Nigeria in 1min: Economic, Business and Financial Headlines - 041119


Monday, November 4, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: ArtXLagos


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Lagos-Ogun Partnership for Economic Development - Thoughts on What Is Possible - The meeting between the Governors of Lagos & Ogun States, by all accounts, was long overdue and a fruitful one. Whilst the meeting was business like, it could have benefited from some context around economic data and implications; if only to underscore the vital importance of the principle of consanguinity that binds both states. Source Olufemi Awoyemi Read More 

Sanwoolu, Abiodun Lists Benefits Of Proposed Lagos-Ogun Joint Commission - Governors Babajide Sanwoolu and  Prince Dapo Abiodun, MFR, drew up a list of benefits of a joint economic Commission between Lagos and Ogun states while addressing the Organised Private Sector (OPS) at the October edition of the Nigeria-South Africa Chamber of Commerce, NSACC. Proshare Read More 

Oil Markets: A Rare Bullish Bounce In Oil Markets - Oil received a jolt on Friday morning on unexpectedly positive manufacturing data from China and a continued rig count collapse, although it doesn't put to rest concerns about an economic slowdown. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Nov 01, 2019 - According to figures from CBN's Q3 2019 economic report, Nigeria's Fiscal deficit for Q3 2019 declined by 40.2% QoQ and 58% YoY to N379.7 billion. Source ARM Read More 

Brickstone Africa Committed to Tackling Africa's $108b Infrastructure Gap - Brickstone Africa has reiterated its commitment to help bridge the $108 billion annual infrastructure gap in Africa. The company whose goal is to be Africa's infrastructure catalyst, has set up the Brickstone Dealcamp Series. Source TheNation Read More 

Saudi Arabian CMA Announces the Approval of The IPO of The Saudi Arabian Oil Company's Shares - The Capital Market Authority ("CMA") Board has issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) ("the Company") application for the registration and offering of part of its shares. Source Saudi Arabia CMA Read More 

FG Cuts Farming Equipment Prices By 50% - The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, in a statement on Sunday, was quoted as saying that the move was to show government's determination at improving the production capacity of farmers. Source Punch Read More 

PenCom To Open PFAs Transfer Window June 2020 - Some executives of the Pension Fund Operators Association of Nigeria, who spoke during a seminar organised by the association in Lagos on Friday, said the window had not been opened because the operators were still trying to get the biometrics right. Source Punch Read More 

Obaseki: Nigeria Lost $1.35bn to Oil Theft in Q1 - The Edo State Governor, Mr. Godwin Obaseki, has flayed the incessant oil theft in the Niger Delta, bemoaning the loss of about 22 million barrels of crude oil in the first quarter of 2019, estimated at $1.35 billion. Source Thisday Read More


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ETI: Walking A Tight Rope; Earnings Down As Continental Headwinds Persist - The bank has sorted out the problems associated with its interpretation of the International Financial Reporting Standard (IFRS) rule 9 concerning the treatment of its impaired loans and it has, fortunately, adopted the use of the IEFX rate of N360/$ rather than the official rate of N307/$, for the translation of its financial performance. Source Proshare Read More

What To Expect From The Markets This Week - 041119 - Amidst the continued trade tension, US GDP grew at an annualised rate of 1.9% -- the slowest since Q4-18, which was slightly below the 2.0% y/y pace recorded in the second quarter and higher than the 1.6% y/y consensus estimate. Source Proshare Read More

DMO Issues Public Notice On Eligible Investors in Federal Government of Nigeria Securities - Following the Circular to All Banks referenced FMD/DIR/GEN/OGC/14/009 dated October 23, 2019 issued by the Central Bank of Nigeria (CBN), it has become necessary for the Debt Management Office (DMO) to issue this Notice on Eligible Investors for Securities issued by the Federal Government of Nigeria (FGN). Source DMO Read More 

Investors Lose N26.98bn WoW As NSEASI Dips By -0.21% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.24% to close at 26,293.30 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.34%. Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 011119 - The equities market recorded mixed performance - the listed equities market recorded -0.21% loss WoW while the NASD OTC recorded +0.53% gain WoW. Source Proshare Markets Read More 

NASD OTC Market CAP Increased By 0.53% WoW To Close At N502.37bn - As at close of trade week on 01 November 2019, market Capitalisation increased to N502.37 billion from last week's previous N499.72 billion, which shows a 0.53% increase in Capitalisation. Source NASD Read More 

Corporate Earnings For The Week Ending 011119 - 88 in All - Fifty-two (52) out of the Eighty-eight (88) firms declared growth in revenue. CWG records 153% growth in earnings to emerge as the firm with highest growth in earnings while NIGERINS records 51% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

Dangote Flour Announces Scheme of Arrangement and Board Changes with an All Foreign Directors List - In the days to come, there will be much more interest in the dynamics around a listed company acquisition, possibly delisted thereafter, and now controlled by non-Nigerian entities. Source Proshare Read More 


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We Have Over 40,000 Dormant Registered Companies - CAC Registrar - Within the two years that I took over, the commission has settled the 2013 nine per cent salary increment arrears that arose from a tripartite agreement between the Federal Ministry of Industry, Trade and Investment, Corporate Affairs Commission and the Union. Source Punch Read More

Banking Sector's Casual, Contract Staffing Hits 65 Per Cent - The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has lamented that casual, contract and outsourced staffing in the banking sector  has hit about 65 per cent. This, according to the union, implies that only 35 per cent are engaged as core employees. Source TheNation Read More

CBN To Recover N36bn Loans From North-East Farmers - The loan facility advanced to the farmers through the North-East Commodity Association is part of the Anchor Borrowers Programme of the Federal Government. Source Punch Read More

Buhari Praises Adesina for Increasing AfDB's Capital to $208bn - President Muhammadu Buhari at the weekend congratulated the President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, Board of Governors and members of staff on the historic increase of the bank's capital from $93 billion to $208 billion. Source Thisday Read More

Oil Falls On Caution Ahead Of Economic Data, Offsets Trade Deal Optimism - Oil prices eased on Monday as traders took profit ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand. Source Reuters Read More

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Development Bank Of Nigeria Commits To MSME Funding In The North-East - The Managing Director of Development Bank of Nigeria, DBN, Mr. Anthony Okpanachi, has pledged to support Micro, Small and Medium Enterprise Development in the North-East region. Source DBN Read More

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