Nigeria in 1min: Economic, Business and Financial Headlines - 270220

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Thursday, February 27, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

Oil Is Now More Volatile Than Bitcoin - Understanding the Rising Volatility - Bitcoin and most cryptocurrencies are synonymous with extreme bouts of volatility. However, it's crude oil that is now earning that dubious distinction after exhibiting price swings wilder than even the leading cryptocurrency. Source OilPrice.com Read More 

Aging Populations Strain State Budgets, Pension Funding Varies - The aging US population poses a range of challenges to state finances, including providing pensions for the swelling ranks of retired public workers. However, a state's demographic profile does not necessarily determine its pension funding, Fitch Ratings says.  Source Fitch Ratings Read More 

FG Disburses N20bn Under National Microfinance Scheme - A statement from the Senior Special Assistant to the President on Media & Publicity, Office of the Vice -President, Laolu Akande, said Vice -President Yemi Osinbajo, disclosed this during a meeting to review the progress on efforts to support Micro, Small and Medium Enterprises at the Presidential Villa, Abuja, on Wednesday. Source Punch Read More 

DMO Advises Public Sector On Debt Transparency - As concerns on growing debts of developing countries rise, it is important for public financial managers to be conversant with debt transparency and services among other issues. Source Punch Read More 

VIDEO: In a rare interview, power minister Saleh Mamman says the Mambilla power project might as well be fiction. Until now, there is no land earmarked for the project. Source Dailytrust Watch Video

FEC Okays N30bn For Roads To Niger Republic - The Federal Executive Council (FEC) presided over by President Muhammadu Buhari, on Wednesday approved about N30 billion for the construction of two roads from Sokoto and Jigawa states up to Nigeria's borders with Niger Republic. Source The Nigerialawyer Read More

 

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PROSHARE MARKETS

Abbey Strategic Deal With VFD to Facilitate Bank's Growth Plan, Shareholders' Value - Abbey Mortgage Bank Plc has announced that the strategic partnership with VFD Group Plc would enable the company play major roles in the financial service industry and ultimately boost shareholders' returns on investment. Source VFD Group Read More 

COVID-19 Refinancing Risk Elevated for 6% of Rated China Corps - The COVID-19 outbreak has affected operations of most of the 166 Chinese corporates which are publicly rated by Fitch to varying degrees. These issuers face a combined CNY583 billion-equivalent of domestic and cross-border debt maturities from February through June 2020. Source Fitch Ratings Read More 

Investors Lose N30.59bn; NSEASI Dips By -0.22%; Closes Below 27,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 26,974.38 points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.49%.  Source Proshare Markets Read More 

DANGCEM Declares N200bn PAT in 2019 Audited Results, Proposes N16.00k Final Div. (SP:N170.00k) - Dangote Cement Plc, Building Materials    company in Industrial Goods sector announced 1.1% Revenue decline in Q4'19 Results. Source NSE Read More 

WAPIC Notifies of Dealing in 185.3m Volume of Shares By An Insider - Wapic Insurance Plc announces deal in 185.3m Volume of shares by an Insider, the transaction was on January 9, 2020 in Lagos. Source NSE Read More 

ARDOVA Plc Notifies of Board Meeting Resolution - Ardova Plc announces at the meeting of the Board of Directors of the Company held on Monday, February 24, 2020, the Audited Financial Statements for the year ended 31st December 2019 (AFS 2019) was duly considered and approved. Source NSE Read More 

DMO Request for EOI for the Appointment of the Transaction Parties for the Issuance of FGN Eurobonds - The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has issued an Expression of Interest (EOI) calling for submissions from institutions who wish to work as Transaction Parties for a possible Issuance of Eurobond of up to USD3.30 billion in the International Capital Market (ICM) in 2020. Source DMO Read More 

Fund Investors Retreat From US Stocks Over Coronavirus Fears - Investors pulled nearly $3.3bn out of mutual funds and exchange-traded funds that hold United States stocks last week, snapping the longest streak of asset gains since July, according to data released Wednesday by the Investment Company Institute. Source Punch Read More

 

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PROSHARE BUSINESS 

New Finance Act with its Tax Amendments - Legal Alert - Government's efforts to raise additional revenue, optimally fund the 2020 Budget, bridge the increase in the minimum wage payroll, introduce some much-needed tax amendments and reforms to encourage businesses, and other fiscal strategic objectives, have led to the passing into Law of the Finance Act, 2019. Source Oserogho & Associates Read More 

PoS Transactions Fall By 16% - Financial sector experts are divided over the 16 percent month-on-month, MoM, decline in the value of Point-of-Sale, PoS, transactions in January 2020. Source Vanguard Read More 

Nigeria, UAE non-oil trade hits $1.5b - The volume of non-oil trade between Nigeria and the United Arab Emirates (UAE) stood at $1.5 billion (N525 billion) in 2018, UAE Ambassador to Nigeria, Dr. Fahad Al Taffaq, has said. Al Taffaq also said around 100,000 Nigerians visit UAE annually, while one of UAE's main airlines operates 21 flights weekly from Lagos and Abuja to Dubai. Source ThaNation Read More 

FG Seeks Support For Special Economic Zones - The Minister of Industry, Trade and Investment, Adeniyi Adebayo, has said the Federal Government will continue to partner with all relevant stakeholders for infrastructural and economic development in the country. Source Punch Read More 

Oil Falls For Fifth Day On Demand Concerns As Coronavirus Spreads - Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand. Source Reuters Read More

 

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PROSHARE TECHNOLOGY  

Pantami Receives Broadband Committee Report - Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, has received the draft report of the National Broadband Plan Committee 2020-2025. The report was presented to him in his office by the Chairman of the Committee, who doubles as the CEO MainOne Broadband Company, Ms Funke Opeke. Source Thisday Read More

 

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