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Monday, June 1, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov
COVID-19 Health Updates
Click Here To Read Latest News Updates
PROSHARE ECONOMY
A Surprise Rate Cut From The MPC - The monetary policy committee (MPC) created a surprise yesterday by cutting the policy rate by 100bps to 12.50% on a majority vote (seven to three). The minority wanted additional easing, and so underlined the dramatic change in sentiment from the unanimous vote for an unchanged stance in March. The other policy parameters were unchanged. Source FBNQuest Research Read More
Will U.S. Shale Survive If Oil Hits $40? - Within a month, the U.S. oil benchmark West Texas Intermediate recorded two first-of-a-kind events. First, it fell below zero on April 20. Then, it soared up so high it is about to book its best month ever, CNBC's Pippa Stevens noted in a recent commentary. Source Irina Slav of Oilprice.com Read More
CBN Extends
Timeframe for the Submission of 2019 Audited Financial Statements of OFIs - Pursuant
to the provisions of Section 27 (1) (a) of BOFIA, all banks and OFIs are
required to forward the audited financial statements of each financial year to
the CBN for approval before the end of the fourth month following the year to
which they relate. Source CBN Read More
FAAC Disburses N581.57bn in March 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N581.57bn to the three tiers of government in March 2020 from the revenue generated in February 2020. Source NBS Read More
The Finance Act
2019 Introduced an Amendment to the CITA to Tax a Foreign Entity - The Minister of Finance, Budget and National
Planning (the Minister) has issued the Companies Income Tax (Significant
Economic Presence) Order, 2020 (SEP Order), to complement the 2019 Finance Act
(FA 2019). Source PwC Nigeria Read More
Oil Prices Slide As U.S.-China Tensions Spike - Oil prices have held onto the gains from the last few weeks, but the recent rally seems to have stalled as demand shows signs of not returning to normal any time soon. Meanwhile, U.S.-China tensions weighed heavily on financial and commodity markets this week. Source Tom Kool of Oilprice.com Read More
Minister of
Finance Issues Order on Significant Economic Presence by Non-Nigerian Companies - The Federal Government of
Nigeria has published the Companies Income Tax (Significant Economic Presence)
Order, 2020 ("the Order") in its Official Gazette No. 21, Vol 107 of
10 February 2020. The Order, signed by the Honourable Minister of Finance,
Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, pursuant to her
powers under Section 13(4) of the Companies Income Tax Act, 2004 (as amended)
[CITA], commenced on 3 February 2020. Source KPMG Nigeria Read More
Leadership of the AfDB: Concerned African Leaders Call for Caution - Africa is facing an unprecedented challenge with the COVID-19 and all hands must be on deck to tackle the pandemic. The African Development Bank (AfDB), under the leadership of its President, Dr. Adesina Akinwumi, has been doing a remarkable job in steering the organization. Source Press Statement by Concerned African Leaders Read More
Ahead of Tomorrow On WebTV: Discussions on Focus On Nigeria's Monetary Policy Environment - MARCEL OKEKE, a practising Economist, Business and Communications Strategist, until September 2017, served as Chief Economist, Chief Sustainability Officer, Divisional Head of Research & Economic Intelligence Group at Zenith Bank Plc. He also Co-ordinated Corporate Social Responsibility (CSR) and Health, Safety and Environment (HSE) engagements of the Bank. At present, he is the Chief Executive Officer (CEO) at Mascot Consult & Communications Ltd. Source WebTV Read More
Coronation Merchant Bank Organizes Forum to discuss the Impact of COVID-19 and declining Oil Prices - Despite the uncertainties in economy, Coronation Merchant Bank remains optimistic that there are yet investment opportunities in Nigeria's economy. This was disclosed by a team of analysts at the Coronation Breakfast Session, tagged "Discovering the New Normal: Impact of COVID-19 and Collapse of Oil Prices" that held recently in Lagos. Source Coronation Merchant Bank Read More
Ahead of Tomorrow On WebTV: Discussions on Focus On Nigeria's Revised Tax Measures - YOMI OLUGBENRO is a Partner and the West Africa Tax Leader at Deloitte. With a Master's degree in Business Administration, fellowship of many professional associations and practice experience of over 20 years, Mr. Olugbenro has established a niche as a finance and fiscal policy expert in Nigeria. Source WebTV Read More
ActionAid Warns FG Against
Borrowing For Salaries, Foreign Trips - A civil rights
organisation, ActionAid Nigeria, has called on the Federal Government to
enhance its capacity to offset loans before going for more. The organisation
also warned that loans should not be used for recurrent expenditures including
paying of salaries and traveling allowances. Source Punch Read
More
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More News on Economy
