Nigeria in 1min: Economic, Business and Financial Headlines - 281019

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Monday, October 28, 2019 / 06:45 AM / By News Aggregator

 

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PROSHARE ECONOMY

Nigeria: Revenue Problem Or A Debt Crisis? - When the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, admitted that Nigeria has a revenue problem and not a debt crisis, some Nigerians nodded in agreement while others disagreed. Source FDC Ltd Read More 

Implications of CBN's New Instruction on Open-Market Operations - A rash of new directives about barriers to participating in the OMO bills issues by the CBN. First it was banks who were not allowed to buy T/bills on behalf of borrowing customers and subsequently all Nigerian corporates and individuals have now been denied access to the market. Source FDC Ltd Read More 

Thoughts On Nigeria's Rice Bubble - Fasua - The bubble was created by the people, amplified and accelerated by the government. Profited by hardboiled bloodsucking politicians and many more predators who enjoy things like these. Source Tope Fasua Read More 

Paddy Rice Markets in 2019: A Primer on AFEX's Outlook - Agricultural commodity prices are by their very nature seasonal, that is, they fall to their lowest around harvest and rise consistently as the lean season progresses. Although this cycle is fundamental, certain shocks to either supply or demand crash or spike prices as the case may be. Source AFEX Nigeria Read More 

Possible Implications of CBN's OMO Ban - The Central Bank of Nigeria (CBN) recently announced the exclusion of non-bank locals (individuals and corporates) from participation in its Open Market Operations (OMO) at both the primary and secondary market. Source CardinalStone Read More 

Oil Markets: Oil Bulls Broken By Economic Fears - OIR 251019 - Oil was down at the start of trading on Friday, but was poised to close out the week with modest gains on the back of EIA inventory drawdowns and rumors of OPEC+ cuts. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Oct 25, 2019 - Over in the secondary market, average fixed income yields closed 11bps higher WoW at 13.37% as NTB yields rose 32bps to 12.73% while bond yields finished 10bps lower at 14.02%. Source ARM Read More 

FIRS Gets N8.5tn Revenue Target For 2020 - The Federal Government has set a tax collection target of N8.5tn for the Federal Inland Revenue Service in the 2020 fiscal period. This target is contained in the Fiscal Strategy Paper of the Federal Government which had already been approved by the National Assembly. Source Punch Read More 

See Opportunities In Budget Deficit, FG Tells OPS -  The Budget Office has asked private sector operators to see the inability of the Federal Government to meet its annual budget target as a business opportunity. Source Punch Read More 

 

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PROSHARE MARKETS

WEMABANK Declares N4.09bn PAT in Q3 2019 Results,(SP:N0.55k) - Wema Bank Plc released its Unaudited third quarter results for the period ended September 30, 2019. Source NSE Read More 

ACCESS Declares N90.74 billion PAT in Q3 2019 Results,(SP:N7.10k) -  Access Bank Plc released its Q3 2019 results for the period ended September 30, 2019. Source NSE Read More 

STANBIC Declares N55.6bn PAT in Q3 2019 Results,(SP:N46.00k) -  Stanbic IBTC Holdings Plc released its Q3 2019 results for the period ended September 30, 2019. Source NSE Read More 

Investors Lose N48.62bn WoW As NSEASI Dips By -0.38% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 26,348.73 points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.17%.  Source Proshare Markets Read More 

Corporate Earnings For The Week Ending 251019 - ZENITHBANK Declares N150.72bn PAT in Q3 2019 Results - During the week ending 251019, twenty-six (26) quoted firms declared their results. Seventeen (17) out of the twenty-six (26) firms declared growth in revenue. Source Proshare Read More 

UNITYBNK Declares N1.48bn PAT in Q3 2019 Results,(SP:N0.63k) - Unity Bank Plc released its Q3 2019 results for the period ended September 30, 2019. Source NSE Read More 

NASD OTC Market CAP Increased By 0.29% WoW To Close At N499.72bn - As at close of trade week on 25 October 2019, market Capitalisation increased to N499.72 billion from last week's previous ₦498.29 billion, which shows a 0.29% increase in Capitalisation. Also the NSI for the week ended 25 October 2019 recorded an increase from 693.58 points to 695.58 points. Source NASD Plc Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 251019 - The equities market recorded mixed performance - the listed equities market recorded -0.38% loss WoW while the NASD OTC recorded +0.29% gain WoW. Source Proshare Read More 

