Nigeria in 1min: Economic, Business and Financial Headlines - 111119


Monday, November 11, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @NigeriaGov


Click Here To Read Latest News Updates



2019 Finance Bill: 20 Sweeping Changes To Nigeria's Tax Laws That May Affect You - A Bill to amend various tax laws in Nigeria is currently undergoing legislative process at the National Assembly. The 2019 Finance Bill which was presented to the Legislature by President Muhammadu Buhari along with the 2019 Budget seeks to introduce sweeping changes. Source Taiwo Oyedele* Tax Partner, PwC Nigeria Read More 

TAT Judgement On Taxation Of Dividend Paid From Tax-Exempt Income - The Tax Appeal Tribunal (TAT or "the Tribunal") sitting in Lagos recently delivered judgement in the consolidated tax appeals filed by United Capital Asset Management Limited (UCAM) and United Capital Trustee Limited (UCT), jointly referred to as "the Appellant", against the Federal Inland Revenue Service (FIRS or "the Respondent"). Source Wole Obayomi, KPMG Read More 

October 2019 Macro-Economic Update - Sluggish FPI Flows But CBN Maintains The Balance - The balance of flows at the Investors and Exporters Window (IEW) maintained same trend for the fourth consecutive month, with net outflows coming in at $528 million (+48% MoM). Source ARM Research Read More 

The Key Changes In The 2019 Finance Bill - Focus on Taxation - A Bill to amend various tax laws in Nigeria is currently undergoing legislative process at the National Assembly. The 2019 Finance Bill which was presented to the Legislature by President Muhammadu Buhari along with the 2019 Budget seeks to introduce sweeping changes. Source News Read More 

The Steam is Sizzling Out - Inflation To Continue Its Upward Trajectory In October - Based on our survey, headline inflation is expected to continue its upward trajectory in October. The index is estimated to soar by 0.36% to 11.60%. The factors driving inflation remain supply shocks with underlying cost push pressures. Source FDC Read More 

Oil Markets: Deja Vu As The Trade War Talks Flatter To Deceive - Oil prices fell back on Friday as traders awaited more solid evidence that the U.S.-China trade deal will be completed. News reports this week suggested that both sides would lower tariffs as part of the "phase one" agreement. Source Oilprice Read More 

Can Saudi Arabia Hold OPEC Together? - The descent of choking smog on New Delhi in the last week cannot help but refocus India's political attention on the contribution of coal-fired plants and roadside emissions to urban air pollution, even if nearly half of the recent incident was attributed to stubble burning from farmers by the country's Supreme Court. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Nov 08, 2019 - Earlier today, the apex bank announced plans to increase participation in OMO secondary market in a bid to improve liquidity of the OMO bills. This will be done by providing one-way quotes for bills across all tenors. Source ARM Read More 

FAAC Disburses N740.87bn in September 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N740.87bn to the three tiers of government in September 2019 from the revenue generated in August 2019. Source NBS Read More 

Why 2020 Could Be A Crisis Year For Refiners - "The single largest oil market disruptor"-as some experts and media have dubbed the new shipping fuel rules set to kick in in less than two months-has had refiners on edge this year as they prepare for the dramatic switch in marine fuel specifications. Source Oilprice Read More 

Power Generation Collapses to 145MW - The total amount of power on Nigeria's grid collapsed from a peak of 4,735.8 megawatts on Friday to as low as 145MW on Saturday but the Transmission Company of Nigeria said it had been restored. Source Punch Read More


Click Here to Read More News on Economy


Proshare Nigeria Pvt. Ltd.


Nigerian Banks: A Season of Mixed Performance; Reviewing The Growth Numbers - To provide Investors with clearer insight into how well banks did on a comparative basis in the 9 months to September 2019, a brief summary of comparative data was put together by Proshare and its associate analysts to put context to the three-quarter performances of selected local deposit money institutions. Source Proshare Read More 

Dangote Index Mildly Affected By Sale of Dangote Flour Mills - The sale of Dangote Flour Mills ("DFM") to the Olams Group has not significantly affected the direction or value of the Proshare Dangote ("Gote") Index, the Index which was adjusted on Friday November 1, 2019, for the change in ownership of the flour company predominantly saw negative Index growth in the course of the week. Source Proshare Read More 

NASD OTC Market CAP Increased By 0.36% WoW To Close At N504.17bn - As at close of trade week on 08 November 2019, market Capitalisation increased to N504.17 billion from last week's previous N502.37 billion, which shows a 0.36% increase in Capitalisation. Source NASD Read More 

