Thursday, January 17, 2019 9:38:47 AM- Nigerian Stock Exchange.

  Top Financial News


27 July 2018 ( Lagos ) 

Nigeria's 9mobile takeover nears as regulator finalises review: The Nigerian Communications Commission (NCC) is in the final stages of reviewing the deal before signing off Teleology’s takeover adding that US$301m in financing for the deal is in an escrow account with Afrexim bank. Teleology was picked as preferred bidder for Nigeria’s fourth biggest telecoms operator in February, following a bid process arranged by Barclays Africa, after a debt default forced 9mobile’s lenders to step in. (Source: Reuters)


FG implements new template for operating surplus: The Federal Government is set to inaugurate the use of a new template for calculating the operating surplus payable by government agencies and departments deemed as revenue generating organisations. The Fiscal Responsibility Act, 2007 requires listed agencies to pay 80% of their operating surpluses into the Consolidated Revenue Fund, while retaining 20%. (Source: Punch)


NEXIM bank okays N25bn loan for non-oil exporters: The Nigerian Export-Import Bank on Thursday gave approval for the disbursement of the sum of N25bn (US$69.14m) to exporters in the non-oil sector. The move is part of efforts aimed at stimulating the non-oil sector to become a major foreign exchange earner for the country. (Source: Punch)


NACCIMA, MAN differ on AfCFTA pact signing: The two key players in the real sector of the Nigerian economy, the Manufacturers Association of Nigeria (MAN) and the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), have differed over  Nigeria’s endorsement of  the African Continental Free Trade Area (AfCFTA) agreement. While NACCIMA is in support of Nigeria signing the pact, MAN has advised against signing unless it is proved beyond doubt that the pact would benefit the country, adding that so far, there was no such proof. (Source: Punch)


FG moves to weed out ‘ghost workers’ from military payroll: The Federal Government, in a bid to weed out ghost workers from its payroll, will from Monday begin an enrolment of all military personnel. (Source: Punch)


We will give 10 million Nigerians free Internet access – Google:  Google Nigeria has announced plans to reach more than 10 million Nigerians with free Internet access in five cities. (Source: Punch)

Equities rally N29b gain amid bargain-hunting: Nigerian equities yesterday broke a two-day downtrend with a net capital gain of N29 billion as investors sought to take advantage of low share prices. With more companies releasing their half-year results, investors traded on a tit-for-tat to moderate the downtrend that had shaped transactions in the previous trading sessions. (Source: The Nation)


Dock workers give fresh ultimatum on Apapa roads: The Manufacturers Association of Nigeria (MAN) and other experts have renewed their call on President Muhammadu Buhari not to rush into siging the African Continental Free  Trade  Area (ACFTA) deal. (Source: The Nation)


NUPENG seeks completion of park in three months: The National Union of Petroleum and Natural Gas (NUPENG) has urged the Lagos State government to complete the Orile petroleum tanker parking bay within three months to ameliorate the suffering of the masses on Ikorodu-Apapa Road. (Source: The Nation)


Oando Records N8.5bn Profit in H1 2018:  Oando Plc has continued to defy skeptics as it recorded N8.5 billion profit-after-tax (PAT) in its half-year (H1) results ended June 30, 2018. (Source: Thisday )


FG Restates Commitment to Entrepreneurial Devt: Vice President, Prof. Yemi Osinbajo has reiterated the commitment of the federal government towards entrepreneurial development in the country. (Source: Thisday )

Abuja- Kaduna train sevice records 900,000 passengers in 2 years - NRC: The Nigerian Railways Corporation (NRC) has said the Abuja to Kaduna train service has recorded approximately 900,000 passengers in two years. (Source: Daily Trust )

External reserves drop to three-month low: The nation’s foreign exchange reserves have dropped to a three-month low of US$47.303bn as of 24 July, data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $47.697bn on July 11, dropped by US$394m in 13 days. (Source: Punch)

CBN sustains forex intervention with US$210m injection: The Central Bank of Nigeria (CBN), yesterday sustained foreign exchange supply in the inter-bank Foreign Exchange market with the sum of US$210m. The bank offered US$100m to authorised dealers in the wholesale segment of the market while interests in the Small and Medium Enterprises (SMEs) segment received the sum of US$55m. Also, the sum of US$55m was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA). (Source: The Nation)

Government to review free trade zones’ incentives for competitiveness: The Nigeria Industrial Council and Competiveness Advisory Council has moved to review fiscal arrangements and incentives applicable to the country’s free trade zones (FTZs). (Source: Guardian)

Reporting for EasyKobo on Thursday, 26 July 2018 in Lagos, Nigeria

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