Nigeria in 1min: Economic, Business and Financial Headlines – 090818

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Thursday, August 09, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

Nigeria’s H1 2018 Macro Review and H2 2018 Outlook- Nigeria’s growth prospects, investor and business sentiment continued to be swayed by the performance of the nation’s oil sector despite the administration’s intentions to diversify revenues away from the commodity. Source Proshare Read more 

FIRS orders banks to freeze accounts of defaulting taxpayers - Nigeria’s tax landscape is rapidly changing as the Federal Inland Revenue Services is asking banks to freeze accounts of defaulting taxpayers. Source CNBC Read more 

Nigeria’s infrastructure stock hits 35 per cent, says expert - THE value of Nigeria’s total infrastructure stock, comprising  road, rail, power, airports, water, telecoms and seaports, has been estimated at 35 percent of the country’s gross domestic product (GDP). Source THE NATION Read more 

FEC approves N348.59bn for Akwanga-Gombe road - THE Federal Executive Council, FEC, yesterday, approved N348.59 billion for the expansion of the road linking Akwanga through Jos, Bauchi to Gombe. Source Vanguard Read more 

FEC Approves $150m Loan for Polio Eradication - The Federal Executive Council (FEC) presided over by Acting President Yemi Osinbajo Wednesday in Abuja approved $150 million credit facility to aid federal government’s effort in polio eradication. Source Thisday Read more 

Prices of goods to rise as haulage cost shoots by 500% - There are strong indications that the cost of imported goods may rise following the rising cost of haulage of cargo at the Apapa port in Lagos by over 500 per cent in recent times. Source Daily Trust Read more 

Agribusiness attracts $375m funding from banks – NIRSAL MD - The Central Bank of Nigeria and NIRSAL Plc’s initiative to de-risk agribusiness in the country has  facilitated funding from commercial banks across the value chain to the tune of $375 million, the Managing Director/CEO of NIRSAL, Mr. Aliyu Abdulhameed, has said. Source Daily Trust Read more 

NAFDAC Impounds N3bn Fake Products In 2017 - The National Agency for Food Drug Administration and Control (NAFDAC) last year impounded fake and substandard products worth N3 billion and approved the registration of 11,406 products, granting numbers to 11,240 new products, the National Bureau of Statistics (NBS) has revealed. Source Leadership Read more 

Beyond Politics - A Government Within A Government Has Always Existed - Some will read the above excerpt and gloss over it as empty political rhetoric, some will assume political motivations and chose sides; yet a small but growing number will read this and be encouraged to interrogate further. Source Proshare Read more 

Text Of Statement From Saraki And Dogara On Illegal Blockade of National Assembly By DSS- It is a matter of record that yesterday, lawmakers and staff of the National Assembly were prevented from entering the National Assembly Complex by heavily armed security agents of the Department of State Services (DSS). All entries to the Complex were blocked as early as 6.30 am. The National Assembly, the seat of democracy in Nigeria, was under lockdown. Senators and Members of the House of Representatives were prevented from gaining access. Source Proshare Read more 

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PROSHARE MARKETS

ASEN Nigeria Launch: NSE, NASD, FMDQ, AFEX Collaborate to Deepen Nigerian Capital Market - The Nigeria Stock Exchange in collaboration with NASD OTC, FMDQ OTC, Nigerian Commodity exchange and AFEX Commodity exchange, today took a significant step in advancing the capital market ecosystem, with the official launch of the Association of the Securities Exchanges of Nigeria in Lagos. Source Proshare Read more 

NSEASI Extends Losing Streak by -0.09% Amid Positive Market Breadth- Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 36,299.82 basis points as against -0.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.08%. Source Proshare Read more 

SEPLAT Announces Dealing in Its Shares by Pursley Resouces Ltd- The Company was notified of the Purchase of 900,000 ordinary shares registered in the name of Pursley Resources Limited (“Pursley”), a Company owned by the wife of Dr. A.B.C Orjiako, Chairman of the Company. Source Proshare Read more 

FirstBank Redeem $300million 8.25% Subordinated Notes- Having obtained the necessary approvals, I am pleased to formally announce that sequel to notice given on Friday 6th July, 2018 by First Bank of Nigeria Limited to FBN Finance Company B.V. of its intention to redeem the $300million 8.25% subordinated notes Source Proshare Read more 

Diamond Bank Q2 2018 Results Review: PT Cut By 24%; Reiterating Underperform Rating- Apart from a solid showing in non-interest income, Diamond’s results were weaker than we expected. And while we have reflected the strength of the former in the changes we have made to our forecasts, management’s outlook going forward is worse than previous guidance. Source Proshare Read more 

Bond Market Bounces Back from Previous Day Selloff - The Bond market regained a relatively calm posture in today’s session with yields retracing by c.28bps on average, as market players cherry-picked on the 2027s which was sold off significantly higher in the previous session. Source Proshare Read more 

NNPC gives reasons for 3 different prices for domestic gas - The Nigerian National Petroleum Corporation (NNPC) says Nigeria’s effort at attracting investors into its gas utilisation drive and creating value for the economy is responsible for different gas prices in the domestic market. Source Vanguard Read more 

