Nigeria in 1min: Economic, Business and Financial Headlines – 150719


Monday, July 15, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @NGRPresident


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A Structural Deficit On The Services Account - Along with the fall in oil and gas exports and the rise in non-oil imports, one reason why the current account returned to deficit in Q1 2019 was the continuing deterioration on the services account (Good Morning Nigeria, 04 July 2019). Source FBNQuest Research Read More 

Easing Concerns About US Production to Push Down Grains Prices - Brent price spiked to $67.02pb as the oil markets reacted to lower than expected US inventories and a rotation of rigs. At this price, Nigeria’s oil revenue at current production levels could reach $11.37 billion per quarter. Source FDC Read More 

Weekly Economic and Financial Commentary – WE 12 July 2019 - Early this week, the NSE listed the second telecommunication company - Airtel Africa Plc - on its mainboard, listing 3,758,151,504 ordinary shares at an offer price of N363 per ordinary. Source ARM Read More

WTI Tops $60 On Gulf Of Mexico Shut-Ins - OIR 120719 - Oil prices rose this week, pushed higher by geopolitical tension and the tropical storm in the Gulf Coast. Source Oilprice Read More

Minimum Wage: TUC Warns Of Imminent Strike - The newly elected President of the Trade Union Congress, Quadri Olaleye, on Sunday said the union would issue an ultimatum for an industrial action if the Federal Government continued to delay the implementation of new N30, 000 minimum wage. Source Punch Read More  

Nigeria Accounts For Bulk Of Africa’s $90 Billion Stashed Assets - The Independent Corrupt Practices and other Related Offences Commission (ICPC) has said Nigeria accounts for the bulk of Africa’s $90 billion assets stashed abroad yearly. It regretted that the continent never received the same amount in aid from development partners in 12 months.ICPC Chairman, Prof. Bolaji Owosanoye, at an African Union (AU) event in Bauchi, lamented that the citizens suffer one denial or the other on account of graft. Source Guardian Read More

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Banking Sector Update - Reviewed SDF Guidelines: Clear Intent; Minor Impact - The Central Bank of Nigeria (CBN) reviewed its guidelines to banks on accessing Standing Deposit Facility (SDF). Source CardinalStone Read More 


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What To Expect From The Markets This Week - 150719 - Following the sizable yield decline in yesterday’s session, trading was largely sell-side driven in the T-bills space today as yields advanced 13bps (-82bps w/w) on average. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.40% WoW To Close At N525.05bn - As at close of trade week on 12 July 2019, market Capitalisation decreased to 525.05 billion from last week's previous 527.18 billion, which shows a 0.40% decrease in Capitalisation. Also the USI for the week ended 12 July 2019 recorded a decrease from 733.79 points to 730.82 points. Source NASD Plc Read More 

Retail SMIS Gets $298.71m, CNY39.69m Boost - The Central Bank of Nigeria (CBN) says it has made another intervention in the retail Secondary Market Intervention Sales (SMIS) to the tune of $2698.71million in addition to CNY 39.69million in the spot and short tenured forwards segment of the inter-bank foreign market. Source CBN Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 120719 - The equities market recorded negative performance – the listed equities market recorded -2.41% loss WoW while the NASD OTC recorded -0.40% loss WoW. The BDC rate depreciated while the NAFEX, IEFX and the CBN rates appreciated. Source Proshare Markets Read More

NSEASI Dips By -2.41% WoW To Close The Week Negative As Airtel Listing Lifts Market CAP - Equities market closed today on a negative note, as NSEASI depreciated by 0.51% to close at 28,566.79 points as against 1.86% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.11%. Source Proshare Read More

Coupon Payments to Sustain Demand Interests on FGN Bonds - Activities in the bond market were relatively stable, with yields marginally lower following CBN’s revised SDF guidelines. Source Zedcrest Capital Read More  

SEC Intensifies Drive To Reduce Unclaimed Dividends - The Securities and Exchange Commission has announced plans to collaborate with relevant stakeholders to sensitise investors on the need to regularise their multiple accounts to enable them to claim their dividends. Source Punch Read More

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22% of Nigerian Firms Listed In 2019 Companies To Inspire Africa Led By Women - At the second edition of the London Stock Exchange Group launch of the  “Companies To Inspire Africa 2019 Report” in  Lagos recently, it was disclosed that 22% of the 97 Nigerian companies that featured in the list were managed by women. Source Proshare Read More

Remarks By CBN Governor At The Meeting With Service Chiefs Towards Reviving The Textile Industry - Being Remarks By CBN Governor At The Meeting With Service Chiefs Towards Reviving The Textile Industry Through Enforcement Of Executive Order 003 In Support of Local Content In Procurement By MDAs. Source CBN Read More  

Seplat To Increase Shareholders’ Value With $700 Million Gas Investment - As part of efforts to increase shareholders’ return on investment, Seplat Development Company Plc has announced plans to accelerate the development of its $700 million ANOH investment to deliver first gas by the first quarter of 2021. Source Guardian Read More

CBN’s Lending Policy’ll Boost Economy, Says LCCI - The lending policy of the Central Bank of Nigeria (CBN) will normalise the credit markets, spur economic growth and broaden the interface between entrepreneurs and the banking industry, the Lagos Chamber of Commerce and Industry (LCCI) said yesterday. Source TheNation Read More

U.S. Proposes Barring Big Tech Companies From Offering Financial Services, Digital Currencies - A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. Source Reuters Read More

Oil Prices Edge Lower As China's GDP Growth Slows - Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.  Source Reuters Read More

Manufacturers Move Supply Chains Out of China - U.S. manufacturers are shifting production to countries outside of China as trade tensions between the world’s two biggest economies stretch into a second year. Source WSJ Read More

Nigerians Abandon 10m Bank Accounts In H1’19 - Nigerians abandoned 10 million bank accounts in the first half of 2019 (H1’19) prompting the number of inactive bank accounts to rise sharply by 26 percent, year-on-year, during the period.Nigerian Inter Bank Settlement System, NIBSS, disclosed this in the June 2019 edition of its ‘Industry Customer Bank Account Data’, which also showed that Nigerians opened 10.97 million bank accounts within the same period. Source Vanguard Read More 

NBC Sanctions 60 Broadcast Stations over N4.2bn Debt, Others - The National Broadcasting Commission (NBC) said it has imposed fines on 60 broadcast stations for breaching the broadcast code in relation to hate speech and incitement of the public during the 2019 general election. Source Thisday Read More

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1.01m Passport Applications Received in 2018 – NBS - The Immigration Statistics for 2018 reflected that a total of 1,011,158 passport applications were received in 2018 as against 720,958 received in 2017. This represents about 40.25% positive growth.  173,461 of the 2018 figure are minor, 779,905 are adults and the remaining 57,792 are senior citizen. Source NBS Read More 


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SMEDAN, GEN Launch Enterprise Hub - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Global Entrepreneurship Network (GEN) have launched a fully equipped hub. The initiative was part of efforts to promote entrepreneurship in Nigeria. Source Thisday Read More 


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