Nigeria in 1min: Economic, Business and Financial Headlines – 291217

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December 29, 2017 7:00 AM / Proshare News 

PROSHARE ECONOMY

2017 At a Glance and What to Expect in 2018 - 2017 was an interesting year for Nigeria. The macroeconomic scorecard showed an overall improvement in most, if not all economic variables. Source Proshare Read More 

Another Steep Rise in Unemployment - The NBS has released three quarters of data in its Unemployment and Underemployment Report (Q1-Q3 2017). Unsurprisingly, the data do not paint a pretty picture since Nigeria was still in recession in the first quarter in question and emerging slowly from it in the second and third. Source Proshare Read More 

As recurrent budget ends today: Federal agencies’ overheads trapped - Many federal agencies are unable to get releases for their multi-billion naira overhead costs as the recurrent expenditure officially ends today, Daily Trust findings have shown. Source Daily Trust Read More 

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Nasarawa State increases minimum pension to N5,000 – Official - Mr Abdullahi Sani-Oseze, the Director-General, Nasarawa State Pension Bureau, has said that the state government, had increased the minimum pension of retirees to N5,000. Source Daily Trust Read More 

ECOWAS to spend $29bn on devt projects in W/Africa - Economic Community of West African States, ECOWAS, has said it had concluded plans for sub-regional development projects worth $29.66 billion for the period 2018 to 2022. Source Vanguard Read More 

Nigeria Risks Losing N136bn Gain Of Transit Cargoes - Nigeria’s early gains of reclaiming about N136 billion transit cargoes from neighbouring countries like Togo and Benin Republic may be eroded as the port of Cotonou has signed a management agreement with Antwerp Port to manage and modernize its port. Source Leadership Read More 

Tax: EFCC recovers N27.7b from six banks - The Economic and Financial Crimes Commission (EFCC) has recovered over N27.7billion from six banks being unremitted withholding tax on dividends. Source THE NATION Read More 

‘December spending boosts Lagos economy by N50b’ - Lagos State said yesterday that its economy got a N50 billion boost this month through spending in the creative sector. Source THE NATION Read More 

Proposed 2018 non-oil revenue of N4.164trn likely unattainable - Total proposed non-oil revenue for the 2018 budget stated to be about N4.164 trillion is likely unattainable based on existing trends, which might lead to an increase in the 2018 budget deficit of N2.005 trillion Source BUSINESSDAY Read More 

Aregbesola proposes N173.9bn for 2018 fiscal estimates - Governor Rauf Aregbesola of Osun state has proposed a total of N173.9 billion as 2018 budget bill, saying that the fiscal estimates presented before State House of Assembly was meant to complete all ongoing developmental projects across the State. Source BUSINESSDAY Read More 

Brain drain push 5,514 Nigerian doctors to work in UK - About 5,514 Nigerian doctors are presently working in United Kingdom (UK) and ranked 9th on the list of foreign countries with most doctors practicing in the UK, according to data from the National Health Sector (NHS), a publicly funded national healthcare service for the UK. Source BUSINESSDAY Read More 

Borno: Shettima presents N170bn budget proposal for 2018 - Borno State Governor Kashim Shettima has proposed  N170.2 billion  as budget for the  2018 financial year. Source THE SUN Read More 

Lagos population rises above 24m –Ambode - Lagos State Governor, Mr. Akinwunmi Ambode, has said that the population of the state is galloping above 24 million. The governor, who spoke at a round-table on infrastructure financing organised by the Harvard Business School Association of Nigeria (HBSAN) in collaboration with the State Government held at Eko Hotels in Lagos, said the state and indeed the country was at a critical point in history where careful assessment must be made on infrastructure deficit and deliberate actions taken to address the challenges. Source THE SUN Read More 

Bidders to pay $1.975bn for 3 IPPs - The Federal Government and the preferred bidders of three independent power plants (IPPs) are currently negotiating a $1.975 billion (about N711.8 billion) payment arrangement to sell 80 per cent shares in the entities. Source THE SUN Read More 

Bankole: 80% of Aircraft Maintenance Cost Spent Overseas - Nigerian carrier, Med-View Airline, recently had its inaugural flight from Lagos to Dubai. The Managing Director of the airline, Alhaji Muneer Bankole spoke on pertinent industry issues and the company’s plans to sustain the route. Chinedu Eze brings the excerpts Source Thisday Read More 

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PROSHARE MARKETS

Stock You Should Not Touch – 63 Stocks Record No Price Movement in 2017 - Out of the 172 listed companies on the Nigerian bourse, 63 quoted firms which represent about 37% of the stocks currently listed recorded no price movement as at December 27 2017 as against 35% of such stocks recorded in 2016.  Source Proshare Read More 

