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Nigeria in 1min: Economic, Business and Financial Headlines – 290318

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March 29, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

Nigeria- Economic Recovery Remains Fragile - Nigeria's economy will continue to benefit from a cyclical upswing, driven by an improving outlook for its extractive industries and increasing investor sentiment. That being said, prevalent risks to political stability threaten to derail this recovery, particularly as the 2019 election approaches. Source Proshare Read More 

FAAC: Fed Govt, states, local govts share N647.39b - The federal, state and local governments shared the sum of N647.39 billion from the Federation Account. Source THE NATION Read More 

Ajaokuta Steel Mill Gets N360bn ECA Lifeline - The House of Representatives yesterday passed a bill to provide for the withdrawal of  $1 billion (N360bn) from the excess crude account for the completion of the Ajaokuta Steel Mill project. Source Leadership Read More 

Nigeria is the Largest Producer of Yam in the World, With an Annual Production of 44.1 MT - Nigeria is the largest producer of yam in the world (67% of global output), with an annual production of 44.1 million tonnes. Source Proshare Read More 

States’ Finances Under Heavy Pressure - The external debt of the state governments and the FCT amounted to US$4.12bn at end-December and, being necessarily guaranteed by the FGN, is included in the latter’s total obligations of US$18.91bn. The total increased by US$550m over 12 months. Source Proshare Read More 

FG unveils transaction advisers for national carrier, others Thursday - The Nigerian government has said it will on Thursday, unveil transaction advisers who were recently appointed for the national carrier, concession of the four major international airports as well as the establishment of an Aviation Leasing Company Source BUSINESSDAY Read More 

FEC awards N25b Road and Aircraft fire prevention contracts - The Federal Executive Council, Wednesday approved a total of N25.07b contracts for the rehabilitation of the Sagamu- Ikorodu road and for the design, manufacture and installation of fully automated fire and smoke aircraft training simulator. Source BUSINESSDAY Read More 

27 states adopt Contributory Pension Scheme - Twenty-seven states have enacted statutory laws to adopt the Contributory Pension Scheme for their workers. Source Punch Read More 

New import duty threatens Nigeria’s 18bn solar market - Nigeria’s bourgeoning solar market valued at over N18bn is under threat, operators say, due to the imposition of up to 10 percent import duty on solar panels despite belonging to a classification system which grants it exemption. Source BUSINESSDAY Read More 

Nigeria - Oil Dependence Undermines Otherwise Sustainable Fiscal Position  - Nigeria's tax base will remain dangerously dependent on oil revenues given the lack of private sector enthusiasm for the government's efforts to diversify into new sectors. Source Proshare Read More 

Addressing Nigeria’s Poverty Level Through Its Health System - For a country blessed with abundant natural resources and a growing population, Nigeria’s poverty level is worrying. Source Proshare Read More 

External Debt Sustainability: Impact on Nigeria  - Nigeria’s external debt has more than doubled since President Muhammadu Buhari was elected in May 2015. External debt stock in June 2015 was $10.32bn, but by February 2018, it had increased by 102% to $20.85bn1. Source Proshare Read More 

Markets Fret About America’s Turn Towards Protectionism - In the run-up to the presidential election of 2016, investors were nervous about Donald Trump. They liked his tax-cutting, anti-regulation promises, but fretted about his foreign and trade policies. Some dubbed the two agendas “Trump lite” and “Donnie Darko”. Source Proshare Read More 

Energy- Sub-Sahara Africa Key Themes 2018 - As oil prices strengthen over the course of 2018 we expect to see a renewed focus on high-risk, high-reward exploratory activity in the Sub-Saharan Africa (SSA) region. Source Proshare Read More 

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PROSHARE REGULATORS

The 260th MPC Meeting to Hold April 3rd and 4th, 2018 - The 260th Meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows: Source Proshare Read More 

PROSHARE MARKETS

Bellwether Stocks Depress Stock Market Further as Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -1.07% to close at  40,802.08 basis points as against -0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.69%. Source Proshare Read More 

Funding Rates Crash as CBN Refunds Banks for Lost FX Bids - The bond market traded on a relatively mixed note, with the previous day’s bearish trend extending to the long end of the curve as local players sold off especially on the 27s & 34s. Source Proshare Read More 

Banks borrowed N27.46tr from CBN in six months - Total loans secured by commercial banks from the Central Bank of Nigeria CBN, stood at N27.46 trillion in six months, the CBN’s half year report on financial sector performances released on Tuesday has shown. Source THE NATION Read More 

Prudential Regulation Authority Grants Wholesale Banking Licence to UBA (Uk) Ltd - The Prudential Regulation Authority (PRA) in the United Kingdom has granted a wholesale banking licence to United Bank for Africa (UK) Limited, a wholly owned subsidiary of United Bank for Africa Plc. Source Proshare Read More 

Pharma Deko PIc Announces Plan to Reconvene for a Discussion on Dividends - Notice is hereby given that the 158th Meeting of the Board of Directors of Pharma Deko PIc was held on 26th March 2018 as scheduled. However, the Company has agreed to reconvene for a discussion on dividends as one of the items to discuss: Source Proshare Read More 

OKOMUOIL Declares N9.15bn PAT in 2017 Audited Results, Proposes N3.00k Per share Dividend(SP:N72.00k ) - Source Proshare Read More 

OKOMUOIL Reports Q4 2017 Results - Shares Have Gained 6.4% vs the NSEASI Which Has Returned 7.8% YTD - This morning, Okomu Oil (Okomu) reported its Q4 2017 results which showed that sales grew by 7% y/y to N3.7bn. PBT and PAT advanced by 147% y/y and 222% y/y to N2.0bn and 2.5bn respectively. Source Proshare Read More 