Nigeria raises renewable energy targets to 30% by 2030 - Nigeria set a target to raise the amount of renewable energy in the country's energy mix to 30 per cent by 2030. Source CNBC Read more 

Subsidy scam : FEC approves $47m to track petrol imports - The Federal Executive Council (FEC) yesterday approved spending of N17 billion ($47 million) to create an automated tracking system for gasoline Source BUSINESSDAY Read more 

Government policy, funding stall proposed oil refineries - Government policy in the downstream sector and paucity of funds as well as inadequate technical capacity are pulling a plug on proposed private refineries in the country, even as government-owned plants continue to perform dismally with no new ones built in almost 30 years Source Punch Read more 

Power: ‘70% of revenue losses come from unmetered consumers’ - The highest amount of revenue losses in Nigeria’s power sector come from areas that have high concentration of unmetered electricity consumers. Source Punch Read more 

FG to buy N17bn equipment to track fuel distribution - The Federal Executive Council on Wednesday approved the sum of N17bn for the installation of mechanism under the Petroleum Equalisation Fund to monitor fuel distribution and eliminate subsidy fraud. Source Punch Read more 

National power grid highly unstable – BEDC - The Benin Electricity Distribution Company Plc has described the nation’s power grid as highly unstable, with over 2,000 outages and interruptions recorded in its network coverage area of Delta, Edo, Ekiti and Ondo states between January and July. Source Punch Read more 

China removes US oil from latest import tariffs - China announced on Wednesday retaliatory tariffs on an additional $16bn worth of US imports, including oil products, Liquefied Petroleum Gas and coal in a new list of affected goods but leaving off widely-expected import duties on US crude. Source Punch Read more 

Russia to phase out oil export duty by 2024 - Russian President Vladimir Putin has signed separate laws that phase out Russia’s crude oil export duty and to introduce a “negative excise duty,” or excise refund, on crude processed by the country’s refineries. Source Punch Read more

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PROSHARE BUSINESS

EFCC Freezes Benue, A’Ibom Govt Accounts - The Economic and Financial Crimes Commission (EFCC) has frozen three bank accounts belonging to the Benue and Akwa Ibom State governments. Source Thisday Read more 

Wall Street's Biggest Bull Sees S&P 500 Rising 12% by Year's End - As U.S. equities flirt with a fresh all-time high, the most optimistic strategist on Wall Street is doubling down on his view that the S&P 500 Index will soar 12 percent in less than five months. Source Bloomberg Read more 

Goldman Sachs in Talks to Buy a Tanker of Liquefied Natural Gas - Along a narrow inlet off the Gulf of Mexico, 2.8 billion cubic feet of natural gas rolls daily through the Sabine Pass plant, where it is cooled into a liquid and loaded onto tankers bound for Asia and South America. Source WSJ Read more 

U.S. to Impose Tariffs on Another $16 Billion in Chinese Imports - The Trump administration completed plans Tuesday to impose new tariffs on $16 billion in Chinese imports to punish Beijing for its trading practices, bringing the total value of products covered by the duties to $50 billion by the end of the month. Source WSJ Read more 

Oil prices rebound slightly after heavy declines over trade dispute - Oil prices rebounded on Thursday after heavy losses in the previous session that came as the China-U.S. trade dispute escalated, with official Chinese data indicating energy demand in the world’s top importer has yet to recover its strength. Source Reuters Read more

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PROSHARE TECHNOLOGY

Phillips Consulting Transforms Banking in Nigeria with Introduction of Intellect Digital Solution-Leading management consulting firm, Phillips Consulting Limited (PCL), has transformed the financial technology sector by introducing cutting-edge technology, Intellect Digital Core Banking Solution, to Nigeria. Source Proshare Read more 

Ecobank Announces The Finalists of Its 2018 Fintech Challenge- Ecobank (www.Ecobank.com), the leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. Source Proshare Read more 

Singapore Govt Invites Jumia CEO to Speak on Digital Economy and Consumerism in Africa- The government of Singapore, through Enterprise Singapore has invited the chief executive officer of Jumia Nigeria, Mrs Juliet Anammah to join other respected business leaders across Africa and Asia to lead discussions around digital economy. Source Proshare Read more 

NCC: MTN must list on NSE before May 2019 - The Executive Vice Chairman of the Nigerian Communications Commission (NCC),  Prof Umar Garba Danbatta, has said that MTN must list on Nigeria’s stock exchange on or before May 2019 as contained in the agreement over the 2015 fine settlement between  the regulator and the telecom company. Source Daily Trust Read more 

9Mobile: NCC conducts fresh due diligence on preferred bidder - The Nigerian Communications Commission says it is conducting another round of due diligence on the preferred bidder for 9Mobile, Teleology Holdings Limited. Source Punch Read more

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PROSHARE REGULATORS

FSB and Standard-setting Bodies Consult on Effects of Reforms on Incentives to Clear OTC Derivatives- The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the  Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published today a consultative document. Source Proshare Read more

 

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