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Nigeria in 1min: Economic, Business and Financial Headlines - 300819

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Friday, August 30, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @UBAGroup

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PROSHARE 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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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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