Nigeria in 1min: Economic, Business and Financial Headlines – 010419


Monday, April 01, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: Access Bank


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Oil Breaks $60 As Bullish News Mounts - OIR 290319 - While the breakneck growth of U.S. crude production has slowed considerably since January, domestic crude production continues to expand (albeit slowly) and will likely continue to grow thanks to tight oil production, according to projections from the U.S. Energy Information Administration (EIA). Meanwhile, overseas. Source Oilprice Read More

Nigeria, Others Lose $200bn Per Annum To Unfair Global Corporate Tax System —IMF - The International Monetary Fund (IMF) has said that Nigeria and other countries outside the Organisation for Economic Co-operation and Development (OECD) group lostabout $200 billion annually due to unfair global corporate tax system exploited by companies to shift profits to low-tax location. Source Vanguard Read More

FG‘ll Revert To Jan-Dec Budget Cycle In 2020 –Minister - The Federal Government will revert to the January to December budget cycle, beginning with the 2020 national budget.The Minister of Budget and National Planning, Udoma Udo Udoma, stated this in Abuja when he defended his ministry’s 2019 budget in the Senate. Source Punch Read More 


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‘CBN Took Several Actions To Stabilise Exchange Rate’ - Central Bank of Nigeria (CBN) Governor Godwin Emefiele has spared no efforts in addressing issues that confronted the economy, especially foreign exchange challenges. He has over the last five years initiated far reaching policies that have impacted manufacturing, agricbusiness and Small and Medium Enterprises. Source TheNation Read More


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NSEASI Dips By -0.31% WoW As Market Sentiment Closes The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.67% to close at 31,041.42basis points as against 0.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.24%.  Source Proshare Read More

UNITYBNK Declares N1.27bn PAT in 2018 Audited Results (SP:N0.80k). Source NSE Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 290319 - The equities market recorded mixed performance – the listed equities market recorded -0.31% loss WoW while the NASD OTC went up by +0.96% WoW. Source Proshare Read More

NASD OTC Market CAP Increased By 0.96% WoW To Close At N544.39bn - As at close of trade week on 29 March 2019, market Capitalisation increased to 544.39 billion from last week's previous 539.23 billion, which shows a 0.96% increase in Capitalisation. Source NASD Read More

Corporate Earnings For The Week Ending 290319 –UNITYBNK Declares N1.27bn PAT in 2018 Audited Results - Fourteen (14) firms declared growth in revenue. CCNN records 62% growth in earnings to emerge as the firm with highest growth in earnings while UNITYBNK records 58% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More

Funding Rates Close Stable as FAAC Inflows Bolster System Liquidity - The FGN Bond market traded slightly bearish as selling interests persisted on the mid to long end of the curve. We however witnessed slight demand on the short end of the curve (2022s), with yields ending the session c.4bps higher on the day. Source Zedcrest Capital Read More

What To Expect From The Markets This Week - 010419 - In its first significantly positive session of the week, the NSE ASI gained 67bps on Friday, moderating this week’s losses to 31bps. Leading this week’s gainers, the Oil & Gas (+484bps d/d, +356bps w/w) and Consumer Goods (+230bps d/d, +107bps w/w) sectors were also positive for the week, after SEPLAT (+926bps d/d), MOBIL (+471bps), NESTLE (+548bps d/d) and PZ (+316bps d/d) boosted the sector. Source Proshare Read More

The Many Headaches Of Keystone Bank – Underlying Pressures Persist - Profit After Tax (PAT) of N5.3bn, N79.2bn and loss of N1.3bn recorded in March, June & September 2018, respectively. Source Proshare Read More


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GTB Reacts To Judgement Awarding Billions to Innoson Motors; What Happens Next? - The attention of GTBank has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers. Source GTBank Read More

A Garnishee Lacks The Power To Fight The Cause Of A Judgement Debtor - It is not for a garnishee to fight the cause of a judgment debtor who either accepts the judgment against him and does nothing about it, or who may be indolent to fight his cause. No power in law inheres in the garnishee to make himself a busybody and proceed like Don Quixote, the Knight Errant, to fight the cause of the judgment debtor who is his customer.  Source Stephen Azubuike Read More

U.S., Ethiopian Investigators Tussle Over 737 MAX Crash Probe - Tension is simmering between U.S. and Ethiopian officials as investigators prepare to release in the coming days an interim report about the Boeing Co. 737 MAX jetliner that nose-dived after takeoff from Addis Ababa on March 10, according to people from both countries. Source WSJ Read More

Commercial Banks To Pay N103bn Taxes To FIRS - A total of 14 commercial banks listed on the Nigerian Stock Exchange are billed to pay N103bn in taxes to the Federal Inland Revenue Service for the 2018 financial year. Source Punch Read More

The West Is Exporting Austerity To Africa. It’s a Disaster - Austerity is more than just a European response to the 2008 financial crash. It is the common response of indebted countries wherever they may be. And no more so than in Africa. Source The Guardian Read More 


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Mark Zuckerberg Calls For Gov’t Regulations Over Facebook - Mark Zuckerberg says regulators and governments should play a more active role in controlling internet content. In an op-ed published in the Washington Post, Facebook’s chief says the responsibility for monitoring harmful content is too great for firms alone and therefore calls for new laws in four areas: “Harmful content, election integrity, privacy and data portability.” Source Leadership Read More

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