Nigeria in 1min: Economic, Business and Financial Headlines - 131219

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Friday, December 13, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @akin_adesina

 

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PROSHARE ECONOMY 

NEITI Launches Beneficial Ownership Portal - To improve transparency in the extractive and mining sector of the economy,  the Nigerian Extractive Industry Transparency Initiative (NEITI) has launched a digital register of beneficial owners of mining licences in the country. Source Proshare Read More 

Inflation, Rolling With The Punches - Based on our survey, headline inflation for November is projected to increase to 11.88% from 11.61% in October. In the last six months, headline inflation has increased for three months. If our projections are accurate, it will be the fourth month of rising inflation. Source FDC Read More 

Nigeria Falls Short Of Economic Growth Expectation - IMF - The International Monetary Fund has said oil-dependent economies, including Nigeria, continue to fare less than countries reliant on other export sectors, a pattern in place since the drop of oil prices in 2014. The IMF stated this on Thursday in its policy paper on macroeconomic developments and prospects in low-income developing countries. Source Punch Read More  

Nigeria Lost N4bn To Electricity Workers Strike - The industrial action undertaken by members of the National Union of Electricity Employees (NUEE) on Wednesday may have cost the country over N4 billion with nationwide outages.Source Dailytrust Read More

 

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PROSHARE MARKETS 

Flour Mills of Nigeria Series 11 Commercial Paper Closes Today December 12th, 2019 - This is to inform you that the Flour Mills of Nigeria PLC ("Flour Mills") series 11 commercial paper offer of up to NGN5 billion closes Today 12th December, 2019. Source Arthur Stevens Asset Mgt Read More

Court Sanctions Scheme of Arrangement Between Eland Oil and Gas And SEPLAT - Eland and Seplat are pleased to announce that the Scheme was sanctioned by the Court earlier today. The Scheme will become effective upon the Court Order being delivered to the Registrar of Companies, which is expected to take place on 17 December 2019. Source NSE Read More 

NSEASI Firms Up Further By +0.51% As Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.51% to close at 26,569.80 points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.46%. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

CNAA 2019 Lecture: Awosika Calls For Entrepreneurial Productivity To Drive National Development - The Cadbury Nigeria Alumni Association, CNAA, recently hosted its 2019 Dr. Christopher Kolade Lecture in Lagos themed; "2020: Opportunities and Threats in the Nigerian Economy". Source Proshare Read More 

Visa Issuance At The Point of Entry Into Nigeria To All Africans Takes Effect From January 2020 - Other Africans travelling to Nigeria will from January 2020 be able to get their visas at the point of entry. This was stated by President Muhammadu Buhari Wednesday at the Aswan Forum for Sustainable Peace and Development in Africa, holding in Egypt. Source Premium Times Read More

Nigeria, U.S. Seek Deeper Ties As Trade Volume Hits $6.5 Billion - The Nigerian American Chamber of Commerce (NACC) has stated that it would mobilise initiatives to create greater trade deals between Nigeria and the United States, noting that plans are also ongoing to also push for an enabling business environment to reduce Nigeria's dependence on hydrocarbon resources. Source Guardian Read More

CBN: Banks Refund N76.7bn, $20.9m to Customers over Transaction Issues - The Central Bank of Nigeria (CBN) has put banks' refunds to customers as of November 30, at N76.75 billion and $20.90 million. This is coming as the Managing Director of Stanbic IBTC Bank Limited, Dr. Demola Sogunle, has predicted that the banking sector credit would hit N28 trillion by the end of the year, up from the N16 trillion at the end of September. Source Thisday Read More

Oil Prices Fall As U.S. Crude Stocks Jump - U.S. crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose, data from industry group the American Petroleum Institute shows. Source Vanguard Read More


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PROSHARE TECHNOLOGY   

ISSAN Calls for Collaboration to Boost Cyber Security - Stakeholders in the Nigerian cyber security space under the aegis of the Information Security Society of Africa-Nigeria (ISSAN) have called for collaboration to boost cyber security in the country. Source Thisday Read More

FG To Audit Spectrum Licences Issued In Last Two Decades - The Federal Government is planning to carry out frequency audit on all the spectrum licences issued from inception till date, in order to determine the amount paid, appropriate usage, and others issues around such licences. Source Guardian Read More 

 

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PROSHARE FINANCE 

Concentration of Assets Under Management in FI Products - The assets under management (AUM) of the regulated pension industry increased by 16.1% y/y in October to N9.81trn (US$32.0bn), and by 2.4% m/m. They represent just 7.7% of 2018 GDP. This coverage lags peer emerging markets because the Nigerian industry, dating from 2004, is one of the newest. Source FBNQuest Research Read More 

NSE Forum Explores Recapitalization Prospects for Nigeria's Insurance Industry - As the clock winds down on the recapitalization deadline for Insurance companies in the country, The Nigerian Stock Exchange (NSE) organized a forum to discuss ways of raising long term capital for the insurers. The form held in Lagos discussed the theme, "Recapitalization: A Panacea For Insurance Industry Growth". Source Proshare  Read More 

Real Estate: Declining Credit Reflects Underlying Weakness - According to the data published by the National Bureau of Statistics, commercial banks' credit to the real estate sector dropped by 17% y/y to N588.7bn in Q3 2019 from N710.2bn in Q3 2018. The data also revealed that the real estate share of banking sector credit fell to 3.62% in Q3 2019 from 4.56% in Q3 2018. Source CSL Research Read More


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