What To Expect From The Markets This Week- 111119 - As part of the FGN's policy surrounding the closure of all land borders in Nigeria, it was announced that the FGN has suspended the supply of petroleum products to filling stations within 20km of all land borders. Source Proshare Read More  

CCNN and Obu Cement Merger Update: Excerpts From The Scheme Of Merger - Cement Company of Northern Nigeria (CCNN) and Obu Cement Company Plc (Obu) have released a scheme of merger document for their impending business combination (click here to view document). Source CardinalStone Research Read More

Investors Gain N10.31bn WoW As NSEASI Inches Up By 0.08% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.48% to close at 26,314.49 points as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.28%. Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 081119 - The equities market recorded positive performance - the listed equities market recorded +0.08% gain WoW while the NASD OTC recorded +0.36% gain WoW. Source Proshare Markets Read More


Click Here to Read More News on Markets


Proshare Nigeria Pvt. Ltd.



WIMBIZ 2019: Nigeria Must Improve Its Global Ranking On Gender Gap - Erelu Bisi Fayemi - The Wife of the Ekiti State Governor Erelu Bisi Fayemi has made a strong call for Nigeria to improve its global ranking on Gender issues. She cited the 2014 World Economic Forum, WEF,  that showed Nigeria ranks 117 of 177 countries in the world on gender gap issues. Source Proshare Read More

African Investment Forum to Focus on Deals - AfDB - Ahead of the second edition of the African Investment Forum, which opens in Johannesburg on Monday, the African Development Bank and the South African government have said that the forum would focus on transactions. Source Punch Read More 

Togo: Dangote Builds $60m Cement Plant, Partners Govt To Produce Fertiliser - Dangote Industries Limited has signed deals with the Government of Togo (GoT), to make phosphate into fertiliser and build a cement factory in Togo. With over two billion tonnes of phosphate reserves, Togo is one of the leading phosphate producers in Africa. Source Dangote  Industries Ltd Read More 

CBN, FIRS to Verify Financial Documents of Eight Discos - In line with its ongoing scrutiny of the operations of electricity distributions companies (Discos), the Nigerian Electricity Regulatory Commission (NERC) has disclosed that the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Services (FIRS) would be invited to verify every financial documents submitted to it by the eight Discos currently facing regulatory actions for reportedly failing to abide by the terms of the Electric Power Sector Reform Act 2005 (EPSRA). Source Thisday Read More 

Proshare Nigeria Pvt. Ltd.

Nigeria-China Trade Value Hits $8.6 Billion - Trade between Nigeria and China reached $8.6 billion in the first half of 2019, according to Chinese Consul-General in Lagos, Chu Maoming. He also said the ties between the two countries was waxing stronger daily.  Source Thisday Read More 

Railway Wagon Assembly Plant To Generate 5000 Jobs - Amaechi - Minister of Transportation, Chibuike Rotimi Amaechi has said that about 5000 jobs would be generated from the railway Wagon Assembly Plant being built at Kajola in Ogun state. Source Leadership Read More 

Opay Gets CBN Approval For International Money Transfer - With the approval, OPay will start facilitating remittance B2B, B2P and P2P remittance services into Nigeria. This is coming on the heels of the earlier announced $50 million fundraised from major venture capitalist some months ago. Source Vanguard Read More

Aramco IPO Prospectus Flags Peak Oil Demand Risk in 20 Years - Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco's initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown. Source Bloomberg Read More


Click Here To Read More News on Business


Proshare Nigeria Pvt. Ltd.



Stakeholders At AICIF 2019 Urge For Expansion of Sukuk, Waqf and Takaful - Stakeholders at the just concluded 4th edition of the African International Conference on Islamic Finance, AICIF, agreed that there should be conscious steps to broaden the Sukuk, Waqf and Takaful finance and insurance options to improve infrastructure development, financial inclusion and economic prosperity in Africa. Source Proshare Read More 

How Islamic Finance Can Deepen Financial Inclusion In Nigeria - Hassan Usman, MD, Jaiz Bank - On the sidelines of the 4th African International Conference on Islamic Finance, Bukola Akinyele of WebTV discussed with Mr Hassan Usman, MD/CEO, Jaiz Bank on "Islamic Finance as a Tool for Financial Inclusion in Nigeria". Source Proshare Read More


Click Here to Read More News on Finance

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

Click Here To Watch More Videos 

Related News

1. What To Expect From The Markets This Week- 111119

Related News