Nigeria in 1min: Economic, Business and Financial Headlines – 170619


Monday, June 17, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @TonyOElumelu


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AfDB Showcases Impact of Korean Drone Technology on Agricultural Productivity - At a special event highlighting the partnership between the African Development Bank and Korea held on the sidelines of the Bank’s Annual Meetings, the role of drone technology to boost food productivity in Africa, was on full display. Source AfDB Read More

The Tanker Attacks: A Storm In A Teacup – Oil Markets Refocus On Fundamentals - Oil prices spiked in early trading on Thursday by more than 4 percent on news from the Gulf of Oman of a tanker attack, but benchmark prices gave up some of those gains as the day wore on. In early trading on Friday, crude oil was mostly flat, as traders seemed to return to focus on fundamentals. A falling rig count then caused prices to climb. Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 14th June, 2019 - The Nigerian Bourse closed negative for the second consecutive week, with the NSE ASI shedding 1.27% WoW to close at 30,046.70 points and market capitalization dropping by N385.43 billion. Source ARM Read More

Discos’ Debt To Transmission Company Hits N231bn - The indebtedness of power distribution companies to the Transmission Company of Nigeria has risen to N231bn as of March 2019. Nigeria has 11 Discos. The electricity generated by power generation companies is transmitted by the TCN to power distributors, who then distribute the product to final consumers. Source Punch Read More

AfDB Restates Warning On Rising Debts Among African Nations - Despite the low international debt threshold of many African countries, Nigeria inclusive, a message from the African Development Bank (AfDB) the weekend was that of caution and pursuit of growth with escalated obligations. Source Guardian Read More

NSIA Grows Assets Under Management To N617bn -  The Nigeria Sovereign Investment Authority has grown its assets under management to $1.9bn (N617.69bn). The Managing Director and Chief Executive Officer, NSIA, Mr Uche Orji, said that as of the end of 2018, the NSIA had assets under management of $1.9bn (N617.69bn). Source Punch Read More

CBN’s Life Support To FG Rises 780% To N8.12trn In 4yrs - Nigeria’s quest to fund an ambitious budget despite gaping revenue shortfalls has led the Federal Government’s outstanding loans/overdrafts owed to the Central Bank of Nigeria (CBN) to hit a whopping N8.1 trillion at the end of 2018. Source Businessday Read More

Nigeria’s Crude Oil Reserves Fall To 36.97 Billion Barrels - The nation’s crude oil reserves dropped by 481 million barrels to 36.972 billion barrels in 2018, according to a new report by the Organisation of Petroleum Exporting Countries. OPEC, in its 2019 Annual Statistical Bulletin, said Nigeria’s crude oil reserves stood at 37.453 billion barrels in 2017 and 2016; 37.062 billion barrels in 2015 and 37.448 billion barrels in 2014. Source Punch Read More 


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Heritage Bank: Of Moral Hazards And The Unravelling Of A Deposit Money Institution - Three months ago Proshare had cause to commit resources to investigate and produce an hitherto unpublished Confidential Report on Heritage Banking Company Limited, in direct response to the promptings of the advisory board members who wanted to know the true state of the bank which had another financial institution handling clearing operations for it at some time. Source Proshare Read More

Ellah Lakes Plc Announces Acquisition of 100% Equity Stake in Telluria Limited - Ellah Lakes Plc (“Ellah Lakes” or “the Company”) today announced the acquisition of 100% equity stake in Telluria Limited (“Telluria”), effective May 7th, 2019. Having complied with all the necessary regulatory requirements, the acquisition was approved by the Nigerian Stock Exchange and by the Securities and Exchange Commission. Source NSE Press Release Read More

Investors Lose N169.75bn WoW As NSEASI Dips By -1.27% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.06% to close at 30,046.70 points as against 0.23% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.40%. Source Proshare Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 140619 - The equities market recorded mixed performance – the listed equities market recorded -1.27%  loss WoW while the NASD OTC recorded +0.17% gain WoW. Source Proshare Read More

NASD OTC Market CAP Increased By 0.17% WoW To Close At N542.14bn - As at close of trade week on 14 June 2019, market Capitalisation increased to 542.14 billion from last week's previous 541.24 billion, which shows a 0.17% increase in Capitalisation. Also the USI for the week ending 14 June 2019 recorded an Increase from 753.35 points to 754.61 points. Source NASD Plc Read More

