Nigeria in 1min: Economic, Business " Financial Headlines – 231017


September 23, 2017 7:00 AM / Proshare News 

What To Expect From The Markets This Week – 211017 - The National Bureau of Statistics recently made available Inflation figures for September 2017, and as earlier expected core inflation maintained its downward trend while core inflation dipped from 12.3% to 12.2%. Source Proshare Read More 

Nigeria signals intention to retain multiple exchange rate regime in 2018
- Nigeria will not move for full unification of its current multiple exchange rates regime, going by the decision to peg the naira/dollar exchange rate at the official Central Bank of Nigeria rate of N305 to the US$ in the proposed 2018 budget. Source Businessday Read More 

2017 budget: Reps raise concerns over 15% capital releases
- Members of the House of Representatives are unimpressed with what they term “poor capital releases” for the 2017 budget just as President Muhammadu Buhari is set to lay the 2018 estimates before the National Assembly. Source Punch Read More 

USAID commits $3m on agricultural inputs spending in Nigeria
- The United States Agency for International Development, (USAID), spends $3 million on agricultural inputs system under the Feed-the-Future Nigeria Agro-Inputs Project to develop the agricultural sector. Source Businessday Read More 

Land ownership: PwC asks FG, states to resolve issue
- The Country Senior Partner, PricewaterhouseCoopers (PwC) Nigeria, Uyi Akpata, has urged the Federal and state governments to urgently resolve the issue of land ownership in the country. Source Businessday Read More 

FG urged to sell down assets, priorities projects
- The Federal Government has been urged to sell down some of its assets especially in the oil and gas, aviation, among others to raise cash for some key projects or go into Public Private Partnership. Source Businessday Read More  

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Ondo moves to end bitumen importation into Nigeria
- The Ondo State government has said bitumen importation into the country would soon become a thing of the past with the establishment of the State Development and Investment Promotion Agency (ONDIPA) to woo investors to tap into its huge deposit in the state. Source Businessday Read More 

Domestic Commodity Prices Responding to the Increased Harvest Output
- On-grid power is now approximately 4000MW, the highest level in 4-months. In spite of this, the price of diesel is at a 5-month high at N200 per litre with major inflationary consequences. Source Proshare Read More 

N246.30bn Generated as VAT in Q2 2017 - NBS
- Sectoral distribution of Value Added Tax (VAT) data for Q2 2017 reflected that the sum of N246.30bn was generated as VAT in Q2 2017 as against N204.77bn generated in Q1 2017 and N187.03bn in Q2 2016 representing 20.28% Increase Quarter-on-Quarter and 31.69% increase Year-on-Year. Source Proshare Read More 

Edo to unveil domesticated EGRP at Alaghodaro Investment Summit 
- The Edo State Government is to unveil its economic blueprint fashioned after the Economic Growth and Recovery Plan (EGRP) of the All Progressives Congress (APC)-led federal government,  launched by President Muhammadu Buhari, on April 5, 2017. Source Thisday Read More   

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Market Erases Previous Gain as NSEASI Records -0.16pct Loss - Equities market closed today on a negative note, as NSE ASI depreciated by -0.16% to close at 36,587.31 basis points as against +0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.14%. Source Proshare Read More 

NASD USI Up by 1.06% WoW
- NASD closed its trading day on Friday 20, October 2017 higher compared to last Friday. The Market Capitalisation closed the week 1.06% higher at 406.00 billion against 401.72 billion previously. Source Proshare Read More 

Wema Bank Gets Shareholder Approval for Capital Reorganization
- Wema Bank Plc. at its Extraordinary General Meeting (EGM) held on Friday October 20, 2017 in Lagos, received the approval of its Shareholders’ towards the attainment of its Scheme of Capital Reorganisation exercise. Source Proshare Read More 

Corporate Earnings for the Week Ending 201017
– ZENITHBANK Declares N129.24bn PAT in Q3 2017 - Result During the week ending October 20, 2017, fifteen (15) quoted firms declared their results. Thirteen of the fifteen quoted companies recorded growth in revenue while others recorded decline. Source Proshare Read More 

#AFRIPRUDforum2017: Stakeholders explore role of registrars, in an evolving market
- The changing role of registrars in the evolving Nigerian capital market space, came to the fore at the 2017 edition of the Africa Prudential Plc stakeholders forum in Lagos. Source Proshare Read More 

NSE Issues an Update on the Suspension of Trading in the Shares of Oando Plc
– Dealing Members are referred to our market bulletin of Wednesday, 18 October 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective today, Friday, 20 October 2017 and until further directive, the shares of Oando Plc will be placed on technical suspension. Source Proshare Read More 

