Nigeria in 1min: Economic, Business and Financial Headlines - 241219

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Tuesday, December 23, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY

CBN Issues Consumer Protection Regulations - The Central Bank of Nigeria issued the Consumer Protection Framework (CPF) on November 7, 2016 to enhance consumer confidence in the financial services industry and promote financial stability, growth and innovation. Source Read More 

Fitch Affirms Benin at ''B''; Outlook Positive - Benin's 'B' rating balances its moderate government debt/GDP, track record of low inflation and strong GDP growth performance against its low GDP per capita, limited economic diversification, sizeable current account deficit, vulnerability to external shocks and weak banking sector. Source Fitch Ratings Read More 

FG's Revenue Dipped By N388bn In November - CBN - Part of the CBN's report on 'Monthly economic report for the month of November', read, "At N858.92bn, the estimated federally-collected revenue (gross) in November 2019 fell below both the monthly budget estimate of N1.24tn and the preceding month's receipt of N894.09bn by 31.1 per cent and 3.9 per cent respectively. Source Punch Read More 

Africa, IMF And Another Debt Crisis -  A recent warning issued to African countries by the International Monetary Fund (IMF) on incipient debt crisis should not be dismissed by African leaders who would like to be perpetually dependent on the West and China for even sustainable development simple goals. Source Guardian Read More

 

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PROSHARE REGULATORS 

Banking Sector Update - CBN Wields Regulatory Stick Again - Yesterday, the Central Bank of Nigeria (CBN) announced new guidelines for charges by banks and other financial institutions effective January 1st, 2020. Notable highlights of the changes are. Source Read More

 

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PROSHARE MARKETS 

Investors Lose N28.05bn As NSEASI Dips By -1.55% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.55% to close at 26,115.80 points as against -0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.91%. Source Proshare Markets Read More 

Afrinvest Stock Recommendations For The Week 231219 - Last week, the local bourse closed in the red extending the previous week's losses as the All-Share Index (ASI) shed 4bps w/w to settle at 26,526.35 points. As a result, YTD loss worsened to -15.6% while market capitalisation declined by N3.6bn to N12.8tn. Source Afrinvest Research Read More 

11 Plc Finalises Discussion On The Acquistion Of Lagos Continental Hotel From AMCON - 11 Plc (Formerly Mobil Oil Nigeria pic) is pleased to notify its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public, that the Company has finalized discussions with the Asset Management Company of Nigeria (AMCON) to acquire the Lagos Continental Hotel through its subsidiary company. The acquisition is subject to the terms and conditions agreed between the parties Source NSE Read More 

Bullish Sentiments Persist as Robust System Liquidity Further Pressures Yields - Average yield in the Nigerian Treasury Bills ("NT-Bills") secondary market last week further declined by 49bps W-o-W to settle at 5.8% as system liquidity levels remained elevated (c.N579bn as at Friday). Source Afrinvest Research Read More 

 

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PROSHARE BUSINESS 

NCC Licenses 10 New VAS Operators As Market Hits $200 Million - Operations of the Value Added Service (VAS) providers were enlarged in 2019, following the licensing of 10 new aggregators by the Nigerian Communications Commission (NCC). The NCC in a document said the 10 new additions became necessary to deepen the market, and further improve scalability, with VAS market value now at $200 million, but projected to hit $500 million by 2024. Source Guardian Read More 

Fresh Electricity Workers' Strike Looms as Unions' Dispute Deepens - Nigeria may experience another round of electricity blackout with the deterioration of trade union relationship between workers in the Transmission Company of Nigeria (TCN) and their national umbrella body, the Senior Staff Association of Electricity and Allied Companies (SSAEAC). Source Thisday Read More

Attacks on NNPC Oil Lines Rise by 18% in One Month -  The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded more breaks on its oil pipelines across the country in September, with 28 (or by 18%), compared with August, 2019. Source Thisday Read More


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PROSHARE TECHNOLOGY   

Uptick in GSM Internet Subscription By 15% YoY To Stand At 123.2m - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 123.2 million in October, representing y/y growth of 15%. The figure implies density of 62% in a population estimated at 198 million, placing Nigeria well above the African average of around 16%... Source FBNQuest Research Read More

 

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