Nigeria in 1min: Economic, Business and Financial Headlines – 290818

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Wednesday, August 29, 2018 / 7:20 AM / Proshare News

 

PROSHARE ECONOMY

FIRS Publishes Nigeria’s Revised Transfer Pricing Regulations- Federal Inland Revenue Service has published Nigeria’s revised Transfer Pricing Regulations (NTPR). The NTPR is effective for basis periods commencing after 12 March 2018 and incorporates BEPS outcomes and suggestions from The African Tax Administration Forum. Source Proshare Read more 

Udoma – There’s Urgent Need To Moderate Rapid Population Growth In Nigeria-The Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Tuesday drew attention to the dangers of uncontrolled population growth on the economy and emphasised the need to generate national support for measures that can help moderate the rapid rate of population growth in the country. Source Proshare Read more 

Rule Of Law: The President Got It Wrong- It is unfortunate that the most important statement made so far at the on-going Annual Conference of the Nigeria Bar Association, an outright derogation of the supremacy of the rule of law, has not yet generated any coherent response from either the Bar or the Bench. Source Proshare Read more 

Nigeria, home to highest number of world’s very poor people –UK Prime Minister - The Prime Minister of the United Kingdom, Mrs Theresa May, has painted a grim picture of economic inequality in Nigeria and many other countries in Africa. Source Punch Read more 

AfDB, FAO to raise $100m for agriculture in Nigeria, others - The African Development Bank and Food and Agricultural Organisation are set to raise $100m for agriculture in a bid to end hunger and malnutrition and create wealth in Nigeria and other African countries. Source Punch Read more 

FG seeks World Bank, Bill Gates’ support to fund NHIS - The Vice President Yemi Osinbajo has said that the Federal Government no longer has the resources to fund the National Health Insurance Scheme. Source Punch Read more 

Cargo throughput at ports grows by 31.24% to 96.6MMT in H1, says NIMASA - The throughput of cargo in the nation’s seaports has grown by 31.24 percent to a total of 96,626,737.96 metric tons in the first half of the year, January-June, the Nigerian Maritime Administration and Safety Agency (NIMASA), has said. Source BUSINESSDAY Read more 

FG commits N500bn to poverty alleviation - The Federal Government is putting the sum of N500 billion into wealth creation and poverty alleviation, Vice-President, Prof. Yemi Osinbajo, has said. Source Daily Trust Read more 

Finance minister stops NHIS from investing N25b - Finance Minister Kemi Adeosun has stopped the National Health Insurance Scheme (NHIS) from investing about N25billion. Source THE NATION Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Resumes Uptrend as NSEASI Inches Up by 0.58%– Equities market closed today on a positive note, as NSEASI appreciated by +0.58% to close at 35,516.21 basis points as against -0.32% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.13%. Source Proshare Read more 

Bond Bulls Cherry-Pick on Higher Yielding Maturities as Market Maintains Balance - Activities in the Bond market picked up slightly in today’s session, with renewed demand from clients witnessed on the mid to long end of the curve. In line with our expectations for the week Source Proshare Read more 

Oando of Nigeria Eyes Growth After Curbing $2.5 Billion Debt - Oando Plc is looking to boost crude output from next year as the Nigerian producer breaks the back of a $2.5 billion debt burden built up through the 2014 acquisition of oil and gas assets from U.S. giant ConocoPhillips. Source Proshare Read More 

Summary of August 2018 FGN Bond Auction Results- Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 13.53% FGN MAR 2025 (Reopening 7-Year Bond) & 13.98% FGN FEB 2028 (Re-opening 10-Year Bond). Source Proshare Read more 

Positive Global Trends Continue to Lift Corporates- Improving global conditions have spurred stable or upwardly revised forecasts for corporate credits in 2018, according to a series of new Fitch Ratings reports. Source Proshare Read more 

Domestic and Foreign Portfolio Participation in Equity Trading – July 2018- On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. Source Proshare Read more 

