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All the major economic news from Nigeria in 5 minutes – 14/6/2017

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Summary of the top business, economic and political news in Nigeria today.

 

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  1. The Federal Government has started the process of raising $600m for the development of the solid minerals sector, Acting President Yemi Osinbajo has said. According to him, the fund will be raised through the Nigerian Sovereign Wealth Investment Authority and the Nigerian Stock Exchange. Link
  2. The Federal Inland Revenue Service (FIRS) says it generated N778.19 billion revenue in the first quarter of 2017. The report showed that the biggest improvement was from Education tax collection, which the FIRS surpassed in 2016 by 311.7 per cent. Link
  3. The Federal Government on Tuesday started a move to return the country back to a predictable January to December fiscal year with early preparation of the 2018 budget proposals, just as it will present the breakdown of the 2017 Budget to the general public on Monday, June 19 at the Ministry of Foreign Affairs headquarters in Abuja at 10a.m. Link
  4. The Electricity Meter Manufacturers Association of Nigeria (EMMAN) has appealed to the Nigerian Electricity Regulatory Commission (NERC) to extend the directive of “no meter no payment” to all electricity consumers nationwide. The association’s Executive Secretary, Mr. Muyideen Ibrahim, said, NERC should not limit the directive to maximum demand customers but rather to all consumers, because it’s really embarrassing for the Discos billing without a metre. Link
  5. The Nigerian Stock Exchange (NSE) has concluded arrangements to introduce Exchange Traded Derivatives (ETDs) into the market to expand its various investment instruments. Link
  6. The Commissioner for Commerce, Industry and Co-operatives in Lagos, Prince Rotimi Ogunleye, said a total of N698.47million has been so far released for infrastructural development in the Lekki Free Zone Development Company (LFZDC). Link
  7. Edo State Governor Godwin Obaseki has met with executives representing Mitsubishi, Sojitz, Toyota, Sumitomo, Yamaha, Yokogawa, Panasonic and the Japanese Trade Organisation (JETRO) to plan potential investments in Edo State and assure them of availability of resources. Link
  8. The nation’s electricity grid crashed significantly to a peak generation of 3,346 megawatts (mw) yesterday, hours after 27 turbines were deprived of generating 2,979mw because of poor gas supply and transmission line problems. Link
  9.  Nigeria plans to sell 133.24 billion naira ($424 mln) worth of treasury bills at an auction next week, the central bank said on Wednesday. The bank said it plans to offer 28.12 billion naira worth of three-month debt, 55.12 billion naira in six-month bill and 50 billion naira in one-year note, using the Dutch auction system on June 21. Settlement will be made next day after the auction. Link
  10. Transactions at the Investors’ & Exporters’ (I&E) segment of the Foreign Exchange market has reached $2.2bn inception just as the Naira is set to be given further lift in the market with CBN’s injection of another $418m into various segments of the inter-bank Foreign Exchange market yesterday. Figures obtained from the CBN indicate that the retail segment of the market received the highest intervention with a total of $226m, followed by the wholesale window that received an allocation of $100m. The Small and Medium Enterprises (SMEs) window received a boost of $50m while the invisibles segment, comprising business/personal travel allowances, school tuition, medicals, etc. was allocated the sum of $42m to meet the demands of customers. Link
  11. Fitch Ratings has assigned Nigeria’s upcoming USD- denominated senior unsecured bonds an expected rating of ‘B+(EXP)’. The assignment of the final rating is contingent on the receipt of final documents materially conforming to information already reviewed. Link
  12. The power sector has keyed into the presidential initiative on ‘Ease of Doing Business’ as the 11 Distribution Companies (DisCos) have been told to connect new businesses in 60 days, rather than the 190 days timeline. Link
  13. The Minister of Power Works and Housing, Mr. Babatunde Fashola, has called on the Federal Government to extend its ‘whistleblowing’ policy to the power sector to curb energy theft. He said that available statistics revealed huge energy theft by Nigerians, adding that the problem had become a big challenge for not just the power distribution companies, but consumers as well. Link
  14. The Federal Airports Authority of Nigeria, FAAN, on Wednesday said it conducted a test-run on an upgraded baggage scanner machine that can detect explosives, narcotics and other prohibited items at the Murtala Muhammed International Airport, Lagos. Link
