Nigeria in 1min: Economic, Business and Financial Headlines - 301219

Monday, December 30, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @followlasg

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PROSHARE ECONOMY

Fitch Revises Outlook on 4 Nigerian Banks to Negative on Sovereign Action - Fitch Ratings has revised the Outlooks on the Long-Term Issuer Default Ratings (IDR) of four Nigerian banks, Zenith Bank plc (Zenith), Guaranty Trust Bank plc (GTB), United Bank for Africa plc (UBA) and Bank of Industry Limited (BOI), to Negative from Stable and affirmed their IDRs at 'B+'. Source Fitch Ratings Read More 

FG Signifies Financial Commitment to Siemens Agreement - According to local media reports, the Federal Government has set aside the sum of N61bn for the Nigeria Electrification Road map to be developed in partnership with Germany-based Siemens AG. The amount provisioned for the Presidential Power Initiative is one of the key expenditures captured in the 2020-2022 Medium-Term Expenditure Framework but was not included in the 2020 budget. Source CSL Research Read More

2019 Was A Special Year - Two distinct features of Christmas Day 2019 are that the rice you consumed was local and a 50kg bag of imported rice (N27,000) was 70% higher than in 2018. The unintended impact of the border closure has been a spike in the year-on-year inflation to 11.85% from a low of 11.02% in August. Source FDC Ltd Read More 

NLNG Takes Final Decision To Achieve Train 7 Project - The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr. Mele Kolo-Kyari, today participated at the Final Investment Decision of Board Members for the Nigeria Liquefied Natural Gas Company Train 7 Project in Abuja. Source WebTV Read More 

Personal Statements By The MPC Members At The 127 MPC Meeting Of Nov 25-26, 2019 -  The global economy continues to struggle under the combined weight of factors including trade tensions resulting in significant tariff increases between the United States and China; subdued investment and activity prospects in emerging markets and developing economies (EMDES); increasing policy uncertainty across many countries; unstable commodity prices, Brexit uncertainties as well as other geo-political setbacks.  Source CBN Read More 

A Bullish End To The Year For Oil Markets - OIR 271219 - Oil seems set to close out the year on a high note. Oil prices are roughly 30 percent higher than they were at the start of the year, although 12 months ago saw a sudden and steep downturn. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Dec 27, 2019 - This week, the CBN issued a revised guide to charges by banks, other financial and non-bank financial institutions which will be effective from January 1st, 2020. Source ARM Read More

FIRS Offers One-Month Window To Ease TCC Issuance - The Service may not hesitate to use enforcement activities including imposition of lien on bank accounts of such defaulting companies to recover any outstanding debts when it is discovered that the taxpayer has misled the Service in her duty to observe tax compliance. Source FIRS Read More 

Economy Recorded $4.17bn Forex Deficit In One Year - A total foreign exchange of $58.01bn came into the economy through the Central Bank of Nigeria within a 12-month period covering November 2018 and November this year. The figure was arrived at based on an analysis of the foreign exchange inflow and outflow through the economy as contained in the economic report of the apex bank. Source Punch Read More 

FIRS Suffers N4.8tn 10-Year Revenue Shortfall - Within a 10-year period covering 2010 and 2019, the Federal Inland Revenue Service recorded a revenue shortfall of N4.88tn, figures obtained from the FIRS have indicated. The FIRS data showed that during the 10-year period, the service generated about N43.41tn revenue from taxes. Source Punch Read More 

CBN Disburses N611.5bn To Commercial Farmers - The total amount disbursed to farmers under the Commercial Agriculture Credit Scheme from inception in 2009 rose to N611.5bn as of the end of November 2019. The Central Bank of Nigeria disclosed this in its November 2019 economic report. Source Punch Read More 

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N305/$ Exchange Rate Has Stabilised Naira, Says ABCON - The Association of Bureaux De Change Operators of Nigeria (ABCON) on Sunday defended the Central Bank of Nigeria's (CBN's) N305 to dollar exchange rate policy. It said the decision has helped in stabilising the naira. Source TheNation Read More 