CBN injects fresh $210m into forex market - The Central Bank of Nigeria has injected another sum of $210m into the interbank foreign exchange market in a bid to ensure the availability of forex for customers in various segments of the market. Source Punch Read more 

NNPC to establish 200,000bpd condensate refineries - The Nigerian National Petroleum Corporation (NNPC) is to establish two condensate refineries with 200,000 barrels per day (bpd) refining capacity at Western Forcados Area and Assah North, Ohaji South (ANOH) Delta and Imo states. Source Guardian Read more 

FG suspends pipeline monitoring contract over oil theft - The Federal Government has suspended the contract it awarded to Topline Security, a private firm, for the protection of petroleum pipelines belongings to the Nigerian National Petroleum Corporation  (NNPC). Source Daily Trust Read more 

Nigeria’s national grid increases by 200MW - The Transmission Company of Nigeria, TCN, under its Transmission Rehabilitation and Expansion Programme (TREP) has added about 200 Megawatts to the national grid, with the installation of 100MVA, 60MVA and 60/66MVA, 132/33kV power transformers in three different transmission substations. Source Vanguard Read more 

Electricity consumers lodged 109,048 complaints in three months – NERC - The Nigerian Electricity Regulatory Commission said on Tuesday that a total of 109,048 complaints were lodged by electricity customers to the power distribution companies in the third quarter of 2017. Source Punch Read more

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PROSHARE BUSINESS

Nine FCMB Staff Declared Wanted Over Alleged Multi-Million Naira Customer Deposit Fraud - The Economic and Financial Crimes Commission (EFCC) has declared wanted some members of staff of the First City Monument Bank (FCMB) over an alleged multi-million naira customer deposit fraud. Source Proshare Read more 

U.S. banking regulator kicks off low-income lending rules rewrite - A federal regulator said on Tuesday it is seeking input on rewriting decades-old rules aimed at encouraging bank lending in low-income communities. Source Reuters Read more 

U.K. and EU Drop October Deadline for Brexit Deal - The U.K. and the European Union still say in public they want a Brexit deal wrapped up in the next seven weeks. Behind the scenes, though, senior officials on both sides admit this is unlikely. Source Bloomberg Read more 

Ghana, Britain sign £20m trade deal - Ghana and Britain on Tuesday signed a £20 million (22 million euros, $26 million) trade and investment agreement to create jobs and promote economic development in the west African nation, the Ghanaian presidency said. Source Punch Read more 

A $35 Billion Selloff Is Pulling Down Japan's Stock Market - It’s shaping up to be the biggest exodus in more than three decades. Source Bloomberg Read more 

Iran’s Oil Exports Dropping Faster Than Expected Before U.S. Sanctions - Shipments are set to decline by a third as shippers pull back from the Islamic Republic months ahead of a Nov. 4 U.S. deadline Source WSJ Read more 

East Africans sign deal for first trans-border gas pipeline - Tanzania and Uganda have signed a historic deal that will give birth to the first trans-border natural gas pipeline in East Africa as the West Africa Gas Pipeline struggles to stay competitive. Source BUSINESSDAY Read more 

Oil edges up on looming Iran sanctions, but rising global supply caps market - Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries. Source Reuters Read more

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PROSHARE TECHNOLOGY

House Committee on ICT, Partner Fintech Nigeria on Deepening Industry - Fintech Nigeria Association (FintechNGR) today hosted an industry consultative forum with the House of Representative Committee on Information and Communication Technology, in Lagos. Source Proshare Read more 

Google Teams With Banks to Launch Digital Lending for India - Alphabet Inc’s Google is partnering with four Indian banks to grant consumer loans online, as the fight for a $1 trillion digital finance market intensifies. Source Bloomberg Read more 

Visa, Stripe, Others Raise $8M for Paystack Startup Growth - Paystack, a Nigeria-based payments system startup company has raised $8 million in Series A funding from Stripe, Visa and Tencent. Source THE NATION Read more

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