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Nigeria in 1min: Economic, Business and Financial Headlines – 261017

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October 26, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY

$5.5bn loan: We’ll settle domestic debt with $3bn - Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has revealed that the Federal Government will apply the sum of US$3 billion in refinancing the domestic debts of the immediate past government out of the $5.5 billion foreign loan being sourced from the international financial markets. Source Daily Trust Read More 

Nigeria’s SWF Q1 profits down 59 % as returns lag peers - Nigeria’s sovereign wealth fund (SWF), saw profits slump by 59 percent in the first quarter of 2017 with costs rising even as global risk assets rallied following the November election of United States President Donald Trump. Source BUSINESSDAY Read More 

PFAs have only 0.03% of N7.09 trillion assets invested in infrastructure - Nigeria’s Pension Fund Administrators (PFAs) are lagging behind while other African pension fund administrators are increasing their investments in infrastructure projects. Source BUSINESSDAY Read More 

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AfDB revives Bank of Agric with $1.3m - Two companies, KPMG Professional Services and DevPar Financial Consulting Limited, have emerged winners of the financial bidding of $1.3million to retool the Nigeria’s Bank of Agriculture (BoA). Source Daily Trust Read More 

Southern Governors Forum 2017: 5 Key Takeaways - Governors from the 17 States that cover the Southern Region of Nigeria, converged in Lagos on Monday, October 23rd, 2017 for a strategic meeting, the first since 2005  which was hosted by former Governor Asiwaju Bola Ahmed Tinubu.  Source Proshare Read More 

Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Thursday - President Muhammadu Buhari will present the 2018 Appropriation Bill to the National Assembly on Tuesday, an authoritative presidency source told THISDAY wednesday. Source Thisday Read More 

Non-Oil Revenue Forecasts In MTEF and FSP Aligns with Pro-Rata Earnings to Date - The presidency last week submitted the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly.  Source Proshare Read More 

African Industries’ steel exports to regional markets to save Nigeria $650m yearly - Despite challenges in the local steel industry, African Industries has unveiled plans to export its steel and iron bars to neighbouring West African and North African countries in a bid to improve its foreign exchange earnings, promote import substitution and save the nation $650 million spent on importation. Source Guardian Read More 

National Assembly to pass Petroleum Industry Bill before end of 2017, says Dogara - The Speaker of the House of Representatives, Yakubu Dogara, has said that the passage of the Petroleum Industry Bill (PIB) by the National Assembly, especially the lower chamber, may become feasible before the end of the year. Source Guardian Read More 

Ekiti boosts Nigeria rice market with 375 hectares of rice farm - As part of effort to put an end to importation of rice into Nigeria and boost the the nation’s economy, civil servants in Ekiti state have moved invested heavily in local rice production, ready to harvest 375 hectares of rice farm. Source BUSINESSDAY Read More 

Kwara House of Assembly passes N166bn supplementary fiscal estimates - The Kwara State House of Assembly has passed this year’s Supplementary Budget of N166,105,047,405 into law. Source BUSINESSDAY Read More

Lagos, Kaduna, two others to expose tax defaulters - Lagos, Osun and Kaduna state governments as well as the Federal Capital Territory Administration have pledged to provide all transaction data required to identify tax defaulters to the Voluntary Assets and Income Declaration Scheme office. Source Punch Read More 

PROSHARE REGULATORS

NSE Issues Notification of Effective Dates of New Rules for Dealing Members - Please be advised that The Exchange has received the Securities and Exchange Commission’s approval to the Rules set out below. Source Proshare Read More 

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PROSHARE MARKETS

Nigerian Stock Market Maintains Uptrend as NSEASI Firms Up by 0.25% - Equities market closed today on a positive note, as NSE ASI appreciated by +0.25% to close at 36,622.85 basis points as against +0.33% appreciation recorded previously. Source Proshare Read More 

Positive Surprise in Zenith Bank’s Q3 2017 Results, FBN Quest Lowers Cost of Risk - We retain our Outperform recommendation on Zenith Bank (Zenith), following its Q3 2017 results which came in well ahead of expectations. Source Proshare Read More 

Oando Plc state Positions on the Securities and Exchange Commission Alleged Findings - The Securities and Exchange Commission’s (“SEC” or “The Commission”)’s alleged findings as outlined in their correspondence to the Company’s (“the Company” or “Oando”) Group Chief Executive (GCE) on October 17, 2017 have been presented below alongside the Company’s position regarding each allegation. Source Proshare Read More 

