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Nigeria in 1min: Economic, Business and Financial Headlines – 300418

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Monday, April 30, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 300418 - More than ever before pension funds are regarded as strong financial intermediary, as they are considered to be both a powerful organ for fund raising and a tool for shifting consumption over the life time of an individual. Source Proshare Read More 

Federal Government Economic Reform and Governance Project : Restructuring (2013)  - The objective of the Federal Government Economic Reform and Governance Project (ERGP) for Nigeria is to make an Improvement of the federal government's administrative, financial, human resource and statistical systems. Source Proshare Read More 

Nigeria - State And Local Governance In Nigeria (2002) - The purpose of this study is to increase knowledge about state capacity in Nigeria by taking stock of governance issues, including public financial management and civil services, and analyzing them in representative states across the regions, as states assume an expanded role in delivering services to their populations under the 1999 constitution. Source Proshare Read More 

FG borrows N5.5tn from pension savings, delays minimum payment - About two years after the Pension Fund Administrators started funding the Pension Protection Fund meant for financing minimum pension payment to retirees under the Contributory Pension Scheme, the Federal Government has yet to fulfill its own side of the funding arrangement. Source Thisday Read More 

Second Niger Bridge To Gulp Additional N210bn -  The federal government has hinted that the main project on the second Niger Bridge will gulp N210 billion. Source Leadership Read More 

… 32 States Fail To Provide Life Insurance Cover For Workers - Meanwhile, about 32 states across the country have failed to insure their workers, leaving over two million civil servants in the affected states with no concrete group life insurance cover. Source Leadership Read More 

Nigeria’s capital inflows grew by $7.3bn in 2017 – NIPC - The Nigeria Investment Promotion Commission (NIPC) has indicated that the country’s actual capital inflows grew by $7.3 billion dollars in 2017 to stand at $12.4 billion from the $5.1 billion dollars recorded in 2016. Source Daily Trust Read More 

FIRS nets N1.171trn in Q1 2018 - The Federal Inland Revenue Service (FIRS) has raked in N1.171 trillion in the first quarter of 2018, the Executive Chairman, FIRS, Mr. Tunde Fowler has said. Source Daily Trust Read More 

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Niger govt debt stands at N57.9bn – Official - The Niger State Government debt profile stands at about N57.9 billion in foreign and local debts. Source Daily Trust Read More 

36 States Generated N931bn IGR against N3.3tn from Federation Account in 2017 - The Economic Confidential has released its Annual States Viability Index (ASVI) which shows that 17 states are insolvent as their internally generated revenues (IGR) in 2017 were far below 10 per cent of their receipts from the Federation Account Allocations (FAA) in the same year. Source Thisday Read More 

FCT-IRS Projects N146bn IGR in 2018 - The Federal Capital Territory Internal Revenue Service (FCT-IRS) is targeting the sum of N146 billion as Internally Generated Revenue (IGR) in 2018. Source Thisday Read More 

Trade Depot Secures $3m to Digitise FMCG Distribution in Africa - TradeDepot, the innovative Software as a Service (SaaS) platform for Fast Moving Consumer Goods (FMCG) distribution in Africa, has announced a $3 million in funding to digitise FMCG distribution to informal retailers in Africa. Source Thisday Read More 

Nigerians unofficially exporting $40bn goods annually, says NEPC - The Nigerian Export Promotion Council has said Nigerians are exporting goods worth over $40bn informally every year. Source Thisday Read More 

90% of N181bn non-performing loans in aviation sector –AMCON - The Assets Management Corporation of Nigeria (AMCON) has disclosed that 90 per cent of the about N181 billion non-performing loans (NPLs) it purchased from various banks at the outset of its operations were in the aviation sector. Source Daily Trust Read More 

Give state tax agencies autonomy, Fowler tells govs - The Chairman, Joint Tax Board and Federal Inland Revenue Service, Mr. Tunde Fowler, has called on state governors to empower state internal revenue services by making them autonomous. Source Thisday Read More 

PTAD adds 7,969 federal retirees to payroll - The Pension Transitional Arrangement Directorate says it has added 7,969 civil service pensioners to its payroll and they have started receiving regular monthly pensions Source Thisday Read More 

