Nigeria in 1min: Economic, Business and Financial Headlines - 260919


Thursday, September 26, 2019 / 06:40 AM / By News Aggregator


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Naira Interest Rate And Foreign Exchange - The Monetary Policy Council (MPC) of the Central Bank of Nigeria (CBN) met last week and decided to leave its Monetary Policy Rate (MPR) on hold (see below). What matters is not the MPR but one-year market interest rates, which the CBN effectively sets. These rose in mid-August and, we believe, are likely to stay above 14.50% for some time. Source Coronation Research Read More

Where Has The Risk Premium Gone For Oil? - OIR 240919 - Oil prices sank on Tuesday on news that Saudi Aramco was on track to bring production capacity back online by the end of the month. That allowed oil traders to shift their sights back to concerns about the slowing global economy. Source Tom Kool of Read More

International Maritime Organization 2020 Deadline Fast Approaching - The refining industry is on the brink of a major shift as the International Maritime Organization (IMO) 2020 deadline is fast approaching. The new IMO regulations limits sulfur content of bunker fuel to 0.5% (down from 3.5%) and will take effect on January 1, 2020. Source CSL Research Read More

FAAC Disburses N769.53bn in August 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.53bn to the three tiers of government in August 2019 from the revenue generated in July 2019. Source NBS Read More

2020 Budget: FG Proposes N9.12tn, Targets N7.17tn Revenue - The Federal Government has proposed N9.12tn as the 2020 budget estimate. It has deficit of about N2.28tn. These were contained in the 2020-2022 Medium Time Expenditure Framework and Fiscal Strategy Paper sent to the National Assembly by President Muhammadu Buhari on Wednesday. Source Punch Read More

House to Investigate N5.4tn AMCON Debt - The House of Representatives has mandated its Committee on Banking and Currency to investigate the debt portfolio of N5.4 trillion to the Asset Management Corporation of Nigeria (AMCON) and the reported unwillingness of some of the debtors to pay. Source Thisday Read More

Fed Govt To Spend N2.45tr On Debt Servicing In 2020 - The Federal Government plans to devote N2.45trillion (about 24.5 per cent) of its N10.002trillion 2020 budget estimates on debt servicing, according to the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to the National Assembly on Wednesday. Source TheNation Read More


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NSE Lifts Suspension Placed on Trading In The Shares of Guinea Insurance Plc and Niger Insurance Plc - Guinea Insurance Plc and Niger Insurance Plc, two (2) of the eleven (11) companies that were suspended on 2 July 2019, have now filed their Audited Financial Statements for the year ended 31 December 2018 with The Exchange. Source NSE Read More 

Investors Loses N33.68bn As Sell Pressure Persists; NSEASI Dips By -0.25% - Equities market closed today on a negative note, as NSEASI depreciated by -0.25% to close at 27,283.05 points as against -1.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.20%. Source Proshare Markets Read More 

FG's September Bonds Oversubscribed By N10.9bn - Federal Government's September bonds were oversubscribed by N10.9bn. The Debt Management Office disclosed this after it conducted the monthly auction of FGN bonds on Wednesday. Three instruments (five-year, 10-year and 30-year bonds) with a total face value of N150bn were offered to investors at the auction. Source Punch Read More

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In Five Years, NNPC Remittances Drop By N1.6tn - The remittances of the Nigerian National Petroleum Corporation to the Federation Account dropped by N1.59tn within a five-year period, figures contained in the latest report of the Nigeria Extractive Industries Transparency Initiative have shown. An analysis of NEITI's Fiscal Allocation and Statutory Disbursement Audit report for 2012 to 2016 showed that the national oil firm remitted N2.38tn in 2012. This, however, dropped to N789bn in 2016. Source Punch Read More

Kristalina Georgieva Named IMF Managing Director - The International Monetary Fund on Wednesday formally selected Kristalina Georgieva of Bulgaria to be only the second woman ever to lead the 189-member institution. The selection had been all but guaranteed after the global crisis lender said earlier this month that Georgieva, a former World Bank CEO, was the sole candidate. Source Punch Read More

Asian Stocks Gain As Trump Says China Trade Deal Could Be 'Soon' - Asian stocks rose on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets while worries about a U.S. presidential impeachment bid ebbed. Source Reuters Read More

FG Targets N540bn Annually From 7 Deepwater Fields - The federal government is targeting about $1.5 billion (N541billion) yearly earnings from the country's seven unexplored deepwater oil and gas fields as it moves to explore new frontiers in that area. Nigeria currently loses the above figure from the deepwater fields which Final Investment Decisions (FIDs) are still pending. Source Leadership Read More

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House Of Representatives Investigates Alleged Non-Remittance Of Contributions To NSITF - The Ad-Hoc Committee of the House of Representatives ("The Committee") on the "Investigation of Non-remittance of Contributions into the Nigerian Social Insurance Trust Fund (NSITF)" issued a Public Notice on Monday, 23 September 2019 inviting 1,124 organizations across the Federal, States and Local Governments, and the private sector to an investigative hearing. Source Wole Obayomi, KPMG Read More 

NAICOM Issues Update on Recapitalization of Insurers and Reinsurers - Further to the circular issued by NAICOM on May 20, 2019 increasing the paid up share capital of Insurers and reinsurers in Nigeria and, the subsequent directives to companies to submit their recapitalization plans by August 20, 2019 the Commission hereby notifies all insurance stakeholders that it received plans  of Forty-Seven (47) insurers and two (2) reinsurers. Source NAICOM Read More 


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