Nigeria in 1min: Economic, Business and Financial Headlines – 130319


 Wednesday March 13, 2019 / 7:00 AM / Proshare News



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Nigerian Elections and Foreign Investor Confidence for Growth – Mar 13, 2019 - CVL (Centre for Values in Leadership) invites you to the 10th edition of Senior Executives Networking Session (CVL SENS) - a platform for high level executive interaction and corporate networking. Source The Centre for Values in Leadership (CVL) Read More 

NCAA Clears Air On Safety Following The Crash Of Ethiopian Airline B 737- MAX 8 - The Nigerian Civil Aviation Authority (NCAA) has assured the flying public of their safety, stating that there is no cause for alarm. Source Press Release NCAA Read More 

Macro-Economic Update - February 2019: Attractive Carry-trade Propelled Growth in FPI Flows - Reflecting the calm in the polity and attractive carry-trade breaks in the local fixed income space, inflows (ex-CBN) at the Investors and Exporters Window (IEW) rose 73.6% MoM to $4.56 in February. Source ARM Research Read More 

Ethiopian Airline Boeing 737 Max 8 Plane Crash: How Nations Have Reacted - The news of the Ethiopian Airline ET302 Boeing 737 Max plane crash on Sunday March 10, 2019 shook the entire globe, as all the 157 people onboard lot their lives. Source Proshare Read More 

Current Account Records Surplus Of US$1.1bn in Q4 2018 Against Deficit of US$1.5bn in Q3 2018 - The provisional Balance of Payments (BOP) estimates for Q4 2018 showed a significant improvement in the BOP outcome as the overall balance of payments recorded a surplus of US$2.80 million compared to a huge deficit of US$4,542.08 million and a surplus of US$6,180.40 million recorded in the preceding quarter and corresponding period of 2017, respectively. Source CBN Read More 

Nigeria, Iraq Exceed Cuts As OPEC Achieves 79% Compliance - Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent last month, three per cent above January’s 76 per cent. Source Guardian Read More 

Nigerian Ports May Lose 40% of Cargoes this Year - Barring any urgent intervention to tackle numerous challenges bedeviling Nigerian seaports, the country may lose over 40% of its cargoes before the end of the year. Source Guardian Read More  

Uncertainty Still Surrounds FID on $4.3bn NLNG Train 7 - Eight months after the signing of the Front End Engineering Design contract for Train 7 of the Nigeria LNG Limited, there is still uncertainty as to when the shareholders will take the final investment decision on the project. Source Punch Read More 

The Senate is to Debate the General Principles of the 2019 Budget Today The resolution followed yesterday’s announcement by the Senate President, Abubakar Bukola Saraki, at plenary. Source Guardian Read More

Weak Nigerian Corporate Performance Depresses Consumer Goods Earnings - The consumer goods subsector is reeling under the pangs of harsh operating environment, just as the earnings of the sectors listed equities remained subdued with negative sentiments due to policy issues. Source Guardian Read More

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NSE Statement on the Lagos State Government’s N4.85 Billion, 15.75% Series 1, Tranche B, Environment - The attention of The Nigerian Stock Exchange (The Exchange) has been drawn to certain media publications with respect to the Lagos State Government’s N4.85 Billion, 15.75% Series 1, Tranche B, Environmental Note (Municipality Note) and the alleged default in repayment of the coupon and principal on the Municipal Note due on Tuesday, 5 March 2019. Source NSE Read More

The Court Of Appeal Decision In SEC Vs. Big Treat Plc and 5 Others - In 2008, the Securities and Exchange Commission (the Commission), conducted an investigation on Big Treat Plc a public listed company (1stRespondent) and its directors which revealed several infractions of the Investments and Securities Act 2007 such as inadequate internal control systems and a breakdown of corporate governance in the company. Source SEC Nigeria Read More


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Gross Official Reserves Decreased by US$860m in February 2019 to US$42.31bn - Gross official reserves decreased by US$860m in February to US$42.31bn. The principal drivers of movements in reserves are currently oil revenues and the trades of foreign portfolio investors (FPIs). Source FBNQuest Research Read More 

NSE Launches New Indices Focused On Investment Style Orientations in collaboration with Meristem - The Nigerian Stock Exchange (“the Exchange” or “NSE”), a multi asset exchange & index provider and Meristem Securities Limited, a leading capital market conglomerate offering investment-banking, wealth management, stockbroking, registrar and trustees services are pleased to announce the launch of two new style indices, the NSE-Meristem Growth Index and NSE-Meristem Value Index. Source Meristem Read More 

