Nigeria in 1min: Economic, Business and Financial Headlines – 221018


Monday October 22, 2018 / 7:00 AM / Proshare News


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Average Price of 1kg of Yam Tuber Decreased by 4.3% MoM to N280.28 in September 2018 - NBS - Selected food price watch data for September 2018 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -3.00% and month-on-month by -0.3% to N472.73  in September 2018 from N474.13 in August 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -9.9% and month-on-month by 1.5% to N41.17 in September 2018 from N41.79  in August 2018. Source Proshare Read More 

DMO: FG Resorted to Eurobond to Access Limitless Funds - The Debt Management Office (DMO) has explained that the federal government opted for Eurobond issuance in its foreign borrowings, instead of cheaper concessional loans from external development institutions, because it needs to access limitless funds. Source Thisday Read More 

Labour to Embark on Indefinite Strike  Over Minimum Wage - The crisis over workers’ agitation for new national minimum wage has taken a new dimension with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) threatening to commence a nationwide strike from November 6, if the federal government fails to meet their demands. Source Thisday Read More   

US Injects $24m to Boost Local Enterprises, Farming in Nigeria - The United States African Development Foundation (USADF) has injected $24 million (about N8.7 billion) to boost local businesses and the agriculture sector of Nigeria through cooperative societies. Source Daily Trust Read More  

Kachikwu Inaugurates Research Council For Local Content- The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has inaugurated the Nigerian Content Research and Development Council. Source Punch Read More

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SEC Proposes Rules on Green Bonds and Inclusion of BVN as a Valid Means of Identification in NCM -  “Look-Back” Look-back refers to a maximum period in the past that an issuer will ‘look back’ to in order to identify assets/earlier disbursements to such ‘eligible green projects’ that will be included in the green bond reporting. Source Proshare Read More 

Online Retail Forex Trading Is Unregulated – SEC - The attention of the Securities and Exchange Commission (SEC) has been drawn to the increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex trading. Source Proshare Read More 

Exposure Draft On The Regulation For The Operations Of Mortgage Guarantee Companies In Nigeria - In an effort to promote mortgage financing and advance home ownership, the Central Bank of Nigeria (CBN) is proposing the introduction of Mortgage Guarantee Companies (MGCs) in Nigeria. Source Proshare Read More 

AMCON Releases List Of 105 Delinquent Debtors - Years after the initial debtors list was released by the Asset Management Corporation of Nigeria (AMCON), the corporation has released the list of delinquent debtors who have failed to meet it at the negotiation table, all 105 of them owing a total of N906.109 billion. Source Leadership Read More 


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What To Expect From The Markets This Week - 221018 - The National Bureau of Statistics will on this day release the Automotive Gas Oil, Liquified Petroleum Gas, National Household Kerosene and Premium Motor Spirit  Price Watch for September 2018. Source Proshare Read More 

CBN Injects $337m, CNY53m Into Inter-Bank Forex Market - The CBN intervened in the Retail Secondary Market Sales (SMIS) to the tune of $337,333,646.85, in addition to the sum of CNY53,444,222.38 million in the spot and short tenored forwards of the inter-bank foreign exchange market. Source Proshare Read More 

NASD Officially Joins the Lagos Chamber of Commerce and Industry - NASD Plc was inducted into full membership of the 2nd oldest chamber of commerce in Africa. In joining the Lagos Chamber of Commerce and Industry (LCCI), NASD brings its services as an Over the Counter (OTC) Securities Exchange for public unlisted companies. More critical for the community of over 2000 corporate citizens, is the NASD Enterprise Portal – Nasdep. Source Proshare Read More

NSE Lifts Suspension Placed On The Trading In The Shares Of THOMASWY And UNIONDICON - We refer to our Market Bulletin dated 8 October 2018 notifying the public of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 191018 - The FX market experienced mixed performance during the week. The BDC rate closed flat while the CBN, NAFEX and the IEFX rates all depreciated by 0.02, 0.12% and 0.09% respectively. Source Proshare Read More 

Top Five Losers - FO Tops With 9.23% Loss; Records N2.67bn Drop in Market CAP -

At the close of trading today, FO tops the list of top five losers in the Nigerian Stock Market with -9.23% loss. Other stocks on the list include SUNUASSUR (formerly EQUITYASSUR) with -9.09% loss, JOHNHOLT ( -9.09%), TRANSEXPR (-8.97%) and SOVRENINS (-8.70%).  Source Proshare Read More 

NSEASI Inches Up Further by 0.54% as Market Extends Gaining Streak; Records 1.19% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.54% to close at 32,841.69 basis points as against +0.70% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.12%. Source Proshare Read More 

Corporate Earnings for the Week Ending 191018 – UBA Declares N61.7bn PAT in Q3 2018 Results - Three (3) firms declared growth in revenue. UBA 13% growth in earnings to emerge as the firm with highest growth in earnings while NCR records 21% drop in earnings. Source Proshare Read More


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2018 Pearl Awards To Hold On 25th November, 2018 -  The theme for this 2018 edition is “Sustaining the Winning Edge”. This is in realization of the need to recognize and reward companies that, in spite of the challenges in the operating environment, local and international, have continued on the winning edge, outperforming others and emerging leaders, deserving of honour in our capital market. Source Proshare Read More 

Phillips Consulting Unveils New Logo and Positioning at NSACC Event - Phillips Consulting is a 26 years old indigenous management consulting firm, founded by Foluso Phillips during the era of the new generation banks. He launched and propagated the philosophy and concept of Total Quality Management to the Nigerian Business community. It was also during this period that Foluso Phillips led the first delegation and a series thereafter of business and corporate leaders to South Africa on various business, education and executive missions. Phillip Consulting was one of the first Nigerian companies to set up shop in South Africa, after the country’s free elections in 1994. Since then, the firm has been involved in numerous initiatives between the two countries. Source Proshare Read More 


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Digitization Is Gaining Momentum In the Capital Market Ecosystem-Oscar Onyema, CEO NSE - According to him “Over the past few years, Finance Industry in Nigeria has experienced tremendous transformation caused by disruptive technologies. In recent years, the Nigerian customers have become accustomed to the digital experience offered by firms such as Google, Amazon & Facebook”. Source Proshare Read More 


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