Nigeria in 1min: Economic, Business and Financial Headlines – 200619

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Thursday, June 20, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @TonyElumeluFDN

 

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PROSHARE ECONOMY

Access to Finance, Key For Productivity in Nigeria’s Agro Sector-AFEX - Increased access to finance for smallholder farmers in Nigeria will drive productivity in crop production and the Agric sector in general across the country. The Business Development Manager of AFEX Commodities Exchange, Mr. Akinyinka Akintunde, made this assertion at the maiden trading stories media workshop in Lagos. Source Proshare Read More

Nigeria Resilient Capital And Wide Liquidity Buffers Support Stable Outlook Even As Risks Remain – The report titled:  Banking System Outlook - Nigeria Resilient capital and wide liquidity buffers support stable outlook, even as risks remain highlighted key points to note and maintained a stable outlook on the Nigerian banking system. Proshare Read More

Average Fare Paid For Bus Journey Within City Decreased By -2.74% MoM to N176.28 in May 2019 - NBS - The Transport fare watch report for May 2019 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Fitch Ratings Updates Oil Price and Lowers Gas Price Assumptions - Increased geo-political tensions and economic uncertainty are likely to contribute to oil price volatility, but our year-average base-case expectations remain unchanged.  Source Fitch Ratings Read More      

FG Nets N3.7tr Against CBN In Five Year Operations - According to a financial transactions obtained from the apex bank, government was the net creditor of CBN in 2014, 2015 and 2017 with values worth N2.14 trillion, N1.65 trillion and N360 million, respectively, totalling N4.15 trillion cumulatively. Source Guardian Read More

 

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PROSHARE MARKETS

Femi Otedola: From FO to Geregu - Oil entrepreneur, Femi Otedola, today June 19, 2019, finally sold off his majority stake in indigenous oil company, Forte Oil. In a move that trails a series of announcements concerning his decision to back away from the downstream oil business, Otedola has switched business focus to the power sector, in particular, the Geregu gas and power project. Source Proshare Read More

CBN Again Injects $210m Into Forex Market - The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the CBN on Tuesday, June 18, 2019, indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Source CBN Read More

NSEASI Dips Further By -0.15% As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by 0.15% to close at 29,772.72 points as against 0.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.27%. Source Proshare Read More

Lafarge Africa Releases Q1 2019 and Q4 2018 Results; Declares N3.15bn PAT in Q1,(SP:N9.55k) - Revenue declined by -2.6% to N78.51bln from N80.64bln in Q1 2018. PBT declined by 104.2% to N122.82mln from a loss of N2.95bln recorded in Q1 2018. PAT also declined by 257.1% to N3.15bln. Source Lafarge Africa Plc Read More


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Lafarge Africa Plc Redeemed Its N26.4 Billion Series 1 Bond Due On June 15, 2019 - Lafarge Africa Plc announces the redemption of its matured N26.4 Billion Bond due on June 15, 2019. The Company registered a N100 Billion Bond issuance programme in June 2016 out of which the sum of N60 Billion was issued in Series 1 and 2 of the programme. Source NSE Read More

Lafarge Africa Divests From SA Operations; Approves Merger Proposal For ReadyMix Business Segment - The Board of Directors of Lafarge Africa Plc recently gave a nod of approval to its recent Q4 2018 and Q1 2019 Results. Nigeria’s second largest building materials (Cement) company closed the year 2018 with a net sales figure of N308.43bn representing a year-on-year (Y-o-Y) growth of 3.1%. Source Proshare Read More

DMO: FG Has Not Foreclosed Foreign Loans, Eurobond Issuance - The Debt Management Office (DMO) Thursday stated that the federal government has not foreclosed the possibility of issuing Eurobonds as part of its external borrowing plan for 2019. The 2019 budget with a deficit of N1.92 trillion is to be financed mainly by borrowing N1.6 trillion, comprising N802.82 billion domestic and N802.82 billion foreign loans respectively. Source Thisday Read More

 

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PROSHARE BUSINESS 

Corporate Governance Key To Organisational Success –IoD - The outgoing President/Chairman of Council, Institute of Directors Nigeria, Alhaji Ahmed Mohammed, has said that ethical culture and integrity, which are foundational principles of good corporate governance, form the bedrock for success and sustainability of any institution or organisation, whether public or private. Source Punch Read More

‘Cost-Reflective Tariff Coming’ - A Cost-reflective tarrif is coming in the power sector as the new metering scheme, introduced by the Federal Government, gets underway, the  Nigerian Electricity Regulatory Commission(NERC) Chairman, Prof James Momoh, has said. The new metering arrangement, which culminated in the approval of Meter Asset Providers (MAPs), he said, would  reduce the 4.7million metering gap and make it easier for Nigerians to monitor their consumption level. Source TheNation Read More

 

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PROSHARE TECHNOLOGY  

U.S. Warns British Firms Not to Use Huawei's Wireless 5G Gear - U.K. wireless carriers building fifth-generation networks with Huawei Technologies Co. equipment will shortly be stymied by a U.S. export ban on key components, according to the official leading Washington’s campaign against the company. Source Bloomberg Read More

 

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