Nigeria in 1min: Economic, Business and Financial Headlines - 211119

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Thursday, November 21, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @SECNigeria

 

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PROSHARE ECONOMY 

Oil Sinks As Sentiment Turns Sour - OIR 190919 - Oil prices fell at the start of the week on fears of ongoing oversupply and a more pessimistic outlook on the trade war. The trade negotiations continue to drive market sentiment and an agreement is looking increasingly unlikely. Source Tom Kool of OilPrice.com Read More 

Lower Sugar Production In South Africa To Increase Prices - Steel, a product derived from iron ore is believed to be the foundation of the industrial revolution. Nigeria has flirted abortively with many attempts to launch its steel industry. Source FDC Read More 

40% Of African Countries In Debt Crisis - IMF - The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. Source Punch Read More 

FG Secures 500m Pounds Loan For BoI - The Federal Government has sourced a fresh 500m pounds loan for the Bank of Industry from Credit Suisse AG, London branch, and a syndicate of international lenders.  Source Punch Read More 

FAAC: FG, States, LGs Share N702.058bn for October - The Federation Accounts Allocation Committee (FAAC) wednesday shared a total of N702.058 billion to the three tiers of government for the month of October. Source This Day Read More 

FG, States Record N352b Shortfall In Revenue Target As Fiscal Crisis Persists - The Federal Government and the state of the federation missed their respective revenue targets gain for the month of October, widening the 2019 budget deficits. Source The Guardian Read More

 

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PROSHARE REGULATORS 

CBN Publishes Lists of Licensed Finance Companies, DMBs, MFBs and BDCs As At Sept 30, 2019 - The Central Bank of Nigeria (CBN) has published the list of licensed finance companies, Microfinance Bank (MFBs), Bureaux De Change (BDCs) and Deposit Money Banks (DMBs) and Finance Holding Companies operating in Nigeria as at 30th September 2019. Source Proshare Research Read More 

SEC, Operators Mull Framework For Derivative Market By 2020 - Experts in Nigeria's derivative market have disclosed plans by the Securities and Exchange Commission (SEC) Nigeria, to roll out a regulatory framework for the market by 2020. Source The Guardian Read More 

BVN Subscribers To Hit 100m - The Central Bank of Nigeria (CBN), has pledged to increase the figures of bank customers enrolled on the Bank Verification Number (BVN) system from 38 million to 100million in the next five years. Source The Nation Read More

 

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PROSHARE MARKETS 

Ginger Outlook For 2019/ 2020 Season - Ginger cultivation was good with sufficient rainfall and many of the farmers increasing their farm holdings due to favourable prices in the preceding season. Source Afex Nigeria Read More 

Investors Gain N17.72bn As NSEASI Inches Up Further By 0.14% - Equities market closed today on a positive note, as NSEASI appreciated by +0.14% to close at 26,776.15 points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.81%.  Source Proshare Markets Read More 

UNIVINSURE Receives CAC Directive to Hold AGM - Universal Insurance Plc receives directive from Corporate Affairs Commission to hold its Annual General Meeting not later than 31st December, 2019. Source NSE Read More 

The Nigerian Stock Market Just Isn't Good Enough - It is no secret that Nigeria is heavily exposed to fluctuations in oil prices; the 2016 recession serves as a painful reminder of how dangerous this exposure can be. In order to reduce the economy's susceptibility to volatile oil prices, diversification must occur to boost other sectors. Source Stears Business Read More 

Alibaba Raises Up To $12.9 Billion In Landmark Hong Kong Listing - HONG KONG (Reuters) - Chinese e-commerce giant Alibaba Group (BABA.N) raised up to $12.9 billion in a landmark listing in Hong Kong, the largest share sale in the city in nine years and a world record for a cross-border secondary share sale. Source Reuters Read More 

CSCS Launches Regconnect to Improve Market Service Delivery - Central Securities Clearing System (CSCS) Plc is has introduced to the Nigerian capital market Regconnect, a web-based application powered by CSCS to transform and improve the user experience of Registrars, by providing an easy to use platform to exchange information. Source CSCS Read More

 

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PROSHARE BUSINESS 

Six Banks Report N36.28bn Unclaimed Dividends - Six banks listed on the Nigerian Stock Exchange reported a total of N36.28bn unclaimed dividends in 2018, investigation has shown. Source Punch Read More 

Jumia shuts down Cameroon Operation, Records Losses - E-commerce giant Jumia, still smarting from its ill-fated listing at the New York Stock Exchange, has again shocked Africa e-commerce watchers when it on Monday folded up its operations in Cameroon without prior information to the public and workers. Source This Day Read More 

Nigeria Targets Agricultural Output of N38.4tn By 2036 - The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NISRAL), has said by increasing hectarage and yield using fertilizers, seeds, adopting good cultural practices, the nation's agricultural sector output is expected to hit N38.4 trillion by 2036. Source The Guardian Read More 

Bank of Zambia Raises Key Interest Rate to Curb Inflation - Zambia's central bank raised its key interest rate for a second time this year, bucking a global easing trend, in a bid to support its currency and tame inflation. Source Bloomberg Read More 

Shares Stumble as China-U.S. Row Over Hong Kong Clouds Trade Deal Outlook - TOKYO (Reuters) - Global shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. Source Reuters Read More 

P&ID: Nigeria Appeals $200m Order, Abuja Trial Begins - Nigeria has appealed an order to pay $200m to a British court for a stay of execution in the $9.6bn award in favour of Process and Industrial Development Limited, the Minister of Justice and Attorney General of  the Federation, Abubakar Malami, has said. Source Punch Read More 

House Urges CBN to Review Monetary Policy Rate - The House of Representatives has called on the Central Bank of Nigeria (CBN) to review the Monetary Policy Rates (MPR) to curb high lending rate, while also helping to usher in a new interest rate regime to support enterprise development in Nigeria. Source This Day Read More

 

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PROSHARE TECHNOLOGY    

DSN Launches First AI Book For Primary and Secondary Schools, To Deepen Technology In Nigeria - Data Science Nigeria as part of its commitment to developing science and technology in the country launched the first Artificial Intelligence Book for Nigerian Primary and Secondary Schools in Lagos. Source WebTV Read More

 

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