Nigeria in 1min: Economic, Business and Financial Headlines – 080319


Friday March 08, 2019 / 7:00 AM / Proshare News



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Lagos State’s Green Note Default: Understanding The Issues, Implications & Lessons - As at the close of business at 5pm on March 07, 2019 the Lagos State Government, in breach of the terms of a N4.85bn 15.75% Series 1, Tranche B Secured Rate Medium Term Note due in 2022 and Issued by a private company, Municipality Waste Management Contractors Limited, is yet to pay the due incomes to investors in the Fixed Interest Rate Medium Term Note. Source Proshare Read More 

Non-oil Revenue Collection Well Below Pro Rata Budget Figure of N467bn - The CBN’s latest monthly report for November tells us that federally-collected revenue still runs well behind budget. Source FBNQuest Research Read More

NCDMB: Nigeria’s Oil Sector to Record $25bn Investment in Two Years - Next two years promises to be bright for operators in the Nigerian oil and gas industry with an investment opportunities of $25 billion underway, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has said. Source Thisday Read More 

Nigeria’s N9tr Remittances Rated Highest In Africa In 2018 - New data from WorldRemit, a leading online money transfer service has rated Nigeria the largest remittance receiving country in Africa, even as citizens living abroad sent home a record $25billion (N9 trillion) in 2018. Source Guardian Read More 

Nigeria Produced Above OPEC Oil Quota In Feb –  Nigeria, Africa’s top oil producer, pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries, a new survey has shown. Source Punch Read More


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STANBIC Declares N74.4bn PAT in 2018 Audited Result; Proposes N1.50K Final Dividend - Stanbic FY 2018 results showed a 5% y/y growth in Gross Earnings to N222.4bn, albeit it came below our 2018 estimate of N234.5bn. Source NSE With Additional Notes From CSL Stockbrokers Read More 

GTB Plc FY 2018 - Weak Performance across Income Lines in Q4 18 - Guaranty Trust Bank (GTB) full-year 2018 earnings expanded by 8.3% YoY with EPS printing at N6.27 but slightly lower than our estimate of N6.75 given loan-loss provision which tracked higher than we expected as the bank booked additional provision of N3.1 billion in the fourth quarter. Source ARM Research Read More 

Fixed Income Monthly Update February 2019 - Lower Yields to Take Center Stage - Coming into the year we projected the likelihood of a tight monetary policy in the early part of 2018 hinged on CBN’s quest to defend the naira amid high concentration of fixed income maturities and lower crude oil prices. Source ARM Research Read More 

MTN Nigeria Releases Financial Results for the FYE Dec 31, 2018; Plan To List on NSE by H1 2019 - MTN Nigeria Communications Ltd (MTN Nigeria) today announces its results for the year ended December 2018, and confirms its intention to list by introduction on The Nigerian Stock Exchange during the first half of 2019. Source MTN Nigeria Read More 

Investors Lose N41.65bn As NSEASI Dips Further By -0.35% - Equities market closed today on a negative note, as NSEASI depreciated by 0.35% to close at 32,010.06basis points as against 0.16% depreciation recorded previously. Source Proshare Read More 

GT Bank FY 2018 Results - Net Interest Income Down 10% YoY - Net interest income was down 10% y/y due to a combination of 13.1% lower loan balances and the net interest margins which declined to 10.8% (2017: 11.4%). Source Coronation Research Read More

T-Bill Yields Trend Lower as CBN Holds off on Long Tenor OMO Offer - The bond market remained scantily traded in today’s session, with yields slightly higher by c.4bps on the day. Demand interests have been relatively soft in recent sessions following slowdown in FPI purchases and slight profit taking by locals. Source Zedcrest Capital Read More

Stanbic IBTC Holdings Plc FY'18 Results - Impairment Writebacks; Non-interest Income Uplifts EPS - Stanbic IBTC Holdings Plc (STANBIC) FY’18 results – gross earnings grew by 4.7% YoY to N222.4 billion, in line with our expectation of N225.1 billion (-1.2% deviation). More remarkably, after tax earnings climbed 53.7% YoY to N74.4 billion, within our N76.9 billion projection (-3.2% deviation). Source Cardinal Stone Read More

FMN Shareholders Approve Merger Of Five Subsidiaries - Shareholders of Flour Mills Plc (FMN), Wednesday, approved directors’ proposal to embark on a restructuring exercise that would enable it merge five of its subsidiaries with its holding company, under a Scheme of External Restructuring. Source Guardian Read More

NSE Records IPO Worth $571.1m in 5 Years - PricewaterhouseCoopers (PwC) said Nigerian Stock Exchange (NSE) raised an initial public offer (IPO) valued at $571.1 million in five years. An initial public offering (IPO), is the very first sale of stock issued by a company to the public. Source Leadership Read More


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CBN, EFCC Meet to Tackle Economic Crimes - Officials of the Central Bank of Nigeria (CBN) and their counterparts in the Economic and Financial Crimes Commission (EFCC) met on Thursday, March 7, 2019, with the aim of strengthening the country’s fight against economic crimes. Source CBN Read More

CBN, NIPOST To Kick Off Microfinance Banking In Seven Locations - The Central Bank of Nigeria and the Nigerian Postal Service are set to kick off the establishment of a National Microfinance Bank with pilot projects in seven locations, it has been learnt. Source Punch Read More

Hope Rises For Textile Industry As NBMA Approves Hybrid Cotton - For many years, all that had been happening in the biotechnology space had been much noise as no tangible result could be seen on the ground despite the creation of the National Biotechnology Development Agency and subsequently, the National Biosafety Management Agency. Source Punch Read More

BPE Seeks Ways To Address Challenges Facing Govt Privatised Companies - The Bureau of Public Enterprises (BPE) has inaugurated four committees to come up with a mechanism for addressing the complexities and challenges hindering the growth and development of some privatised enterprises in the country which were handed over to the core investors over ten years ago. Source Leadership Read More

Deal or No Deal, Trump’s Trade War With China Has Scarred the Global Economy- A deal between the U.S. and China to drop tariffs couldn’t come soon enough for a global economy already showing strains from the trade war. Source Bloomberg Read More


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Zuckerberg Pledges Privacy-Focused Facebook - Facebook owns Messenger and WhatsApp, but message encryption limits its ability to make money through targeted adverts. Source Leadership Read More


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