Nigeria in 1min: Economic, Business and Financial Headlines - 221119

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Friday, November 22, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: First Bank

 

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Fiscal Policy Easing Ahead in 2020 - Fitch - Global sovereigns enter 2020 with the world economy slowing and policymakers debating what to do about it, says Fitch Ratings. Most countries are exposed to the trade dispute between China and the US, making it more difficult to calibrate domestic policy settings given the international uncertainties. Source Fitch Ratings Read More 

Economic Associate's Conference on Nigeria's Economic Outlook, To Hold On Dec 12, 2019 - Economic Associates (EA) will host a one-day conference on Nigeria's Economic Outlook on Thursday, 12 December 2019 at Radisson Blu Hotel and Anchorage, 1a Ozumba Mbadiwe Avenue, Victoria Island, Lagos. Source Economic Associates Read More

FBNQuest becomes First Merchant Bank Approved for Customs Duties Collections In Nigeria - FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has been approved by the Nigeria Customs Service as the first designated merchant bank in Nigeria authorised for the collection of customs duties and taxes. Source FBNQuest Read More

Senate Passes Finance Bill, 2019 - The Senate of the Federal Republic of Nigeria has today, Thursday, 21 November 2019 passed the Finance Bill, 2019 ("the Bill") after the third reading. The passage of the Bill by the Upper Chamber of the National Assembly is subsequent to the public hearing which held on Tuesday, 19 November 2019. Source Wole Obayomi, KPMG Read More 

The Worst Is Over For Oil Markets - The IEA has warned that "the hefty supply cushion" building up in the first half of 2020 will cause OPEC+ problems as the group tries to balance the oil market. Source Nick Cunningham of Oilprice.com Read More

Oyetola Signs Executive Order Establishing Osun Investment and Promotion Agency to Accelerate Growth - The 2019 Osun Economic and Investment Summit came to an end on Thursday with no fewer than twenty-two investors showing interest in partnering with and investing in the state. Source OSSG Read More 

Nigerians To Pay More Tax As Senate Approves 7.5% VAT Hike - The  Nigerian Senate on Thursday passed the Finance Bill which seeks to amend seven acts of the National Assembly related to taxes payable in the country. Source The Sun Read More

Reps To Probe CBN, NDIC Over Savannah Bank Closure - The House of Representatives yesterday resolved to investigate the Central Bank of Nigeria, (CBN), for withdrawing the operating license of  Savannah Bank Plc. Source The Sun Read More

Foreign Debt Servicing Gulps $1.66bn In 12 Months - Servicing the nation's external debt gulped $1.66bn in one year, from July 2018 to June 2019, an analysis of data obtained from the Debt Management Office has shown. Source Punch Read More

Discos: NEC Raise Panel To Review Ownership Structure - The National Economic Council on Thursday revolved to review the status of the ownership structure of power distribution companies in the country. Source Punch Read More 

Governors Back 7.5% VAT Increase as Senate Okays Finance Bill - State governors yesterday expressed support for the Finance Bill, which seeks to increase Value Added Tax (VAT) from five per cent to 7.5 per cent. Source The Guardian Read More

 

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PROSHARE MARKETS 

Summary of FGN Bond Auction Results For November 2019 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55% FGN APR 2029 (Re-opening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond). Source DMO Read More

SEPLAT Notifies Of Resolutions Passed At The Court And General Meetings - Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company, today notifies that the Boards of Eland and SEPLAT are pleased to announce that at the Court Meeting and the General Meeting held today 20 November, 2019 by Eland…. Source NSE Read More

Bond Auction Stop Rates Drop to 3-Year Lows at Monthly Auction - The Bond market traded on a muted note, with a bullish bias, as market participants focused on the monthly FGN Bond auction. We observed buy interests across the curve, with the 2049s once again the most actively traded security with the highest yield on offer. Source Zedcrest Capital Read More

Treasury Bills Restriction: True OR False? - There is news that CBN will restrict individuals from participating in Treasury Bills auctions, effective November 29, 2019. That is not true. The restriction is only for domestic investors in Open Market Operations (OMO) which is a market strictly between the CBN and Banks for managing liquidity. Individuals are safe. Source Meristem Read More

Market Sentiment Remains Positive as Investors Gain N46.31bn; ASI Firms Up By 0.36% - Equities market closed today on a positive note, as NSEASI appreciated by +0.36% to close at 26,872.09 points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.50%. Source Proshare Markets Read More

For Venezuela's Neighbors, Mass Migration Brings Economic Costs and Benefits - The world's newest migration crisis is unfolding in Latin America, where Venezuela's economic collapse and unprecedented humanitarian crisis has sparked a wave of emigration to neighboring countries. Source Emilio Fernandez Corugedo and Jaime Guajardo, IMFBlog Read More

Four Collision Courses for the Global Economy - Nouriel Roubini - In the classic game of "chicken," two drivers race directly toward each other, and the first to swerve is the "loser." If neither swerves, both will probably die. Source Nouriel Roubini, CFi.co Read More

 

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Institute for Service Excellence and Good Governance holds 3rd Annual Lectures and Awards on Dec 12 - The Institute for Service Excellence and Good Governance (ISEGG) will be holding her third Annual Lectures, Inductions and Awards ceremony, starting at 10am prompt on Thursday December 12th, 2019 at the International Conference Centre (ICC), Abuja. Source ISEGG Read More 

Nigerians' Maritime Sector Participation Rises to 40% - NCDMB - The Executive Secretary of the NCDMB, Mr. Sumbi Wabote, disclosed this during an inspection tour of the Niger-Benue Transport Company Limited (NBTC) in Ovwian, Udu local government area of Delta State. Source Vanguard Read More 

Exclusive: Exxon Aims to Sell $25 Billion of Assets to Focus on Mega-Projects - Sources - LONDON (Reuters) - Exxon Mobil (XOM.N) plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects, according to three banking sources. Source Reuters Read More 

China Still Has Policy Space Amid Trade Spat, PBOC Adviser Says - China still has room to adjust its fiscal, monetary and real-estate policies if uncertainty over trade with the U.S. generates further downward pressure on the economy, central bank adviser Ma Jun said Friday. Source Bloomberg Read More 

FG Begins Negotiation for P'Harcourt-Maiduguri Rail Project - The Federal Government has started negotiations for the commencement of the construction of the Port Harcourt to Maiduguri rail line, the Minister of Transportation, Rotimi Amaechi, has said. Source Punch Read More

  

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PROSHARE FINANCE 

Insurance - Good Product, Served Poorly - Looking around us, whether here or elsewhere, online or offline and by whatever categorization we adopt, the ultimate aim of DOING is to IMPROVE! The desire to improve our lives, living conditions and standards as well as our relationships, and succeeding at these make working meaningful. Source Ekerete Ola Gam-Ikon Read More


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