Nigeria in 1min: Economic, Business and Financial Headlines - 111219

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Wednesday, December 11, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @WebTVng


 

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PROSHARE ECONOMY 

Tullow Shares Plummet 70% After Group Cuts Production Outlook - Shares in Tullow Oil plunged more than 70 per cent after the FTSE 250 oil and gas explorer slashed its production outlook and announced the departure of its chief executive and head of exploration. Source David Sheppard and Myles McCormick of FT Read More 

FG Launches Financial Transparency Policy Portal - The Federal Government, in its effort at deepening accountability in the public sector, recently launched the Financial Transparency Policy & Portal in Abuja. Source Proshare Read More 

Pick-up In Private-sector Lending, More Needed - There has been a welcome pick-up in banks' net credit to the private sector, which has expanded y/y at double-digit levels for three successive months. The authorities will be looking for an acceleration in the growth, which remains below that for nominal GDP. Source FBNQuest Research Read More 

Kwara State Recovers N4.8bn Tax Refunds from Previous Administration - The Kwara State government has commenced massive recovery of revenues from the immediate past administration of the State. In a tweet posted earlier today, the governor of the State, Abdulrahman Abdulrasak, said the Economic and Financial Crimes Commission (EFCC) had recovered N4.8bn from the previous administration from unaccounted tax refunds. Source Proshare Research Read More 

Full Speech of Ogun State Governor, Dapo Abiodun At 2020 Budget Presentation - Being address delivered by the Governor of Ogun State, His Excellency, Prince (Dr.) Dapo Abiodun, MFR, at the presentation of the 2020 appropriation bill to the State House of Assembly, held on Tuesday, 3rd December, 2019. Source Platform Times Read More 

2020 Outlook: At the Cliff's Edge - Macroeconomic Review and Outlook - The global economy faces more turmoil in 2020, but we remain largely optimistic in our outlook, given the continued attempts to find a lasting resolution to the Sino-US trade war. Source Cordros Research Read More 

Domestic Price of Turkey Increased By 38% to N1,800 per kg - Turkey is a commodity best known for its seasonal consumption - Thanksgiving, Christmas and Easter. The estimated spend on the commodity in the US is $960million. Source FDC Read More 

OPEC Deal And Trade War Pause Push Oil Up - OIR 101219 - Oil prices held onto the modest gains following the OPEC+ deal at the start of this week. The next move for crude benchmarks likely depends on the outcome of the U.S.-China trade negotiations, which appear to be moving in the right direction after the U.S. agreed to delay China tariffs. Source OilPrice Read More 

Nigeria To Spend N750.81bn On Fuel Subsidy In 2020 - The Federal Government is expected to spend N750.81bn on petrol subsidy in 2020, latest data from the Petroleum Products Pricing Regulatory Agency have shown. For more than two years, the Nigerian National Petroleum Corporation has shouldered petrol subsidy's spending on behalf of the Federal Government. Source Punch Read More 

Discos Increase Revenue Collection To N466bn - The collection of revenue from users of electricity across the country by power distribution companies has increased to N466bn, the Association of Nigerian Electricity Distributors announced on Tuesday.  ANED said Discos had raised electricity revenue collection by N43bn in the last one year, while reducing their aggregate technical, commercial and collection losses to 45 per cent. Source Punch Read More 

 

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PROSHARE REGULATORS 

NSE Forecasts N200bn Capital Inflow To Insurance Sector - The Nigerian Stock Exchange has forecasted an inflow of N200bn capital into the insurance sector post-recapitalisation. The Chief Executive Officer, NSE, Mr Oscar Onyema, made this known while speaking during the NSE Insurance Sector Forum in Lagos on Tuesday. Source Punch Read More

 

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PROSHARE MARKETS 

Market Sentiment Remains Negative As Investors Lose N143.39bn; NSEASI Dips Further By -1.11% - Equities market closed today on a negative note, as NSEASI depreciated by -1.11% to close at 26,384.21 points as against -0.65% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.06%.  Source Proshare Markets Read More 

SEPLAT Entered Into An Amended And Restated US$350m Revolving Credit Facility - On 15 October 2019, the boards of Seplat and Eland announced that they had reached agreement on the terms of a recommended cash acquisition by Seplat of the entire issued and to be issued ordinary share capital of Eland (the "Acquisition") to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). Source NSE Read More

 

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PROSHARE BUSINESS 

Buhari Appoints Edward Adamu, Muiz Banire Completes Tenure - President Muhammadu Buhari has named Mr. Edward Adamu as the Chairman of the Asset Management Corporation of Nigeria (AMCON). Source News Read More 

CBI's National Integrity Barometer Will Change Nigeria's Corruption Perception - Soji Apampa - The planned launch of the National Integrity Barometer 2020, will change the corruption perception that Nigeria has had to grapple with over the last few decades. Source WebTV Read More

Senate Probes CBN Over N20tn Unremitted Stamp Duty - The Senate has mandated its Committee on Finance to investigate the non-remittance of over N20tn into the Federation Account by the Central Bank of Nigeria. The CBN, according to the red chamber, collected the amount as stamp duty from banks and financial institutions from 2016 till date. Source Punch Read More  

U.S., Canada And Mexico Sign Agreement - Again - To Replace NAFTA - Top officials from Canada, Mexico and the United States signed a fresh overhaul of a quarter-century-old trade pact on Tuesday that aims to improve enforcement of worker rights and hold down prices for biologic drugs by eliminating a patent provision. Source Reuters Read More


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PROSHARE FINANCE 

The Northcourt 2019 Ghana Real Estate Market Report - Ghana's real estate market has grown considerable in the last 10 years on the back of consistent political stability, rising equality and economic prosperity as well as an urbanization rate that is one of the fastest on the continent. Source Northcourt Real Estate Read More

 

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