TRANSEXPR Declares N3.61m PAT in 2017 Audited Results,(SP:N0.90k) - Source Proshare Read More 

Mutual Benefits Assurance Plc Approves FY2017 Financial Statements  - This is to inform our valued shareholders, investing public, key stakeholders and The Exchange that the Board of Directors of Mutual Benefits Assurance Plc at its meeting held on 22nd February 2018 Source Proshare Read More 

The Hidden Costs Paid By Investors While Passively Tracking A Benchmark Index - Today, Solactive AG published a new research paper analyzing the additional cost paid by investors in order to passively track a benchmark. Source Proshare Read More 

UK's Financial Conduct Authority Statement On EU Withdrawal Following The March European Council - The Financial Conduct Authority (FCA) welcomes the agreement reached on the terms of an implementation period that will apply following the UK’s withdrawal from the European Union. Source Proshare Read More 

Africa In The Red: Increasing Debt In Many African Countries is a Cause For Worry - “A FOOL’S bargain.” That is how Idriss Déby, Chad’s president, now describes the state oil company’s decision to borrow $1.4bn from Glencore, an Anglo-Swiss commodities trader, in 2014. Source Proshare Read More 

‘Nigeria’s oil output, others to hit 12m bpd’ - Daily oil production from African countries, including Nigeria, has been projected to reach 12 million barrels per day (bpd) in the next few years. The  current output is about 10 million bpd,. Source THE NATION Read More 

Debts: Nestoil to sell some shares in Neconde’s OML 42 asset - The management of Nestoil, the oil service arm of the Obijackson Group, owned by Nigerian business mogul Dr. Ernest Azudialu, is to offload part of its shares in oil mining lease (OML) 42 in the Western Niger Delta, which is operated by Neconde Energy Limited, to pay its debts to banks. Source THE NATION Read More 

PIGB: National Assembly imposes 5% fuel levy on Nigerians - In an unexpected twist, the National Assembly, yesterday, passed the harmonised version of the Petroleum Industry Governance Bill (PIGB) and imposed a five per cent fuel levy on fuel sold to Nigerians across the country. Source THE SUN Read More 

Nigerian, Austrian firms to make vehicles run on gas - Powergas Nigeria has struck a partnership with an Austrian clean tech company, ETEFA, to facilitate the conversion of city buses and trucks in Lagos and the Niger Delta to run on natural gas, as part of efforts to reduce gas flaring in the country. Source Punch Read More 

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PROSHARE BUSINESS

New CBN DGs, MPC Members Assume Duty - Mrs. Aisha Ahmad and Mr. Edward Lametek Adamu have formally assumed duty as Deputy Governors of the Central Bank of Nigeria (CBN), following the confirmation of their appointments last week by the Nigerian Senate.  Source Proshare Read More           

President Buhari’s 2018 Official visit to Lagos: The Itinerary  - The President Muhammadu Buhari will be paying an official visit to Lagos Nigeria’s economic capital and potential third-largest economy, from Thursday  March 29th to Friday March 30th, 2018. Source Proshare Read More 

COURTEVILLE Announces the Retirement Of Group Captain Murtala O. Salami (Rtd.) as the Board Chairman - In line with the listing requirements of the Nigeria Stock Exchange (NSE), please be informed that at the Board of Directors meeting of Courteville Business Solutions Plc (“the Company”) held on March 26, 2018 at 12noon, the Chairman, Group Captain Murtala O. Salami (Rtd.), presented his Notice of Retirement to the Board. Sequel to the presentation, the Notice of Retirement was considered and approved by the Board. Source Proshare Read More 

RMAFC disowns N13.5m running cost for senators - The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disowned senators’ N13.5million monthly running cost. RMFAC is the body responsible for fixing public officials’ wages. Source THE NATION Read More 

South Africa cuts main interest rate as inflation falls within range - South Africa’s central bank cut its main interest rate to 6.5 percent on Wednesday, in another boost for the economy after ratings agency Moody’s left intact its last investment-grade credit rating. Source Reuters Read More 

Oil prices rise as OPEC seen continuing supply cuts through 2018 - Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019. Source Reuters Read More 

Saudi Arabia Wins Emerging Status in Quest for Billions - Saudi Arabia won classification as an emerging market by a major index compiler for the first time, a key step toward the kingdom’s goal of attracting billions in additional stock investor inflows. Source Bloomberg Read More

Iraq Says Some OPEC, Allied Producers Seek Oil Cuts Into 2019 - Some OPEC producers and other countries participating in global output cuts have suggested extending the curbs beyond 2018 and up to the middle of next year, according to Iraq’s Oil Minister Jabbar al-Luaibi. Source Bloomberg Read More

Russia’s Shadow Economy Goes Cashless Under State Bank's Watch  -  Russia’s shadow economy, which employs almost every other worker in the country, is finding a refuge in the most surprising of places. Source Bloomberg Read More

Saudi Arabia wants to build the biggest oil cartel in history - OPEC and Russia are looking to solidify their cooperation on crude oil production for another decade or two, Saudi Crown Prince Mohammed bin Salman told Reuters in an interview while on a visit to the United States. Source Business Insider Read More

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PROSHARE FINANCE

Malaysia - The Potential Hub For Global Islamic Fund Administration - Keynote Address By Datuk Zainal Izlan Zainal Abidin, Managing Director, Securities Commission Malaysia At The “Malaysia - The Potential Hub For Global Islamic Fund Administration” Conference, 28 March 2018 At Sasana Kijang, Kuala Lumpur Source Proshare Read More 

PROSHARE TECHNOLOGY

Facebook will limit data advertisers can use to target ads - Facebook is still determined to reassure jittery users in the wake of the Cambridge Analytica data sharing scandal, and that now includes restricting what advertisers can do. Source engadget Read More

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