Seplat Plc Announces Decision of Its Board of Director Meeting
- In line with Section 1.1 of the  Rules Relating  to Board Meetings and  General Meetings of Issuers,  there  is  an  obligation  on  the Issuer to  notify  the  Exchange  within  twenty-four  hours  after  the  relevant  board meeting. Source Proshare Read More 

Notification of Takeover of Evans Medical Plc by Skye Bank and First Bank of Nigeria
- Evans Medical PLC (“Evans Medical” or “the Company”) would like to announce that the Company’s Bankers (Skye Bank PLC and First Bank of Nigeria Limited) have served the Company with an Ex- parte order of the Federal High Court dated 4th July, 2017 granting them the right to take over the Company's Assets used as collateral against facilities granted to the Company by the Bankers due to loan default. Source Proshare Read More

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Analysing the H1 2017 Performance of FBNHoldings Plc - A Comprehensive Report
- The Nigerian economy fully returned to a growth trajectory at the end of the first half of 2017.  This growth was as a result of buffering oil prices and improved oil production. Source Proshare Read More 

Unilever Nigeria Reports Q3 2017 Results - OPEX Up by 39% YoY -
Earlier this afternoon, Unilever Nigeria (Unilever) reported its Q3 2017 results which showed positives on major key P&L items. Sales and PAT of N24.0bn and N1.1bn grew by 37% y/y and 143% y/y respectively. PBT of N1.8bn compares with PBT of N24m reported in Q3 2016. Source Proshare Read More 

Fidelity’s Eurobond feat gets all round applause
- Fidelity Bank Plc, a mid-sized Nigerian lender, became the first bank outside of the country’s big five to access the international capital markets for four years, last week, raising $400m via a five-year Eurobond and gaining the confidence of investors to boot. Source Businessday Read More 

NMRC’s innovation to unlock N1.4trn pension fund for Housing – Ayere
- The Nigerian Mortgage Refinance Company (NMRC) has come up with an initiative that will move the Nigerian mortgage industry from its present nascent state, to one that will support the country’s housing sector and capital market. Source Businessday Read More 

Internal auditors vital to banks’ growth – Coronation MD
- Internal auditors of banks are critical stakeholders to realising sets goals and achieving sustainable growth, the Managing Director/Chief Executive Officer, Coronation Merchant Bank Limited, Abubakar Jimoh, has said. Source Punch Read More 

Lafarge rebounds to profitability, to list N25bn commercial paper this month
- LAFARGE Africa Plc has returned to profitability and has concluded plans to issue N25billion in Commercial Papers from a ¦ 60billion programme in October and list on the Financial Market Derivative Quote, FMDQ OTC Exchange platform. Source Vanguard Read More 

Dangote Cement consolidates pan-African operations
- Dangote Cement says it has maintained its strong hold in the Nigerian domestic cement market, accounting for 65 per cent of the market volume, while other African plants, volumes went up by 7.5 per cent to 7.0 metric tonnes per annum. Source Punch Read More 

Japan shares at two-decade top, yen at three-month low on Abe win
- Japanese shares jumped on a weaker yen on Monday as an election win for Shinzo Abe’s ruling bloc gave a green light for more super-easy policy stimulus, while the euro eased as Spain’s constitutional crisis aggravated concerns about political unity in the region. Source Reuters Read More  

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JPMorgan partners with data start-up to boost fixed-income trading
- JPMorgan Chase & Co (JPM.N) has partnered with data analytics start-up Mosaic Smart Data to help its fixed-income sales and trading business become more profitable. Source Reuters Read More 

Afrinvest Reports: Bank asset quality metrics to improve in 2017
- AfrinvestLimited has said that banks asset quality metrics is expected to improve in 2017, even as the banking sector continues to experience further widening in the gap between tier-1 and tier-2 bank market share. Source Vanguard Read More 

Kabiru Rabiu tops “Choiseul 100 Africa” 2017 list of future African Business Leaders - Kabiru Rabiu, Group Executive Director of Nigeria’s leading conglomerate, BUA Group, has been ranked second, only after Egyptian, Basil El Baz, on the ‘Choiseul 100 Africa’ list of future African Business Leaders by Institut Choiseul – a renowned French economic and political think-tank based in Paris in partnership with a leading publication, Jeune Afrique. Source Proshare Read More 

A $2.9 Billion Tax Hole Looms Over South Africa's Finance Minister –
South African Finance Minister Malusi Gigaba faces a gaping budget hole -- and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further ratings downgrades. Source Bloomberg Read More 

