Nigeria in 1min: Economic, Business and Financial Headlines – 310118

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January 31, 2018 7:10 AM / Proshare News 

PROSHARE ECONOMY

DAVOS: The Growing Dearth of Social Economic Mobility - The recent oxford committee for famine (OXFAM) report stated that 82% of the global wealth earned in 2017 went to 1% of the population while the bottom half of humanity had no increase in their income. Source Proshare Read More 

Restructuring: APC Committee recommend Resource Control for States - In response to the clamour for restructuring in Nigeria, across the geo-political zones in the nation the ruling All Progressive Congress (APC) Party Committee on Restructuring concluded its work and has released its recommendations for consideration by the government. Source Proshare Read More 

Why Is The Shale Industry Still Not Profitable? - Echoing the criticism of too much hype surrounding U.S. shale from the Saudi oil minister last week, a new report finds that shale drilling is still largely not profitable. Not only that, but costs are on the rise and drillers are pursuing "irrational production."  Source Proshare Read More 

$1.2b Needed To Commission Ajaukuta Steel Plant – Minister - The Minister of mines and steel development, Mr.  Kayode Fayemi has stated that efforts are on top gear to make the Ajaukuta steel company limited, saying $1.2 billion is needed to achieve total rehabilitation,  completion and commissioning of the plant. Source Leadership Read More 

‘World Bank’s support for Nigeria, others hits $14b’ - The World Bank Group’s support to fragile states, including Nigeria through its International Development Association (IDA), has doubled to more than $14 billion, the bank’s Country Director, Mr Rachid Benmessaoud, has said. Source THE NATION Read More 

Nigeria attracts $66bn investment commitments – NIPC - Nigeria secured US$66.36 billion worth of investment commitments for 112 projects across 27 states and the federal capital territory last year, according to the Nigerian Investment Promotion Commission (NIPC). Source BUSINESSDAY Read More 

NPA Gives Intels Two Weeks to Pay $48m Debt - There appears to be no end in sight to the dispute between the Nigerian Ports Authority (NPA) and Intels Nigeria Limited (Intels), as the NPA has handed a two-week ultimatum to the company to remit an outstanding $48 million that ought to have been paid into the agency’s Treasury Single Account (TSA) in 2017. Source Thisday Read More 

Reps step down consideration of N19.261bn budget for Ministry of Communications - The House of Representatives on Tuesday stepped down the consideration of the N19.261 billion budget proposed for Federal Ministry of Communication Technology for 2018. Source BUSINESSDAY Read More 

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PROSHARE REGULATORS

WASRA Holds Executive Council Meeting - The West African Securities Regulators Association (WASRA) held its fourth Executive Council meeting on Tuesday, 23rd January 2018 in Rabat, Morocco on the sidelines of the fortieth Annual meeting and conference of the African Middle East Regional Committee(AMERC) of the International Organisation of Securities Commissions (IOSCO). Source Proshare Read More 

NAICOM orders 17 firms to get fresh licences - THE National Insurance Commission (NAICOM) has drected 17 firms to acquire new microinsurance licences within 18 months or face sanctions. Source THE NATION Read More 

SEC DG Suspension: Adeosun, Gwarzo make submissions to House of Reps -Since the suspension of Mr Mounir Gwarzo, Director-General of the Securities and Exchange Commission of Nigeria, the House of Representatives through its Capital Market and Other Institutions Committee as directed held its investigative hearing today at the National Assembly, Abuja. Source Proshare Read More 

Probe panel asks FG to dismiss suspended SEC DG, Gwarzo - The Administrative Panel of Inquiry, which was set up in November last year to investigate corruption allegations against the suspended Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo, has recommended the sacking of the embattled DG from public service. Source Punch Read More 

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PROSHARE MARKETS

Stock Market Extends Gaining Streak by 0.42% as Positive Market Sentiment Persists - Equities market closed today on a positive note, as NSEASI appreciated by +0.42% to close at 44, 493.79. basis points as against +1.22% appreciation recorded previously. Source Proshare Read More 

FGN Domestic Debt Service Payment Increased In Line With The Stock of Domestic Debt - Our chart today shows the FGN’s quarterly domestic debt service payments from Q3 2014 through to Q3 2017. Source Proshare Read More 

Three New Stocks Closed Below Previous Floor Price After Today’s Trading; Tally Increases to Seven - Market activities continue to reflect the new par value and pricing methodology rule which takes effect yesterday. Source Proshare Read More 

Nigerian Breweries Plc Announces Date of Board Meeting - We hereby notify The Nigerian Stock Exchange (“The NSE") that a meeting of the Board of Directors of our Company has been scheduled for Tuesday, 13th  February, 2018. Source Proshare Read More 

Naira depreciates to N360.39/$ in I&E - The naira yesterday depreciated to N360.39 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Source Vanguard Read More 

Senate to Probe Arbitrary Charges, Illegal Deductions by Commercial Banks  - The Senate Tuesday directed its Committee on Banking to investigate illegal deductions and arbitrary charges on depositors’ funds by commercial banks. Source Thisday Read More 

