview on Tuesday. Source Reuters Read More 

Gold falls on strong dollar and higher U.S. yields - Gold fell on Wednesday as the dollar and U.S. Treasury yields jumped on robust U.S. data and signs of an easing in the U.S.-China trade conflict. Source Reuters Read More 

U.S. Cocoa Buyers to Get a Taste of Africa on Record Premium - U.S. chocolate lovers could soon get more of a taste of Africa. Source Bloomberg Read More 

Australian Government Dumps Planned Tax Hike From May Budget - Malcolm Turnbull’s government is dumping a planned tax hike, giving a clear signal it will use next month’s budget to offer relief to Australians ahead of an election due next year. Source Bloomberg Read More 

Oil Futures Signal a Flood of U.S. Exports Is Coming This Summer - Selling more than two million barrels a day of U.S. crude overseas may soon be the new normal. Source Bloomberg Read More

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PROSHARE TECHNOLOGY

Cryptocurrencies Set For Another Surge In Prices. Here’s Why - Current market activity indicates that cryptocurrencies are set for “another considerable surge in prices gains” in the near future and Ethereum’s price could reach $2,500 by the end of the year - but investors should exercise caution. Source Proshare Read More 

Reps task CBN, NDIC on regulation of cryptocurrency - Members of the House of Representatives on Wednesday called on Central Bank of Nigeria (CBN( and Nigerian Deposit Insurance Commission (NDIC) to put in place a legal framework for the regulation of the blockchain technology . Source BUSINESSDAY Read More 

Does Blockchain Represent a Paradigm Shift for Insurance? - Fitch Ratings views blockchain as a potential game-changing technology for the insurance industry over the long term. Source Proshare Read More 

Most Cryptocurrency Trading Is Moving to Malta, at Least Legally - Digital-coin exchanges have found a new haven in an archipelago in the Mediterranean Sea. Source Bloomberg Read More 

A lack of cryptocurrency miner demand may create discounts on graphics cards - Unnamed sources close to Taiwan-based graphics card manufacturers such as Gigabyte and MSI claim these companies will be forced to slash prices due to a dramatic 40 percent drop in month-on-month shipments starting in April. Source Digital Trends Read More 

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PROSHARE MSME

Procurement process limiting MSMEs’ participation in govt contracts – Google - The cumbersome requirements of the public procurement process have been identified as a major constraint limiting the participation of many small business operators in government contracts. Source Punch Read More 

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