China's Debt Paydown Is Working, If You Know Where to Look
- China’s deleveraging campaign has yet to satisfy the country’s central bank chief, but evidence shows that there are significant areas of progress. Source Bloomberg Read More 

Singapore-Listed Noble Group Will Sell Its Oil Trading Business
- Embattled commodity trader Noble Group Ltd. announced the sale of its U.S. oil-liquids business to Vitol Group, with proceeds to be used to pay down some of the company’s debt, while warning that it’s set to post a net loss of more than $1 billion for the third quarter. Source Bloomberg Read More 

Secret Offshore Deals Deprive Africa of Billions in Natural Resource Dollars
- When he wasn’t aboard his yacht, Farid Bedjaoui held court in the Bulgari Hotel in Milan, a renovated 18th-century palace nestled between the botanical gardens and the La Scala theater. Over five years, Bedjaoui’s hotel tab there exceeded $100,000. Source PanamaPapers Read More 

Sterling Bank emerges Best Bank in Support of Agric
- Sterling Bank Plc has won the Best Bank in Support of Agriculture Award at the Business Day Banking Awards 2017. The award is in recognition of Sterling Bank’s peerless support to the entire value chain in the agriculture sector of the economy. Source Vanguard Read More 

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WISE Discusses “Building Your Financial Future: The New Disruptors” - A one day financial literacy workshop was hosted by the Women In Sustainable Enterprise Initiative (WISE) on October 20, 2017 as part of her monthly social/business empowerment scheme. Source Proshare Read More 

BVN court ruling: Bank heads to meet, Nigerians in diaspora kick
- Company secretaries and legal teams of 19 Deposit Money Banks in the country will on Tuesday hold an emergency meeting to fashion out modalities to comply with a court order directing commercial banks to freeze bank accounts without the Bank Verification Number and publish names and details of the customers. Source Punch Read More 

Pension assets rise to N7tn
- The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year. Figures obtained from the National Pension Commission revealed that the funds had continued to maintain a steady growth since inception of the scheme. Source Punch Read More 

Lawyers to drive insurance growth, laws
- The Committee on Insurance and Pensions of the Nigerian Bar Association section on business law has expressed its support to the drive for insurance penetration in Nigeria. Source Punch Read More 

Court Orders Forfeiture of Monies in Bank Accounts Not Linked to BVN
- A Federal High Court in Abuja has ordered the forfeiture of all monies in bank accounts owned by corporate organisations, government agencies or individuals that are without bank verification number (BVN). Source Thisday Read More 

Insurance brokers control 85% of businesses
- PRESIDENT of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Kayode Okunoren, has said that the nation’s insurance brokers control over 85 percent of businesses in the sector. Source Thisday Read More  

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Financial Conduct Authority Outlines Lessons Learned In Year One Of Its Regulatory Sandbox - The Financial Conduct Authority (FCA) has today published a report outlining how the regulatory sandbox (sandbox) has met its objectives over the first year of operation. Source Proshare Read More 

Enhancing Broadband Penetration
- The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 92.2 million in August, representing a y/y contraction of -1.4%. Source Proshare Read More 

U.S. Ag. Comptroller Of The Currency Discusses Innovation And Financial Technology
- Acting Comptroller of the Currency Keith A. Noreika today discussed innovation and financial technology during a speech at Georgetown University’s Institute of International Economic Law’s Fintech Week. Source Proshare Read More 

Dell invests $1bn in new IoT strategy, others
- Dell Technologies says it is investing $1bn in new Internet of Things products, solutions, labs, partner programme and ecosystem over the next three years. Source Punch Read More 

MainOne links business efficiency to IT infrastructure outsourcing
- MainOne has established a connection between outsourcing of Information Technology infrastructure and reduced inefficiencies, improve production capacity, and enhanced customer service. Source Punch Read More 

Cisco introduces networking solutions
- Cisco Systems Nigeria has unveiled intent-based networking solutions as part of its vision to create an intuitive system that anticipates actions, stops security threats, continues to evolve and learn. Source Punch Read More 

Lafarge commences export to Ghana, grows Q3 sales
- Building solutions company, Lafarge Africa Plc, has commenced export of cement to Ghana. The company, thus, grew its sales in the third quarter and nine-month period ended September 2017 by 39 per cent and 28 per cent, respectively. Source Punch Read More    

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Ecobank CEO advocates Credit Guarantee Schemes for MSME’s - Chief Executive Officer of Ecobank Transnational Incorporated, Ade Ayeyemi, has called on the Nigerian Government to introduce Credit Guarantee Schemes for Micro, Small and Medium Enterprises (MSME) as a measure to hedge their risk. Source Vanguard Read More   

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