Argentina, Nigeria Lead as Best Performing Stock Markets in the World in 2017 - Stock markets all around various regions, economic blocs and the world have been reacting to peculiar factors which can be traced to those regions or economic unions while a continuous rise in global oil prices cannot be ruled out following renewed vigor from active players in global oil markets. Source Proshare Read More 

Global stock markets grow by $12.4tn in 2017 – S&P - The value of public companies on global stock markets grew by $12.4tn in 2017, according to S&P Dow Jones Indices, which included dividends in its calculation. Source Punch Read More 

Market Resumes Uptrend as NSEASI Inches Up by 0.27% - Equities market closed today on a positive note, as NSEASI appreciated by +0.27% to close at 37,990.74 basis points as against -1.64% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +41.36%.  Source Proshare Read More 

Different Strokes for Different Folks: Lessons from Next Door  - The age long rivalry between Ghana and Nigeria assumed a much more sophisticated dimension in 2017. The comparison of the effectiveness of monetary policy as a tool of economic management became an issue of acrimonious debate and analysis. Source Proshare Read More 

International Breweries Plc Q2 2018 Results Review: New Entity; Upgrading to Neutral - International Breweries completed its merger with Intafact Beverages (Intafact) and Pabod Breweries (Pabod) during the quarter and listed 5.3 million additional shares on the stock exchange.  Source Proshare Read More 

Bond yields rise above 14% with slight profit taking on the 20-yr - The bond market remained slightly bearish today due to lack of demand for bonds as most traders were looking to stay square on their positions. Average bond yields consequently rose by 13bps to 14.07%, with mixed trading sentiments witnessed on the 5– and 10-yr bonds, but with slight profit taking on the 20-yr. Source Proshare Read More 

Fuel Crisis: Senate Summons Kachikwu, Baru - In a bid to end the ongoing fuel crisis and the untold hardship it is presently unleashing on Nigerians, President of the Senate, Dr. Abubakar Bukola Saraki, on Thursday, directed the Senate Committee on Petroleum Resources (Downstream) to cut short its recess and immediately convene a meeting with industry stakeholders Source Proshare Read More 

42 firms bid for NNPC technology division’s rehabilitation - The Nigerian National Petroleum Corporation on Thursday announced that 42 firms submitted bids for the rehabilitation of its Information Technology Division centres Source Punch Read More 

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Petrol marketers to NNPC: Fed Govt owing us N800b - The Nigerian National Petroleum Corporation (NNPC) claimed that despite getting forex at N305, marketers failed to import products. Besides they get products despite  owing the Petroleum Products Marketing Company (PPMC) almost N27 billion. Source THE NATION Read More 

Depot owners, NNPC differ over debt, as fuel scarcity lingers - The Nigerian National Petroleum Corporation and the Depot and Petroleum Products Marketers Association (DAPPMA) have disagreed over the actual debt profiles among the two organisations. Source Daily Trust Read More 

DPR Grants LPG Extraction Plant Permit to Operators of Otakikpo Marginal Field - The Department of Petroleum Resources (DPR) has approved for the operator of the Otakikpo marginal field in Oil Mining License (OML) 11 — Green Energy International Ltd — a licence to build a Liquefied Petroleum Gas (LPG) extraction plant in Ikuru area of Rivers State. Source Thisday Read More 

Irregular maintenance cause of refineries poor performance - Stakeholders - Following the recent scarcity of the Premium Motor Sprit (PMS) also known as petrol, stakeholders have attributed  that irregular Turn-Around Maintenance (TAM) for refineries across the country led to the present sub-optimal operation of refineries in Nigeria. Source Daily Trust Read More 

Power sector loses N540b to gas, water, transmission - Nigeria’s electricity sector lost more than N540 billion to series of constraints that beset its operations in 2017, which made it difficult for the operators to supply the needed power to consumers. Source Guardian Read More 

Power supply dips to 4,108MW, contradicts TCN’s peak transmission claim - There is no sign of improved electricity supply to Nigerians as the nation recorded an average power sent out of 4,108MW on December 26, data from the Nigerian Electricity System operator of the Transmission Company of Nigeria, TCN, shows. Source Vanguard Read More 

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PROSHARE BUSINESS

AXA Mansard Insurance Plc Appoints Yomi Onifade as an Executive Director  - We hereby notify the Exchange and our esteemed shareholders that the Board of Directors of AXA Mansard Insurance plc has unanimously approved the appointment of Mr. Yomi Onifade as an Executive Director of the Company. His appointment has also been approved by the National Insurance Commission. Source Proshare Read More 

