Nigeria in 1min: Economic, Business and Financial Headlines – 270918

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Thursday September 27, 2018 / 7:00 AM / Proshare News
 

PROSHARE ECONOMY

Nigerian Banks’ Performance – H1 2018 - Financial intermediation in any economy is largely impossible without any sound financial system.  Moreover, with the back dialling   in the cycle, an in-depth look into the financial performance of banks have become inevitable.  Source Proshare Read More 

All Region Terms of Trade Index Rose by 9% Driven by Mineral Products - NBS - The terms of trade (TOT) represent the ratio between a country’s export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms. Source Proshare Read More 

FG, States, LGs Share N741.843bn for August - The three tiers of government – federal, states and local governments shared a total of N741.843 billion as the Federation Account Allocation Committee (FAAC) met in Abuja yesterday to distribute revenue for the month of August. Source Thisday Read More 

FG raises additional N96.74bn for 2018 budget - The Debt Management Office on Wednesday announced that it had raised additional N96.74bn to finance the 2018 Appropriation Act. Source Punch Read More 

FG obtains N280bn AFD loan in 10 years - The Agence Francaise De Developpment on Wednesday said it had supported the Federal Government of Nigeria with over N280bn (£660m) sovereign loans. Source Punch Read More 

Egmont Group lifts suspension on Nigeria - The Egmont Group of Financial Intelligence Units lifted the suspension of the Nigerian Financial Intelligence Unit during its 25th plenary in Sidney, Australia, according to the House of Representatives Committee on Financial Crimes. Source Punch Read More 

Domestic debt servicing falls by N346bn in Q2 – DMO - The domestic debt servicing by the Federal Government fell by N364 billion in the second quarter of 2018, a document on the website of the Debt Management Office (DMO) has shown. Source Daily Trust Read More 

Ebonyi makes over N3b from fixed deposit - Ebonyi State government has disclosed that it made over N3b from fix deposit accruing from all the money fixed by the State Government for the past three years. Source BUSINESSDAY Read More 

Airlines cancel 348 flights, delay 19,323 in six months – NCAA - At least 19,323 flights were delayed by domestic and international airlines in the last six months, the Nigerian Civil Aviation Authority (NCAA) disclosed yesterday. Source Daily Trust Read More 

Workers begin strike today over new minimum wage - The Organized Labour yesterday resolved to commence its planned warning strike today even as it accused the Federal Government of failing to mention a figure as new minimum wage for workers in the country. Source Daily Trust Read More 

Mining, manufacturing 89% of Nigeria’s investment pronouncements in Q1 – NIPC - Mining and manufacturing accounted for 89 per cent of investment pronouncements recorded in Nigeria in the first quarter of 2018. Source Daily Trust Read More 

Power Supply Stagnates at 3,761MW, Sector Loses N381bn - Nigeria’s power sector has struggled to sustain an average daily supply of 3,761 megawatts (MW) within the first nine months of 2018, according to a performance trend data obtained from the office of the Vice President, Prof. Yemi Osinbajo. Source Thisday Read More 

Global Price of Palm Oil Crashed by 12.9% to$623 per tonne in 2018 - Global price of palm oil has crashed by 12.9% to $623 per tonne in 2018. Similarly, the domestic price fell from N25,000 to N10,000 per 25litre . Source Proshare Read More 

Nigeria Airways ex-workers accept N22.68b, await N55.62b balance - Ex-workers of the defunct Nigeria Airways, yesterday, okayed the grant of N22.68 billion recently approved by the Federal Government, though in anticipation of N55.62 billion balance. Source Guardian Read More 

FEC okays $64m for Escravos power supply - The Federal Executive Council on Wednesday approved the sum of $64.2m for a power supply project to Escravos communities in Delta State. Source Punch Read More 

27,000MT crude exported from Delta port in Sept – NPA - The Nigerian Ports Authority said the country exported over 24,800 metric tonnes of crude oil through the Delta Port Warri in September. Source Punch Read More 

$100 Oil Is A Distinct Possibility - An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question, according to a new report. Source Proshare Read More 

AfDB to invest $24bn in agriculture over 10 years - The African Development Bank has said that it will spend $24bn on agriculture across African nations in the next 10-year period in a bid to fight hunger ravaging one billion people across the world. Source Punch Read More


