Nigeria in 1min: Economic, Business and Financial Headlines - 280220

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Friday, February 28, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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PROSHARE ECONOMY 

African Union Executive Council Endorses African Development Bank President Adesina for Second Term - The Executive Council of the African Union has supported Dr. Akinwumi Adesina's candidacy for a second term as President of the African Development Bank. The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council, held during the AU Summit in Addis Ababa, Ethiopia, 6-7 February 2020. Source AfDB Read More 

Nigeria's Music and Movie Industry: Doing Well? - According to the latest GDP report by the National Bureau of Statistics (NBS), the Motion Pictures, Sound recording and Music production industry (an industry under the Information and Communication sector) rebounded from -0.4% y/y in FY-2018 to +0.2% y/y in FY-2019. Source United Capital Read More 

Dipping oil prices threaten budget 2020 - Global crude oil prices continued to contract on Thursday as countries across the world continue to record new cases of coronavirus. Brent crude which is the international benchmark for crude oil was trading at $51.95 per barrel which is $5 lower than Nigeria's $57 crude oil benchmark in this year's budget. Source TheNation Read More

FG Orders Forensic Audit Of Discos - The National Economic Council on Thursday ordered a forensic audit of the electricity Distribution Companies in the country, particularly their bank accounts.The NEC meeting, which was chaired by Vice-President Yemi Osinbajo and attended by the governors of the 36 states, also asked each of the governors to submit the details of their states' investment in the DisCos. Source Punch Read More

Ecobank Nigeria appealing Tribunal Judgment on disputed FIRS Tax Liability - Ecobank Nigeria wishes to provide its position on a statement released by the Federal Inland Revenue Service (FIRS) on the judgement of the Tax Appeal Tribunal (TAT), sitting in Lagos in respect of a disputed tax liability between the Bank and the FIRS for the 2015 financial year. Source Ecobank Read More


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PROSHARE MARKETS

Investors Lose N86.55bn; NSEASI Dips By -0.62% As YTD Return Turns Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.62% to close at 26,808.24 points as against -0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.13%.  Source Proshare Markets Read More 

Dangote Cement Pays N16 per share Dividend; Records Growth in Pan African - Dangote Cement Plc investment across Africa is bearing the desired results as Pan-African sales volume grew in the year 2019, hitting 9.6Mt from 9.4Mt. Source Dangote Cement Read More 

The Bulls Still Out in the T-Bills Market as DMO drops rates on the 362 - The Bond Market traded on a quiet note, with bullish sentiment seen across the bond curve. We saw the most volumes on the mid-tenured maturities (2028s and 2029s) as local investors scrambled to reinvest tomorrow's maturities at attractive yields. Yields dipped by c.1bp across the benchmark bond curve. Source Zedcrest Capital Read More 

Another Positive Outcome for the DMO At the February 2020 Auction - While a less striking outcome than the previous month, the auction of FGN bonds by the DMO last week was still a notable success. It offered N140bn, raised N100bn (US$270m) on a competitive basis and attracted a total bid of N398bn. Source  FBNQuest Read More 

ETI to Hold Board Meeting on Feb 28 2020 to Approve Its 2019 Audited Financial Statements - Ecobank Transnational Incorporated (ETI) has released a notice notifying that the 205th Board Meeting of the Pan-African bank will hold on February 28, 2020 in Johannesburg, South Africa. Source NSE Read More 

Dangote Cement Plc FY 2019 - Promotional Commitments Yet to Boost Sales - Dangote Cement Plc (DANGCEM: TP N201.29) reported a 48.4% YoY decline in profit after tax to N200.5 billion in its FY'19 audited report released after close of market yesterday. The performance was weighed by pressures on finance expense, higher selling & distribution cost, and a surprise effective tax rate of 19.9% (vs. tax credit in the previous year).  Source CardinalStone Research Read More 

Zenith Bank Q4 2019 Results Review: Compelling Valuation at Current Levels - We maintain our Outperform rating on Zenith Bank and increase our price target by 17% to N47.7, implying a potential upside of 150% from current levels. The final dividend of N2.50 (register to be closed on 10 March 2020) implies a yield of 13.1%.  Source FBNQuest Read More 

COURTVILLE Notifies of Dealing in 0.5m Volume of Shares By An Insider - Courteville Business Solutions Plc announces deal in 0.5m Volume of shares by an Insider, the transaction was on February 24, 2020 in Lagos. Source NSE Read More 

Cocoa Prices Gained; Driven By Shortage in Supply - While domestic commodity prices remained mostly flat, Brent continued its free-fall as it plunged to $52.66pb on coronavirus fears and uncertainty about production cuts by OPEC+. Source FDC Read More

5 Years A Venture Capitalist - About 10 years ago, I embarked on a journey to establish West Africa's first indigenous Air Ambulance company. I was unsure how I would fare, but I promised myself that if I succeeded, I would pay the success forward by investing in smaller companies and giving more people like me opportunities to build their own companies. As my company grew , I kept that promise. Source Dr Ola Brown Read More

 

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PROSHARE BUSINESS 

CRC Credit Bureau Launches Mobile App to Boost Access to Credit Information - CRC Credit Bureau Limited recently launched its mobile application "CRC Mobile" the first of its kind in the Nigerian Credit Bureau industry. With CRC Mobile, individuals now have access to their credit information and credit scores through their mobile phones. Source CRC Credit Bureau Read More 

The West Is About to Fail the Coronavirus Test -When an authoritarian accumulates power by eliminating political opponents and building a cult of personality around his leadership, the downside is that when things go wrong, often everybody blames him. Chinese President Xi Jinping has kept a low profile in this epidemic, which has killed more than 2,500 people in China as of Monday. Source Foreignpolicy Read More

NDIC Promises Protection Against Disruptive Technologies -  The Nigeria Deposit Insurance Corporation (NDIC), has promised to protect banks customers from risks associated with technologies being introduced by banks to enhance transaction efficiency, which exposes customers to fraudsters during electronic dealings.  Source Guardian Read More 

World Prepares For Coronavirus Pandemic; Global Recession Forecast - Hopes the coronavirus would be contained to China vanished on Friday as infections spread rapidly around the world, countries started stockpiling medical equipment and investors took flight in expectation of a global recession. Source Reuters Read More 

Shipping Lines May Lose $1.7bn To Coronavirus  - A Copenhagen-based analysis company, Sea-Intelligence, has predicted that international shipping lines may lose $1.7bn in revenue following the impact of coronavirus outbreak on the international shipping sector. Source Punch Read More 

FG Assures Stakeholders on Onitsha River Port - The Managing Director, National Inland Waterway Authority (NIWA), Dr. George Mohgalu, made this disclosure in Onitsha, during the second sensitisation seminar of stakeholders by NIWA within South East Zone, themed: "Reforming the Maritime Sector in Onitsha Priority Areas, Potential Projects and the Way Forward, in Onitsha, Anambara State. Source Thisday Read More


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PROSHARE FINANCE 

First Case Of Coronavirus Confirmed In Lagos - The Ministry of Health in Lagos State has confirmed its first case of COVID-19 and reported it to the Federal Ministry of Health. The case, which was confirmed on the 27th of February 2020, is the first to be reported in Nigeria since the outbreak in China in January 2020. Source Lagos State Government Read More 


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