Nigeria in 1min: Economic, Business and Financial Headlines - 231019


Wednesday, October 23, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @followlasg


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AFEX Prepares for New Season with Fresh Products and Outlook - In 2018, a growing number of Exchange clients believed in the vision of AFEX and invested in agricultural products through our platform. From purchasing and storing tons of maize to making investments in soybean. Source AFEX Nigeria Read More 

Nigeria's Total Public Debt Stood At N25.70trn in Q2 2019 - NBS - Nigerian States and Federal Debt Stock data as at 30th June 2019 reflected that the country's total public debt portfolio stood at N25.70trn. Source NBS Read More 

Oil Rebounds On Rare Market Optimism - OIR 221019 - Oil prices edged up on Tuesday on reduced concerns surrounding both Brexit and the U.S.-China trade war. As with both issues, sentiment seems to shift by the hour, but at the start of the week, there were some small signs of progress on both. Source Tom Kool of Read More

Afreximbank's Intervention In Maritime Hits $500m - The African Export Import Bank has said that its intervention in the maritime sector in the last three years include more than $500m facilities for the Onne Port expansion in the Onne FTZ, Nigeria, Gabon, Cote D'Ivoire, vessel finance for delightering, security patrol of offshore platforms, and hotels in Cape Verde. Source Punch Read More

NLC Vows To Enforce New Minimum Wage Payment - The Nigeria Labour Congress (NLC) yesterday vowed to enforce the total implementation of the new national minimum wage once the issue of consequential adjustments has been settled with the states. Source Guardian Read More

Manufacturers Offer Mixed Reactions To Continued Border Closure - Mixed reactions have continued to trail the sustained closure of the nation's land borders, especially among operators in the manufacturing sector, with some supporting the move and others kicking against the decision. Source Guardian Read More

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CBN,15 Banks Inject N228 Billion Into AMCON - The Central Bank of Nigeria (CBN) and 15 commercial banks have injected N228.28 billion into the Asset Management Corporation of Nigeria (AMCON) in 12 months, a CBN Financial Stability Report (FSR) on the intervention has shown. Source TheNation Read More


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Re: Notification Of Board Meeting: NB Notifies of Proposal For Payment of Interim Dividend - NB writes further to its earlier notification to The Nigerian Stock Exchange dated 10th October, 2019 regarding its Board of Directors meeting scheduled for Friday, 25th October, 2019. Source NSE Read More 

Alleged SEC Probe of Lafarge Africa: We Are Not In Receipt Of Any Letter From SEC - Lafarge - We write to formally notify the Nigerian Stock Exchange, our Shareholders and the investing public, that Lafarge Africa Plc ("Lafarge Africa" or "the Company") is not in receipt of any letter from the Securities and Exchange Commission, that would warrant the Company to believe that an investigation has been launched against it. Source NSE Read More 

UBA Plc: 9M Earnings Impressive Despite Weak Q3 2019 Performance - UBA recently released its 9M 2019 result wherein Interest income grew by 11% y/y to N297.9bn, albeit declined 13% q/q. The y/y growth was driven by higher Interest Income earned on loans and advances to customers reflecting the growth in Net loans to customer (+13% Ytd) with all of the loan growth in Q3. CSL Research Read More  

Sell Pressure Persists as NSEASI Dips by -0.09% - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 26,365.83 points as against -0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.11%. Source Proshare Read More  


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PEARL Awards' 24th Awards Nite Holds On Nov 22, 2019, List of Awardees Announced Today - Being Text of the Address by The President/CEO, Pearl Awards Nigeria, Mr. Tayo Orekoya, FCA; at the 2019 Pearl Awards Nite Press Conference today, October 22, 2019 at the Pearl Awards Secretariat, CITC House, Ikeja, Lagos State, Nigeria. Source Tayo Orekoya Read More

CBI-MACN Roundtable: Stakeholders Call For Increased Awareness of The Maritime PSSP - Stakeholders have called for increased awareness of the activities of the Port Service Support Portal, PSSP to deepen the efficiency of operations at Nigeria's wharfs. Source Proshare Read More

Petrol Subsidy Rises By N58.6bn In One Month - The amount spent on fuel subsidy by the Nigerian National Petroleum Corporation increased by N58.6bn within one month, the latest figures released by the corporation on its financial report for July 2019 has shown. Source Punch Read More

U.S. Charges Six Investment Bankers Over Insider Trading Scheme - U.S. prosecutors said on Tuesday they had charged six members of an insider trading ring who worked for firms including Goldman Sachs Group (GS.N), Moelis and Centerview Partners and allegedly booked tens of millions of dollars in illicit profits. Source Reuters Read More

South African Lawmakers Approve $4 Billion Bailout For Eskom - South Africa's National Assembly approved a law that allocates a 59 billion rand ($4 billion) bailout to the trouble state power utility Eskom Holdings SOC Ltd. Source Bloomberg Read More

AMCON Vows to Recover N5trn Debt with Amended Act - Having secured the signing of the Asset Management Corporation of Nigeria (AMCON) (Amendment) Act 2019 into law by President Muhammadu Buhari, Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru has turned attention to sister agencies in a bid to recover the over N5.4trillion outstanding debt in the hands of a few Nigerians. Source Thisday Read More

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Airtel Africa and Finablr Announce a Global Partnership to Facilitate Seamless - Airtel Africa, a leading telecommunications service provider, and Finablr, a global platform for payments and foreign exchange solutions, have entered into an extensive global partnership that will see the two companies bringing together their complementary capabilities. Source Airtel Africa Plc Read More

Telecom Firms Fault Bank CEOs Over USSD Charges - Telecommunication companies on Tuesday said banks were the biggest beneficiaries of the USSD charges. They also accused bank executives of making unfounded allegations against them regarding the plans to start charging customers N4 for 20 seconds of the Unstructured Supplementary Service Data fee. Source Punch Read More

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