  15. Oando Plc yesterday concluded a debt-to-equity conversion with the listing of about 396.8 million ordinary shares that resulted from the transaction at the Nigerian Stock Exchange (NSE). The transaction was valued at N3.17 billion at the closing value of the integrated energy group. Link
  16. The Nigerian National Petroleum Corporation (NNPC) has shut down the Ejigbo Depot to investigate persistent disappearance of petroleum products pumped into the facility. Ejigbo Depot is one of the depots under NNPC’s System 2B Pipeline Network, which is the most active network, accounting for 60 per cent of fuel supply and distribution in the country. Link
  17. The Board of Director of Honeywell Flourmills plc has announced the resignation of Mrs. Oluseye Sandey as the director of the company. Link
  18. Global oil giant, Royal Dutch Shell Plc, said on Tuesday that it paid $3.638bn to the Nigerian government last year for its activities in the country. Nigeria’s revenue from the oil major was the highest out of the 31 countries to which Shell made payments last year. Link
  19. The board of directors of CAP Plc yesterday assured shareholders that the paints and chemical company would explore innovation and expanded local product offerings to drive growth in the years ahead. This assurance came as shareholders at the annual general meeting in Lagos approved the payment of N1.54 billion as cash dividend for the 2016 business year, representing a dividend per share of N2.20. Link
  20. The Management of paint manufacturing company, Berger Paints Nigeria Plc, has assured the Nigerian Stock Exchange (NSE), and the investing public that the peaceful demonstration by some sections of the staff over the exit date for gratuity would not have adverse effects on its operations. Link
  21. FrieslandCampina WAMCO Nigeria Plc, in furtherance of its Dairy Development Programme (DDP) has unveiled its fifth milk collection facility for dairy farmers in Saki, Oyo State, a move that will increase its capacity to over 40,000 litres of raw milk daily from 1720 farmers. The company’s Corporate Affairs Director, Mrs. Ore Famurewa, said, “Since 2011, FrieslandCampina WAMCO has been investing in the Dairy Development Programme and has established the country’s largest milk collection network. Link
  22. Sigma Pensions Limited and the Petroleum and Natural Gas Senior Staff Association of Nigerian, PENGASSAN, recently collaborated to sensitise workers on the need to plan for their retirement while they are still in active service. Link
  23. The National Insurance commission has released the list of insurance companies that it approved its 2016 financial statements as at June 13, 2017. Link
  24. Acting President Yemi Osinbajo yesterday  declared that the National Assembly had no right to introduce new projects during consideration of national budgets. Osinbajo, who signed the 2017 budget into law on Monday, said that the National Assembly could only allocate funds for projects in the budgetary proposals submitted by the Executive. Link
  25. The Senate said, yesterday, that the present 25-30 per cent interest rate regime has become a yoke too hard for any real sector business to bear,  stressing that it would be extremely difficult for an investor anywhere to survive on these rates. The Senate said the Central Bank of Nigeria, CBN, has retained the 14 per cent Monetary Policy Rate, MPR, unlike other developing countries which have lower MPR, such as Kenya (10 per cent), Brazil (10.25 per cent), South-Africa (7 per cent), Rwanda (6.25 per cent), Bangladesh (6.75 per cent and in many sub-Saharan countries with single digit to as low as 2.95 per cent in Cameroon. Link
  26. The Bayelsa State Government has dismissed as “untrue” and “wicked lie” the claims by some opposition groups that the state received N24billion and not N14.5billion from the first tranche of the Paris/London Club refund, saying the State only received N14.5billion from the Federal Government. Link
  27. The Federal Government, on Tuesday, said it had intensified effort to arrest and extradite the immediate past Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Adoke, SAN, back to Nigeria to face two sets of criminal charges over his alleged involvement in $1.3billion oil bloc fraud. Link
  28. The Code Of Conduct Tribunal has ruled that Senate president, Dr. Bukola Saraki, has no case to answer in the 18 charges of non-declaration of assets brought against him by the Federal Government. Link

 

 

 

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Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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Tech News

Twitter shows interest in buying TikTok

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

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Twitter warns political figures to abstain from fake, misleading statements  

Twitter has now reached out to TikTok owner, ByteDance, showing interest in buying the US operations of the video-sharing app, private sources familiar with the matter told Reuters.