South Africa’s Q1-19 GDP Result: On the Way to Another Recession? - The Statistics South Africa (Stats SA) recently released South Africa’s GDP data for Q1-19. According to the report, momentum in Africa’s most advanced economy continues to falter amid myriads of economic and socio-political challenges. Source United Capital Read More

What To Expect From The Markets This Week - 170619 - System liquidity remains healthy at ?201.85 billion as the Interbank Call rate moderated 14bps to 5.29%. Source Proshare Read More

DMO Lists FRN Dual-Tranche $2.5bn and Triple Tranche $2.86bn Eurobond on FMDQ OTC - At the listing ceremony Ms. Patience Oniha, Director –General,  Debt Management Office, Nigeria informed bond traders that the Eurobond listings, tied into the strategy of achieving a 60% domestic  and 40% foreign debt ratio for Nigeria. Source Proshare Read More

Singapore Dethrones U.S. as World's Most Competitive Economy - Singapore leapfrogged Hong Kong and the U.S. to take the top spot among the world's most competitive economies for the first time in nine years. Source Bloomberg Read More


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FHC Lagos Adjourns Hearing Between Oando Plc’s GCE and Deputy GCE and SEC - Federal High Court of Lagos Adjourns Hearing Between Oando PLC’s Group Chief Executive and Deputy Group Chief Executive and the Securities & Exchange Commission. Source NSE Press Release Read More

New Titan Trust Bank Braves Slow Economy; Weighs Opportunities - At a time when at least two Nigerian banks appear to be in financial trouble, a new bank, Titan Trust Bank, has joined the market of financial service providers.  The bank has as its Chairman, a former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Tunde O. Lemo, OFR and has as Managing Director and Chief Executive Officer (MD/CEO), Mr. Mudassir Amray. Source Proshare Read More

Global Interest Rates Peak as Investors Eye Cuts: Economy Week - Global interest rates have peaked. Source Bloomberg Read More

Fiscal Transparency: Osun Listed For World Bank Grant - Osun state has been listed alongside 20 other states across the federation for a World Bank grant meant to encourage states that are transparent in handling their finances. The programme, tagged: ‘State Fiscal Transparency, Accountability And Sustainability Programme,’  is an initiative of the World Bank through the Federal Ministry of Finance, designed to help state governments that are accountable and transparent to get grants that will be used for further development. Source Punch Read More 

All Eyes On Fed As Stock Market Pines For Rate Cut - The Federal Open Market Committee meeting next week is shaping up as a pivotal one for Wall Street, with stocks primed for a selloff should the Fed fail to take an even more dovish tilt after policymakers raised expectations for a rate cut in recent weeks. Source Reuters Read More

Instant Bank Transfers Rise To N41.48tn In Five Months - The value of transactions via the Nigeria Interbank Settlement System Instant payment system rose to N41.48tn in five months of this year as banks, fintechs and telecommunications companies intensify efforts to deepen financial inclusion. Source Punch Read More

431 Debtors Owe AMCON Between N1b And N10b - Sixty-Two debtors are owing the Asset Management Corporation of Nigeria (AMCON) N10 billion and above each, the agency has said. The corporation was established on July 19, 2010, when AMCON Act was signed into law by former President Goodluck Jonathan, with a mandate to acquire bad loans from banks, pay the banks and recover the loans from the debtors. Source TheNation Read More

FG Loans N11bn To Auto Firms To Boost Local Vehicle Production - The Federal Government through the National Automotive Design and Development Council, NADDC, is boosting local car manufacturing with an N11 billion loan to 36 auto companies in the country. Source Vanguard Read More

Q1’19: Banks’ Assets Rise By 7.5% To N38.4trn - Total assets and liabilities of banks rose by 7.5 percent, year-on-year, to N38.4 trillion in the first quarter of the year (Q1’19), against N35.7 trillion in the corresponding period of 2018. Source Vanguard Read More

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NSE Set to Accelerate Islamic Finance in Nigeria - The Nigerian Stock Exchange (NSE), in partnership with REDmoney Group, is set to hold the inaugural edition of the IFN Nigeria Forum themed, “Harnessing the Islamic Finance Sector for Infrastructure Development and Economic Growth”, on Tuesday, June 18, 2019, at the Eko Hotels and Suites, Lagos. Source NSE Press Release Read More


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