Nigeria in 1min: Economic, Business and Financial Headlines - 061119


Wednesday, November 6, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: ArtX Lagos


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Nigerian Lawmakers Vote to Increase Deepwater Royalties -The change applies to all deepwater PSCs, regardless of vintage. Wood Mackenzie estimates it will result in a loss of value of $2.7 billion over the remaining life of the assets, a value reduction of 18%. Source Wood Mackenzie Read More 

Fitch Affirms Union Bank of Nigeria Plc at 'B-'; Outlook Stable - Fitch Ratings has affirmed Union Bank of Nigeria PLC's (Union) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. Source Fitch Ratings Read More 

Licence Cancellation: FG Gives Discos December 7 Deadline - Power distribution companies have till December 7 to submit their written responses providing reasons why their licences should not be cancelled, the Nigerian Electricity Regulatory Commission declared on Tuesday. Source Punch Read More 

Oil Price Leaps To $62.54 Amid New OPEC Report - Oil price recorded fresh rally yesterday on the heels of a positive outlook seen in the Organisation of Petroleum Exporting Countries, OPEC's, 2019 World Oil Outlook, a medium-to long-term projections and assessment for the global oil and energy industry. Source Vanguard Read More

FIRS Targets 80% Revenue From Non-Oil Sector In Next 3 Years - Mr Wahab Gbadamosi, the FIRS Head of Communications and Servicom Department made this known in a statement in Abuja on Tuesday Gbadamosi said the executive chairman of the service, Mr Tunde Fowler said this at the Nigeria-Canada Investment Summit which held in Abuja. Source Vanguard Read More

Labour Writes States, Set For Minimum Wage Negotiations - The organised labour is set to commence discussions with the state governments on the new minimum wage for workers in their respective state vis-a-vis the recent agreements it reached with the Federal Government on the consequential adjustments. Source Punch Read More

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Sundry Amendments to SEC Rules, Regulations On Fidelity Bond and Removal From Listing - Proposed amendment to Schedule I (Registration Fees, Minimum Capital Requirements, Securities and others), which seeks to create a new "Part E" to provide for annual regulatory charges to be paid by Securities Exchanges and FMIs. Source SEC Read More


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UBA 9 Months 2019 Result; Strong Top Line Earnings, Stable Outlook - United Bank of Africa (UBA) may not have the same tranquil consumer retail appeal as it had when the "wise men bank with UBA" advert was crafted in the 1990's but the bank has done fairly nicely in both top and bottom line performance for the 9 months up to and including September 2019. Source Proshare Read More

Investors Lose N12.51bn As NSEASI Dips By -0.10% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.10% to close at 26,375.35 points as against +0.41% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.08%. Source Proshare Markets Read More

Foreign Investment In Equities Rises To $9.48bn - The value of foreign portfolio and direct investment in equities amounted to $9.48bn (N3.44tn) between June 2017 and June 2019. Data obtained from the Securities and Exchange Commission on Wednesday showed that foreign direct investment in equities stood at $2.42bn (N878.45bn) while foreign portfolio investment in equities stood at $7.05bn (N2.56tn). Source Punch Read More


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Sarah Alade Appointed as Special Adviser on Finance and Economy by President Buhari - President Muhammadu Buhari has approved the appointment of Dr (Mrs) Sarah Omotunde Alade, as Special Adviser to the President on Finance and the Economy, domiciled in the Ministry of Finance, Budget and National Planning. Source Olufemi Awoyemi Read More 

Frequently Asked Questions about Product Registration and Other Incidental Matters at NAFDAC - NAFDAC refers to the National Agency for Food and Drug Administration and Control which is the government regulatory agency charged with the mandate of regulating and controlling the manufacture, importation, exportation, distribution, advertisement, sale and use of certain products referred to as "Regulated Products". Source Femi, Olumide, Chinasa, Nneoma of Banwo & Ighodalo Read More

FG to Institutionalise National Council on Mining, Mineral Resources - The federal government on Monday in Abuja, disclosed plan to institutionalise the National Council of Mining and Mineral Resources Development (NCMMRD). The move is expected to address constant frictions between the states and federal governments on right to mineral resources in the country. Source Thisday Read More

Oil Falls As Big U.S. Crude Build Offsets Hopes For U.S.-China Trade Talks -  Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in U.S. crude stocks, after gaining for three straight sessions on expectations of an easing of in U.S.-China trade tensions. Source Reuters Read More

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FinTechs in Sub-Saharan Africa: A Landscape of Opportunities - FinTechs in Europe, North America and Asia have caught the attention of many financial institutions and investors in recent years: the trends and effects of FinTechs in these markets have consequently been thoroughly analyzed. Source EY Read More

The Role of Fintechs in Africa Digital Economy - Aina - Being the welcome remarks by Dr. Olusegun Aina (MFR), President, African Fintech Network (AFN) and Fintech Association of Nigeria (FTAN) at the opening session of the 2nd Africa Fintech Festival in Kampala, Uganda on Tuesday 05th November 2019. Source Olusegun Aina Read More

1st AI Book for Nigerian Elementary Schools to be unveiled at the DSN AI Summit 2019 - In furtherance of its vision democratise Artificial Intelligence (AI) and position Nigeria as a future global powerhouse in the fourth industrial revolution, the convener of Data Science Nigeria (DSN), Olubayo Adekanmbi has released a first-of-its-kind book that simplifies Artificial Intelligence for primary and secondary schools pupils. Source Data Science Nigeria Read More 

NCC Gets Deadline To Address Illegal Data Deductions, Review Price - The Minister of Communications and Digital Economy, Isa Ali Ibrahim Pantami, has ordered the Nigerian Communications Commission (NCC) to resolve the issues of illegal data deduction and review downwards the price nationwide within five days. Source Guardian Read More

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Sanusi Calls For Robust Regulatory and Legal Framework To Deepen Non-Interest Finance In Nigeria - The Emir of Kano HRH Muhammad Sanusi, II, CON has called for robust regulatory and legal framework to deepen non-interest finance in Nigeria. Source WebTV Read More

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Women in Management, Business and Public Service (WIMBIZ) 18th Annual Conference - Nov 7-8, 2019 - The future takes the form we give it. Developing a winning strategy sets one ahead in the long run. This and many more will be the focus for Women in Management, Business and Public Service (WIMBIZ) as it holds the WIMBIZ 18th Annual Conference on November 7th and 8th at Eko Hotel & Suites. Source WimBiz Read More


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