Nigeria in 1min: Economic, Business and Financial Headlines - 301019


Wednesday, October 30, 2019 / 7:20 AM / By News Aggregator / Header Image Credit: WebTV


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CBN Issues Revised Guidelines For The Registration Of CIT And Currency Processing Companies - The Central Bank of Nigeria (CBN) hereby mandates all companies, including Deposit Money Banks, who are desirous of providing currency distribution and/or currency processing services in Nigeria, either for themselves or for other Deposit Money Bank(s) to register with the Central Bank of Nigeria. Source CBN Read More 

No Going Back On IPPIS, Says Finance Minister - The Federal Government on Tuesday said there was no going back on the October 31 deadline President Muhammadu Buhari gave public servants to register for the Integrated Payroll and Personnel Information System. Source Punch Read More

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SEC Issues Guidelines On The Operations Of Nominee Accounts By CMOs - Following the amendment of Rule 61 (2) of the Consolidated SEC Rules and Regulations 2013 on the Regulation of Nominee Accounts, the Commission hereby issues the under listed directives to facilitate effective compliance with the Rules.  Source SEC Read More 

28 Million Bank Customers Have No Credit History - CBN - Deputy Governor, Financial System Stability Directorate, CBN, Aisha Ahmad, said this while speaking at the 4th National Fintech Conference, in Lagos.Lamenting the huge financial access gap in the country especially in terms of access to credit. Source Vanguard Read More


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FIDELITYBK Declares N21.46bn PAT in Q3'19 Results;(SP:N1.70k) - Fidelity Bank Plc released its Q3 unaudited 2019 results for the period ended September 30th, 2019. Revenue declined by -12.6% to 151.88bn from 173.71bn in Q3 2018. Source NSE Read More 

Lafarge Africa Plc Q3 2019 - LSAH Sale... Good Riddance - Lafarge Africa Plc released 9M 19 result, showing the group's performance ex-South Africa business (LSAH). On the adjusted numbers, Lafarge reported EPS of N1.28 compared to a loss of N1.20 in 9M 18 (including Lafarge South Africa). Source ARM Research Read More 

Sterling Bank Plc Q3 2019 Results: Increased OPEX Drags Pre-tax Profit - Sterling's Interest Income grew 2% y/y and 5% q/q. In line with the trend we observed across most banks, the growth in Interest Income was driven by the improvement in Interest earned on loans and advances (4% y/y to N73.3bn) following the marginal growth  in loan book (Net loans to Customers grew 2.3% YTD). Source CSL Research Read More 

Dangote Sugar PLC 9M 2019 Earnings : Sustained Cost Pressure Weighs On Profit - Dangote Sugar in its recently released 9M 2019 financials reported 0.6% y/y rise in Revenue to N117.4bn in 9M 2019 from N116.8bn in 9M 2018. However, on a q/q basis, Revenue dipped 12.2% q/q to N37.1bn in Q3 2019 from N42.2bn in Q2 2019. Source CSL Research Read More 

NSE Places The Shares of Dangote Flour Mills Plc on Full Suspension - The Nigerian Stock Exchange (NSE) has notified the market that trading on the shares of Dangote Flour Mills (DFM) Plc has been placed on full suspension effective Monday, 28 October 2019. Source Investment-One Research Read More 

NSEASI Erases Previous Day Gain; Dips By -0.53% Amid Positive Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.53% to close at 26,244.39 points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.50%. Source Proshare Markets Read More 

International Breweries Plc: Poor Performance Extends Into Q3 2019 - In its recently released financial reports for 9M 2019, International Breweries (IntBrew) reported a 16.7% y/y growth in Net Revenue to N97.3bn in 9M 2019 from N83.3bn in 9M 2018.  Source CSL Research Read More 

STERLNBANK Declares N7.58bn PAT in Q3 2019 Results,(SP:N2.00k) - Sterling Bank Plc released its Q3 unaudited 2019 results for the period ended September 30th, 2019. Gross Earnings declined by -1.3% to 113.04bn from 114.58bn in the previous quarter. Source NSE Read More


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NASS Summons 17 Oil Firms Over NDDC Debts - The Joint National Assembly Committee on Niger Delta Development Commission on Tuesday summoned 17 oil companies over their alleged N72bn and $273m indebtedness to the agency. Source Punch Read More 

CBN Approves N19bn For Nine Cotton Plants' Revival ...To Recycle Expired Banknotes With N500m - The Central Bank of Nigeria has approved a fresh loan of N19.18bn to nine cotton producing firms with a view to retooling their processing plants. The apex bank has also set aside the sum of N500m to recycle old naira notes being mopped up from the Deposit Money Banks across the country. Source Punch Read More 

Nigeria Earned N240bn from Solid Minerals in Five Years -  The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial inflows to Nigeria from solid minerals extraction between 2013 and 2017 amounted to N240 billion. Source Thisday Read More 

In U.S.-China Talks, Beijing's Refusal To Spell Out Farm Buys Is Big Sticking Point - U.S. President Donald Trump's demand that Beijing commit to big purchases of American farm products has become a major sticking point in talks to end the Sino-U.S. trade war, according to several people briefed on the negotiations. Source Reuters Read More

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SEC, CBN To Support Nigerian Fintech And Broaden Financial Inclusion - The Securities and Exchange Commission, SEC, and the Central Bank of Nigeria, CBN, have made key commitments to support the deepening of the Fintech ecosystem in the country, and broaden financial inclusion. Source Proshare Read More

Opening Session Nigeria Fintech Week; Welcome Address By Dr Segun Aina,OFR, 29 October 2019 - It is reassuring to note the growth and sustenance of the most significant and most impactful Nigeria fintech gathering which started in April 2017 as a one day 1st National Fintech Conference. Source Dr Segun Aina Read More


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Rebuilding Trust In Insurance Relationships - A time was, nearly fifty (50) years ago, when the working class in Nigeria trusted (YES, TRUSTED) the insurance companies and their agents! Unbelievable? BELIEVE it. Source Ekerete Ola Gam-Ikon* MNIM, CPP Read More 

Sukuk Bonds Can Address The Infrastructure and Housing Deficits In Nigeria - Dr Aliyu Dahiru - Nigeria's huge infrastructure and housing deficits can be fixed by strategic non-interest financing instruments and frameworks like the Sukuk Bond. Source Proshare Read More

NAICOM Approves Recapitalisation Plans Of 44 Insurance Companies, Rejects 6 - The National Insurance Commission (NAICOM) has approved the recapitalisation plans of 44 out of the 54 Insurance companies in Nigeria. Mr Agboola Pius, Director, Policy and Regulation, NAICOM, said this yesterday at an interactive session with shareholders to update them on the 2019 recapitalisation directive, in Lagos. Source Dailytrust Read More

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