Nigeria in 1min: Economic, Business and Financial Headlines - 060120

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Monday, January 6, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NGRPresident

 

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PROSHARE ECONOMY 

Nigeria's Economy in 2020; Understanding The Past, Preparing For The Future - With the end of 2019, the direction of economic growth in the new year 2020 is still largely cloudy as analysts take disparate positions on how the Nigerian economy would shape up in the new year. Source Proshare Read More 

The MPC Members In One Accord; Verdict Of The Committee Was Unanimous - Today we turn our attention to the latest personal statements of the monetary policy committee (MPC) which were released recently. Broadly speaking, the committee members'views were aligned as the verdict of the committee was unanimous. Source FBNQuest Research Read More 

US Attack on General Soleimani: 3 Things To Watch - The United States of America carried out targeted airstrikes in Baghdad, Iraq, claiming the life of the Iranian Revolutionary Guards Overseas operations Commander General  Qasem Soleimani. Source WebTV Read More 

Is This The Next Great Oil Frontier? - Nigeria is home to about 37 billion barrels in oil reserves. And while it's got some 32 active oil rigs out there, only 81 wells were completed last year - down from 141 in 2014. Source Oilprice Read More 

Prospect Of War Pushes Oil To Seven Month High - OIR 030120 - Oil prices spiked immediately after the U.S. killed Iranian General Qassem Soleimani on Thursday. Soleimani, as head of the Quds force of the Revolutionary Guard, was a very powerful Iranian official, often likened to a shadow foreign minister. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Jan 03, 2020 - Over 2019, the NSE ASI lost 14.6% YoY following declines across all sectors save for the food (+1.17%) and Insurance (+2.59%) sectors. In sectoral terms, the top three losers were Cement (-24.08%), Breweries (-38.65%), Banks (12.54%) and Personal care (-45.00%). Source ARM Read More 

We Saved N700bn Through TSA, Whistle-Blowers, Reforms - FG - Through the implementation of various public sector financial management reforms, over N700bn had been saved by the Federal Government. In addition to the N700bn savings, about N300bn had been recovered by the anti-graft agencies of government through the collaborative efforts of the Ministry of Finance, Budget and National Planning. Source Punch Read More 

NUEE Faults Power Sector Privatisation -  The General Secretary, National Union of Electricity Employees (NUEE), Joe Ajaero, has declared that the power sector privatization, from onset was not meant to succeed. Source Thisday Read More 

Despite Electricity Tariff Hike, FG To Fund N545bn Shortfall - Electricity distribution companies in the country will record a tariff shortfall of N545bn this year, an analysis of data obtained from the Nigerian Electricity Regulatory Commission has shown. Source Punch Read More

 

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PROSHARE REGULATORS 

SEC Amends Rule on Fidelity Bonds; Takes Effect From January 01, 2020 - The Securities and Exchange Commission wishes to inform all Capital Market Operators (CMOs) that in line with Section 313 of the Investments & Securities Act 2007, Rule 27 (Fidelity Bond) has been amended with the creation of Rule 27A which, requires Dealing Members to maintain an Insurance policy to cover all aspects of the insured business activities and risks. Source SEC Nigeria Read More 

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 060120 - At home, Nigeria's fiscal authority is yet to implement any significant reform, and at the time of writing, there are no major structural readjustments slated to commence in 2020. Source Proshare Read More 

FBNQuest Merchant Bank Bond Issue Now Open - We are pleased to inform you that the book building for FBNQuest MB Funding SPV PLC's Series 1 Bonds is now open and scheduled to close on 13th January 2020. Source Arthur Stevens Asset Mgt Read More 

Lagos State Government Up To N100bn 10-Year Fixed Rate Bond Issuance Now Open - We are pleased to inform you that the Lagos State Government ("Lagos State" or "the State") has finalized arrangements for the launch of the Series III, up to N100 Billion Bond Issuance ("the Issuance"); under the State's N500 billion Bond Issuance Programme. Source Arthur Stevens Asset Mgt Read More 

Investors Gain N266.63bn WoW As NSEASI Inches Up By 2.09% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.38% to close at 26,968.79 points as against +0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.47%. Source Proshare Markets Read More 

ZENITHBANK Notifies of Board Meeting; To Consider And Approve Financials For FYE December 31st, 2019 - Zenith Bank Plc announces its Board Meeting will hold on Tuesday, January 28, 2020 while its Closed period for trading in the bank's shares commences from January 3, 2020 in respect of the Audited Financial Statements for the financial year ended December 31, 2019. Source NSE Read More 

CILEASING To Restate 2018 Financials Due To Errors In The Audited Accounts Of Leasafric Ghana Ltd - Following the earlier communication by C&I Leasing Plc ("The Company"), notifying its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public of a possible error in the prior year Audited Accounts of its Ghana subsidiary, Leasafric Ghana Limited (Leasafric), a review was conducted on impact of the errors. Source NSE Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 030120 - The equities market recorded mixed performance - the listed equities market recorded +2.09% gain WoW while the NASD OTC closed flat WoW. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

Closing Gender Gap Will Achieve 1.25% Additional GDP Growth for Nigeria - Abimbola Ogunbanjo - Closing the gender gap will lead to an additional 1.25% growth in Nigeria's Gross Domestic Product (GDP) while equally improving national productivity. The President of the Nigeria Stock Exchange (NSE), Mr. Abimbola Ogunbanjo, stated this as a moderator at one of the key panel sessions at the 2019 Women In Management Business and Public service, WIMBIZ  conference in Lagos recently. Source WebTV Read More 

NNPC Declares N13.23bn Surplus for October -  The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of N13.23billion in October 2019. This represented an increase of 54 per cent compared to N8.59 billion surplus posted in September 2019. Source Thisday Read More 

Lekoil secures $184m loan for OPL 310 - The company said in a notice filed at the London Stock Exchange that as a condition for the provision of the facility, its Chief Executive Officer, Mr Lekan Akinyanmi, would pledge his full holding of 39,138,601 ordinary shares in the company as part of the security package for the facility. Source Punch Read More 

Apapa Gridlock: NSC Urges Terminal Operators to Improve Efficiency -  In a bid to avoid a total shutdown of traffic in Apapa due to the high volume of cargo into Nigeria, the Nigerian Shippers Council (NSC) has called on terminal operators to improve on efficiency by effectively deploying their equipment to salvage to the situation. Source Thisday Read More 

FG Spent N55.5bn to Subsidise Petrol in December 2019 - The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N55.58 billion to subsidise Premium Motor Spirit, PMS, also known as petrol, in December 2019. Source Vanguard Read More 

Gold, Oil Soar, Shares Slip as U.S. and Iran Trade Threats -  A gauge of Asian shares was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks. Source Reuters Read More 

Happy-2020 Forecasts Sent Awry as Iran Tension Saps Risk Assets - The U.S. assassination of Iran's General Qassem Soleimani has sent such a shudder through risk assets, it's managed to eclipse much of the optimism stemming from the impending signing of an initial trade deal between the U.S. and China. Source Bloomberg Read More

 

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PROSHARE FINANCE

2019 Review of Developments In Islamic Finance In Nigeria - As the new year 2020 enters its first full week, a review of developments that shaped Islamic Finance in Nigeria in the year 2019 appears below... Source WebTV Read More

 

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