Nigeria in 1min: Economic, Business and Financial Headlines - 101219


Tuesday, December 10, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @oyostategovt


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Outlook for African Banks in 2020 Turns Negative as Operating Conditions Weaken - The 2020 outlook for African banks has changed to negative from stable, reflecting their weakening operating environment, Moody's Investors Service said in a report published today. Source Moody's Investor Service Read More 

TAT Clarifies The Basis For Computing Interest On Tax Liabilities - The Tax Appeal Tribunal (TAT or "the Tribunal") sitting in Lagos on 16 October 2019, delivered judgement in the case between Ikeyi & Arifayan ("the Appellant") and the Lagos State Board of Internal Revenue (LSBIR or "the Respondent") to the effect that interest… Source Wole Obayomi, KPMG Read More 

Moody's Affirms Ratings of Nigerian Banks Following Action On The Nigerian Government - Moody's Investors Service ("Moody's") has affirmed the B2 long-term local currency deposit ratings of the following Nigerian banks: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Plc, Union Bank of Nigeria plc, Fidelity Bank plc… Source Moody's Investor Service Read More 

Moody Changes Ratings for IHS, Seplat and DANGCEM Following Negative Rating on Sovereign Outlook - Moody's Investors Service has taken rating actions on three Nigerian non-financial corporates. These rating actions follow Moody's sovereign outlook change, on 4 December, of the Government of Nigeria's ratings to negative from stable and affirmation of the B2 long-term foreign-currency and local-currency issuer ratings. Source Moody's Investor Service Read More 

Moody's Affirms Bank of Industry Ratings, Changes Outlook to Negative from Stable - Moody's Investors Service ("Moody's") has today affirmed Bank of Industry's B2 Corporate Family Rating (CFR). Moody's has also affirmed the bank's National Scale long-term issuer rating of The outlook has been changed to negative from stable. Source Moody's Investor Service Read More 

Moody's Affirms Interswitch's Ratings; Outlook Remains Stable - Moody's Investors Service ("Moody's") has today affirmed the B2 Corporate Family Rating (CFR) of Interswitch Limited (Interswitch). Moody has also affirmed the (P)B2 senior unsecured programme ratings of Interswitch Africa One Plc, a special purpose vehicle owned by Interswitch. The outlooks remain stable. Source Moody's Investor Service Read More

FG: We'll Block Oil Sector Fraud, Tax Evasion with Ownership Register -  The federal government has said disclosing the real owners of oil gas, and mining assets in the country through the Beneficial Ownership register will help it to deal with cases of corruption, illicit financial flows and tax avoidance in the sector. Source Thisday Read More

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Afrinvest Stock Recommendation For The Week 091219 - Last week, the domestic bourse ended on a bearish note following slight profit taking after four weeks of successive gains. Consequently, the All-Share Index shed 0.5% to close at 26,855.52 points while YTD return worsened to -14.6%. Similarly, investors lost N218.2bn as market capiltalisation depreciated to N13.0tn. Source Afrinvest Research Read More 

Bullish Run Extends to Fourth Consecutive Week as Average Yield on NT-Bills Dips to 7.3% - Last week, performance in the Treasury Bills market was mixed albeit slightly bullish as offshore investors sold off their NT-Bills ahead of OMO auction due to the yield differentials, while local demand was  buoyed by improved system liquidity (c N400.0bn from maturing OMO and NT-Bills instruments). Source Afrinvest Research Read More 

FMDQ Restates Commitment To Driving Efficiency In Nigeria's Infrastructure Development - The FMDQ Securities Exchange (FMDQ) PLC has restated its commitment to driving efficiency in the development of Nigeria's Infrastructural landscape. Chief Executive Officer, FMDQ, Mr. Bola Onadele, disclosed this during the Capital Market Correspondents Association of Nigeria (CAMCAN) 2019 annual workshop in Lagos at the weekend. Source FMDQ Read More 

A Capital Market Infrastructure Fund Could Jumpstart Project Development In Nigeria - Mary Uduk - The Nigerian Securities and Exchange Commission (SEC) has said that the creation of an infrastructure fund through the capital market could help in closing the infrastructure gap in the country. Source SEC Nigeria Read More 


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2019 Dr. Christopher Kolade Lecture by Cadbury Nigeria Alumni Holds on Wed, Dec 11, 2019 - The 2019 Dr. Christopher Kolade lecture organized by the Cadbury Nigeria Alumni Association (CNAA) will hold on Wednesday, 11th December 2019 at the Agip Recital Hall, MUSON Centre, Onikan, Lagos by 11:00 am. Source Lampe Omoyele Read More

Buhari Declines Reconfirmation of Babatunde Fowler, Nominates Muhammad M. Nami As New FIRS Chairman - President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service, FIRS, subject to Senate confirmation. The President nominated a renowned tax consultant, Muhammad M. Nami as the new chairman. Source State House Read More

Buhari Administration Met $63.81bn Debt, Says DMO - The Debt Management Office on Monday said the President Muhammadu Buhari administration met a debt stock of $63.81bn when it came into office in 2015. The DMO was responding to a claim that Buhari inherited a debt stock of less than $7.0bn when he assumed office. Source Punch Read More

P&ID: Court Dismisses Briton's Request For Bail Condition Variation - The Federal High Court, Abuja, on Monday, dismissed an application for reduction of bail conditions imposed on a British national, James Nolan, who is being prosecuted on charges bordering on the activities of a foreign firm, Process and Industrial Development. Source Punch Read More

FG To Give States Control Over Solid Minerals - The Federal Government said on Monday that a committee led by the Chairman of the Nigeria Governors' Forum, Kayode Fayemi, has started working on an arrangement that would enable states to enjoy full control of the solid mineral resources in their states. Source Punch Read More

Asian Shares Ease Slightly As Tariff Deadline Looms - Asian equity markets ticked down on Tuesday, tracking Wall Street losses as investors fretted over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports to take effect. Source Reuters Read More

Electricity Tariff Increase Inevitable, Says FG -  The federal government has said it is expecting an improvement in electricity supply to Nigerian, just as it revealed that an increase in electricity tariff will be inevitable. Source Thisday Read More

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International Digital Money Transfer Transactions To Reach 2bn By 2024 - A new study from Juniper Research has found that global international digital money transfer transaction volume will reach 2 billion by 2024; up from 1.1 billion in 2019. Source Juniper Research Read More


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How Islamic Finance Supports Nigeria's Sustainable Development Goals-HRH Muhammadu Sanusi II - Islamic Finance has the potentials to support Nigeria's quest to achieve its sustainable development goals as a nation. The Emir of Kano His Royal Highness Mohammed Sanusi II disclosed this as a keynote speaker at the recent 4th Africa International Conference on Islamic Finance in Lagos. Source Proshare Read More


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Talent is Not Hard to Find in Africa, We Must Help Our Young To Accelerate Productivity  Elumelu - I would like to thank the ACP for organising this event and my big brother, President Kenyatta for the warmth and hospitality his government has shown by hosting such an important forum. Source Tony Elumelu Read More


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