Nigeria in 1min: Economic, Business and Financial Headlines - 131119

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Wednesday, November 13, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: Proshare

 

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PROSHARE ECONOMY 

Historic Signing of High-Speed Railway Construction Concession Agreement for Ghana - The African Development Bank has thrown its weight behind a concession agreement for the construction of a high-speed railway in Accra, Ghana's capital. The signing took place on the opening day of the second Africa Investment Forum, running from Monday to Wednesday in Johannesburg. Source AfDB Read More 

FAAC Disburses N693.52bn in October 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N693.52bn to the three tiers of government in October 2019 from the revenue generated in September 2019. Source NBS Read More 

House Asks FIRS to Refund N4.6bn Illegal Deduction to FCT-IRS - The House of Representatives has directed the Federal Inland Revenue Service (FIRS) to refund the sum of N4.6 billion to FCT Internal Revenue Service (FCT-IRS), which was illegally deducted as tax between 2015 and 2019. Source Thisday Read More 

N/Assembly Will Pass Budget Nov. 28 - Lawan - Senate President Ahmad Lawan says the National Assembly will pass the 2020 Appropriation Bill on November 28, 2019. The Senate president stated this at plenary yesterday. Source Dailytrust Read More

Senate Wants Textile Imports Banned For Five Years - The Senate on Tuesday appealed to the Federal Government to ban importation of textiles for a period of five years to allow for the production of local textiles. This followed the debate on a motion sponsored by Senator Kabir Barkiya (APC-Katsina Central) during plenary session on "Urgent need to revamp the nation's comatose textile industry". Source Punch Read More 

FG To Tax Oil Firms' Dividends - If the Finance Bill submitted by President Muhammadu Buhari is passed by the National Assembly, it would remove the tax exemption on dividends paid from the profits of oil companies. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this in a statement issued on Tuesday. Source Punch Read More


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PROSHARE MARKETS

Zenith Bank 9 months 2019 Result; Modest Top Line Earnings, Comfortable But Slow Outlook - Zenith Bank Plc's market penetration has cooled over the last few quarters as top line earnings grew modestly. Gross earnings went up by +3.5% from N474.61bn in September 2018 to N491.27bn in September 2019. Source Proshare Read More 

Unilever Nigeria Q3 2019 Results Review: Outlook Dimmed By Change In Operating Model - Unilever Nigeria's (Unilever) Q3 2019 results marks its weakest performance for as far back as we can track. The company posted a record pre-tax loss of -N4.1bn for the quarter, driven by a -63% y/y decline in sales. Source FBNQuest Research Read More 

SEPLAT Announces Q3 2019 Interim Dividend Currency Exchange Rates - Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company, today confirms that the following currency exchange rates will be applicable in determination of the Q3 2019 interim dividend payment to any shareholders that qualify for and have elected to receive the Q3 2019 interim dividend payment in Naira or GBP. Source NSE Read More 

A Further Fall In Official Reserves - Gross official reserves saw another sharp decline in October, of US$1.39bn to US$40.46bn. Over three months the fall has amounted to US$4.44bn. The principal driver has consistently been the exit of foreign portfolio investors (FPIs). Source FBNQuest Research Read More 

NSEASI Inches Up By 0.54% To Open The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.54% to close at 26,456.39 points as against +0.48% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.83%. Source Prohare Read More

 

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PROSHARE BUSINESS 

Nigeria's Business Environment; Survival Of The Fittest - According to a recently published report from the World Bank Enterprise Survey, between 2009-2014, about 322 (out of 5,833 firms) organised private companies were forced to shut down operations. Source CSL Research Read More

2nd FMDQ Gold Awards: Stanbic IBTC Emerges Primary and Secondary Market Award Winner - Stanbic IBTC, a leading Deposit Money Bank in Nigeria, emerged the Primary and Secondary markets award winners at the second edition of the FMDQ Gold Awards in Lagos recently. Source Proshare Read More 

ETI Announces Laurence Do Rego as Group Chief Regulatory & Compliance Officer - Ecobank Transnational Incorporated, ETI, the Lome-based parent company of the Ecobank Group, announces the appointment by its Board of Laurence Do Rego as Group Chief Regulatory & Compliance Officer with immediate effect. Source NSE Read More 

NIRSAL Facilitates N101bn Loans For 693 Agric Projects - Since its incorporation in 2013 by the Central Bank of Nigeria, a total of N101bn has been facilitated by the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending from Deposit Money Banks for the agricultural sector. Source Punch Read More

Trump Says China Trade Deal 'Close' But Dashes Hopes For Signing Details - President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon," but offered no new details on negotiations in a campaign-style speech touting his administration's economic record. Source Reuters Read More


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PROSHARE TECHNOLOGY  

Singapore to Become a Green Finance Hub With $2billion Programme - The Monetary Authority of Singapore plans to create a $2 billion green finance programme, the local media reported. The programme is an initiative that will seek to establish the country as a major green financing hub on the global front. Source International Finance Read More 

Analysts Review Regulations And The Future Of Fintech In Nigeria - At the 2019 Nigeria Fintech Week, panelists discussed "Regulations and the Future of Fintech in Nigeria" as it concerned Nigeria and Sub-Saharan Africa. Source Proshare Read More

 

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PROSHARE FINANCE 

The Discontinuation of DBA For Deceased Employees Under The Contributory Pension Scheme - Section 11(1) of the Pension Reform Act (PRA) 2014 mandates every eligible employee to maintain a Retirement Savings Account (RSA) with a Pension Fund Administrator of his/her choice. Source PENCOM Read More 

 

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