It, however, looks like a herculean task for Twitter in outbidding Microsoft, and concluding the megadeal deal in 45 days, as directed by US President, Donald Trump.

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The odds against Twitter:

Twitter has a market capitalization of around $30 billion, almost as much as the same valuation of TikTok’s US operation. What this means, therefore, is that Twitter will need to raise additional funds before the deal could see the light of day.

“Twitter will have a hard time putting together enough financing to acquire even the U.S. operations of TikTok. It doesn’t have enough borrowing capacity,” said Erik Gordon, a professor at the University of Michigan.

“If it (Twitter) tries to put together an investor group, the terms will be tough. Twitter’s own shareholders might prefer that management focus on its existing business,” he added.

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However, one of Twitter’s major shareholders, private equity firm Silver Lake, is interested in supporting Twitter in part for the required funds needed to pull the deal through, one of the sources to Reuters added.

“Twitter has also privately made a case that its bid would face less regulatory scrutiny than Microsoft’s, and will not face any pressure from China given that it is not active in that country,” the sources said.

ByteDance, Twitter, and TikTok declined to comment.

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

Some days ago, Nairametrics reported about Microsoft’s offer to acquire TikTok’s U.S operation, following the recent escalation of President Trump’s attacks on TikTok and other Chinese tech firms.

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Cryptocurrency

CHAINLINK now sixth most valuable crypto, keeps setting new highs

Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

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100% of Chainlink (LINK) wallets are now in profit

Chainlink (LINK) price continues to set new records as the DeFi-related token reaches a new all-time high close to the $13.5

Over the last 24-hours, LINK has surged as high as $13.46 on a leading crypto analytic tracker, Coingecko.

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Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

Recall that Nairametrics had previously given  an in-depth insight on how Chainlink (LINK), against all odds, joined the top 10 most valuable cryptocurrencies by market capitalization. This followed heightened interest by crypto traders and investors for the digital coin over the last several weeks.

Time to sell?

A renowned crypto trader, Benjamin Blunts, posted on Twitter saying he would rather prefer to wait for LINK’s price to go up a bit higher before considering selling. He said:

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“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

It should also be noted that about a year ago, Chainlink announced that Google was integrating Chainlink into their approach to smart contract adoption on how users could use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.

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Companies

AXA Mansard insurance divests from AXA Mansard pension as new owner emerges

This disclosure was made in a notification that was sent to the Nigerian Stock Exchange.

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AXA Mansard Insurance Plc

AXA Mansard Insurance Plc has announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.

This is part of the insurance firm’s plan to focus on and grow its insurance businesses across all parts of the country.

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This disclosure was made in a notification that was sent to the Nigerian Stock Exchange (NSE) on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi.

AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process. AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.

The statement from AXA Mansard Insurance reads, ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited. After obtaining the Shareholder’s approval at the Company’s Extra-Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.’’

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‘’Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder. The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.’’

The insurance firm, also in its statement said that the divestment has received letters of no objection from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM) and the Federal Competition & Consumer Protection Commission (FCCPC).

It should be noted that the completion of the divestment is, however, subject to the receipt of the final approval of the National Pension Commission.

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In his reaction, the CEO of AXA Mansard Insurance Plc, Kunle Ahmed, said that this transaction marks a new step in the insurance firm’s broader strategy to focus on and grow their life, property & casualty and health businesses across all its geographies. He said that the AXA Group sees great potential in the Nigerian insurance market and believes they are ideally placed to capture these opportunities due to its market leadership position.

On his part, the CEO of AXA Mansard Pension Limited said that they are confident about Verod’s strong commitment to providing the company with the requisite support to actualize their promise to its clients and stakeholders.

A partner at Verod Group, the new owners, Eric Idiahi, said, ‘’We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share.’’

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Nairametrics reported early this year that AXA Mansard Insurance Plc announced that its shareholders have approved the company’s plan to sell its pension management subsidiary, AXA Mansard Pensions Ltd and some undisclosed real estate investments.

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