Nigeria in 1min: Economic, Business and Financial Headlines – 060219


 Wednesday February 06, 2019 / 7:00 AM / Proshare News



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Crude Oil Trading Terms You Need to Know - Crude oil is one of the most interesting assets you can trade in world of finance. Source Globexadvertising Read More 

Access-Diamond Deal Boosts Large Banks' Dominance in Nigeria – Fitch - The two-tier nature of Nigeria's banking sector will be amplified by the merger of Access Bank and Diamond Bank, which will result in the five largest banks having more than 60% market share measured by assets, Fitch Ratings says. Source Fitch Ratings Read More 

Seplat Upgraded To 'B' After Further Progress On Derisking Its Business; Outlook Stable - We expect indigenous Nigerian oil producer Seplat Petroleum Development Company will report strong results in 2018 supported by healthy oil prices and relatively low capital expenditure (capex) and dividends. Source S&P Global Ratings Read More 

AfDB, ECOWAS Sign Agreement for Study on Abidjan-Lagos Corridor Highway - The African Development and the Economic Community Of West African States Commission (ECOWAS) have signed an agreement for a study into a 1,000 kilometre highway linking Cote d’Ivoire’s commercial capital Abidjan, to Lagos in Nigeria, marking a new step in building regional integration and trade. Source APO Read More 

FG Seeks Fresh Investments in Savings Bonds - The Federal Government has commenced the auction of its savings bond for February this year.A savings bond is targeted at low-income earners to encourage them to save and earn more income (interest) when compared with their savings account with banks. Source Punch Read More 

Crude Oil Production by NPDC Increases by 57,000bpd - Crude oil production by the Nigerian Petroleum Development Company, the flagship subsidiary of the Nigerian National Petroleum Corporation, has increased by 57,000 barrels per day. Source Punch Read More 

CBN Finances 568 Agric Projects with N577bn - A total of 568 agricultural projects valued at N577.3bn have been financed by the Central Bank of Nigeria under the Commercial Agriculture Credit Scheme. Source Punch Read More

Ambode presents N852.316bn Y2019 budget to House of Assembly - Lagos State Governor, Mr Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316billion to the House of Assembly, with a pledge that it had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State. Source LASG Read More 

FG to Ban Importation of Tomato Products by 2021 - Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who made the disclosure, said the continued importation of tomato paste had resulted in massive job losses to foreign countries, a situation which had further impoverished local farmers and denied them better life. Source Thisday Read More 

Nigeria’s Oil Revenue Rises By 129% To N9.4tr In 2018 - Nigeria’s oil revenue shop up by 129 percent to N9.4 trillion in 2018 buoyed by increased crude oil price. Source Vanguard Read More 

OPEC Pursues Formal Pact With Russia-Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC officials, in an alliance that would transform the cartel. Source WSJ Read More

Chinese import Restrictions Extend to Australian Thermal Coal - Chinese Restrictions On Imports Of Australian Coking Coal Have Now Been Extended To Thermal Coal As Well; Stoking Fears The Curbs May Spread To More Discharge Ports Across The Country, Sources Said Friday. Source Vanguard Read More

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ABCON Wants CBN’s Approval For Forex Training Institute - The nation’s currency dealers, yesterday, disclosed their intention to float an institute where its members will be educated on foreign exchange activities, and called on the Central Bank of Nigeria (CBN), to issue them a Letter of Consent to kick off the process. Source Guardian Read More

Transactions on CBN’s I&E Window Hits $48bn - The cumulative transactions on the Investors and Exporters’ (I&E) foreign exchange window of the Central Bank of Nigeria’s (CBN) have risen to $48 billion since the apex bank created the market 21 months ago, investigation has revealed. Source Thisday Read More

Efforts To Fix The Market In Auditing Rumble On - Regulators in both Britain and Europe want to make audits less cosy. Source The Economist Read More

UK Audit Regulator Accused Of Brushing Off HBOS Whistleblower - The British audit regulator has been accused of brushing off a whistleblower who came forward in April 2017 with information that HBOS had significantly understated the loan loss provisions in the bank’s 2007 figures. Source FT Read More


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Financial Services Sector – STANBIC Tops on ROE as NESF Tops on EPS - The financial services sector is one of the most active sectors among NSE Sectors. Source Proshare Read More

Guinness Nigeria Q2 2019 Results Review: Earnings Choked By Thinning Gross Margin - Guinness Nigeria’s (Guinness) Q2 2019 (end-Dec) earnings were behind our forecasts primarily due to a disappointing (-432bps) gross margin. Source FBNQuest Research Read More 

NSP-SPV Plc Up to N10Billion 15-Year Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond - NSP is an Africa focused electricity generation company with a diverse and emerging portfolio focused on the electricity value chain. Source Stanbic IBTC Stockbrokers Read More 

LAWUNION Announces 19th February as Date of Board Meeting and Closure of Register - Law Union and Rock (the Company) Insurance Plc wishes to notify The Nigerian Stock Exchange (The Exchange) and the investing public that the Board of Directors will be meeting on the 19th of February 2019, at 12 noon, to consider and approve the 2018 Full Year Audited Financial Statement, to be submitted by the External Auditors, Deloitte. Source NSE Read More 

Investors Gain N10.96bn as NSEASI Inches Up Marginally By 0.09% - Equities market closed today on a positive note, as NSEASI appreciated by +0.09% to close at 30,773.57basis points as against +0.35% appreciation recorded previously. Source Proshare Read More 

HMARKINS Lists Additional 1.13bn Ordinary Shares of 50 Kobo Each at 65 Kobo per Share by Placing - An additional 1,130,000,000 ordinary shares of Consolidated Hallmark Insurance Plc (Consolidated Hallmark) were listed on the Daily Official List of The Nigerian Stock Exchange today, Tuesday, 5 February 2019. Source NSE Read More 

AFEX Seeks Deeper Commodities Market – Afex Commodities Exchange Limited has revealed plans to deepen the commodities exchange market through the financial inclusion drive. Source Punch Read More


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Nigeria’s Corruption Index Score 2018 - In the run-up to general elections in two weeks’ time, the subject of corruption comes up a lot in the press. Source Coronation Research Read More 

CAC Congratulates Lawmakers For Passage Of CAMA Bill- The Corporate Affairs Commission (CAC), has expressed satisfaction over the passage of the Companies and Allied Matters Bill by the National Assembly, which it described as monumental, and a demonstration of a harmonious relationship between the two Chambers of the 8th Assembly. Source Guardian Read More 

Egbin Power Plant To Inject 1,320MW Into National Grid-The management of Nigeria’s largest power generation company, Egbin Power Plc, is increasing both technical and engineering works to generate power at installed capacity before end of this month. Source Leadership Read More


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Perspectives on Nigeria Cyber Security Outlook 2019 - 2018 was a year of tremendous technological innovation and landmark shift in thinking. On the other hand, it was plagued with several high profile privacy and cybersecurity breaches within and outside Nigeria. Source Deloitte Read More 


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