Nigeria in 1min: Economic, Business and Financial Headlines – 270318

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March 27, 2018 7:30 AM / Proshare News 

PROSHARE ECONOMY

Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS - Nigerian States and Federal Debt Stock data as at 31st December 2017 reflected that the country's foreign and domestic debts stood at $18.9bn and N3.35trn respectively. Source Proshare Read More 

FG released N2.5trn for capital projects in 2016, 2017— Budget Office DG - MR Ben Akabueze, Director General, Budget Office of the Federation, said yesterday that the Federal Government released about N2.45 trillion for capital projects from 2016 and 2017 budgets. Source Vanguard Read More 

TSA accruals now N8.9tr, says Adeosun  - The Treasury Single Account (TSA) has yielded over N8.9 trillion revenue, the Minister of Finance, Mrs. Kemi Adeosun, said yesterday. Source THE NATION Read More 

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FG targets N5bn from measurement equipment licensing fees - The Federal Government is planning to generate the sum of N5bn in the 2018 fiscal period from statutory fees on weights and measurement equipment. Source Punch Read More 

National Assembly begins public hearing on 2018 budget today - The National Assembly will today (Tuesday) and Wednesday hold a public hearing on the 2018 Appropriation Bill. Source Punch Read More 

Ghost workers: FG saved N208bn in 2 years - The federal government under the Presidential Initiative on Continuous Audit (PICA) has saved N208 billion in ghost salaries on the payroll of civil servants. Source Daily Trust Read More 

Govt to empower 10,000 rice, cassava farmers with N2.5bn - The Federal Government has entered into an agreement with the United Nations Development Programme to commit a total of $8.06m (N2.45bn) to boost agricultural output along the rice and cassava value chain. Source Punch Read More 

NSIA okays N1.8b for agric - The Nigeria Sovereign Investment Authority (NSIA) has approved about $5million (N1.8 billion) for Doreo Partners to train 50,000 farmers in the North through its Babangona Outgrower Farming Scheme. Source THE NATION Read More 

NEXIM supports Edo, Ondo exporters with N5bn Niger-Delta Development Fund - The Nigerian Export-Import Bank (NEXIM) is supporting exporters in Edo and Ondo States with N5bn under the Niger-Delta Development Fund. Source BUSINESSDAY Read More 

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PROSHARE MARKETS

MTN Nigeria to list on the NSE; A promise Fulfilled – OTC Equity Research - After series of discussions, MTN is cementing plans to list its Nigerian Business (“MTNN”), which is estimated to be worth about $6 billion, on the Nigerian Stock Exchange by H2’18. The company has obtained shareholder approval for the listing and is in the process of seeking regulatory approvals. Source Proshare Read More 

Market Maintains Downtrend to Open The Week Negative; NSEASI Dips by -0.04% - Equities market closed today on a negative note, as NSEASI depreciated by -0.04% to close at  41,454.30 basis points as against -0.39% depreciation recorded previously. Source Proshare Read More 

Funding Rates Rise Higher as CBN Intervenes in FX Market - he bond market was scantily traded in today’s session, with very little in the way of flows, mostly driven by few client interests. Source Proshare Read More 

Better Prospects for Domestic Debt Service - The FGN’s total domestic debt service payments have doubled in five years, from N701bn in 2012 to N1.48trn last year. Source Proshare Read More 

FOMC Raises Rate: Should Nigeria Lose Sleep? - The Federal Open Market Committee (FOMC) of the U.S Federal Reserve System raised its anchor interest rate, the Federal Funds Rate (Fed Rate), to 1.50% - 1.75% from 1.25% - 1.50%. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 260318 - The local bourse maintained a downward trend for the second consecutive week- indicating a largely bearish performance, as the All Share Index (ASI) shed 1.1% W-o-W to 41,472.10 points while YTD gain weakened to 8.4%. Source Proshare Read More 

Lafarge Africa lists N131b rights shares - Lafarge Africa Plc has listed about 3.1 billion ordinary shares of 50 kobo each, increasing the cement company’s market capitalisation to N278.79 billion at the weekend. Source THE NATION Read More 

Finally, Milost Terminates Investment Talk with Unity Bank - Milost Global Inc., a New York-based private equity firm yesterday announced the termination of its proposed $1billion investment in Unity Bank Plc. Source Thisday Read More 

