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Nigeria in 1min: Economic, Business and Financial Headlines – 301017

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October 30, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 301017 - The Medium Term Framework for 2018 to 2020 was recently made available by the Budget Office. In line with the earlier expenditure switch policy, the Federal Government intends to maintain an average of 7.2% growth in expenditure over the period. Source Proshare Read More 

Middle East investors move to take over Nigerian airports - Some stakeholders in the aviation sector, including members of the National Assembly, are worried that investors from some Middle East countries are expressing interest in the planned concession of Nigerian airports. Source Guardian Read More 

Nigeria To Generate N236bn From Steel Export – AIG - Group Managing Director, African Industries Group (AIG), Alok Gupta, has disclosed that Nigeria’s major private sector steel manufacturer is to save the country $650 million (about N236 billion) through forex by exporting finished steel from its plants to other African countries. Source Leadership Read More 

IMF wants Nigeria to stop tax holidays - The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies. It specifically urged Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base. Source Punch Read More 

2017 budget: FG records 49% non-oil revenue shortfall - The Federal Government recorded a 49 per cent shortfall in non-oil revenue needed to finance the 2017 budget, figures obtained from the Budget Office of the Federation have revealed. Source Punch Read More 

Adeosun: Vested Interests Opposing FG’s Economic Reforms - The Minister of Finance, Mrs. Kemi Adeosun, yesterday stated that ongoing efforts by the federal government to institute reforms in the economy have continued to be resisted by those she described as “vested interests within and outside the system.” Source Thisday Read More 

NMRC, LASG, developers sign 20,000 housing units’ agreement - The Lagos State Government, the Nigerian Mortgage Refinance Company and a consortium of developers have signed a Memorandum of Understanding to build and deliver 20,000 housing units in the state. Source Punch Read More 

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PROSHARE REGULATORS

Nigeria among nations with highest ROI, Emefiele tells investors - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has invited the global business community to come over to Nigeria as the country’s Return On Investment (ROI) remains among the highest in the world. Source THE SUN Read More 

PROSHARE MARKETS

ETI successfully Raised USD 400 million Convertible Debt Placement from Existing Shareholders - Ecobank Transnational Incorporated, (“ETI”), the Lomé-based parent company of the Ecobank Group, announces today the successful placement of USD 400 million convertible debts. Source Proshare Read More 

Investments and Securities Tribunal Visits NASD - Representatives of the Investments and Securities Tribunal (“IST” or “the Tribunal”) on Friday, 27 October 2017 visited the office of NASD Plc (“NASD”). Source Proshare Read More 

Corporate Earnings for the Week Ending 271017 – ETI Declares N57.76bn PAT in Q3 2017 Results - Source Proshare Read More 

FBN Holdings Plc Q3 2017 Conference Call and Earnings Presentation - The Key Takeaways  - FBN Holdings Plc held its Q3’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

NSEASI Dips Further by -0.15% as Market Maintains Downtrend - Equities market closed today on a negative note, as NSE ASI depreciated by -0.15% to close at 36,462.26 basis points as against -0.29% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +35.68%.  Source Proshare Read More 

Reserves near $34b mark despite interventions - The nation’s foreign exchange reserves’ profiles recorded a new increase near $34 billion mark, after gaining about $350 million in one week, with $200 million being recorded cumulatively in three trading days. Source Guardian Read More 

Govt borrowings are driving interest rates upward — Chioke, CEO, Afinvest - The banking industry is growing and there will be specialization for everyone. Even from the report, the size of growth over the years using any of the metrics recorded double digit growth in the industry overall. Source Vanguard Read More 

Forex: Zenith, UBA, Other Banks Make N149bn In 9months - With increased stability in the Nigerian foreign exchange (forex) market, deposit money banks in the country continue to reap the gains of the market as they made N149 billion through forex trading in the nine months period that ended September 30, 2017. Source Leadership Read More 

90 companies delist from NSE in 15 years - The last 15 years have seen an increasing number of firms delisted from Nigerian Stock Exchange (NSE). Specifically, analysis of the data on the stock exchange website showed that about 90 companies have delisted from the nation’s bourse in the last 15 years. Source THE SUN Read More 

Lagos Microfinance banks set to integrate with BVN by 2018 - THE Lagos State Chapter of National Association of Microfinance Banks, NAMBLag, weekend, said that in line with its ongoing partnership with the Nigerian Inter-Bank Settlement System, NIBSS, full integration of member-banks with the Bank Verification Number, BVN, will commence January 2018. Source Vanguard Read More 

IMF: banks must recapitalise - Many commercial banks need to raise new capital and boost their capital adequacy ratios for them to drive the desired growth in the economy, the International Monetary Fund (IMF) said at the weekend. Source THE NATION Read More 