PROSHARE REGULATORS
IOSCO Encourages Issuers' Fair Disclosure About COVID-19 Related Impacts - The Board of the International Organization of Securities Commissions (IOSCO) today issued a public statement highlighting the importance to investors and other stakeholders of having timely and high-quality information about the impact of COVID-19 on issuers' operating performance, financial position and prospects. Source IOSCO Read More
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PROSHARE MARKETS
Double Whammy:
Central Bank Shocks The Market With Slashes To MPR And OMO Rates - It was a rather slow day in the bond space, with activities
dragging for most of the trading session with the market focused on the MPC
meeting. Few offers were noted on 2023s and 2024s as at the open with trades
settling around 8.85% and 8.90% for both papers respectively. By mid-day,
interests shifted to mid- and long-dated maturities albeit short-lived as
market activities re-entered a snooze mood to the close the session. Source
Zedcrest Capital Read
More
African Equity
Market: On the path of recovery - Despite
the COVID-19 pandemic that has engulfed the African continent since Feb-2020
and the associated lockdown measures that were put in place by the government
across the continent, major equity markets across the region have continued to
recover from their March low, especially in the month of May 2020. Source
United Capital Read
More
UBA Q4 2019 and
Q1 2020 Results Review: Sizable Upside Potential Despite Cut to Price Target - After delivering a stellar ROAE of c.23.4% in 2019, we expect
UBA's ROAE to decline to 12.1% in 2020E. Management has not provided guidance
for 2020E. However, we have cut our 2020E EPS forecast by 11% because the
bank's Q1 2020 PAT missed our forecast by a wide margin due to a negative result
of -N15.4bn in other comprehensive income (OCI). Source FBNQuest
Research Read
More
COVID-19 Related Restrictions Limit Dangote Cement Near-term Growth in Q1 2020 - Dangote Cement (DangCem) delivered a decent underlying Q1 2020 performance, posting PBT growth of 12% y/y to N88.1bn. The Nigerian business recorded its highest quarterly sales of N179.3bn (up +6% y/y), supported by an average price increase of c.5% y/y to N44,633/tonnne. Source FBNQuest Read More
Investors Gain
N32.87bn WoW as NSEASI Inches Up by 0.25% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI
appreciated by +0.40% to close at 25,267.82 points as against -0.22%
depreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -5.86%. Source Proshare Markets Read
More
Seplat
Resilient Amidst Global Headwinds, Assures Shareholders of Sustainable Growth - Seplat Petroleum
Development Company Plc, a leading Nigerian independent oil and gas company
listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange
(LSE), remains a resilient business that generates significant free cash flow
from a low cost production base; has a balanced portfolio split evenly between
oil and gas (which is de-linked to oil price); and is focused on delivering
shareholder returns through regular dividend distributions and capital growth,
the chairman of the company, Dr. A.B.C. Orjiako has said. Source Seplat
Petroleum Development Company Plc, Read
More
Corporate
Earnings For The Week Ending 290520 - 13 in All - Nine (9) out of the Thirteen (13) firms declared growth in
revenue. EQUITYASUR records 73% growth in earnings to emerge as the firm with
highest growth in earnings while ETERNA records 71% negative growth in earnings
to emerge as the firm with the least growth rate. DANGSUGAR tops with the
highest PAT figure while MRS declared the least with a loss. Source Proshare
Research Read
More
Market Review and Round-Up of Corporate News Announced During The Week Ending 290520 - The equities market recorded positive performance - the listed equities market, NSEASI, recorded +0.25% gain WoW while the NASD OTC also closed positive with +0.43% gain. Source Proshare Markets Read More
Dangote Sugar
Refinery Plc FY'19 and Q1'20 Results - Operating Cost Pressures Erode Margins - Dangote Sugar Refinery Plc (DANGSUGAR) published its FY19
(audited) and Q1'20 results earlier today. The company recorded marginal growth
(+1.8% YoY to N22.4 billion) in PAT in FY'19, while its Q1'20 after tax
earnings declined by 9.0% YoY to N6.4 billion. Following the release of the
FY'19 result, the company declared a dividend of N1.10 per share, which
translates to a dividend yield of 8.5% on current price. Source CardinalStone
Research Read
More
What To Expect
From The Markets This Week - 010620 - Economic activities nosedived into a technical recession in Germany over the
first quarter of the year - the first recession in seven years. Notably, after
contracting by 0.1% q/q in Q4-19 following weaknesses in the external sector,
GDP growth plunged by another 2.2% q/q, occasioned by the COVID-19 pandemic
outbreak, which took a toll on growth outturn. Source Proshare Content Read
More
