Nigeria in 1min: Economic, Business and Financial Headlines - 050919


Thursday, September 05, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @wef


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Oil Hit Hard As Tariffs Take Effect - U.S. average retail gasoline prices dropped to $2.57 per gallon in the last week of August, or about 25 cents (9 percent) lower than at the same time last year. Source OilPrice Read More

Global Warming And The Future Of The Palm Oil Industry - Amid a mounting movement against deforestation by environmentalists to fight climate change, the future of the oil palm industry stands threatened. The European Union passed an act earlier this year to phase out palm oil from renewable fuel by 2030 due to environmental concerns. Source CSL Research Read More

Okro Output In Nigeria Estimated At 1.98mn Tonnes - Oil price volatility just increased sharply after the new tariffs by the US on China and the reciprocal action of the Chinese on US oil. Source FDC Ltd Read More

CBN Releases Requirements For The Establishment And Operation Of DFIs' Subsidiaries And SPV - We have noted the spate of requests from Development Finance Institutions (DFIs) for special Regulatory approvals to operate special purpose vehicles (SPVs) in furtherance of operational objectives. It is important that DFIs are transparent in their financial reporting and remain focused on their core objectives. Source CBN Read More

Tax 101 - How The Proposed VAT On Online Transactions Will Affect You - The Federal Inland Revenue (FIRS) said it will ask banks and other service providers involved in online payment settlement to collect VAT on online transactions effective from January 2020. Source  Taiwo Oyedele, Tax Partner, PwC Nigeria Read More

World Bank, China Tops Nigeria's Creditors With $11.46bn - The World Bank and the Exim Bank of China are Nigeria's largest creditors with a combined portfolio of $11.46bn, data obtained from the Debt Management Office have shown. While the World Bank is a multilateral lender, the Exim Bank of China is a bilateral lender, implementing orders from the government of China especially in financing projects being executed by Chinese firms. Source Punch Read More


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Nigeria-South Africa; Trade Not Xenophobia, A Handshake Across the Sub-Sahara - Both Nigeria and South Africa could do without the negative optics of xenophobia and would do a lot better if they both stopped the carnage and searched for ways of deepening trade between both economies. Source Proshare Read More

ZenithBank Announces Invitation To Noteholders To Purchase Notes For Cash - Zenith Bank Plc, a public limited liability company incorporated in the Federal Republic of Nigeria (the "Company") has today launched an invitation to holders (the "Noteholders") of the U.S.$500,000,000 7.375% Notes due 2022 Source NSE Read More 

FIDELITYBK H1 2019 Earnings Update: Growth In Earnings Asset Enhances Performance - Fidelity bank Plc. recorded a decent half-year financial performance with growth in its gross earnings (+12.31%) to NGN103.66bn, owing to growth in interest income +7.22%) and noninterest income (+6.31%). Source Meristem Research Read More 

C and I Leasing Plc Submits Application For Approval and Listing of A Rights Issue - C&I Leasing Plc (C&I or the Company) has through its Stockbroker, CSL Stockbrokers Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of Five Hundred and Thirty Nine Million, Three Thousand, Three Hundred and Thirty-Three (539,003,333) ordinary shares of Fifty Kobo (N0.50) each. Source NSE Read More 

Investors Lose N129.97bn as NSEASI Erases Previous Day Gain; Dips By -0.97% - Equities market closed today on a negative note, as NSEASI depreciated by -0.97% to close at 27,319.64 points as against +0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.08%. Source Proshare Markets Read More 


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NB Plc Reacts to Media Investigation On Its Dutch CEO Suspected Of Corruption - Nigerian Breweries Plc is aware of the recent publication by an online news platform about an alleged incident that occurred in early 2017. Source NSE Read More

VP Osinbajo To Attend 12th Annual CIBN Banking And Finance Conference - Vice President Professor Yemi Osinbajo, SAN, will be the special guest of honour at the 12th edition of the Annual Banking and Finance conference, hosted by the Chartered Institute of Bankers of Nigeria (CIBN). Source WebTV Read More

China, U.S. To Hold Trade Talks In October: China Commerce Ministry - China and the United States agreed to hold high-level trade talks in early October in Washington, China's commerce ministry said on Thursday, amid fears that an escalating trade war could trigger a global economic recession. Source Reuters Read More

Eyeing Asian Market, NNPC's Duke Oil Relocates to Dubai - The trading arm of the Nigerian National Petroleum Corporation (NNPC), Duke Oil, is leaving London to set up in Dubai to be closer to the Asian market, which is fast becoming the main buyer of Nigeria's crude oil. Source Thisday Read More 

Nigeria's Crude Oil Production To Witness Eight Per Cent Decline - Nigeria's crude oil production may witness a steady decline to approximately 7.93 per cent before 2025, a new research, conducted by U.S.-based Orbis Research has said.Being the same year Nigeria has targeted to increase oil reserve to about 40 billion and daily production to about three million barrels per day, the current revelation raises doubts over the achievement of the target. Source Guardian Read More

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How 60k Changed My Life - Payday was August 30th and from 12 am, I wasn't able to take my eyes or ears off my phone. At the sound of every notification, I'd rush to my phone, expecting a credit alert only to realize it was an end-of-the-month WhatsApp BC. Source Crowdyvest Read More 

Pencom Attributes Accumulation Of N9tr Pension Assets To OPS Support - National Pension Commission (PenCom) has attributed netting N9 trillion worth of pension assets under the Contributory Pension Scheme (CPS) to Organised Private Sector (OPS’) support. Source Guardian Read More

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