Union Bank to raise N100bn yearly for SDG - Union Bank of Nigeria Plc said yesterday that it will seek partnership with the private sector and other financial institutions to raise N100 billion yearly, to lift 60 million Nigerians out of poverty. Source Daily Trust Read More 

Summary of FGN Bond Auction Results for October 2017 - Auction Result for the 14.50% FGN JUL 2021 (Re-opening 5-year Bond) & 16.2884% FGN MAR 2027 (Reopening 10-Year Bond).  Source Proshare Read More 

Diesel Prices Increased by 20.4% Despite the Improvement in on-grid Power Generation - Diesel prices have climbed 2.5% in the last week. Cumulatively, it has increased 20.4% despite the improvement in on-grid power generation.  Source Proshare Read More 

Unilever Nigeria's rights issue share sale oversubscribed - Unilever Nigeria’s 58.85 billion-naira ($187 million) rights issue was 120 percent subscribed, the company said on Wednesday. Source Reuters Read More 

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Fidelity Bank takes charge on 9mobile loan after central bank request - Nigeria’s Fidelity Bank has taken a 5 percent impairment charge on a 17.3 billion naira ($55 million) loan to Etisalat Nigeria, now called 9mobile, Fidelity Chief Executive Nnamdi Okonkwo said on Wednesday, in line with a central bank request. Source Reuters Read More 

Nigeria's gasoline price cap hurting industry, costing economy - Nigeria must remove its gasoline price cap to prevent shortages, enable investment and keep the government from using valuable resources to import fuel, delegates at the OTL Expo in Lagos said on Wednesday. Source Reuters Read More 

PENGASSAN rejects plan to tax pensions, terminal benefits - PETROLEUM and Natural Gas Senior Staff Association of Nigeria, PENGASSAN,  has rejected the plan by both the Federal and state governments to tax pensions, gratuities and terminal benefits of workers in the country. Source Vanguard Read More 

PrivatePrivate Firms To Invest N720bn In Kaduna, PH, Warri Refineries – Kachikwu - The federal government hinted yesterday that it has sealed a deal with private partners to revamp three existing refineries in the country located in Kaduna, Warri and Port Harcourt. Source Leadership Read More 

PPMC sells 950m litres of petroleum products in one month - The Nigerian National Petroleum Corporation (NNPC), Wednesday, said its subsidiary, the Petroleum Products Marketing Company, PPMC, distributed and sold 950.67 million litres of white products, comprising petrol, kerosene and diesel, in the month of August 2017. Source Vanguard Read More 

Nigeria’s gas flare rate dips to 12% - Nigeria gas flare rate stands at 12.00percent, the Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report for August has revealed. Source THE NATION Read More 

Oil prices inch lower on increases in U.S. crude inventories, production - Oil prices inched lower on Thursday, pressured by an unexpected increase in U.S. crude inventories and as oil output and exports from the United States rose last week. Source Reuters Read More 

Ghana eyes W’Africa’s petroleum hub ahead of Nigeria - While Nigeria has continued to grapple with challenges in the downstream sector of its oil and gas industry after several decades of oil production, its West African counterpart, Ghana, is gearing up to become a petroleum hub. Source Punch Read More 

Local content compliance in oil sector hits 40% - Local content compliance in Nigeria’s oil and gas sector increased from five per cent in 2015 to about 40 per cent so far this year, the Federal Government announced on Wednesday. Source Punch Read More 

Bayelsa, firm sign MoU on 60,000bpd refinery - The Bayelsa State Government has signed a Memorandum of Understanding with Rehoboth Natural Resources Development Limited for the establishment of a modular refinery in the state. Source Punch Read More 

Power rejection: Jebba, Kainji reduce generation by 416.4MW - Kainji and Jebba hydro power plants are cutting down on the quantum of power they generate by about 320 megawatts and 96.4MW, respectively, as a result of rejection of electricity load by distributors. Source Punch Read More 

Power can’t be fixed without mining sector collaboration, says Fashola - Power sector problems cannot be fixed without the collaborative efforts of the mining sector, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. Source THE NATION Read More 

DisCos lost 40% of revenue, power in 2016 - NERC - The Aggregate Technical and Commercial Collection (ATC&C) losses for the 11 Electricity Distribution Companies (DisCos) in Nigeria remained high at over 40 per cent  in 2016, three years after the privatisation of the power sector Source Daily Trust Read More 