Viability of Crowdfunding as a Source of Capital - Crowdfunding platforms have gained popularity in recent years as an alternative capital source-both for debt and equity; however, the major challenge of uncertainty of funding remains. In this week's edition, we shall discuss the viability of Crowdfunding and the importance of exploring the viability of this alternative source of funding in the Nigerian climate for MSMEs. Source NASD Plc Read More
Click Here to Read More News on Markets
PROSHARE BUSINESS
Bank NPLs
(14) - Regulatory Guidance, Conduct and Enablers - Very
recently, the Central Bank of Nigeria (CBN) fined 12 major banks to a
collective tune of N499.1billion for breaching CBN's policy on Loan Deposit
Ratio (LDR) which the apex bank had fixed as a minimum of 60%. Source Debtors
Africa Read More
Bank NPLs
(15) - AMCON and Its Role in Debt Recovery - The Asset
Management Corporation of Nigeria was created on the 19th of July 2010, via the
AMCON Act No. 4, 2010. The AMCON Act was subsequently amended on the 25th of
May, 2015 and became known as the AMCON Amendment Act, 2015. AMCON was
established to bring stability and revive the financial system by taking on the
job of resolving the problem of Non-Performing Loans (NLPs). Source Debtors
Africa Read More
Bank NPLs
(16) - The Place of Arbitration, Resolution or Debt Management - "We
urge you to designate some of the courts for AMCON cases. We urge you to assist
in granting accelerated hearing for AMCON cases." This was a statement by
the Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, at the
2019 annual seminar for Justices of the Court of Appeal. Source Debtors Africa Read More
President
Buhari Reconstitutes NNPC Board; Appoints Magnus Abe, 5 Others - President
Muhammadu Buhari has approved the reconstitution of the Board of the Nigerian
National Petroleum Corporation (NNPC), after the expiration of the term of the
board members appointed in 2016. Source State House Press Release Read More
CBN Disburses N50bn Loans Via Microfinance Bank Platform - The Central Bank of Nigeria is disbursing the N50bn COVID-19 credit facility to households and Micro, Small and Medium Enterprises affected by the pandemic through the Integrated National Association of Microfinance Banks Unified IT Platform deployed by Inlaks for NIRSAL microfinance bank. Source Punch Read More
Retailers Already Hit By Coronavirus Board Up As U.S.
Protests Rage - Protests turned violent
in places including New York and Chicago following the death in Minneapolis of
a black man, George Floyd, seen on video gasping for breath as a white police
officer knelt on his neck. Source Reuters Read
More
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Here To Read More News on Business
PROSHARE TECHNOLOGY
Exclusive: Zoom Plans To Roll Out Strong Encryption For Paying Customers - The company, whose business has boomed with the coronavirus pandemic, discussed the move on a call with civil liberties groups and child-sex abuse fighters on Thursday, and Zoom security consultant Alex Stamos confirmed it on Friday. Source Reuters Read More
NITDA Unveils Draft National Outsourcing Strategy - The National Information Technology Development Agency has unveiled the draft national outsourcing strategy for Nigeria. The draft strategy was unveiled on Thursday during an online workshop. The Director-General of NITDA, Mr Kashifu Inuwa, said the strategy would ensure effective implementation of the national digital economy policy and strategy of the Federal Government. Source Punch Read More
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More News on Technology
PROSHARE FINANCE
How Leveraging The Waqf Institution Supports Economic Growth - Norfadalizan Abdul Rahmon - The Waqf Institution has been described as a critical social platform that could support the growth of the Nigerian economy, at a time it was coping, alongside other nations, with the COVID-19 Pandemic. The comment was made by the Managing Director of TAJ Bank (A Non-Interest Finance Bank), Mr. Norfadalizan AbdulRahmon, who featured on WebTV's Islamic Finance Weekly programme. Source WebTV Read More
Has the
Insurance Act 2003 Made Nigerians Poorer These Past Five Years? - Has the Insurance Act 2003 made Nigerians poorer
since the passing of the law, especially the last five (5) years? A credible
question but one I wish to address in a simple exploratory manner. Source OpEd
by Ekerete Ola Gam-Ikon Read More
CBN Disburses N10.5bn
COVID-19 Healthcare Funds - The Central Bank of Nigeria has disbursed N10.5bn
out of the N100bn credit intervention for the healthcare industry, which it
recently introduced as part of the measures to cushion the impact of the
coronavirus pandemic on the economy. Source Punch Read
More
Stockbrokers List Benefits
of Sukuk as Profitable Investment - The Chartered Institute
of Stockbrokers (CIS) has identified the benefits of investment in federal
government’s bond called Sukuk as a wealth creation strategy in this period of
COVID-19 pandemic as part of its investor education programme. Source THISDAYLIVE
Read
More
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