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Nigeria in 1min: Economic, Business and Financial Headlines – 170519

All One Min News	5607 VIEWS
All One Min News
5607 VIEWS

Friday, May 17, 2019 / 06:50 AM / By News Aggregator

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PROSHARE ECONOMY

Nigeria: Is it Time to Legalize Marijuana? - When in the course of the 2019 presidential election campaigns, the publisher of Sahara reporters and candidate of the African Action Congress (AAC), Mr Omoyele Sowore, said “we have to start taking care of our weed (Igbo). Source Olusegun Adeniyi | Olufemi Awoyemi. Read More

Sahara Energy, Brooge Petroleum Partner To Build Up To 250,000bpd Refinery In Fujairah - Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC) and have signed a partnership agreement to set up an oil refinery capable of producing bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah. Source Sahara Press Release Read More

Paris Club Refund: FG Set To Pay N649bn Final Tranche To States - The Federal Government will soon release the sum of N649.43bn as the final refund for the Paris Club debt to state governments. The Minister of Finance, Mrs Zainab Ahmed, gave the figure on Thursday in Abuja during a media briefing on the activities of her ministry. Source Punch Read More

Revenue Projections For 2018 Budget Record 45% Loss - The minister explained that the 45 per cent revenue projection decline translates to over N3 trillion, as projected revenue was fixed at N7.2 trillion, while actual revenue that accrued during the year amounted to N3.96 trillion. Source Guardian Read More

Senate Okays CBN Governor Emefiele For Five More Years - They said his retention on the job would not only ensure stability in policies, but boost foreign investors’ confidence in the economy. Emefiele got the Senate’s nod to continue in office for five more years with the upper chamber confirming his reappointment as requested by President Muhammadu Buhari. Source TheNation Read More

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Industrialization, Key To Driving Double-Digit Growth in Nigeria - Rencap - Renaissance Capital has made a strong case for Nigeria to drive industrialization because of its potential for driving double digit growth. Source Proshare Read More

A Fool’s Guide to the MTN Nigeria’s 2019 Public Listing - With investor excitement igniting raw passion for shares in Nigeria’s Telecommunication (Telco) giant, MTN Nigeria Plc, the stage has been set for a spike in the Telco’s share price as it formally listed its shares on the Nigeria Stock Exchange (NSE) by way of introduction, today. Source Proshare Read More

Seplat Plc - Still Cheap Despite Short-Term Drags - We update our views on Seplat Petroleum Development Company Plc. (Seplat) following release of FY 18 and Q1 19 financial results. Source ARM Read More

NSE Admits MTN Nigeria Communications Plc to its Premium Board"#8203 - The Nigerian Stock Exchange (The NSE or Exchange) is pleased to announce the listing by introduction of 20.35 billion (20,354,513,050) ordinary shares of MTN Nigeria Communications Plc (“MTN Nigeria”) at N90 per share, on its Premium Board, on Thursday, May 16, 2019. Source NSE Read More

Market Halts Negative Sentiments As NSEASI Inches Up By 0.54%; MTNN Tops Value - Equities market closed today on a positive note, as NSEASI appreciated by 0.54% to close at 28,438.19 points as against 0.48% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.52%. Source Proshare Read More

JUMIA’s IPO and Q1 2019 Result; Understanding The Numbers and Ignoring the ‘Noise’ - Africa’s largest digital retail platform, Jumia Plc, has over the last two weeks been in the eye of a contrived storm as short trader, CITRON, leading the charge with a research report claimed that JUMIA’s recent Public listing on the New York Stock Exchange (NYSE) was a ‘fraud’. Source Proshare Read More

Citigroup Hit Hardest As EU Fines Banks $1.2 Billion Over FX. RBS, Jpmorgan, Barclays, MUFG Also Fined; UBS Escapes Penalty - Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks that agreed to pay European Union fines totaling 1.07 billion euros ($1.2 billion) for colluding on foreign-exchange trading strategies. Source Bloomberg Read More

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CBN Gov Sets Up Panel To Revive 50 Textile Firms - The Central Bank of Nigeria is targeting to revive at least 20 textile companies before the end of the 2019 fiscal period. The move is contained in the technical cooperation proposal for revamping the cotton, garment and textile sector in Nigeria. Source Punch Read More

U.S. Recession Risk Rises As U.S.-China Trade Tensions Heat Up - Over the last month the U.S.-China trade war has boosted the risk of a U.S. recession, say a strong majority of economists polled by Reuters, who now put the chances of that happening in the next two years at 40%. Source Reuters Read More

Congo Leads Africa Bond Returns After Loan Agreements - The Republic of Congo’s dollar bonds are best performers in Africa this year, yielding returns of more than 15%. The central African nation has agreed in principle on a debt-restructuring with China, a pre-condition for an International Monetary Fund bailout, and with commodities trading house Trafigura Group to reorganize millions of dollars in oil-for-cash loans. Source Bloomberg Read More

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PROSHARE TECHNOLOGY

ICT Roadmap Has Improved E-Government, Says Minister - The Minister of Communications, Dr. Adebayo Shittu, has explained that country’s ICT Roadmap has improved Infrastructure development, e-Government, industry development, capacity building, local content development and innovation. Source Thisday Read More

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