Investments Tribunal Fines Four Stockbroking Firms N5m for Illegal Transactions - The Investments and Securities Tribunal (IST) has sanctioned four stockbroking firms – Union Registrars Limited, UIDC Securities Limited, Gosord Securities Limited and Kapital Care Trust Securities Limited for irregular transactions and unlawful sale of multi-million naira worth of an investor’s shares. Source Thisday Read More 

T-Bills Rates Expected to Trend Slightly Higher - Treasury Bills market (“T-Bills”) rates across tenors remained relatively flat last week declining 1bp W-o-W. System liquidity remained robust as OMO and T-Bills maturities hit the system towards the end of the week – only 50.0% of the matured bills  was rolled over at the Primary Market Auction (”PMA”) Source Proshare Read More

Proposed Rules for Price Stabilization of Securities and "The Greenshoe Option” - Last week, after the publication of the ‘Proposes Rules for Price Stabilization of Securities’, not a few member of the investment community raised the question: What is the NSE doing here Source Proshare Read More 

N650bn subsidy: FG finally seeks approval from national assembly for payment - A major relief may have come the way of the troubled downstream sector of the petroleum industry as there are indications that the Federal Government has finally sent a document to the national assembly seeking approval for payment of N650 billion subsidy arrears owed oil marketers. Source BUSINESSDAY Read More 

Nigeria earns N3.8trn from crude oil, gas export in 3 months - Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2018, according to latest data released by the National Bureau of Statistics, NBS. Source Vanguard Read More 

Flare Gas Monetisation to Save Nigeria $2.5bn Yearly - The Managing Director of Powergas Nigeria, Mr Pulak Sen has stated that gas flare monetisation projects can potentially save Nigeria over $ 2.5 billion per year by reducing fuels costs in transportation and power generation sectors by over 30 per cent. Source Thisday Read More 

Malawi Becomes AFC’s 18th Member State - The Republic of Malawi (Malawi) has become the second Southern African member country of Africa Finance Corporation (AFC). Source Thisday Read More 

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PROSHARE BUSINESS

Russian MMM Pyramid Scheme Founder Reported Dead - Russian businessman Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack, according to Russia media. Source Proshare Read More 

TSA: CBN paid N7.6bn to MDAs without approval –AGF - The Accountant General of the Federation (AGF), Mr Ahmed Idris, yesterday accused  the Central Bank of Nigeria (CBN), of  paying N7.6 billion to Ministries Department and Agencies (MDAs) without recourse to his office. Source Leadership Read More 

Adeosun Asks Magu to Account for Looted Funds - The Minister of Finance, Mrs. Kemi Adeosun, has asked the acting Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, to clarify where the cash recoveries from May 2015 to January 2018 have been deposited and provide accompanying evidence. Source Thisday Read More

 Hotels and Restaurants Consumption (Fiscalisation) Regulations - In exercise of the powers conferred on it by Section 9 of the Hotel Occupancy and Restaurant Consumption Law (“Hotels Consumption Tax Law”), the Lagos State Board of Inland Revenue Service (”LIRS”) recently published the Hotel Occupancy and Restaurant Consumption (Fiscalisation) Regulations, 2017 (“Hotels Consumption Fiscalisation Regulations”). Source Proshare Read More 

FBNQUEST Asset Management Supports World Fellowship Initiative - The Duke of Edinburgh’s International Award Foundation, London in collaboration with The International Award for Young People, Nigeria held a 30-4-30 event at the Lagos Polo Club, Ikoyi in February, 2018. Source Proshare Read More 

UK's FCA Fines CAL £16.9m As Restitution For Role in Unauthorised CIS Unlawfully Promoted - In a judgment handed down today, the High Court found that Capital Alternatives Limited, Renwick Haddow, Marcia Hargous, Robert McKendrick and others should pay a total of £16.9m in restitution for their roles in four unauthorised collective investment schemes (CIS’s) which were unlawfully promoted to the public by false, misleading and deceptive statements. Source Proshare Read More 

US SEC: Kinross Gold Charged With FCPA Violations Over Two African Subsidiaries - The Securities and Exchange Commission today announced a settled action against Canada-based Kinross Gold Corporation for Foreign Corrupt Practices Act violations arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries. Source Proshare Read More 

