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Nigeria in 1min: Economic, Business and Financial Headlines – 301117

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November 30, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

Nigeria External Economy and the White Noise of Import Dependency- The activity of any economy trading in the international market is often accompanied with costs and benefits.  Source Proshare Read More 

Nigeria Capital Importation: Christmas Comes Early As Q3’17 Inflows Spike- From $2.7 billion in H1’17, capital inflows in Q3’17 standalone hit $4.1 billion, representing the largest quarterly capital inflow since Q4’14 ($4.5 billion) and 80% of all capital inflows in 2016. Source Proshare Read More 

FAAC disburses N4.54trn to FG, others in 9 months – NEITI - The Federation Account Allocation Committee (FAAC) disbursed a total of N4.545 trillion to the federal, states and local governments as allocations between January and September 2017. Source Daily Trust Read More 

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Nigeria Raises $3b At International Capital Market – Adeosun - The Minister of Finance, Mrs Kemi Adeosun says Nigeria has raised three billion dollars at the international capital market. Source Leadership Read More 

Kaduna Assembly passes N216.6bn budget for 2018 - The Kaduna State House of Assembly yesterday passed into law the sum of N216.6 billion for 2018 fiscal year. The lawmakers approved N85.4 billion for recurrent expenditure and N131.2billion for capital expenditure. Source Daily Trust Read More 

Obaseki presents 146bn 2018 budget to Edo Assembly - The Governor of Edo State, Mr. Godwin Obaseki, on Wednesday presented a 146billion 2018 Appropriation Bill and Budget Estimates, christened ‘the Budget of Growth’ to the Edo State House of Assembly with the assurance to consolidate on the infrastructural and socio-economic gains of the outgoing year 2017. Source Vanguard Read More 

ECOWAS to spend $29bn on development projects in W/ Africa - ECOWAS on Wednesday said that it has concluded plans for sub-regional development projects worth 29.66 billion dollars for the period of 2018 to 2022. Source Vanguard Read More 

Eurobond: FG to reduce debt servicing by N90bn in 2018 — Adeosun - Minister of Finance, Mrs. Kemi Adeosun, yesterday, said that the federal government’s debt service obligation would be reduced by N90 billion in 2018 through the Eurobond issuance programme. Source Vanguard Read More 

Tax amnesty: FG gets N33.6bn from two firms - The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday said the Federal Government was targeting a revenue of $1bn from its tax amnesty programme, adding that the target might be exceeded as two companies had already paid $110m (N33.6bn at the official exchange rate of N305 per dollar). Source Punch Read More 

FMBN disburses over N7bn loan to 800 beneficiaries in 2017 - The Federal Mortgage Bank of Nigeria (FMBN) on Wednesday said it disbursed more than N7  billion to 800 beneficiaries so far in 2017. Source Vanguard Read More 

Effective Reporting of the Travel and Tourism Industry Using Appropriate Data- Brief Remarks on Travel & Tourism Data in Nigeria by Dr. Yemi Kale Source Proshare Read More

Adeosun: Why We Did Not Raise Entire $5.5bn Approved by N’Assembly - The Minister of Finance, Mrs. Kemi Adeosun, has explained that the federal government decided to issue only $3 billion Eurobond and not the entire US$5.5 billion recently approved by the National Assembly, saying doing so enabled the optimisation of the price of the notes. Source Thisday Read More 

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PROSHARE REGULATORS

Honourable Minister of Finance Suspends SEC DG, Two Others - The Honourable Minister of Finance, Mrs. Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo, from Office, to allow for an unhindered investigation of several allegations of financial impropriety leveled against the Director-General.  Source Proshare Read More 

PROSHARE MARKETS

Equities Market Maintains Uptrend as NSEASI Inches Up Further by 0.55%- Equities market closed today on a positive note, as NSEASI appreciated by +0.55% to close at 37,709.20 basis points as against +0.68% depreciation recorded previously. Source Proshare Read More 

FCMB Group Plc: No ‘Legacy’ is so rich as Funding- At the start of the week, the management of FCMB hosted a conference call to review its nine-months 2017 result Source Proshare Read More 

Afrinvest Asset Management Limited Launches Money Market Fund- The Afrinvest Plutus Fund is a simple and affordable saving solution designed for all classes of income earners with a minimum subscription of N5,000. Source Proshare Read More 

Quantitative Financial Analytics Rolls out Market Volatility Measure for the Nigerian Stock Market- Stock market volatility is one of those words that are being thrown around every now and then when describing stock market behaviours. Source Proshare Read More 

Lagos the Outperformer of SSA Stock Markets- We periodically track the performance of the three largest stock markets in sub-Saharan Africa (SSA). Source Proshare Read More 

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Bond market turns bearish as CBN Sells N117bn T-bills - The bond market turned bearish today, as market players took profits on their positions in absence of any significant demand from clients. Source Proshare Read More 

Nigeria's NNPC targets up to $5 bln oil prepayment: sources - Nigeria’s state oil firm is looking to set up a $3.5-$5 billion cash-for-crude prepayment with some of the world’s top commodity traders to fund oil and gas upstream projects as well as related infrastructure, sources with direct knowledge of the matter said. Source Reuter Read More 

Pakistan Begins Purchase Of Nigeria’s Liquefied Natural Gas - Amir Khan, Pakistan’s head of chancery, says the country has commenced the purchase of liquefied natural gas (LNG) from Nigeria. Source Leadership Read More 

Nigeria’s LNG sale to Japan falls by 49% - Nigeria’s sale of Liquefied Natural Gas to Japan plunged last month, as the Asian country’s total LNG imports slipped  by 2.3 per cent year on year to 6.1 million metric tonnes, data released by the Ministry of Finance showed on Wednesday. Source Punch Read More 