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PROSHARE REGULATOR

NDIC says 49 banks, 187 MFBs, 42 PMBs in liquidation - The Nigeria Deposit Insurance Corporation (NDIC) said on Wednesday that it has through its failure resolution mechanisms, closed a total of 52 deposit money banks (DMB), out of which 49 are currently in liquidation while the remaining are involved in litigations challenging the revocation of their license by the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More 

CBN to revoke 154 microfinance banks’ licences, 28 others - The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. Source Punch Read More

 
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PROSHARE MARKETS

Nigerian Stock Market Halts Uptrend as NSEASI Sheds -0.46% - Equities market closed today on a negative note, as NSEASI depreciated by -0.46% to close at 32,963.27 basis points as against +2.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.81%. Source Proshare Read More 

Fidelity Bank Shares Have Declined by -30.9% YTD, Underperforming The NSEASI by 17% - Q2 PBT of N8.0bn grew 50% y/y, driven by a 41% y/y rise in non-interest income and a -53% y/y reduction in loan loss provisions to N1.9bn. The growth in non-interest income was underpinned by a N4.3bn gain in credit-related fees in H1 2018 compared with a N568m in H1 2017. Source Proshare Read More 

FIDELITYBK Declares N11.84bn PAT in Q2 2018 Results,(SP:N1.65k) Source Proshare Read More 

Moody's Says Nigeria May Keep Several Naira Rates Until 2020 - Nigeria will probably maintain its system of multiple exchange rates, which the International Monetary Fund has long-urged it to scrap, until at least early 2020, according to Moody’s Investors Service. Source Bloomberg Read More 

CSCS wins CFI.co Outstanding Contribution to the Capital Markets – Nigeria 2018 Award - The Central Securities Clearing System Plc (CSCS Plc) has won the capital market most coveted award - Outstanding Contribution to the Capital Markets in Nigeria 2018 organised by the Capital Finance International (CFI.co). Source Proshare Read More 

September 2018 FGN bond auction oversubscribed by N158b - The Federal Government of Nigeria Bond Auction for September 2018, conducted by the Debt Management Office (DMO) yesterday, was oversubscribed. Source THE NATION Read More 

First modular refinery to process 10,000bpd crude from November - The Federal Government on Wednesday disclosed plans to unveil the first modular refinery in the country in the first week of November. Source Punch Read More


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PROSHARE BUSINESS

Business Investment Expo For SMEs - Are you an SME in Nigeria or diaspora or perhaps a major banking/commercial company? Source Proshare Read More 

World Bank approves first grants to Somalia in 30 years - The World Bank has approved $80 million in grants to Somalia to fund public finance reforms, marking the first disbursement to the government of the conflict-ridden country in 30 years, the bank said. Source Reuters Read More 

Oil prices rise 1 percent ahead of U.S. sanctions against Iran - Oil prices rose by 1 percent on Thursday as investors focused on the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November. Source Reuters Read More 

Fed Raises Rates and Says More Coming, Brushing Off Trump Jabs - Federal Reserve officials raised interest rates and cemented expectations for another hike this year as they reaffirmed that a strong U.S. economy will probably warrant further gradual increases well into 2019. Source Bloomberg Read More 

Fed raises interest rates despite trade concerns - Bullish economic outlook sees key rate target range lifted to 2-2.25% Source FT Read More

 
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PROSHARE TECHNOLOGY

China’s Bitmain crypto miner to list in Hong Kong - Beijing-based company’s IPO coincides with falling prices for bitcoin Source FT Read More

 
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PROSHARE FINANCE

InsuranceSeptember2018: Stakeholders call for a trustworthy Nigerian Insurance Industry - Stakeholders at the end of the second edition of the Insurance September forum in Lagos, agreed that “Trust” was a vital component for driving the penetration of the industry in Nigeria, which is currently below 2% at the moment. Source Proshare Read More 

The Challenge With Pensions In Nigeria - It is becoming more and more apparent that Nigerian workers are not preparing for retirement. Of the 69 million people in the Nigerian labor force, only seven million have pension accounts. Source Proshare Read More

 

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