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Friday, August 30, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @UBAGroup
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ECONOMY
Nigeria's Fiscal
Quandary: A Revenue Problem Or A Debt Problem? - Few days
after the inauguration of the next level cabinet, newly appointed Minister of
Finance and Budget & National Planning, Mrs Zainab Ahmed in a meeting with
her team members described Nigeria's precarious fiscal situation as a revenue
problem rather than a debt problem. Source CSL Research Read More
FAAC Disburses N762.6bn
in July 2019 - NBS - The Federation
Account Allocation Committee (FAAC) disbursed the sum of N762.6bn to the three
tiers of government in July 2019 from the revenue generated in June 2019. The
amount disbursed comprised of N652.95bn from the Statutory Account, N108.63bn
from Valued Added Tax (VAT) and N1.02bn exchange gain differences. Source NBS Read More
Shippers Council Moves to
Enforce FAL Convention Among African Countries -
The Executive Secretary of the Nigerian Shippers' Council (NSC), Hassan Bello,
has reiterated the importance of the Status of Convention on Facilitation of
International Maritime Traffic (FAL convention) to the Union of African
Shippers Council (UASC) members. Source Thisday Read More
Oshodi-John: FG, States Must Always Engage
Professionals in Contract Negotiations - During
late President Musa Yaradua's tenure, a contact was entered with P & ID to
build a gas facility in Cross River State and the federal government said they
were going to provide the pipelines. Source Thisday Read More
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PROSHARE REGULATORS
NSE Amends Rules On Application For Quotations - Every Any application for a the listing and quotation of securities on The Exchange must shall be sponsored by a Dealing Member and made in accordance with the Listing Requirements as prescribed by the Council from time to time. Source NSE Read More
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PROSHARE MARKETS
Zenith Bank Plc H1'19 Earnings - Hitting a Home Run With Retail Banking - In H1:2019, Zenith bank recorded slow growth in gross earnings (+2.91%), compared to the corresponding period in the previous year. On a quarter-on-quarter basis, however, gross earnings increased by 13.38%. Source Meristem Research Read More
Zenith Bank Revises Payment Date of H1 2019 30k Interim Dividend - Further to the publication of the Audited Financial Statement of Zenith Bank Plc for the half year ended 30 June 2019 on August 19, 2019 whereby the Board of Directors declared an interim dividend of 30k per share with a closure date of 30 August 2019 and payment date of 2nd September 2019. Source Meristem Research Read More
NSE Lifts Suspension Placed On Trading In The Shares Of Royal Exchange Plc - We refer to our Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of eleven (11) listed companies for non-compliance with Rule 3.1. Source NSE Read More
Investors Loses N88.27bn As NSEASI Erases Previous Day Gain; Dips By -0.66% - Equities market closed today on a negative note, as NSEASI depreciated by -0.66% to close at 27,425.57 points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.74%. Source Proshare Markets Read More
SEC Woos Army, Police Officers To Capital Market - The Securities and Exchange Commission has
organised a one-day enlightenment outreach for officers of the Nigerian Armed
Forces, the Nigeria Police Force and other para-military agencies on the
investment initiatives in the capital market and how to protect their sundry
investments. Source Punch Read More
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PROSHARE BUSINESS
CBN
Directive On Loan Defaulters: GTB CEO, Segun Agbaje Shares Perspective - Following the recent directive of the Central Bank
of Nigeria on loan defaulters in the country, the CEO of Guaranty Trust Bank
Mr. Segun Agbaje has been sharing his perspective on the need for a robust
credit system in the country. Source WebTV Read More
ETI Announces The Completion of Disposal of IFC Shareholdings To Arise B.V. - On 17 June 2019, Ecobank Transnational Incorporated ("ETI") had notified the Nigerian Stock Exchange that International Finance Corporation ("IFC") and the funds managed by the IFC Asset Management Company ("AMC") were in advanced discussions to dispose of their shareholding in ETI to Arise B.V. ("Arise"). Source NSE Read More
MAN,
LCCI, NECA Caution FG Against Border Closure - The Manufacturers Association of Nigeria and
the Lagos Chamber of Commerce and Industry have called on the Federal
Government not to allow the closure of the Nigeria-Benin border to jeopardise
the business of entrepreneurs on that corridor. Source Punch Read More
Stakeholders
Decry Low Access To ECOWAS Trade Scheme - Major private sector
players have called for the removal of barriers that have hindered the full
implementation of the Economic Community of West African States' Trade
Liberalisation Scheme. They spoke on Wednesday in Lagos at a one-day sensitisation
workshop on ETLS organised by the ECOWAS National Unit, Ministry of Foreign
Affairs, in collaboration with the National Approval Committee and the Lagos
Chamber of Commerce and Industry. Source Punch Read More
Size Of AfCFTA Worth $3.3trn - AfDB - The African Development Bank (AfDB), says the size of trade within the African Continental Free Trade Area (AfCFTA) is worth 3.3 trillion dollars.President of AfDB, Dr. Akinwumi Adesina said this at the ongoing Tokyo International Conference of African Development (TICAD) in Japan. Source Leadership Read More
Signs
Of New U.S.-China Trade Discussions Emerge As Increased Tariffs Loom - The United States and
China gave signs on Thursday that they will resume trade talks as the two
economic superpowers discussed the next round of in-person negotiations in
September ahead of a looming deadline for additional U.S. tariffs. Source
Reuters Read More
Buhari
Rallies Japan, Says Investment Returns Highest in Nigeria - President Muhammadu
Buhari Thursday rallied Japan to massively invest in Nigeria, assuring the
Asian nation that the country has enormous investment opportunities that
guarantee the highest returns. Source Thisday Read More
Oil
Set For Biggest Weekly Gain Since July On Trade Dispute Hopes - Oil prices on Friday
were set for their biggest weekly gains since early July, boosted by a decline
in U.S inventories and a looming hurricane in Florida, while new signs of trade
talks between the United States and China emerged. Source Reuters Read More
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Business
PROSHARE MSME
FCMB Engages Entrepreneurs
in Oyo State, Extends free Business Finance Training - Hundreds of existing and start-up entrepreneurs
based in Oyo State have benefitted from the seventh edition of the First City
Monument Bank (FCMB)-organised free comprehensive capacity building programme,
tagged, "Business Enterprises and Sustainability Training (BEST)",
for Small and Medium Scale Enterprises (SMEs). Source FCMB Read More
Elumelu Charges Japan to Commit to Empowering African Entrepreneurs - The Founder of the Tony Elumelu Foundation (TEF) and the Chairman of the United Bank of Africa (UBA) Plc, Mr. Tony Elumelu, has challenged the government of Japan to invest five per cent of its $50 billion commitment to Africa, in empowering African entrepreneurs. Source Thisday Read More
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MSME
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