Weekly Monitor: Nigeria Economic & Corporate Updates…

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Economic News

  • FG targets fresh investments in auto sector: The Federal Government of Nigeria is targeting fresh investments in the auto industry through the National Automotive Industry Design and Development Bill. The bill, which had been passed by the National Assembly is currently awaiting assent of President Muhammadu Buhari. The Director-General, National Automotive Design and Development Council, Jelani Aliyu said this during a chat with journalists in Abuja. PunchNigeria
  • Open for business! Canada to host the Commonwealth Africa Forum in July 2018:  Convening over 250 delegates and a number of high profile speakers, the Canada Forum will offer unrivaled insight into business on the continent from the boldest innovators and decision-makers in Africa. Senior Government and Business Leaders from Africa and North America will gather in Toronto from the 5th – 8th July 2018 for The Commonwealth Africa Forum Toronto 2018 with the theme: Africa – Open for Business. Brand Spur Nigeria

Corporate News:

  • SEC confirms talks with MTN Group on $500m public offer: The Securities and Exchange Commission (SEC) last week confirmed that MTN Group had finally commenced discussions with the commission on its proposed 500 million dollars Initial Public Offering (IPO). VanguardNigeria
  • Dangote cement posts Q1 group Profit Before Tax of N108.40bn: Q1 group Profit Before Tax of 108.40 billion naira versus 77.32-billion-naira year ago. Q1 group revenue of 242.12 billion naira versus 208.17- billion-naira year ago. Reuters
  • Nigerian Breweries Plc Posts N10 Billion Profit For Q1 2018: The Board of Directors of Nigerian Breweries Plc has announced a Profit after Tax of N10.2 billion for the first quarter of 2018. The unaudited and provisional results released to The Nigerian Stock Exchange show that the N10.2 billion represents an 11.8% decrease over the N11.4 billion recorded in the corresponding period in 2017. Brand Spur Nigeria
  • Diamond Bank divests from UK subsidiary: Diamond bank Plc has divested its 100 percent holdings in its international subsidiary -Diamond Bank UK- to enable it to focus on Nigeria. As a result, the bank has signed a Share Sale and Purchase Agreement with a member of GFG Alliance, for the disposal of its entire shareholding in the UK subsidiary. Vanguard Nigeria
  • Nigeria’s Globacom and Huawei to lay undersea fiber cable in Delta oil region: Nigerian telecoms company Globacom and China’s Huawei Technologies Co Ltd are laying an undersea cable that will provide high-speed internet to oil platforms in the country’s Niger Delta region. The 850 kilometer-long (528 miles) cable, connecting southwestern commercial capital Lagos with the southern Delta region, is expected to be completed by the first quarter of 2020. Reuters

Equity Market Performance

Source: Bloomberg, United Capital Research

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