PROSHARE BUSINESS

Sterling Bank Plc Announces the Retirement of Mr. Lanre Adesanya as Executive Director- We wish to notify you of the retirement of Mr. Lanre Adesanya as an Executive Director of Sterling Bank Plc (the Bank) with effect from 1st December, 2017.  Source Proshare Read More 

Bank Anywhere with FirstBank’s FirstMobile Exciting New Features- Firstmonie, the mobile money platform for First Bank of Nigeria Limited, has partnered with MMIT (Mobile Media Info Tech) to introduce international calling app Talk360 to Firstmonie mobile wallet users and Nigerian consumers. Source Proshare Read More 

Ambode, Gwarzo, Sanni, Awoyemi to grace the 2017 IAPM Forum- The 2017 Investment and Portfolio Managers Forum scheduled to hold in Lagos on December 5th, 2017 is set to be a strategic and engagement session for stakeholders in the Nigerian financial and capital market space. Source Proshare Read More 

Kenya plans $1 bln dual-listing of National Oil Corp by early 2019 - Kenya plans to raise $1 billion by listing its National Oil Corporation at home and on the London Stock Exchange by early 2019, to buy a share of two oil blocks held by Tullow and its partners, a senior government official said on Wednesday. Source Reuter Read More 

Burundi tax revenues up 18 pct yr/yr in Jan-Sept -revenue board - Burundi’s tax revenues rose 18 percent year-on-year in the January to September period, official figures showed on Wednesday. Source Reuter Read More 

AfDB approves $160 mln loan for second Nairobi runway - The African Development Bank (AfDB) has approved a $160 million loan to Kenya for building a second runway at the main airport in the capital Nairobi, the bank said on Wednesday. Source Reuter Read More 

Kenya cuts electricity tariffs for manufacturers to create jobs - Kenya is cutting night-time electricity tariffs for manufacturers by half to entice investors and boost economic growth and job creation, a top ministry of energy official said on Wednesday. Source Reuter Read More 

U.K. Consumer Confidence Falls in Christmas Blow to Retailers - U.K. consumer confidence slid to a four-month low in November, delivering a further setback to retailers ahead of the crucial Christmas shopping period. Source Bloomberg Read More 

OPEC and Russia Ready to Extend Oil-Supply Cuts Until End-2018 - OPEC and Russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling and prices maintain recent gains. Source Bloomberg Read More 

Zimbabweans Get a New Experience With Cash in ATMs - Some Zimbabweans were able to withdraw U.S. dollars from automated teller machines this week for the first time in about a year as hard currency started trickling back into the economy following Robert Mugabe’s ouster as president. Source Bloomberg Read More 

Goldman Warns That Market Valuations Are at Their Highest Since 1900 - A prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs Group Inc. Source Bloomberg Read More 

Asian stocks fall as tech bellwethers hit by fear boom has peaked -  Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a “super cycle” that has been boosting the sector. Source Reuters Read More 

U.S. third-quarter economic growth fastest in three years - The U.S. economy grew faster than initially thought in the third quarter, notching its quickest pace in three years, buoyed by robust business spending on equipment and an accumulation of inventories. Source Reuters Read More 

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PROSHARE FINANCE

NSE CEO’s Opening Remarks at the Award Ceremony of the 2017 Annual Essay Competition- On behalf of The Nigerian Stock Exchange (NSE), I warmly welcome you to the Award Ceremony of the 2017 NSE Essay Competition for Senior Secondary Schools in Nigeria. Source Proshare Read More 

PROSHARE TECHNOLOGY

Meet The World''s Most Powerful Bitcoin Backers-Cryptocurrency may be one of the biggest threats to governments, security and the entire financial system that we've ever seen. Source Proshare Read More 

Goldman Says the Bitcoin Haters Just Don’t Get It - Bitcoin is a commodity with many similarities to gold, and the volatility that has sparked investor concern stems mainly from its lack of liquidity, said Jeff Currie, global head of commodities research for Goldman Sachs Group Inc. Source Bloomberg Read More 

Bitcoin’s Wild Ride: A Rally, a Rout and Outages on the Exchanges - Bitcoin plunged as much as 20 percent hours after a rally past $11,000 generated a surge in traffic at online exchanges that led to intermittent outages. Source Bloomberg Read More 

FANG's $60 Billion Wipeout Is Most in One Day Since Facebook IPO - The hit that FANG lovers are taking today may feel more painful than it looks. Source Bloomberg Read More 

Facebook to eliminate transaction fees on donations on its platform - Facebook Inc has eliminated transaction fees on donations made to non-profit organizations on its platform, Chief Executive Mark Zuckerberg said on Wednesday, a change that could help the world’s largest social media network expand its presence in online fund raising. Source Reuters Read More 

Softbank offers to buy more Flipkart shares at reduced $9 bln-$10 billion valuation: Mint - Japan’s Softbank Group Corp (9984.T) offered to buy an undisclosed number of shares in Indian e-commerce giant Flipkart at a reduced valuation in the range of $9 billion to $10 billion, the Mint daily reported on Thursday. Source Reuters Read More 

Verizon will launch 5G home internet access in 2018 - Verizon's 5G wireless will soon become a practical reality... if not quite the way you might expect. Big Red has announced that it's launching residential 5G broadband (that is, fixed-in-place wireless) in three to five markets starting in the second half of 2018. Source engadget Read More 

Coinbase ordered to give the IRS data on users trading more than $20,000 - Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get savvy to this whole bitcoin thing. Source TECHCRUNCH Read More 

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