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PROSHARE REGULATORS

CBN raises 2018 money supply growth forecast to 10.98% - THE Central Bank of Nigeria (CBN) last week released its Monetary, Credit, Foreign Trade and Exchange Guidelines for the 2018 and 2019 fiscal years, raising its money supply growth forecast  for 2018 to 10.98 percent. Source Vanguard Read More 

PROSHARE MARKETS

OANDO Declares N19.77bn Profit for the Year 2017,(SP:N9.15k) - Source Proshare Read More 

Dangote Cement Plc Is Firing On All Cylinders; On Track For A Strong FY’18 - BUY with TP Of N289.45 - DANGCEM released its Q1’18 earnings, reporting impressive earnings, with bottom line coming in at ₦72 billion, 29% higher y/y and ahead of our estimate of ₦55 billion. Source Proshare Read More 

Sterling Bank offers N10bn loan to Specta customers - STERLING Bank has offered over N10 billion loan to confirmed salary earners in the country before year end through its Specta platform Source Vanguard Read More 

Goldlink Insurance to raise N3.3bn through rights issue - GOLDLINK Insurance Plc has received approval of its shareholders to raise N3.3 billion through rights issue in a move to reposition its business. Source Vanguard Read More 

Corporate Earnings for the Week Ending 270418 – DANGCEM Declares N72.12bn PAT in Q1 2018 Results -During the week ending April 27, 2018, thirty-three (33) quoted firms declared their results. Source Proshare Read More 

Nigeria oil export gets 75,000bpd boost from OML 30 - Nigeria’s crude oil production got a boost at the weekend as output from Oil Mining Lease (OML) 30 peaked at 75,000 barrels per day from zero level in March 2017. Source Daily Trust Read More 

Power generation hits 5,090MW, highest in 2018 - Latest documents obtained from Nigeria’s power System Operator indicated that peak electricity generation crossed the 5,000-megawatt mark last week. Source THE NATION Read More 

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PROSHARE BUSINESS

National Bank of Egypt seeking to raise $600 mln club loan -sources - National Bank of Egypt, the country’s largest bank by assets, is putting together a group of lenders for a club loan in the region of $600 million, banking sources said. Source Reuters Read More 

Egypt, Cyprus to sign deal to connect Aphrodite gas field with Egypt - Egypt aims to sign an agreement with Cyprus to connect the island’s Aphrodite gas field with Egypt, Egypt’s oil minister said on Sunday. Source Reuters Read More 

Oil slips after U.S. rig count rises; Iran concerns cap downside - Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. Source Reuters Read More 

Saudi Basic Industries Profit Rises 5.4% on Higher Prices - First-quarter profit at Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, rose on higher prices and sales volumes, in spite of a 1.1 billion Saudi riyal ($290 million) charge for restructuring. Source Bloomberg Read More 

India's $35 Billion Government Pension Fund Plans Equities Boost - India’s $2.3 trillion equity market has surged in recent years, and is about to get a new endorsement -- from the nation’s pension regulator. Source Bloomberg Read More 

JPMorgan's Guide to End of `Easy Money' Amid Tepid Equities - The moves in stocks lately are just strange -- but there’s still a logical approach to investing for the expected end of “easy money,” according to JPMorgan Chase & Co. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Switzerland Wants To Be The World Capital of Cryptocurrency, Blockchain and ICOs - When 24-year-old Ian Worrall launched his crypto-investment startup MyBit last year, he chose this Swiss lakeside city. It was an odd fit: the no-holds-barred corner of the financial markets meeting button-down Switzerland. Source Proshare Read More 

T-Mobile, Sprint say $26 billion deal would give U.S. tech lead over China - T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N) said on Sunday they had agreed to a $26 billion all-stock deal and believed they could win over skeptical regulators because the merger would create thousands of jobs and help the United States beat China to creating the next generation mobile network. Source Reuters Read More 

Twitter sold data access to researcher in Cambridge Analytica scandal - Facebook is clearly the company most affected by the Cambridge Analytica data sharing scandal, but that doesn't leave other social networks completely unscathed. Twitter has confirmed to Bloomberg that it sold public data access to researcher Aleksandr Kogan's GSR, the firm whose quiz app collected data from millions of Facebook users without their consent. Source Engadget Read More 

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