Nigeria in 1min: Economic, Business and Financial Headlines – 020419

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Tuesday, April 02, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: NSE

 

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PROSHARE ECONOMY

No Impact on Lagos Ratings from Missed Contracted Services Payments – Fitch - Lagos State's ratings (B+/(AA+(ngn)/Stable) are unaffected by the default of the SPV Municipality Waste Management Contractors Limited (MWMCL), Fitch Rating says. Source Fitch Ratings Read More 

Building a Fair Commodities Exchange in Nigeria - In the article “A definitional Guide to understanding commodities exchanges,” AFEX defines a commodities exchange to be “an open and regulated market where people can trade in standardized futures contracts. Source AFEX Nigeria Read More 

AfDB Approves Investment in Growth Fund - The African Development Bank (AfDB) has approved a $20 million equity investment in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners Limited, a private equity firm, focused on high growth middle market businesses across West Africa. Source Thisday Read More 

Nigeria Spends N10trn On Petrol Subsidy - At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. Source Vanguard Read More 

 

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PROSHARE REGULATORS

NAICOM, SEC, NSE Extend Insurers’ Accounts Rendition Deadline - The National Insurance Commission (NAICOM) has secured approvals from the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) for underwriters to submit their 2018 financial accounts by the end of April 2019, against the statutory March deadline. Source Guardian Read More

 

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PROSHARE MARKETS

Afrinvest Stock Recommendation For The Week 010419 - Despite bargain-hunting activities on some fundamentally sound and cheap stocks (NESTLE, SEPLAT and DANGCEM) at the close of trading session, the local bourse failed to fully recoup losses. Source Afrinvest Research Read More 

Creating One of Africa’s Leading Retail Banks - Launch of the New Access Bank Brand - Today we have publicly launched the new Access Bank, one company, with 28,000 staff across 600 branches and 29 million customers worldwide. Source Access Bank Plc Read More 

NSE Lists Additional Shares Arising from the Scheme of Merger between ACCESS and DIAMONDBNK - Further to the Market Bulletin of 20 March 2019, with Reference Number: NSE/LARD/LRD/MB19/19/03/20, wherein the market was notified of the suspension of trading in the shares of Diamond Bank Plc, following the Court Sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, you are hereby notified that the National Council of The Nigerian Stock Exchange on Friday, 29 March 2019 approved the listing of 6,617,253,991 ordinary shares of 50 Kobo each of Access Bank Plc resulting from the Scheme. Source NSE Read More 

Average Money Market Rate Fell By 4.28% To Settle At 10.27% - The money market rate decreased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 10.67% and 9.86% from 14.83% and 14.25% respectively. Source Anchoria AM Research Read More 

GUARANTY Records N1.47bn Loss In Today’s Trading; NSEASI Dips By -1.64% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 1.64% to close at 31,041.42basis points as against 0.67% appreciation recorded previously. Source Proshare Read More 

Access Bank Lists Pioneer N15bn Nigerian Green Bond At FMDQ OTC - Access Bank Plc one of Nigeria’s leading financial institutions made history today, as it launched Nigeria’s first Certified Green Bond at the FMDQ OTC Exchange. Source Proshare Read More

Unity Bank Beats Analysts Forecast FY2018; But Throws Up Equity Concerns -  The bank’s net operating income (NOI) rose by +112% climbing forwards from N21.63bn in 2018 from N10.22bn in 2017 The bank’s customer deposits fell -4.11% from N252.3bn in 2017 to N241.9bn in 2018. Source Proshare Read More

 

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PROSHARE BUSINESS 

SEC Nigeria Clarifies and Establishes Fiduciary Standard For Investment Advisers in Nigeria - The SEC’s latest amendments to the regulations on investment advisory services in Nigeria (the Amendments) are perhaps the most significant amendments that have been made in the history of Capital Market Operator (CMO) regulation in Nigeria. Source Olubunmi Abayomi-Olukunle * Read More 

Assets Worth N1.26tn Registered On National Collateral Registry - The registry was established through the Secured Transactions in Movable Assets Act, 2017 passed by the National Assembly to improve access to finance, particularly for Micro, Small and Medium Enterprises. Source Punch Read More 

NIBBS, Banks To Reduce E-Transaction Time - The Nigeria Inter-Bank Settlement System says the banking industry has taken measures to ensure efficiency in the electronic payment system and achieve shorter transaction time. Source Punch Read More

Nigeria, Cape Verde Finalise Air Transport Agreement - The Minister of State for Aviation, Senator Hadi Sirika, says the Federal Government and the government of Cape Verde have concluded an agreement on air services between both countries. Source Punch Read More

 

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PROSHARE FINANCE

Why FDI in Nigeria’s Insurance Sector Is An Increasingly Compelling Value Proposition - Other than an increasingly stable macro-economic environment, a growing middle class, large infrastructure and energy plays, steady increases in premium volumes and penetration rates, we consider the regulatory approach of Nigeria’s National Insurance Commission, (NAICOM), the other big driver of growth in the insurance sector and the additional reason why a strategic decision to invest in the sector may be a compelling proposition. Source Olubunmi Abayomi-Olukunle* Read More

 

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