Nigeria in 1min: Economic, Business and Financial Headlines - 070120


Tuesday, January 7, 2019 / 7:30 AM / By News Aggregator


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Power: Liquidity Crisis - Same Old Story in 2020? - According to the Nigerian Electricity Regulatory Commission (NERC), the federal government will bear a financial burden of N544.894bn in 2020 being the cumulative shortfall in electricity tariffs of the 11 electricity distribution companies in the country. Source CSL Research Read More 

CBN Issues Guideline on Nigerian Payments System Risk and Information Security Management Framework - The journey to the Payments System Vision 2020 (PSV 2020) started in 2007 with the objective of making the Nigeria Payments System internationally recognised and nationally utilised.  Source CBN Read More 

New Electricity Tariff to Kick in From April 01 2020 - The electricity distribution companies (DisCos) say they will begin the implementation of a new tariff  from April. The Nigerian Electricity Regulatory Commission (NERC) had announced a review of the multi-year tariff order (MYTO) 2015 and the minimum remittance order (MRO). Source TheCable Read More 

US, Iran Hostilities: Global Crude Oil Prices Trend Upwards - The United States' decision to attack Baghdad Airport and kill Iranian Commander of Overseas Military operations General Qassem Soleimani has continued to generate global reaction and debate. Source WebTV Read More 

Nigeria Loses $2.75bn to Vandals, Oil Thieves - A group known as Partner for Petroleum & Energy Sector Prosperity Initiative (P-PESPI) has called on President Buhari to urgently escalate his intervention to stop criminals to vandalise and steal the nation's oil assets. Source Thisday Read More 


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SEC's New Year Message To Operators and Stakeholders In The Nigerian Capital Market - On behalf of the Board, Management and Staff of the Securities and Exchange Commission Nigeria, I would like to sincerely thank all Capital Market Operators and Stakeholders, for your immense efforts and contribution towards developing the Nigerian Capital market. Source SEC Nigeria Read More


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Nigerian Stock Market Maintains Uptrend As NSEASI Inches Up By 1.38%; Closes Above 27,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +1.38% to close at 27,339.68 points as against +0.38% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.85%.  Source Proshare Markets Read More 

Afrinvest Stock Recommendations For The Week 060120 - The market kicked-off the year on a bullish note, gaining on all trading days although investor sentiment was flattish. Consequently, the ASI climbed 2.1% w/w to settle at 26,968.79 points. As such,  YTD return printed on the green at +0.5% while market capitalisation advanced N266.6bn to N13.0tn. Source Afrinvest Research Read More 

Investor Demand Expected to Remain Strong as Average NT-Bills Yield Dips to 4.6% WoW - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market extended its bullish run, buoyed by improved system liquidity (N1.5trn long as at Friday). Consequently, average NT-Bills yield declined further shedding 102bps to settle at 4.6% W-o-W while average yield at the OMO market settled 13.1% W-o-W.  Source Proshare Read More 

January 2020 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates... Source DMO Read More 

A Unified Currency: UEMOA Adopts Eco, Drops CFA franc - In late Dec-19, West African Economic and Monetary Union (also known by its French acronym, UEMOA) adopted the Eco as its official currency ahead of the Jun-20 timeline set by ECOWAS.  Source United Capital Research Read More 

NOTORE Notifies Of Commencement Of Turn Around Maintenance And Loan Facility - Notore Chemical Industries Plc. ("Notore" or "the Company") hereby notifies The Nigerian Stock Exchange ("The Exchange"), the Company's Shareholders and the Investing Public that the Company has commenced the Turn Around Maintenance ("TAM") of the Plant. The TAM… Source NSE Read More


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UBA Announces Appointments to Group Board and Africa Operations - United Bank for Africa Plc (UBA) today, announced that Oliver Alawuba has been appointed as CEO of UBA Africa, overseeing the bank's 20 African country operations, ex-Nigeria.  He succeeds Victor Osadolor, who retires from the Group Board, after 9 years of service working at UBA. Source United Capital Read More 

20 Countries Drowning In Debt - Almost Every Country In The World Has Sovereign Debt - in fact, some of the world's most powerful economies have a lot of it. Yet while it's perfectly healthy to accrue debt to finance growth, some countries are bearing a serious burden. Source Lovemoney Read More

Unity Bank Plc Appoints Adejumobi Alaba Williams As Company Secretary - Unity Bank Plc (The Bank) wishes to inform the Nigerian Stock Exchange (The Exchange), its esteemed stakeholders, and the general public that the meeting of the Board of Directors of Unity Bank Plc held on the 19 day of December, 2019 Source NSE Read More 

Company Tax: FG To Exempt Firms Earning Below N25m - The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax, the Federal Government has said. Currently, all companies are expected to pay to the Federal Government 30 per cent of their profits as Companies Income Tax. Source Punch Read More 

We'll Enforce Electricity Tariff Increase From April - Discos - Speaking through their umbrella body, the Association of Nigerian Electricity Distributors, the Discos explained that the new tariffs ordered by the Nigerian Electricity Regulatory Commission would cater to the revenue shortfalls in the sector. Source Punch Read More

Ogun Targets Full Automation of Land Services in 2020 Budget - The State Governor, Prince Dapo Abiodun made this known at the presentation of 2020 Appropriation Bill tagged, Budget to Build Our Future Together," to the State House of Assembly in Oke-Mosan, Abeokuta, describing the Bureau of Lands and Survey as a critical component in his administration's quest for improved service delivery. Source Thiday Read More


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NAICOM Is Working To Digitalize All Its Operations in 2020 - Ag Commissioner - The year 2019 obviously had its low and high moments, benefits and turbulences. Apparently, we all experienced its positive and negative consequences, leaving us with the bitter-sweet lessons that will ultimately shape our decision making in this and subsequent years. Source NAICOM Read More 


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