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Nigeria in 1min: Economic, Business and Financial Headlines – 290618

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Friday, June 29, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

World Bank approves $2.1 bln loans for Nigerian projects -  The World Bank said on Thursday it had approved a total of $2.1 billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance. Source Reuters Read more 

Nigeria’s solid mineral revenue hits N262b in nine years - Total revenue from the solid mineral sector in Nigeria in the past nine years stands at about N262 billion, maintaining a slow rise from N8.1 billion in 2007 to N65.7 billion in 2015. Source Guardian Read more 

Late budget passage erodes 13% of GDP — LCCI - The Lagos Chamber of Commerce and Industry on Thursday said the late passage of budgets was costing the country a lot in monetary terms, time and other resources, leading to about 13 per cent drop in the value of the Gross Domestic Product. Source Punch Read more 

NCS: 70% of Transactions at Ports Not Compliant with Trade Rules - The Customs Area Comptroller of Tin-Can Customs Command, Nigerian Customs Service (NCS), Musa Baba Abdullahi, has disclosed that only 30 per cent of transactions at the ports comply with the requirements for trade. Source Thisday Read more 

BOA disburses N42bn to farmers, creates 1.2m jobs nationwide - Over N42bn has been disbursed to rice farmers across the country as loan facilities by the Bank of Agriculture (BOA) since 2015 till date, the managing Director and Chief Executive Officer of the Bank, Kabir Mohammed Adamu has said. Source Daily Trust Read more
 
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PROSHARE MARKETS

Nigeria’s Equities Market Dip Further by -0.61% as Negative Sentiment Persists- Equities market closed today on a negaive note, as NSEASI depreciated by -0.61% to close at 37,733.44  basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.33%. Source Proshare Read more 

CBN Holds Off on OMO as Interbank SLF hits 5-Week High - The Bond market traded on a relatively mixed note, with some demand witnessed on the short end of the curve and slight sell on the medium to long end. Yields consequently compressed by c.7bps on average. Source Reuters Read more 

Summary of June 2018 FGN Bond Auction- Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 13.50% FGN MAR 2025 (Reopening 7-Year Bond) & 13.98% FGN FEB 2028 (Re-opening 10-Year Bond). Source Proshare Read more 

NEM Insurance Plc 48th AGM And Associated Governance Issues- An integral component of the long-term strategy of any company is corporate governance, epitomised by transparency and accountability. By extension, it is also the single most important means of sustaining the vibrancy and relevance of any capital market in the world. Source Proshare Read more 

NNPC Has Questions to Answer over Remittances to FAAC, Says NEC - The National Economic Council (NEC) Thursday in Abuja threw its weight behind the Federation Account Allocation Committee’s (FAAC) decision to reject the remittance by the Nigeria National Petroleum Corporation (NNPC) into the Federation Account in May. Source THE NATION Read more 

FAAC: NNPC Faults Govs On N164bn June Remittance - The Nigerian National Petroleum Corporation (NNPC) says N147 billion June remittance to the Federation Accounts Allocation Committee (FAAC) was in line with the terms of agreement it had with governors on the matter. Source Leadership Read more

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PROSHARE BUSINESS

Deutsche Bank Fails Fed’s Stress Test - U.S. operations of Deutsche Bank AG failed a regulatory stress test by the Federal Reserve, which cited “material weaknesses in capital planning” at the German lender. Source WSJ Read more           

Iran Is Running Out of Options on Oil -Iran’s position in the oil market is looking weaker than ever as a bruising OPEC meeting and tightening net of U.S. sanctions leave it with fewer friends and fleeing customers. Source Bloomberg Read more

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PROSHARE REGULATOR

SEC Proposes Amendments to Rules on Securities Clearing and Settlement Company - Proposed amendment to Part C15 – Securities Clearing and Settlement Company Source Reuters Read more

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PROSHARE TECHNOLOGY

Chinese firms’ investments in Nigeria telecoms hit $16bn - Shittu - The Minister of Communication, Dr. Abdur-raheem Adebayo Shittu, yesterday, said Chinese companies have invested over $16 billion in Nigeria’s telecommunication industry. Source Daily Trust Read more 

Bitcoin Drops Back Below $6,000 as 2018 Loss Approaches 60% - Bitcoin briefly dropped back below the $6,000 threshold breached this past weekend, bringing the loss for 2018 to almost 60 percent. Source Bloomberg Read more 

NCC withdraws 36 million redundant lines - The Nigerian Communications Commission (NCC) said yesterday that about 36 million redundant lines of subscribers have been withdrawn in the past few months so as to give room for effective management of telecom facilities. Source THE NATION Read more 

NAICOM: 41.6m Nigerians excluded from financial services, insurance - About 41.6million Nigerians are excluded from financial services, including insurance services, the National Insurance Commission (NAICOM) has said. Source THE NATION Read more

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