Nigeria in 1min: Economic, Business and Financial Headlines - 270819

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Friday, September 27, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @cibnigeria

 

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PROSHARE ECONOMY

Saudi Aramco Ramps Up IPO Preparations Despite Weakened Demand Outlook - As at the end of 2018, Nigeria's total proven gas reserves were 202Trillion Cubic Feet (TCF), 37.26% of the total African deposits. With these reserves, Nigeria is second to none in Africa, and 9th in the world. Source Meristem Research Read More

Discos Insist Companies Paid All FG, State Taxes - The Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan, yesterday, said electricity distribution companies under the association paid necessary taxes in the sector. Source Guardian Read More

Nigeria Loses Out in $50bn 2019 LNG Lnvestments - Nigeria and all other African countries lost out in a $50 billion liquefied natural gas inbestment for 2019, according to the International Energy Agency (IEA). Stakeholders in the LNG sector who expressed concern over the development, described it as a major setback for the country in its quest to develop its gas potential. Source TheSun Read More

Ngige: FG Can't Meet Labour's Demand on Minimum Wage - The federal government Thursday declared that it would not be able to meet the demand of organised labour on the percentage for consequential adjustment of the N30,000 new minimum wage due to dwindling revenue. Source Thisday Read More


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PROSHARE MARKETS

DMO Struggles to Raise Long Term Debt for a Second Consecutive Auction - At the Primary Auction, the DMO raised a total of N100bn across the three tenors on offer (N50bn less than the initial amount offered). Demand was skewed towards the 10- and 30-year maturities with bid-to-cover ratios of 1.66X and 1.16X respectively. Source Zedcrest Capital Read More

NSEASI Erases Previous Day Loss; Inches Up By 1.09% - Equities market closed today on a positive note, as NSEASI appreciated by +1.09% to close at 27,579.85 points as against -0.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.25%. Source Proshare Markets Read More

Summary of FGN Bond Auction Results For September 2019 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55% FGN APR 2029 (Re-opening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond). Source DMO Read More

September 2019 FGN Bond Auction Oversubscribed - The Debt Management Office (DMO) conducted the monthly Auction of FGN Bonds on Wednesday, September 25, 2019. Three (3) Instruments (5-year, 10-year and 30-year bonds) with a total face value of N150.00 billion, were offered to investors at the Auction. Source DMO Read More

NSE Enterprise Innovation Hub Announces Opening Of Entries for Its Inaugural Hackathon - The Nigerian Stock Exchange (NSE) is pleased to announce the commencement of the inaugural edition of X-Kathon, its hackathon and idea innovation contest designed to improve the Nigerian capital market. Source NSE Read More 

E-Tranzact International Plc Holds 15th AGM, Records 59% Turnover in 2018 Revenue - Etranzact International Plc  a Nigerian award winning multi-application and multi-channels electronic transaction switching and payment processing platform, hosted its 15th Annual General Meeting in Lagos where it reported a 59% turnover in its 2018 financial year performance. Source Proshare Read More


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PROSHARE BUSINESS

Ecobank Nigeria to lead CIBN Consultative Committee for Annual Banking and Finance Conference 2020 - The baton of the leadership of the Consultative Committee for the 13th Annual Banking and Finance conference (2020) of the Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday in Abuja fell on Ecobank with the Managing Director, Patrick Akinwuntan as Chairman.  Source Ecobank Read More

Payments to Failed Banks' Depositors Hit N116.2bn - NDIC - The Nigerian Deposit Insurance Corporation (NDIC) has said it will apply more stringent supervisions of banks going forward in partnership with the Central Bank of Nigeria (CBN). This is even as cumulative payments to depositors of failed banks as at the close of 2018 stood at N116.258 billion. Source Dailytrust Read More

UK Court Grants Nigeria Stay Of Execution Over $9.6b Debt - The Federal Government yesterday achieved a major boost in its effort to upturn the $9.6 billion judgment in favour of Process and Industrial Development (P&ID) as a UK court yesterday granted the country leave to appeal, and a stay of execution of the earlier judgment. Source Guardain Read More 

Jumia Partners Top Nigerian Brands to Boost Online Shopping Experience - In a bid to make online shopping experiences a lot more seamless and safer for consumers, Jumia Mall has partnered with 90 top Nigerian brands such as Intel, Coca Cola, Nexus, Binatone, Samsung and others to launch its online store called Jumia Mall. Source Thisday Read More 

China's Top Diplomat Says Beijing Willing to Buy More U.S. Products - China's top diplomat said on Thursday that China was willing to buy more U.S. products, and said trade talks would yield results if both sides "take more enthusiastic measures" to show goodwill and reduce "pessimistic language" in their trade dispute.  Source Reuters Read More


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PROSHARE TECHNOLOGY  

From Stablecoins to Central Bank Digital Currencies - As privately issued stablecoins continue to encroach on more traditional forms of money-like cash and bank deposits-policymakers will not simply look on from the sidelines. Source  IMFBlog Read More

 

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PROSHARE FINANCE

35 States Fail To Provide Workers' Insurance - Four more states have stopped providing group life insurance policy for their workers, thus joining 31 others that had failed to adopt the policy, investigation has revealed. Latest figures obtained from the National Pension Commission revealed that only workers in Kaduna State and the Federal Capital Territory had valid group life insurance cover. Source Punch Read More


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