Nigeria in 1min: Economic, Business and Financial Headlines - 241019


Thursday, October 24, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @FMPRng 


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OPEC Raises Nigeria's Oil Production Quota by 80,000bpd - According to a report by Reuters, Nigeria's oil production quota has been increased by OPEC to 1.77mbpd from 1.69mbpd which the country was given in December last year. Source CSL Research Read More

33 States Can't Survive Without Federal Allocation  - Thirty-three state governments cannot finance their recurrent expenditure without allocation from the federation account, a report prepared by BudgiT has said. The federation account, according to, is the central pocket through which the three tiers of governments maintain their respective workforce and fund their developmental projects. Source Punch Read More

FEC Orders Payment Of Minimum Wage Dec 31 - The Federal Executive Council yesterday gave approval to the National Salaries, Incomes and Wages Commission (NSIWC) to effect salaries adjustment and work out the financial implications of the new N30,000 national minimum wage which took effect from April 18, 2019. Source Dailytrust Read More


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Bullish Run Continues Ahead of Bond Auction and Maturity Double Header - The Nigerian T-bills market opened on a bullish note as expected, as we noted interested buyers across the NTBills curve as rates dipped by an average of c.8bps across the benchmark curve. Source Zedcrest Capital Read More 

Airtel Africa Plc: Completion of Capital Reduction - As outlined in the Company's prospectus dated 17 June 2019 (the "Prospectus") and pursuant to a resolution of the Company passed on 24 May 2019, the Company is pleased to announce that it has completed a reduction of its share capital and share premium account (the "Capital Reduction"). Source Airtel Africa Plc Read More

ZENITHBANK Declares N150.72 bln PAT in Q3 2019 Results (SP:17.25k) - Zenith Bank Plc released its Q3 unaudited 2019 results for the period ended September 30th, 2019. Source NSE Read More 

Investors Gain N15.63bn as NSEASI Inches Up by 0.12% - Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 26,397.94 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.01%. Source Proshare Read More 

FG's October Bonds Oversubscribed By N105bn - The Federal Government's bonds for the month of October worth N150bn, which were auctioned on Wednesday, were oversubscribed by N105.99bn, the Debt Management Office disclosed this on its website. Source Punch Read More

Interswitch Raises N23bn Via Bond Sale - Interswitch Limited has raised N23 billion through the issuance of a series 1, fixed rate, senior, unsecured callable bonds. The integrated digital and e-payment company raised the fund via a special purpose vehicle, Interswitch Africa One Plc. Source Thisday Read More

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Firstbank Wins Best Private Bank and Best Retail Bank in Nigeria - First Bank of Nigeria Limited has been awarded the Best Private Bank and Best Retail Bank in Nigeria Awards respectively by World Finance Magazine and Global Banking and Finance Review. Source First Bank Read More

Patents: The Fitness and Wellness Industry - The fitness and wellness industry has rapidly evolved over the years, as such the industry is no longer restricted to the traditional varieties of sporting equipment. Source Banwo & Ighodalo Read More 

Lekki Seaport Project Gets $629m Chinese Loan - The Lekki Deep Seaport project has received a major boost with the signing of a $629m financing facility with China Development Bank. Four agreements, including the financing facility, were signed on Wednesday with the CDB to accelerate the completion of the project. Source Punch Read More

U.S.-China Trade Reprieve Makes No Dent On Recession Chances: Reuters Poll - The recent truce in the U.S.-China trade war is not an economic turning point and has done nothing to reduce a significant risk that the United States could slip into recession in the next two years, a Reuters poll of economists found. Source Reuters Read More

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Experts, Microsoft to Develop Technology in Nigeria - Tek Experts, a global provider of business and information technology (IT) support services, has partnered global IT giant, Microsoft to develop IT talent in Nigeria through the Microsoft LEAP Engineering Acceleration Program (LEAP). Source Thisday Read More


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