Nigeria in 1min: Economic, Business and Financial Headlines - 260220

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Wednesday, February 26, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

The Policy Wave in the Nigerian Banking sector: A Poison or a Pill? - The current era of policymaking, by the Central Bank of Nigeria (CBN), can largely be characterized as unorthodox. Outlining the recent policy pronouncements by the apex bank, the highlights include; increase in the minimum required Loan-to-Deposit ratio to 65.0%. Source United Capital Research Read More 

Bank's Lending Rates Decline Albeit Slower Than Expected - The Central Bank of Nigeria quarterly economic report for Q4 2019 presented an opportunity to evaluate the impact of the apex bank's regulations on the direction of official DMB's lending and borrowing rates. Source CSL Research Read More 

Grain Prices Are Expected to Remain Low as Chinese Demand Slow - Better than expected GDP growth failed to excite investors in the Nigerian Stock Exchange. Growth was driven by oil output and prices. That is why the sharp drop in oil prices by 2.43% to $57.08pb due to the coronavirus is likely to trigger a dip in Nigeria's Q1'20 GDP growth numbers. Source FDC Read More 

WTI Breaks $50 As Demand Fears Escalate - OIR 250220 - Oil prices fell again in early trading on Tuesday, following a meltdown a day earlier. The spread of the coronavirus to several other countries has reignited fears of a global economic slowdown while OPEC+ seem reluctant to increase production cuts. Source Oilprice Read More 

Nigerian High Commission Owes N3.3bn Traffic Fee - UK - The United Kingdom says the Nigerian  High Commission  in  London owes £7.1m ((N3.3bn) in congestion charges and parking tickets. Giving  a   breakdown on Tuesday, the UK Foreign Office said Nigeria  was owing  £7, 063, 965  in congestion fees and £47, 165  in parking tickets. Source Punch Read More 

Senate Probes Banks Over Withholding Tax Remittances - The Senate on Tuesday mandated its committee on Banking, Insurance and other Financial Institutions to investigate allegations of non-remittance of withholding taxes collected by banks to state governments. Source Punch Read More 

Oil Dips To $55 Over Fears Of Demand Disruption - Oil prices fell  on Tuesday as fears of demand disruption amid the coronavirus outbreak continue to weigh on market sentiment. Brent Crude was traded down 0.81 per cent at $55.32 while  WTI was down 1.01 per cent at $50.91. Source TheNation Read More 

N128bn Lost To Gas Flaring In 11 Months - NNPC - Oil and gas firms operating in the country flared a total of 225.81 billion standard cubic feet of natural gas from January to November 2019.This amounted to an estimated loss of N127.53bn. Source Punch Read More 

 

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PROSHARE MARKETS 

UACN Notifies of Dealing in 15.68m Volume of Shares By An Insider - UAC of Nigeria Plc announces deal in 15.68m Volume of shares by an Insider, the transaction was on January 14, 2020 in Lagos. Source NSE Read More 

SEPLAT Notifies of Dealing in 7.93m Volume of Shares By PDMR - Seplat Petroleum Development Company Plc announces deal in 7.93m Volume of shares by PDMR, the transaction was on January 13 and 24, 2020 in Lagos, Nigeria and London. Source NSE Read More 

Coronation Merchant Bank Commercial Paper Issuance Series V& VI Now Open - We are pleased to notify you that Coronation Merchant Bank Limited ("Coronation MB" or the "Bank") Series V and VI Commercial Paper issuance under its N100 billion Commercial Paper Programme is NOW OPEN. The Offer is scheduled to close on Wednesday, February 26, 2020. Source Arthur Stevens Asset Mgt Read More 

AFRIPRUD Declares N1.7bn PAT in 2019 Audited Results; Proposes 70k Final Dividend,(SP:N4.9k) - Africa Prudential Plc released its 2019 Audited results for the period ended December 31st, 2019. Revenue declined by -13.02% to N3.9bn from N4.5bn in the previous quarter. Source NSE Read More 

Finance Minister, Zainab Ahmed Visits NSE, Restates FG Commitment To Pro-Capital Market Policies - The Federal Government has assured stakeholders in the capital market that it is committed to policies that will help to boost the ecosystem and enhance wealth creation, job opportunities and economic growth in the country. Source WebTV Read More 

Investors Lose N4.13bn; NSEASI Dips Marginally By -0.03% As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 27,033.10 points as against -1.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.71%.  Source Proshare Markets Read More 

Treasury Bill Auction Holds On Wednesday Feb 26th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, February 26th, 2020. Source Arthur Stevens Asset Mgt  Read More 

Sterling Bank Board Approves 2019 Audited Financial Statements; Awaits Regulatory Approval - Sterling Bank Plc notifies of Board approval of its Audited Financial Statements for the year ended 31st December. Source NSE Read More


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PROSHARE BUSINESS 

Coronavirus: IATA Projects $29.3bn Global Revenue Loss - The International Air Transport Association has projected a global revenue loss of $29.3bn due to the outbreak of coronavirus. The IATA made the announcement after its initial assessment of the impact of the coronavirus 2019 outbreak on the global aviation industry. Source Punch Read More 

AfDB: AU Endorses Adesina for Second Term - A statement disclosed that the decision was taken during the 36th ordinary session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia, earlier this month. Source Thisday Read More 

U.S. Warned To Prepare For Coronavirus Pandemic As Europe Lockdowns Spread - A second European hotel was in lockdown on Wednesday as authorities around the world battled to prevent the spread of coronavirus, although a senior U.S. health official said a pandemic was inevitable and urged Americans to prepare. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Telecoms Subscribers Hit 185m in 2019 - Telecommunications subscriptions across all networks hit 185 million as at December 2019, up from the 173 million as at December 2018, according to the latest statistics released yesterday by the telecoms industry regulator, the Nigerian Communications Commission (NCC). Source Thisday Read More 

Minister Commends NOTAP For Saving N280bn For Nigeria - Minister of State for Science and Technology, Mohammed Abdullahi, has commended the National Office for Technology Acquisition and Promotion for saving about N280bn for Nigeria through its activities. Abdullahi, who paid a facility visit to the organisation on Tuesday, appealed to NOTAP to strive to do more. Source Punch Read More

 

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PROSHARE FINANCE 

Insurance Sector Records N500bn Premium -  The insurance industry in 2019 recorded total gross premium ofN490,994.99billion.This showed a 15.2 per cent growth from the N426,210.93 billion recorded by the industry in 2018. Source Thisday Read More

 

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