Union Bank closes application for N50b rights issue - Union Bank of Nigeria (UBN) Plc will today close application for its N50 billion rights issue.  Application list for the rights issue opened on September 20, 2017 and will close today,  Monday October 30. Source THE NATION Read More 

Guinness Nigeria’s N40b rights issue records full subscription - Guinness Nigeria Plc has secured additional N39.7 billion new equity funds from its existing shareholders as shareholders picked up the entire rights offered by the brewer. Source THE NATION Read More 

South Africa's petrol, diesel prices to increase in November - The retail price of petrol and the wholesale price of diesel in South Africa will increase from Wednesday due to a weakening of the rand against the dollar, the energy department said on Sunday. Source Reuters Read More 

Nigeria recovers $85 mln deposited in Britain in oil licence deal funds - attorney general -  Nigeria has recovered $85 million in funds from an oil licence deal that had been deposited in Britain, the West African country’s attorney general said. Source Reuters Read More 

TCN yet to access $1.5bn power project loans – MD - Transmission Company of Nigeria says it has yet to access the power infrastructure expansion loans totalling $1.5bn from foreign creditors. Source Punch Read More 

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PROSHARE BUSINESS

CSCS Board announces Haruna Jalo-Waziri as New CEO - Pursuant to the Securities and Exchange Commission’s (SEC) “No Objection”, the Board of Directors of the Central Securities Clearing System (CSCS) Plc is pleased to announce the appointment of Mr. Haruna Jalo-Wazirias the Managing Director/Chief Executive Officer of the company effective 1 November 2017. Source Proshare Read More 

National Competitiveness Council of Nigeria’s State Competitive Index to Help Spur Growth-Friendly Policy - The National Competitiveness Council of Nigeria (NCCN), will launch Nigeria’s first Sub-National Competitive Index on November 2, a move that will help spur growth-friendly policies. Source Proshare Read More 

OGFZA, Intels Bicker over Audit, Allegations of Unlawful Operations - The Oil and Gas Free Zones Authority (OGFZA) and Intels Nigeria Limited (INL) at the weekend disagreed over allegations that the logistics firm was involved in unlawful operatons. Source Thisday Read More 

PCL has contributed in building companies, quoted on NSE- Foluso Phillips - Phillips Consulting a leading professional services and consulting in Nigeria, has contributed immensely in building strategic companies that are currently listed in the Nigeria Stock Exchange. Source Proshare Read More 

IFC and banks close $653 mln in funding for Egypt solar plants - International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Source Reuters Read More 

Why Oil-Rich Gulf Arab Countries Are Turning to Renewables - Solar power is getting so cheap that even Gulf Arab states awash in crude oil are embracing the renewable resource. Their motive is as much to keep selling fossil fuels as it is to rein in their carbon emissions. Source Bloomberg Read More 

Payrolls in U.S. Rise 156,000; Wages Also Below Forecasts - The U.S. economy added fewer employees than expected in August, the jobless rate rose and wages climbed less than forecast, in a break from otherwise solid progress in the labor market. Source Bloomberg Read More 

Indonesia Open to Review of JPMorgan Ban, Indrawati Says - Indonesia may soon lift a ban on government entities doing business with JPMorgan Chase & Co., a year after the U.S. investment bank was shunned over negative comments about the stock market. Source Bloomberg Read More 

Biggest Stock Collapse in World History Has No End in Sight -  It’s going to take more than the biggest stock slump in world history to convince analysts that PetroChina Co. has finally hit bottom. Source Bloomberg Read More 

Disappearing Bank Jobs Won't Be Coming Back, Nordea CEO Says - The 6,000 job cuts announced last week at Nordea Bank AB are just a down payment for an industry facing radical overhaul, says Chief Executive Officer Casper von Koskull. Source Bloomberg Read More 

Whites Own 73% of South Africa's Farming Land, City Press Says - White farmers own almost three-quarters of South Africa’s agricultural land, even after 23 years of government efforts to redistribute land to the black majority, City Press reported, citing a land audit by farm lobbying group Agri SA. Source Bloomberg Read More 

China Bond Selloff Spreads to Stocks as Deleveraging Risks Mount - Chinese stocks fell the most since early August, breaking the calm that persisted through the recent Communist Party Congress, as government bonds extended a monthly rout amid concern the government will step up efforts to reduce leverage in the financial sector. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

South Korea to Regulate Bitcoin as Commodity, Says Bank of Korea Governor - South Korean central bank Bank of Korea (BOK) governor, Lee Joo-yeol, has announced that Bitcoin will be regulated as a commodity rather than as a currency. The governor, however, claimed that the central bank will not be launching the regulation very soon. Source Bloomberg Read More 

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