Unity Bank Plc Q3 2019 Results: Pulling Out of A Ditch Slowly - Nigeria's agricultural finance powerhouse, Unity Bank Plc, is pulling itself out of a financial ditch with its 9 months 2019 financial statement. The banks top line earning spiked from N26.12bn in 9 months 2018 to N31.26bn in 9months 2019, representing a year on year (Y-o-Y) growth of +20%. Source Proshare Read More 

What To Expect From The Markets This Week - 281019 - According to the NBS's debt report, Nigeria's total debt as of Q2-19 grew faster by 3.0% q/q to NGN25.70 trillion (Q1-19: +2.3% q/q), taking the nation's debt as a percentage GDP to 19.9%. Source Proshare Read More 

GT Bank 9M 2019; Good Numbers, But A Howler In Loan Asset Growth - GT Bank's 9 months 2019 financial results is a sweet pot of peppered soup. The ingredients are a coloured mix of top line earnings decline, bottom line growth and major cost of risk (CoR) deceleration. Source Proshare Read More

 

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PROSHARE BUSINESS

Doing Business 2020: Taking Stock of SSA Performance - Earlier, the World Bank released its Doing Business 2020 report, ranking 190 countries across the world on the ease of doing business. Source United Capital Research Read More

Nigerian Military Plans Operation To Demand ID Cards From Citizens - 'Operation Positive Identification' would see soldiers accosting citizens on the streets or highways and asking them to produce means of identification on the spot. Soldiers had been taking similar measures to separate citizens from terrorists in the Boko Haram-ravaged northeastern part of Nigeria. Source Premiumtimes Read More

Lagos-Ibadan Rail: CCECC Relocates Pipelines, Build Drains, Stations - The persistent rains in the Lagos area of the ongoing construction of a new Lagos-Ibadan rail line have not stopped the contractor handling the project, China Civil Engineering Construction Corporation, from forging ahead with its work. Source Punch Read More

Afreximbank Announces Cotton Initiative - The African Export-Import Bank (Afreximbank) is developing an African Cotton Initiative (AFRICOTIN) to help to catalyse the cotton sector in the continent. Source Thisday Read More

AMCON Amendment Act Requires Enforcement, Says CJN - The Chief Justice of Nigeria (CJN), Hon. Justice Ibrahim Tanko Muhammad, has called for the enforcement of the Asset Management Corporation of Nigeria (AMCON) Amendment Act 2019. He stated that a law cannot be effective if not enforced. Source Thisday Read More


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Pursue Impact, Not Just Reforms, World Bank Tells Nigeria, Others -  Nigeria, as the biggest Economy in Sub-Saharan Africa, alongside others, have continued to improve their business climates, but needs to do more, the World Bank Group has said. Source Guardian Read More

U.S., China Say They Are 'Close To Finalizing' Part Of A Phase One Trade Deal - U.S. and Chinese officials are "close to finalizing" some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative's office and China's Commerce Ministry said, with talks to continue. Source Reuters Read More

Oil Drops After Data Shows Industrial Profits Decline In China - After strong gains last week, oil prices were slightly lower on Monday as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices. Source Reuters Read More

Banks' Credit To Private Sector Hits Record N25.47tn - Banking sector's credit to private sector rose to N25.47tn in September, setting a new record for the year, a new report by the Central Bank of Nigeria has revealed. Source Punch Read More 

 

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PROSHARE TECHNOLOGY  

People-Component, Critical In the Development of Digital Financial Services - Victor Asemota - The People component has been described as a critical aspect in the delivery of digital financial services in the 21st century. Mr. Victor Asemota, the Founder of Swifta Systems, disclosed this as the keynote speaker at the Fintech 3.0 Summit organized by First Bank Nigeria Limited. Source Proshare Read More

 

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PROSHARE FINANCE 

Onitsha, Benin Fire Incidents: Deepening Insurance Cover In Nigeria - In addressing issues related to the risk protection industry and incessant market fires, WebTV discussed with an Insurance specialist, Mr. Ekaete Ola Gam-Ikon, about how fire-risk protection can work into the architecture of market administration across then country. Source Proshare Read More

 

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