Ghana central bank cuts policy rate to 18 pct - Ghana’s central bank cut its benchmark interest rate by 200 basis points to 18 percent on Monday, saying its medium-term inflation target was on course, Governor Ernest Addison told a news conference in the capital Accra. Source Reuters Read More 

Foxconn Unit to Buy Belkin for $866 Million in Brand Push - FIT Hon Teng Ltd., part of the contract manufacturing giant Foxconn Technology Group, agreed to buy Belkin International Inc. in the latest move by billionaire Terry Gou to expand in branded goods. Source Bloomberg Read More 

Canada's Crude-by-Rail Terminals Sit Idle as Oil Glut Grows - Stranded Canadian crude is waiting for trains to take it to U.S. refineries. Source Bloomberg Read More 

Crude Fades as Mideast Oil Supplies Dodge Escalating Conflict - Oil backed down from a two-month high as mounting political tensions and outright conflict in the world’s biggest crude-producing region failed to disrupt supplies. Source Bloomberg Read More 

GSK buys Novartis stake in consumer healthcare venture for $13 billion -  GlaxoSmithKline (GSK.L) will buy Novartis’s (NOVN.S) 36.5 percent stake in their consumer healthcare joint venture for $13.0 billion in cash, the partners said on Tuesday. Source Reuters Read More 

China’s Central Bank Sends Yuan Surging - China’s central bank guided the yuan to its strongest level against the U.S. dollar since its surprise devaluation more than 2½ years ago on Tuesday Source WSJ Read More                                      

Uganda joins Africa’s big-debt club - Uganda’s national debt has nearly trebled in the last three years to more than 50 percent of gross domestic product, creating a risk of default risk, since nearly two-thirds of that borrowing is external, the central bank said. Source CNBC Read More 

EU bank unveils $25m solar system project for Africa - The European Investment Bank (EIB–the EU bank) yesterday, signed a $25m financing installation of off-grid solar systems with the light to strengthen access to energy in Nigeria and four other African countries. Source Guardian Read More 

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PROSHARE FINANCE

Interesting offers from Blue Dawn Estate - A new dawn is here in the real estate market, as Bright Lake Investments a registered real estate company brings you a great opportunity to own a choice property in the fast developing Lekki-Epe axis of Lagos. Source Proshare Read More 

PROSHARE TECHNOLOGY

Technology’ll raise consumption tax revenue by 400% –LIRS chairman - The Chairman of the Lagos State Internal Revenue Service, Mr. Ayodele Subair, says the newly introduced Electronic Revenue Assurance system is expected to increase the state’s consumption tax revenue by 400 per cent. Source Punch Read More 

Blockchain Crypto Token To Maximise The Value Of African Agricultural Commodities Inputs, Financing - FinComEco Limited (FinComEco), the fully integrated Financial and Commodities Ecosystem fostering financial inclusion with social responsibility throughout the agricultural value chain and Block Commodities Limited (BLCC). Source Proshare Read More 

Twitter Confirms Ban On Cryptocurrency Ads - Twitter has confirmed rumors that the social media giant would follow Facebook and Google in clamping down on crypto-related advertising. Source COINTELEGRAPH Read More 

Dubai International Financial Centre’s FinTech Ecosystem Gains Further Momentum In 2018 - Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, announced today important developments in its Fintech ecosystem that further strengthen its position as MEASA’s number one and one of the world’s top 10 FinTech hubs. Source Proshare Read More 

Solid Gold Casts of Nelson Mandela’s Hands Sell for $10 Million in Bitcoin - It’s one of the more unusual deals in the art world. After more than a decade, an Alberta businessman has finally found a buyer for his prized collection of gold castings of Nelson Mandela’s hand. The final price? Ten million dollars -- in bitcoin. Source Bloomberg Read More 

Bitcoin Hovers Near $8,000 Level as Investors Weigh Twitter Ban - Bitcoin swung between gains and losses near the $8,000 level, paring an earlier rebound, as investors digested the decision by Twitter Inc. to ban advertisements for initial coin offerings and token sales on its service. Source Bloomberg Read More 

Arizona Governor Suspends Uber’s Self-Driving Cars From Roads - Arizona Gov. Doug Ducey on Monday ordered Uber Technologies Inc. to suspend testing autonomous vehicles on public roadways in the state, a rebuke by a former supporter that takes the company’s decision on testing out of its hands. Source WSJ Read More 

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