Moody's downgrades Steinhoff deeper into junk on default fears - Ratings agency Moody’s on Thursday downgraded Steinhoff’s debt deeper into “junk” territory and warned further downgrades could follow due to mounting cash flow problems at the South African retail group. Source Reuters Read More 

Dollar stuck near one-month low, commodity currencies buoyant - The dollar wallowed near a one-month low against a basket of currencies on Friday, while commodity currencies such as the Australian and Canadian dollars were at two-month highs thanks to firmer energy and metals prices. Source Reuters Read More 

MTN assigns $231 mln shareholder loan to African phone tower group - MTN Group, Africa’s biggest mobile phone operator, said on Thursday it had assigned a $231 million shareholder loan to phone tower group, IHS Holding Ltd, impacting its 2017 profits. Source Reuters Read More 

Rwanda central bank trims key repo rate to 5.5 percent from 6 percent previously -  The Rwandan central bank trimmed its key repo rate to 5.5 percent from 6 percent previously, the bank’s governor announced on Thursday. Source Reuters Read More 

Congo Republic to cut 2018 spending by 9 pct as growth lags - Congo Republic’s government said on Wednesday it planned to cut spending next year by 8.6 percent to 1.38 trillion CFA francs ($2.5 billion), following a 45 percent cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. Source Reuters Read More 

Kenya shilling weak due to dollar demand from oil importers - The Kenyan shilling weakened against the dollar on Thursday with demand from oil importers outweighing scanty inflows from offshore investors and remittances, traders said. Source Reuters Read More 

Zambia's inflation slows to 6.1 y/y in December - Zambia’s annual consumer inflation slowed to 6.1 percent in December from 6.3 percent in November, the Central Statistical Office said on Thursday. Source Reuters Read More 

Egypt Picks Five Banks to Manage Its $4 Billion Eurobond Sale - Egypt selected five banks to manage a Eurobond sale of about $4 billion, the finance minister said, as the nation taps cheaper funding sources to bridge its budget gap. Source Bloomberg Read More 

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China Aircraft to Buy 50 Airbus Jets Valued at $5.42 Billion - China Aircraft Leasing Group Holdings Ltd. agreed to buy 50 Airbus SE single-aisle airliners with a combined list price of $5.42 billion to help meet surging air travel demand in an aviation market set to surpass the U.S. as the world’s biggest. Source Bloomberg Read More 

Oil Resurrection Sets Stage for Another OPEC-Shale Clash in 2018 - Oil’s revival from the biggest crash in a generation persisted, with prices set for a second annual gain after weathering everything from hurricanes and Middle East conflict to the tussle between OPEC and U.S. shale. Source Bloomberg Read More 

Oil Stalls Below $60 as Pipeline Fixes Overshadow Crude Draw - Oil was little changed in New York as traders shrugged off declining U.S. stockpiles and kept eyes on two key pipelines set to resume normal operations soon. Source Bloomberg Read More 

PROSHARE FINANCE

FirstBank Convenes Youth Mentoring Session with Ibukun Awosika  - Nigeria’s Best Banking Brand, First Bank of Nigeria Limited has announced it is convening a Youth Mentoring Session, themed “Building a Financially Literate Tribe”. Source Proshare Read More 

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PROSHARE TECHNOLOGY

Bitcoin Holds Above $14,000 as Investors Find a Bottom, For Now - Bitcoin appeared to find a bottom above $14,000 on Friday after moves by South Korea to curb speculation and protect retail customers took the cryptocurrency down more than 8 percent yesterday. Source Bloomberg Read More 

Uber Investors Agree to Sell Stake in SoftBank Deal - Uber Technologies Inc. shareholders agreed to sell a sizable stake in the ride-hailing leader to an investor group led by SoftBank Group Corp., allowing the Japanese conglomerate to amass a piece of the company at a steep discount to the last valuation. Source Bloomberg Read More 

Crypto-Linked Stocks Sink With Bitcoin on South Korean Warning - The rout in bitcoin is also taking down stocks with ties to cryptocurrencies. Source Bloomberg Read More 

Apple apologizes after outcry over slowed iPhones - Facing lawsuits and consumer outrage after it said it slowed older iPhones with flagging batteries, Apple Inc (AAPL.O) is slashing prices for battery replacements and will change its software to show users whether their phone battery is good. Source Reuters Read More 

China's Huawei flags slowest revenue growth in four years - China’s Huawei Technologies Co Ltd expects 2017 revenue to rise 15 percent to 600 billion yuan ($92.08 billion), its rotating chief executive, Ken Hu, said in a New Year’s message to staff posted on its official WeChat account on Friday. Source Reuters Read More 

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