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PROSHARE BUSINESS

Proshare honours Longest serving staff Peter Ameh, for a decade of dedicated service -  Proshare Nigeria’s leading financial information hub, today honoured its longest serving staff, Mr Peter Ameh of the Logistics department. Source Proshare Read More 

South Africa slashes its growth forecasts - South Africa’s finance minister slashed forecasts for economic growth this year and warned that fiscal deficits would be higher than expected for the rest of this decade as a corruption scandal buffets government finances. Source FT Read More 

South African budget deficit expected to reach eight-year high - South Africa raised its estimate for this year’s budget deficit on Wednesday, saying the country faces sluggish economic growth, shortfalls in revenue and costly bailouts of struggling state-owned companies. Source Reuters Read More 

Uganda expects up to $20 bln oil sector investment in next 3-4 years - Uganda expects investments of $15 billion to $20 billion in its oil industry in the next three to four years, Ernest Rubondo, executive director of Uganda’s petroleum authority, told a conference in Cape Town. Source Reuters Read More 

West African leaders plan shared currency by 2020 - A group of four West African presidents said on Tuesday they planned steps to accelerate the creation of a shared currency for the 15-country ECOWAS bloc by 2020, according to a joint statement. Source Reuters Read More 

Inside Apple’s Struggle to Get the iPhone X to Market on Time - As of early fall, it was clearer than ever that production problems meant Apple Inc. wouldn’t have enough iPhone Xs in time for the holidays. Source Bloomberg Read More 

India's Banks Need More Than a Bailout - India has long been faced with a slow-motion bank crisis. In particular, the state-controlled institutions that dominate the sector have a bad-loan ratio that's almost twice as bad as their private counterparts. Source Bloomberg Read More 

U.S. Energy Secretary Discusses Power Supply With Africa Nations - U.S. Energy Secretary Rick Perry discussed energy issues, including liquefied natural gas supply for electricity generation, with a range of African nations from Nigeria and Ivory Coast to South Africa. Source Bloomberg Read More 

StanChart CEO Talking to Saudi Regulators About Banking License - Standard Chartered Plc Chief Executive Officer Bill Winters said he’s talking to regulators in Saudi Arabia to understand the requirements to win a banking license, which could add another emerging market to more than 70 countries where the British bank does business. Source Bloomberg Read More 

China Begins Sale of First Sovereign Dollar Bond Since 2004 - China began marketing its first sovereign dollar bonds since 2004 following a week when Chinese leaders in Beijing outlined a greater role for the nation on the world stage. Source Bloomberg Read More 

Iraq Works With Kurdish Company to Help Restart Two Oil Fields - Iraq’s North Oil Co. is working with the Kurdish Kar Group to resume pumping at two disputed oil fields that halted output after government troops recaptured them from Kurdish forces, according to two people with knowledge of the situation. Source Bloomberg Read More 

Asia Now Has More Billionaires Than the U.S. - The world’s wealthiest individuals are on a roll with billionaires in Asia leading the pack. Source Bloomberg Read More 

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PROSHARE FINANCE

FirstBank Supports 2017 Down Syndrome Awareness Week - FirstBank has pledged its support for The 2017 Annual Awareness Week of the Down Syndrome Foundation, scheduled for Monday, October 23 – 27.  Source Proshare Read More 

PROSHARE TECHNOLOGY

New Zealand''s Financial Markets Authority Commentary On ICOs And Cryptocurrencies - The Financial Markets Authority (FMA) has published commentary on initial coin offers (ICOs) and cryptocurrency services alongside online resources for investors. Source Proshare Read More 

Singapore And Hong Kong Bolster FinTech Ties With Cooperation Agreement - The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) signed an agreement to strengthen co-operation on FinTech between the two cities and foster FinTech development within the region. Source Proshare Read More 

Inside Apple’s Struggle to Get the iPhone X to Market on Time - As of early fall, it was clearer than ever that production problems meant Apple Inc. wouldn’t have enough iPhone Xs in time for the holidays. Source Bloomberg Read More 

Kaspersky says it obtained suspected NSA hacking code from U.S. computer - Moscow-based antivirus software maker Kaspersky Lab said on Wednesday that its security software had taken source code for a secret American hacking tool from a personal computer in the United States. Source Reuters Read More 

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