Nigeria in 1min: Economic, Business and Financial Headlines - 310120

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Friday, January 31, 2020 / 06:48 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

N293.80bn Generated as IGR in Q3 2019 - NBS - The National Bureau of Statistics Published Internally Generated Revenue at State level for Q3 2019. The 36 states and FCT IGR figure hits N986.29bn in 9Months compared to N692.49bn recorded in H1 2019. Source NBS Read More 

Lagos Raises N100bn Bond to Finance Infrastructure - Lagos State Government has opened a new chapter in its stride towards attaining self-sustenance in finance and governance. Governor Babajide Sanwo-Olu on Wednesday, signed documents for the issuance of N100.33 billion bond, which the State raised from capital market to fund infrastructure and pressing capital projects. Source The Guardian Read More 

African Economic Outlook 2020: Developing Africa's Workforce for the Future - Africa's economic growth has stabilized at 3.4 percent in 2019 and is expected to pick up to 3.9 percent in 2020 and 4.1 percent in 2021 but to remain below historical highs. Source AFDB Group Read More 

New Cash Reserve Requirement Credit-Negative for Nigerian Banks - The higher cash reserve requirement (CRR) for Nigerian banks announced last week is credit-negative for the sector as it will restrict banks' ability to lend and dampen their profitability, Fitch Ratings says.  Source Fitch Ratings Read More 

FG Eyes $150bn From Zero-Oil Plan - Through the zero-oil plan, the commission had identified 22 priority countries as markets for Nigerian products while 11 strategic products with high financial value were expected to replace oil. Source Punch Read More

 

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PROSHARE REGULATORS 

SEC Issues Guidelines to Facilitate Effective Compliance With SEC Rules 57 and 58 on Net Capital  The Commission hereby issues the under listed guidelines to facilitate effective compliance with SEC Rules 57 & 58 on Net Capital. Source Read More 

 

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PROSHARE MARKETS 

NCM2020 (11) - NSEASI Performance Review and How Each Company Fared in 2019 - The extended negative market sentiment witnessed in 2018 with -17.81% loss continued in 2019. As at December 20, 2019, The NSEASI recorded a -15.60% YTD loss. Source Proshare Read More

Stanbic IBTC Holdings Plc FY'19  - Trading Gains Keep Earnings Afloat - Stanbic IBTC Holdings Plc (STANBIC: TP 47.14 - HOLD) released an unaudited FY'19 results, which revealed relatively flat earnings of N75.0 billion (FY'18: N74.4 billion). At the pre-tax level, a more noticeable growth in earnings (+3.1% YoY) was supported by improved non-interest income (6.0% YoY) and better cost to income ratio of 50.4% (vs 52.9% in FY'18). Source NSE Read More 

FBNH Declares N61.95bn PAT in Unaudited Q4 2019 Results, (SP:N6.95k) - Today, FBN Holdings Plc released its Unaudited Q4 2019 results for the period ended December 31st, 2019. Interest Income grew by 1.4% to N440.62bn from N434.10bn in the previous quarter. Profit before tax grew by 12.8% to N73.61bn. Source NSE Read More 

NSEASI Dips By -0.27%; Market Turnover Improves Amid Sustained Bearish Sentiment - Equities market closed today on a negative note, as NSEASI depreciated by -0.27% to close at 29,030.93 points as against -0.91% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.15%.  Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

BGL Group APC Decision: SEC Notifies of The Expiration of Penalties and Ban on Adekunle Alli - Sequel to the Commission's APC decision in respect of BGL Group in APC/1/2015: Rivers State Ministry Of Finance & 31 Others V. BGL Plc & 31 Others and APC/1/2016: Afolabi Gabriel Oluwaseyi & 9 Others v. BGL Securities Ltd & 22 Others, the Commission hereby informs the general public of the expiration of penalties/ban issued Source SEC Read More 

Auto Industry Attracts Over $1 Billion Investments - Nigeria's automobile industry received a boost with over $1billion investments from renowned auto manufacturers in 2019, thereby lifting capacity to at least 408,870 vehicles yearly. Source Guardian Read More 

NERC To Remove Tariff Liabilities From Discos - In its order, NERC/196/2020, the commission stated, "This order seeks to resolve the continued accumulation of future tariff-related shortfalls during the transition to cost-reflective tariffs and to prevent the accrual of new liabilities in the financial records of Discos." Source Punch Read More 

Oil Jumps As WHO Declares Emergency But Recommends No Travel, Trade Restrictions - Oil prices jumped on Friday following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of the coronavirus that originated in China last year. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

MTN Nigeria Communications Plc Resolves Legal Action Against AGF and Minister of Justice - Today, MTN Nigeria appeared before the Federal High Court sitting in Lagos, Nigeria to formally discontinue its legal action against the Attorney General of the Federation and Minister of Justice (the "AGF").Source NSE Read More 

NCC Slams N2.9b Fine On Telcos Over Infractions - Regulator of the telecoms sector, the Nigerian Communications Commission (NCC), has slammed a fine of N2.9billion on all the major carriers in the country. The sanctions were imposed on the telcos within the first and third quarter of last year, it was gathered on Thursday. Source TheNation Read More

 

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PROSHARE FINANCE 

Airlines Face Growing Pressure From The Coronavirus - The novel coronavirus will likely put pressure on airlines' performance, especially APAC carriers, Fitch Ratings says. The duration, scale and geographic spread of the virus outbreak will determine the impact on credit profiles in the sector, as the pressure will increase if the epidemic escalates. Source Fitch Ratings Read More

 

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