Lafarge Africa Plc Announces Rights Issue Result - Following Lafarge Africa PLC (“Lafarge Africa” or “the Company”) Rights Issue of 7,434,367,256 ordinary Shares of 50 Kobo each on the basis of Six (6) ordinary shares for every Seven (7) ordinary shares held as at December 4, 2018 at N12.00 per share on which opened on December 17, 2018 and closed on January 28, 2019, a total of 1,826 acceptances for 7,434,367,256 units valued at N89,212,407,072 were received in connection with the Rights Issue. Source NSE Read More 

Money Market Rate Decreased As Overnight Rate Fell To 10.08% - The money market rate decreased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 10.08% and 9.17% respectively. Source Anchoria Research Read More 

Afrinvest Stock Recommendation For The Week 110319 - The local bourse enjoyed some buying interest in GUARANTY, UBN and INTBREW ahead of the positive earnings result as well as some bargain hunting in fundamentally sound stocks. Source Afrinvest Research Read More 

Increased OMO Mop-Ups by CBN Drive T-Bills Average Yield up to 13.5% as PMA Holds this Wednesday - The bullish sentiment in the Treasury Bills (“T-Bills”) secondary market was reversed last week (after two weeks) as the Apex bank increased its frequency of liquidity controls via Open Market Operation (“OMO”) auctions albeit offering only short- and mid-tenor bills. Source Afrinvest Research Read More 

NSEASI Dips by -0.90% To Open The Week Positive; YTD Return Stands At 0.66% - Equities market closed today on a negative note, as NSEASI depreciated by 0.90% to close at 31,636.66basis points as against 0.27% depreciation recorded previously. Source Proshare Read More 

Nigerian Eurobonds Turn Bullish as Oil Prices Move Higher - The Bond Market opened the week on a relatively flat note, with slight sell on the 2023s and 2027s pushing yields marginally higher by c.2bps on the day. Source Zedcrest Capital Read More 

Reporting Season for Banks Continues Well - The reporting season for banks continues with two high-quality banks (see page 2) enjoying big increases in Non-Interest Income in 2018 – critical in our view, for long-term growth. Source Coronation Research Read More 

Nedbank’s 2018 Results Preview Ecobank Expectations; Cue Waiting Game - Nedbank Group, a South Africa-based financial consortium posted a stronger year end result in 2018 than it did in 2017 courtesy of its Ecobank Trans International (ETI) affiliate. Source Proshare Read More 

Investors Lose N120.56bn As Sell Pressure Persists; YTD Return Hits Negative Territory - Equities market closed today on a negative note, as NSEASI depreciated by 1.02% to close at 31,313.36basis points as against 0.90% depreciation recorded previously. Source Proshare Read More 

One Year T-bill to Clear Significantly Lower at PMA Tomorrow - The FGN Bond Market remained scantily traded, with yields trending further higher by c.4bps as demand interests remained relatively weak across the curve. Source Zedcrest Capital Read More 

ECOWAS Bank To Raise 25b Francs In Q1 - The ECOWAS Bank for Investment and Development (EBID) plans to raise 25 billion francs (FCFA 25 billion) this quarter as the regional financier continues to explore domestic and international funding opportunities. Source TheNation Read More


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Code of Ethics and Standards of Professional Practice for Registered Investment Advisers in Nigeria - The much awaited Exposure Draft on the Practice Code of Ethics & Professional Standards Manual for Registered Investment Advisers in Nigeria was released Friday, March 08, 2019 as planned. Source CIIA Read More 

Family Governance and Governance of Family Business (Series 7) – The Need for Proper Record-Keeping - This article examines the importance of record keeping on the growth of family business, what records should be kept and the impact of poor record keeping on family businesses. Source Andersen Tax Read More

Britain in Brexit Chaos: Parliament Crushes May's EU Deal Again - British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay. Source Reuters Read More

U.S. Will not Suspend Boeing 737 MAX planes; Discussion on Black Box Analysis - The U.S. aviation regulator said on Tuesday it would not ground Boeing Co 737 MAX planes after a crash in Ethiopia that killed 157 people, bucking a trend of countries around the world that have suspended the aircraft’s operations. Source Reuters Read More

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Broadband Penetration Rises To 32.34% - Nigeria’ broadband penetration has increased to 32.34 per cent in January 2019, latest figures from the Nigerian Communications Commission have shown. Source Punch Read More


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