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What To Expect From The Markets This Week - 301219 - Relative to the corresponding period of the previous year, Nigeria's trade surplus position improved markedly by 117.4% to NGN1.39 trillion in Q3-19. The rapid pace of expansion was on account of a significant improvement in export (+9.0% y/y) which ran ahead of import (-7.5% y/y). Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 271219 - The equities market recorded mixed performance - the listed equities market recorded -0.41% loss WoW while the NASD OTC closed flat WoW. Source Proshare Read More 

DANGCEM To Hold EGM On January 22nd, 2020; Proposes New Clauses To Its Articles Of Association - Notice Is Hereby Given that the Extraordinary General Meeting ("EGM") of the shareholders of Dangote Cement Pic (the "Company") will be held at Zinna Hall, Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos on the 22nd day of January, 2020 at 11am prompt in order to transact the following business. Source Read More

NASD OTC Market CAP Closed The Week With No Movement - As at close of trade week on 27 December 2019, Market Capitalisation and NSI closed the trading week with no movement as against preceding Friday, December 20 2019. The Market Capitalisation and NSI closed the week at N501.14 and 697.54 points respectively.  Source NASD Read More 

Investors Gain N157.19bn As NSEASI Inches Up By 1.25% After The Xmas Break - Equities market closed today on a positive note, as NSEASI appreciated by +1.25% to close at 26,416.48 points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.95%.  Source Proshare Markets Read More 

NSE Places Full Suspension on Trading on the Shares of A.G. Leventis Nigeria Plc - A.G. Leventis Nigeria Plc (A.G. Leventis or the Company) through its Stockbrokers, Stanbic IBTC Stockbrokers Limited, has requested that trading in the shares of the Company be placed on full suspension. Consequently, trading in the shares of A.G. Leventis was today, Friday, 27 December 2019 placed on full suspension. Source NSE Read More 

Trading in C and I Leasing Plc's Rights Issue Extended To January 13, 2020 - Further to the Market Bulletin with Reference Number NSE/RD/LRD/MB65/19/11/18, dated 18 November 2019, on the above subject, trading in the C & I Leasing's Rights Issue of 539,003,333 ordinary shares of 50 Kobo each at N6.00 per share on the basis of four (4) new ordinary share for every three (3) ordinary shares held as at 04 September 2019, has been extended to 13 January 2020. Source NSE Read More 

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Breach of Nigeria Data Protection Regulation by the Lagos State Internal Revenue Service - The National Information Technology Development Agency (NITDA) was reliably informed and duly ascertained that the Lagos State Internal Revenue Service (LIRS) published a web portal where personal information of tax payers of Lagos State was gleaned by the general public in breach of the Nigeria Data Protection Regulation (NDPR), 2019. Source NITDA Read More 

China Commerce Ministry Says It Has Proactively Dealt With U.S. Trade Frictions - The ministry has implemented the decisions of the central government and "resolutely safeguarded the interests of the country and the people", it said in a statement on its website. Source Reuters Read More 

USSD Charges: NCC, CBN, Telcos, Others To Parley - The Nigerian Communications Commission (NCC),  the Central Bank of Nigeria (CBN), and Body of Bank CEOs are to meet to resolve the dispute surrounding charges for use of Unstructured Supplementary Service Data (USSD), it was gathered at the weekend. Source TheNation Read More

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PROSHARE FINANCE 

Wedding-Marriage: Between an Event and A Journey - Over the years, marriage (at least in a conventional sense) has always been considered the union of a man and a woman desirous of living together for love, procreation and social acceptance. Source  Proshare Read More 

What's A Support System Without Insurance? - In most developing economics especially across Africa and Asia, huge support systems exist attempting to provide better livelihood for their expansive populations and more investments have been planned for the next decade. Source Ekerete Ola Gam-Ikon Read More 

Adoption of Shariah-Compliant Finance Solutions Will Bring Transformation To Nigeria's Economy - The adoption of  Shariah-compliant financial solutions will bring transformation to all the critical sectors of the  Nigerian economy. Source WebTV Read More

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