Thursday, January 17, 2019 10:45:27 AM- Nigerian Stock Exchange.

  Top Financial News


25 July 2018 ( Lagos ) 

Public servants must fly Nigerian carriers – FG: In order to make indigenous airlines viable, the Federal Government on Tuesday announced that it had commenced moves that would compel any public servant travelling on a ticket bought with public funds to travel on a Nigerian carrier. (Source: Punch)      


Dangote arranges US$4.5bn financing for refinery: The President, Dangote Industries Limited, Aliko Dangote, has arranged more than US$4.5bn in debt financing for his crude oil refinery project and aims to start production in early 2020. The refinery is expected to have a capacity of 650,000 barrels per day. Lenders would commit about US$3.15bn, with the World Bank’s private sector arm providing US$150m, Dangote said, adding that he was investing more than 60% from his own cash flow.(Source: Punch)      


Stable power supply not feasible until 2023 – Discos: Electricity distribution companies said on Tuesday that the country would not be able to achieve uninterrupted electricity supply in the next five years if the challenges hampering the progress of the power sector were not addressed. (Source: Punch)      


CBN holds monetary policy rate at 14%: The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. (Source: Punch)      


Nigeria, Niger inch closer to building 150,000bpd border refinery: Nigeria and the Niger Republic on Tuesday made some progress on the planned construction of a 150,000 barrels per day processing capacity refinery to be built in a border town in Katsina between both countries. Both countries have set up two task teams to be jointly managed by their officials. (Source: Thisday)


FG will provide US$55m upfront grant for Nigeria Air: The Federal Government on Tuesday provided a breakdown of how the new national carrier, Nigeria Air, would be funded, stating that it would provide US$55m upfront grant in order to ensure the take-off of the airline this year. The government also stated that it was not paying US$300m for 5% stake in the airline, adding that US$300m was the entire cash flow funding requirement of the carrier for a three-year period. (Source: Punch)

CBN plans real sector single digit borrowing: To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the banks. (Source: The Nation)      


PenOp, NSE strategise on multi-fund structure: The Pension Fund Operators Association of Nigeria (PenOP) members have met the Nigerian Stock Exchange (NSE) to discuss how the capital market can be developed, especially in light of the Multi-Fund Structure that was  kicked off by the pensions industry recently. (Source: The Nation)      


DMO eyes N208b Green Bond before year-end: The Debt Management Office (DMO) is planning a green bond programme before the end of the year to raise funds for environmental projects. (Source: The Nation)      


Lafarge Africa grows H1 turnover to N162b: Lafarge Africa Plc grew its top-line by 11 per cent to N162 billion in the first half of this year as a strong performance in the group’s Nigerian operation mitigated drawback from South African operations. (Source: The Nation)      


Agency to Outlaw Importation of Agric Equipment:  The National Centre for Agricultural Mechanisation (NCAM) has said that it has completed arrangement to outlaw the importation of some agricultural tools into the country. (Source: Thisday)      


NACCIMA - AfCFTA Signing Will Integrate SMEs in Africa: The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said the signing the Africa Continental Free Trade Area Agreement (AfCFTA) would serve as a platform to integrate small and medium scale enterprises (SMEs) into the regional economy. (Source: Thisday)      

Prices of petrol, diesel drop in June – NBS: The National Bureau of Statistics (NBS) yesterday said average price paid by consumers for Premium Motor Spirit (PMS), popularly known as petrol, fell by 1.5% y/y and 1.4% m/m to N148.1 (US$0.41) in June 2018. (Source: Vanguard)


FirstBank to repay $300m Eurobond 2yrs before maturity: First Bank of Nigeria yesterday said it will repay a $300 million Eurobond debt, two years before it matures in 2020. (Source: Vanguard)

Defections hit Nigeria ruling party in blow to Buhari ahead of election: Sixteen senators quit Nigerian President Muhammadu Buhari’s ruling party on Tuesday and the Senate president said he might follow suit, in a blow to the leader who seeks re-election next year. Fourteen of the 16 lawmakers left the All Progressives Congress (APC) to join the opposition People’s Democratic Party (PDP), a letter read on the Senate floor stated. Another two senators later left the ruling party while parliament was in session. (Source: Reuters)

Reporting for EasyKobo on Wednesday, 25 July 2018 in Lagos, Nigeria

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