Nigeria in 1min: Economic, Business and Financial Headlines – 120319


Tuesday March 12, 2019 / 7:00 AM / Proshare News 


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Nigerian Banks' Rising Local Currency Issuance Is Credit Positive - Fitch - Nigerian banks' rising local-currency (LC) issuance is credit positive as it diversifies their funding and reduces their foreign-exchange risk, Fitch Ratings says in a new report. Source Fitch Ratings Read More 

Operating Surplus: MDAs Remit N1.42tn In 10 Years - A total of 122 Ministries, Departments and Agencies remitted N1.42tn to the Consolidated Revenue Fund in 10 years, data obtained from the Fiscal Responsibility Commission have shown. Source Punch Read More


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CBN Urged To Raise NIRSAL MFB Capital To N100bn - The Centre for Social Justice has urged the Central Bank of Nigeria, and the Bankers Committee to raise the capital base of NIRSAL Microfinance Bank from N5bn to N100bn. Source Punch 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 

S. Africa's PIC Skirted Rules by Merging Roles, Probe Hears - South Africa’s PIC breached the money manager’s own memorandum of incorporation when the positions of chief investment and executive officers were combined under Dan Matjila, a former employee commission. Source Bloomberg Read More


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Ethiopia Airline Plane Crash: Buhari mourns Prof Adesanmi, Ambassador Bashua - President Muhammadu Buhari has condoled the death of two Nigerians, Ambassador Abiodun Bashua and Professor Pius Adesanmi in the Ethiopian Airlines plane which crashed with 149 passengers and eight crew members on board on Sunday. Source Proshare Read More 

Iyalaya Anybody: Pencils, Nigerian Innovation, and Africa’s Path In The 21st Century - Being a keynote lecture delivered by Professor Pius Adesanmi, a professor of literature and African studies at the Carlton University Ottawa in Canada, at the 5th Innovention Series of Verdant Zeal Group at the Civic Center, Victoria Island, Lagos, Nigeria on March 22, 2016. The theme for the forum was “The Next Big Thing- Identifying Africa’s Untapped Potential”. Source Pius Adesanmi, Verdant Zeal’s 5th Innovation Series Read More

CISI and CBI Welcome Inclusion of Professional Body Membership in FCA’s New Directory - Two leading financial services professional bodies welcome the FCA’s policy statement (19/7) which concludes its discussion on the creation of a new Directory. Source CISI / CBI Read More

Insurance Claims From Crashed Ethiopian Airline May Hit $60m - Losses from Boeing 737 Max operated by Ethiopian Airlines which crashed shortly after take-off from Addis Ababa on Sunday has been speculated to be in the region of $50m to $60m. Source Punch Read More

African Airlines Report 5.1 Traffic Rise  - African airlines saw January traffic rise 5.1 per cent, up from 3.8 per cent in December.However, concerns have continued about the region’s largest economies, South Africa and Nigeria. Source Thisday Read More

Zenith, GTB Refund N1.126bn To Customers - Customers of Zenith Bank and Guaranty Trust Bank last year got refunded N1.126 billion having made complaints on their accounts as the two banks alongside Stanbic IBTC Bank Plc gave out N4.226 billion as donations last year. Source Leadership Read More

Is The Apple + Goldman Sachs Alliance the First of More to Come? - Bankers and credit union executives were aghast when the story broke that Amazon was in talks with several banks to offer an Amazon checking account. It has yet to happen, but the possibility remains. Source Financial Brand Read More 

Fear of Trump Walking on Xi Haunts China as Trade Talks Near End - Donald Trump regularly touts the strength of his personal relationship with Xi Jinping, talking about the Chinese leader in the sort of warm terms U.S. presidents normally reserve for longstanding allies. Source Bloomberg Read More

Boeing Stock Plunges after Ethiopia crash, Sending Dow Lower - Tumbling shares in US aviation giant Boeing on Monday tore a hole in the Dow Jones Industrial Average, sending the benchmark index into the red for a sixth day. Source Guardian Read More

Malami Playing Games on $2bn Tax Arrears, MTN CEO Alleges - The Chief Executive Officer of MTN Group, Rob Shuter, has said the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, is “playing games” over the federal government’s demand of $2 billion tax arrears from MTN Nigeria. Source Thisday Read More

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Barclays Analyst Predicts Billions in Additional Revenue From ‘Facebook Coin’ by 2021 - Barclays internet analyst Ross Sandler wrote in a client note that a cryptocurrency could establish a new revenue stream for Facebook, aiding its share price that tanked amid a series of high-profile scandals last year. Source Cointelegraph Read More


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LASPARK Urges Schools To Join Reading Club - The General Manager of Lagos State Parks and Gardens Agency (LASPARK), Mrs. Bilikiss Adebiyi-Abiola has enjoined public and private schools across the State to enrol their students into the newly inaugurated LASPARK Reading Club to inculcate the skills of book reading among children. Source LASG Press Release Read More 


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