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Nigeria in 1min: Economic, Business and Financial Headlines – 280618

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Thursday, June 28, 2018 / 7:22 AM / Proshare News
 

PROSHARE ECONOMY

FIRS Issues Nigeria’s Country-By-Country Reporting Regulations- The Federal Inland Revenue Service (FIRS) in exercise of powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act No.13 of 2007, and all other powers enabling it, has issued the Income Tax (Country by Country Reporting) Regulations, 2018 (the CbCR Regulations).  Source Proshare Read more 

Nigeria eyes $2.8 bln debt from offshore sources -debt office - Nigeria plans to raise $2.8 billion of debt offshore as part of its 2018 budget and will explore all options to lower costs, the head of the Debt Management Office (DMO) told Reuters. Source Reuters Read more 

Nigeria earns N3.2tr from PPT, royalties in three years - The Federal Government received N3.211 trillion as Petroleum Profits Tax (PPT) and Royalties from the third quarter of 2015 to third quarter of 2017, according to the Economic Report of the Central Bank of Nigeria (CBN). Source Guardian Read more 

Again, revenue underpayment stalls allocation to states - For the fourth time this year, the Federation Account Allocation Committee meeting, which was convened on Wednesday to consider and approve statutory allocation for the month of May, was postponed as a result of revenue discrepancies. Source Punch Read more 

FG to create export zones with N250billion - The Federal Executive Council on Wednesday approved N250 billion for the establishment of world-class export-oriented economic zones across thr six geopolitical zones. Source Daily Trust Read more 

Nigeria spent N26m importing toothpick from China, Germany - Nigeria spent N26 million importing wooden toothpicks from China and Germany in the last three years. Source Daily Trust Read more

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PROSHARE MARKETS

NSEASI Extends Losing Streak by -0.06% to Maintain Downtrend- Equities market closed today on a negaive note, as NSEASI depreciated by -0.06% to close at 37,963.93  basis points as against -0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.73%. Source Proshare Read more 

DMO Raises only Half of Total Bonds Offered in yet another Weak Auction - The bond market traded on a relatively flat note, as market players shifted focus to the bond auction by the DMO. We however witnessed slight sell on the 2026s which lifted yields higher by c.5bps on average. Source Proshare Read more 

CCNN and BUA Cement’s Kalambina Cement Company Files For Merger  - This disclosure was made known in filings to regulatory authorities and is subject to various approvals. If approved, the combined entity will have a total installed capacity of 2million metric tonnes per annum. Source Proshare Read more 

Dangote Cement to raise N150b new capital - Dangote Cement Plc-Nigeria’s most capitalised quoted company and Africa’s largest cement producer, plans to raise N150 billion in new debt capital to finance its business operations. Source THE NATION Read more 

Bank of Japan Asset Purchases Continue to Slow Sharply- The pace of asset purchases by the Bank of Japan (BOJ) has continued to slow sharply in 2018 to an annual rate of around JPY45 trillion (USD410 billion) despite the official commitment to annual purchases of around JPY80 trillion. Source Proshare Read more 

Govt, oil firms lose $674m to pipeline shutdowns - The shutdown of two pipelines since last month may have caused oil firms and the nation a huge loss of revenue estimated at $674.25m. Source Punch Read more 

The Threat of Mass Electricity Disconnection By Discos In Nigeria - Since the public hearing on estimated Billing on June 5 2018, I have noticed a sudden and desperate barage of press interviews granted by Discos and those who are reluctant to do the right thing in the industry. Source Proshare Read more 

Electricity: CBN Disburses N158.7bn To DisCos, Others - The federal government has disbursed a total of N158.74 billion to electricity distribution companies (DisCos), generation companies (GenCos), gas companies and service providers under the Central Bank of Nigeria (CBN) Nigerian Electricity Market Stabilisation Facility. Source Leadership Read more 

Nigeria’s largest power sector investor to go public soon - Sahara Group, the leading power producer in Nigeria has revealed plans to go public soon. Source Daily Trust Read more

 
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PROSHARE BUSINESS       

WIFNG Q2,2018 Forum Advocates Financial Literacy and Inclusion for Nigerian Women - The Women in Finance Nigeria, as part of the drive to ensure that Women in Nigeria have access to finance and are empowered, hosted its second quarterly breakfast meeting for 2018 at the Oriental Hotel, Lagos. Source Proshare Read more 

Israel Ovirih, Dapo Abiodun, Ooni of Ife Bag Doctorate Degrees at EKSU  - Over the weekend, Ekiti State University, Ado Ekiti held its 23rd Convocation Ceremony which included the conferment of Doctorate Degrees (Honoris Causa) on deserving eminent personalities that were deemed deserving of such based on their body of work to industry, the academia and society at large. Source Proshare Read more 

The UK Financial Conduct Authority's Role In Preparing For Brexit  - Further to the announcement from HM Treasury (the Treasury) on its approach to amending financial services legislation under the European Union (Withdrawal) Act, this statement provides stakeholders with an update on how we are preparing for the UK leaving the European Union (EU). Source Proshare Read more 

The Jos Massacre: The Consequence and Fallacy Of The Appeasement Policy - For those of us that ply the road to Jos often, we understand what it takes to get trapped in those senseless violence, so much that it has become the usual practice that on approaching Jos, we send out a call to those living inside it to find out whether it is safe to proceed. Source Proshare Read more 

IMF board to consider bailout for Congo Republic on July 6 - The Executive Board of the International Monetary Fund will examine debt-crippled OPEC member Congo Republic’s request for a bailout on July 6, according to an IMF calendar seen by Reuters on Wednesday. Source Reuters Read more

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PROSHARE REGULATOR

Second CMC Meeting Holds 8th and 9th of August 2018- The 2018 Second Capital Market Committee (CMC) Meeting has been scheduled to hold on Wednesday, 8th August, 2018 at the Federal Palace Hotel, Victoria Island Lagos. Source Proshare Read more 

CBN Issues Circular on the Imposition of Sanction on 19 Obstructers of Conakry Agreement- The ECOWAS Authority of Heads of State and Government adopted a resolution in February 4, 2018 to impose targeted sanctions on nineteen (19) individuals identified to be obstructing the implementation of the Conakry Agreement aimed at resolving the political crisis in Guinea Bissau. Source Proshare Read more

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PROSHARE TECHNOLOGY

CBN Issues Exposure Draft of the Risk-Based Cyber-Security for DMBs and PSPs - Due to the recent increase in the number and sophistication of cyber-security threats against Deposit Money Banks (DMBs) and Payment Service Providers (PSPs), it has become mandatory for these institutions to strengthen their cyber defenses if they are to remain safe and sound. Source Proshare Read more

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PROSHARE MSME

SMEDAN, BoI, NEXIM to establish SMEs rating agency - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with Bank of Industry (BOI), Nigeria Export and Import Bank (NEXIM) and Dun & Bradstreet Nigeria Limited are set to establish a rating agency for Small and Medium Enterprises (SMEs) in Nigeria. Source Vanguard Read more

 

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