Nigeria in 1min: Economic, Business and Financial Headlines - 180919

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Wednesday, September 18, 2019 / 07:30 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

The President's Economic Men - Understanding The Next Phase of Economic Management - Nigeria's President, Muhammadu Buhari, has just announced an eight-man team of economic advisers who will serve as the President's Economic Advisory Council. The new Council, apparently, replaces the Vice Presidents Economic Management Team (EMT) that has so far navigated the direction of national economic policy. Source Proshare Read More

Headline Inflation Increases By 11.02% YoY In August 2019; 0.06% Lower Than July 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.02 percent (year-on-year) in August 2019. This is 0.06 percent points lower than the rate recorded in July 2019 (11.08) percent. Source NBS Read More

Matters Arising On VAT - Income Model vs Gross Product Model - It was in the news last week, that the Federal Government of Nigeria is planning to increase the Value Added Tax rate (VAT) from 5% to 7.5% - a proposed fifty percent increase. Source Posi Tobosun & Olaniyi Olagoke Read More

Average Prices Of PMS, AGO, HHK and Cooking Gas - August 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -1.0% year-on-year and increased by 0.3% month-on-month to N145.5 in August 2019 from N145.0 in July 2019. Source NBS Read More

Companies Operating In Nigeria To Pay 0.005% Net Profit Levy Under The Nigeria Police Trust Fund (Establishment) Act 2018 - On June 24, 2019, the Nigeria Police Trust Fund (Establishment) Act 2018 (the "Act")1  was signed into law by the President of the Federal Republic of Nigeria. Source Azeezah & Emmanuel of Banwo & Ighodalo Read More

CBN Reschedules September 2019 MPC Meeting To 19th And 20th - The CBN wishes to inform all its stakeholders and the general public that the Monetary Policy Committee (MPC) meeting No. 269, earlier scheduled for Monday, September 23 and Tuesday, September 24, 2019, will now hold on Thursday, September 19 and Friday, September 20, 2019.   Source CBN Read More

NECA, MAN Laud FG's Economic Advisory Council - The Nigeria Employers' Consultative Association and the Manufacturers Association of Nigeria have commended President Muhammadu Buhari on the recent formation of his Economic Advisory Council.The associations added that the move was both timely and commendable. Source Punch Read More

 

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PROSHARE REGULATORS

CBN Begins Charges On Deposits, Withdrawals Above N500,000 - The apex bank said this in a circular to all Deposit Money Banks in the country. It said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. Source Punch Read More

 

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PROSHARE MARKETS

Yinka Sanni Reiterates Stanbic IBTC's Commitment To Delivering Long Term Value To Its Stakeholders - Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC, assured Nigerians that Stanbic IBTC Bank remains strong, stable and sustainable in its operations. Stanbic IBTC Holdings PLC posted a profit of N36 billion for the half-year which ended June 30, 2019 and rewarded shareholders with an interim dividend of N10.2 billion at 100 kobo per share. Source NSE Read More 

Investors Lose N81.43bn As Sell Pressure Persists; NSEASI Dips Further By -0.61% - Equities market closed today on a negative note, as NSEASI depreciated by -0.61% to close at 27,407.04 points as against -0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.80%. Source Proshare Read More 

Treasury Bill Auction Schedule For September 18th, 2019 - A primary auction of Nigerian Treasury Bills will take place tomorrow, Wednesday, September 18th, 2019. Source Arthur Steven Asset Mgt Read More 

Invest in FGN Monthly Bond Auction - September 2019 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source DMO Read More

 

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PROSHARE BUSINESS

Christian Financial Accountability Association Holds Inaugural Seminar - The Christian Financial Accountability Association (CFAA); a self-regulatory association of churches and Christian organizations concerned about financial accountability and governance, held its inaugural seminar with the theme "Finance and Governance Accountability". Source Proshare Read More

Four Banks Generate N24.3bn From Account Maintenance Charges - Between January and June 2019, four leading banks generated N24.3bn from account maintenance charged on their customers' accounts, investigation has shown.This is an increase of about 19.18 per cent from N20.39bn generated in the corresponding period in 2018. Source Punch Read More

SPDC, Belema Resolve Oil Dispute, Resume Operations - The Nigerian National Petroleum Corporation with its joint venture partners, Shell Production Development Company, and Belema Oil, have resolved the dispute on the operation of Oil Mining Lease 25.The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil well would take off in the next 10 days. Source Punch Read More

Oil Steps Back On Saudi Supply Reassurance, Focus Shifts To Fed - Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month's end while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges. Source Reuters Read More

Trump Says China Trade Deal Could Come Before U.S. Election, Or Not - U.S. President Donald Trump said on Tuesday his administration could seal a deal on trade with China before the U.S. presidential election, or an agreement could be reached the day after U.S. voters go to the polls. Source Reuters Read More

 

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