Nigeria in 1min: Economic, Business and Financial Headlines – 071118


Wednesday 07, 2018 / 7:00 AM / Proshare News


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Headline Inflation Expected to Creep-up to 11.35% in October - FDC - Headline inflation is projected to increase marginally by 0.07% to 11.35% in October. If our projections are accurate, it will mark the 3rd consecutive month of rising inflation after a sustained period of declining price level. Source Proshare Read More 

Senate Probes NNPC Over ‘Diverted’$1bn NLNG Dividend - The Senate has begun an investigation of the diversion of $1.05bn from the Nigerian Liquefied Natural Gas dividend account by the Nigerian National Petroleum Corporation. Source Punch Read More 

Power Distributors Owe NBET N159bn In Five Months - Power distribution companies in the country failed to remit a total of N158.98bn to the Nigerian Bulk Electricity Trading Plc for the invoices given to them for electricity sold to them in the first five months of the year. Source Punch Read More 

NNPC, Shell, Exxonmobil Considering Crude-For-Product Swaps - The Nigerian National Petroleum Corporation has said it can sign crude-for-product deals with Shell and ExxonMobil, similar to the one signed with BP last week. Source Punch Read More 

How N30,000 New Minimum Wage Sailed Through - This came as President Muhammadu Buhari, yesterday, bowed to pressure from the labour movement in the country, promising to set machinery in motion to close the gap between the N24,000 proposed by the Federal Government and the N30,000 put forward by organized labour as soon as possible. Source Vanguard Read More 

NDIC Assures 100% Coverage Of Depositors In Failed Mfbs - The Nigeria Deposit Insurance Corporation (NDIC) has said it will provide 100 per cent  cover for verified depositors claims depositors in failed 154 Microfinance Banks (MfBs). Source Nation Read More

Nigeria October 2018 Vetiva Report:- Government Finances Take Center Stage - Purchasing Managers’ Index data from the Central Bank of Nigeria suggested that the economy expanded at a faster pace in October, with manufacturing and non-manufacturing PMI rising from 56.2 and 56.5 in September to 56.8 and 57.0 in October. However, other variables pointed to underlying economic weaknesses. Annual inflation inched up as base effects weakened, and yields climbed in the fixed income market. In addition, external reserves suffered their largest monthly decline ($2 billion) this year as pressure on the naira intensified. Source Proshare Read More


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NSE Lifts Suspension Placed on ACADEMY, AUSTINLAZ and 2 Others - We refer to our Market Bulletins dated; 5 July 2017, 2 August 2017, and 4 October 2017 notifying the public of the suspension of seventeen (17), one (1) and four (4) listed companies respectively for noncompliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”). Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – August 2018 - Total transactions at the nation’s bourse reduced by 8.37% from N146.07 billion recorded in July 2018 to N133.84 billion (about $437.8 million)4 in August 20185 . The cumulative transactions from January to August increased by 22.99% from N1.526 trillion recorded in 2017 to N1.877 trillion in 2018. Source Proshare Read More 

Nigeria’s Equities Market Closes Green as NSEASI Inches Up By 0.33%; Thanks to Big CAPs - Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 32,154.03 basis points as against -0.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.92%. Source Proshare Read More 

GNI Plc Issues an Update Over House of Reps Sub-Committee on Capital Market’s Statement - It has come to the notice of the Board of Directors and Management of Great Nigeria Insurance Plc ('GNI Plc.") that the House of Representatives Sub-Committee on Capital Market ("The Committee") issued a statement on Monday November 5, 2018, threatening to authorize the Securities and Exchange Commission ('`SEC") to take over the Management of GNI Plc. We write to assure our esteemed Stakeholders and the Public that the allegations of insider dealings, failure to pay Shareholders-Dividends, Tax evasion and failure to comply with Corporate Governance regulations, are inaccurate. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – September 2018 - Total transactions at the nation’s bourse reduced by 2.79% from N133.84 billion recorded in August 2018 to N130.20 billion (about $425.6 million)4 in September 20185 . The cumulative transactions from January to September increased by 21.23% from N1.655 trillion recorded in 2017 to N2.007 trillion in 2018. Source Proshare Read More 

Foreign Portfolio Inflows Outweigh Outflows in Q3 2018 Despite U.S Higher Yields - Despite increased investment opportunities in developed nations, particularly the United States (U.S), which triggered recent divestment of portfolio assets by Foreign Portfolio Investors (FPI) from Nigeria’s stock market, the country recorded higher inflows of foreign investment into the country compared with investment outflows in the third quarter of 2018.  Source Proshare Read More 

SEC Invalidates NEM Insurance Plc’s  48th AGM and Resolutions; Orders Firm to Reconvene Proper AGM - The Securities and Exchange Commission (SEC) has ordered NEM Insurance Plc (NEM) to reconvene the 48th Annual General Meeting of the company held in Ibadan on June 20, 2018. This directive followed a thorough investigation by the commission due to complaints received from the aggrieved shareholders of the insurance company. Source Proshare Read More 

Apex Bank attempts to manage excess system liquidity with early OMO Auction - The FGN Bond market traded on a relatively quiet note today as risk-off sentiments remained across the entire yield curve. We saw more sellers on bonds today especially on the 2028s and 2034s bond maturities with low demand to match. The general expectation for an uptick in inflation figures and T-bills yields later this year continues to support a risk neutral approach for bonds in the near term. Source Proshare Read More


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IFRS 16 to Fuel Use of JVs to Avoid Lease Capitalisation - A sale and leaseback of operating assets to a legally separate entity can help reduce debt and avoid lease recognition if a large minority stake is sold to a third party, Fitch Ratings says. We will treat minority dividends as lease payments and make adjustments to capitalise them if the sale creates an obligation to the minority shareholder beyond a normal discretionary dividend, provided that we have sufficient information to do so. Source Proshare Read More 

Governance Issues Around The 48th AGM of NEM Insurance Plc – Investigation and Outcomes - The latest decision by the Securities & Exchange Commission (SEC) on the issues relating to NEM Insurance Plc’s (NEM) 48th Annual General Meeting (AGM) held on Wednesday, 20 June 2018, at the Premier Hotel, Ibadan, Oyo State (Re: SEC Invalidates NEM Insurance Plc’s 48th AGM and Resolutions; Orders Firm to Reconvene Proper AGM) came on the back of another extensive review conducted by the Nigerian Stock Exchange (NSE) in October 2018, showing an increased level of co-ordination in the enforecement regime in the Nigerian markets. Source Proshare Read More


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Identity Management, Payment Service Bank Key to Scaling Financial Inclusion in Nigeria - Stakeholders at the 2018 EFINA Nigeria conference on financial inclusion, agreed that an effective identity management system and the utilization of the payment service bank recently rolled out by the Central Bank of Nigeria, will go a long way in scaling financial inclusion in the country. Source Proshare Read More


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3 Ways to Strengthen Your Personal Brand Identity - In  society  today,  the  ability  (and  arguably,  the  pressure)  to  construct  a  brand  for  yourself  has  become  exponentially  more  accessible  and  popular.  The  concept  of  “the  individual  as  a  business” has  become  prevalent  among  people  of  all  ages,  backgrounds,  and  interests. Source Proshare Read More


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