Nigeria records 40% local content with $3.3bn Egina FPSO – NAPIMS - National Petroleum Investment Management Services (NAPIMS) said that Nigeria achieved about 40 percent local content with the Total’s $3.3 billion Egina Floating, Production, Storage and Offloading (FPSO). Source Vanguard Read More 

NNPC deficit spending swells to 4-month high at N7bn - Despite claims of being owed N170.6 billion in outstanding subsidy arrears by the Federal Government, the Nigerian National Petroleum Corporation (NNPC) operations suffered another huge setback with an upsurge in monthly deficits. Source THE SUN Read More 

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Oil companies not paying gas flaring penalties — Adeosun - THE Federal Government has accused oil companies of not paying stipulated gas flaring penalties, amounting to loss of revenue in billions of dollars into government coffers. Source Vanguard Read More 

TSA: NPA gives Intels 2 weeks ultimatum on $48m debt - The Nigerian Ports Authority (NPA) has ordered Intels Nigeria Limited (Intels) to pay an outstanding $48 million debt into the maritime agency’s Treasury Single Account (TSA) within two weeks. Source Vanguard Read More 

FG receives power transmission expansion document from World Bank - A new power transmission expansion strategy document developed with about $2m from the World Bank was delivered to the Federal Government in Abuja on Tuesday. Source Punch Read More 

Electricity: FG unveils 20-year transmission plan - The Federal Government, yesterday, unveiled a 20-year transmission master plan, targeting a wheeling capacity of 10,000 megawatts of electricity by 2020. Source Vanguard Read More 

FG recovers 500 Stranded Containers With Transmission Expansion Equipment - The Federal Government on Tuesday in Abuja announced that it has recovered 500 “stranded’’ containers belonging to the Transmission Company of Nigeria (TCN). Source Leadership Read More 

11 DISCOs reject 18,648.66mw of electricity in 14 days - Despite several promises made by the Federal Government to ensure total evacuation of generated power to consumers, Nigerians are yet to see any development, as the nation’s 11 Distribution Companies Source Vanguard Read More 

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PROSHARE BUSINESS

Africa’s 54 economies grew by 2.2% in 2016, on average, and 3.6% in 2017 - According to a new report by the African Development Bank, the continent's 54 countries grew by 2.2%, on average, in 2016, and 3.6% in 2017; in 2018, the AfDB report predicts, growth will accelerate to 4.1%, supported by some of the world's fastest-growing economies. Source Project-Syndicate Read More 

Rich Folks Are Fleeing London and Lagos, Wealth Report Shows - Wealthy Londoners are leaving the city as new taxes make it expensive to inherit and invest, and as Brexit prompts rich Europeans living in the U.K. capital to return home. Source Bloomberg Read More 

Amazon, Berkshire, JPMorgan Link Up to Form New Health-Care Company - It’s no secret Jeff Bezos has been looking to crack health care. But no one expected him to pull in Warren Buffett and Jamie Dimon, too. Source Bloomberg Read More 

Asia stocks slip as high bond yields weigh, dollar steadies - Asia stocks pulled further back from record highs on Wednesday as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve’s policy decision. Source Reuters Read More 

Oil prices fall for third day as inventory build-up weighs - Oil prices fell for a third day on Wednesday after data from an industry body showed crude stocks rose more than expected last week, while a selloff in other commodities, stocks and bonds added to investors’ bearish mood. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Five digital security tools to protect your work and sources - Reporters are navigating a more treacherous environment than any time in recent memory, and despite a plethora of digital tools to keep them safe – many are failing to adopt new strategies. Source Proshare Read More 

Why Investing In Fintech Is Viable - Nouriel Roubini - As the globe continues to witness the evolution of innovative solution in the digital age, one phenomenon that has continued to generate discussions and interests from the media, financial analysts, bankers, regulators, economists and policy makers is the Blockchain technology. Source Proshare Read More 

Nigerian Senate Orders Investigation of Bitcoin Trading - Lawmakers in Nigeria, where bitcoin trading grew the most in Africa last year, will probe the cryptocurrency and examine whether investments in it are viable. Source Bloomberg Read More 

Bitcoin Heads for Worst Monthly Slide Since December 2013 - January is turning into a month to forget for digital currency investors. Source Bloomberg Read More 

South Korea says uncovered about $600 million in cryptocurrency crimes - South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday. Source Reuters Read More 

Provide evidence of call masking, ATCON tells NCC - The Association of Telecommunications Companies of Nigeria has asked the Nigerian Communications Commission to provide evidence to show that interconnect houses are involved in call masking. Source Punch Read More 

Facebook bans advertisements for cryptocurrency exchanges - Facebook brought the hammer down on “misleading financial products” on Tuesday, January 30, by effectively banning any and all advertisements for cryptocurrency exchanges, initial coin offerings, and binary options trading from any Facebook platform. Source Digital Trends Read More 

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