Nigeria in 1min: Economic, Business and Financial Headlines – 021018

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Tuesday October 02 , 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Lagos APC Guber Primaries: Tinubu issues statement - As Lagos holds its Gubernatorial primaries today, the recognized leader of the party in the state and a member of the board of trustees Asiwaju Bola Tinubu issued a statement, guiding his views, position and perspective on the direction the APC should follow. Source Proshare Read More 

#NigeriaAt58:President Buhari commits to free and fair electoral process - Today is a day of celebration and solemn reflection. It is the anniversary of the day Nigerians realised one of the most cherished of human desires – the desire for freedom. We, therefore, give thanks to and remember our founding fathers who laboured so hard and sacrificed so much to build and bequeath to us this wonderful nation. It is our duty to consolidate this great legacy. Source Proshare Read More 

External reserves drop by $1.45bn in one month - The nation’s foreign exchange reserves fell by $1.457bn in September, the latest data from the Central Bank of Nigeria showed on Monday. Source Punch Read More 

NNPC posts N18.12bn trading surplus in one month - The Nigerian National Petroleum Corporation on Monday announced a trading surplus of N18.12bn for May 2018, a performance that was relatively higher than the N17.16bn recorded in the preceding month. Source Punch Read More 

Oil hits $84, Nigerian cargoes struggle for buyers- International oil benchmark, Brent crude, extended its gains on Monday, rising to its highest level of $84 per barrel since November 2014. Source Punch Read More 

Nigeria exports N7.3trn crude oil in six months - Nigeria’s crude oil export appreciated by 17.38 per cent to N7.308 trillion in the first six months of 2018 from N6.226 trillion recorded in the last six months of 2017, according to data obtained from the National Bureau of Statistics (NBS). Source Vanguard Read More 

The Era of Near-Zero Interest Rates Is Over- The era of zero interest rates in the world’s major economies ended with the Federal Reserve’s decision to raise borrowing costs last week. Source Bloomberg Read More 

 

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PROSHARE REGULATOR

Banks Raise Credit Allocation to Corporates, CBN Survey Reveals - The Central Bank of Nigeria’s (CBN) Credit Condition Survey for the third quarter (Q3) has revealed that the overall availability of credit to the corporate sector increased in the period under review. Source Thisday Read More

 

Over 80% of top insurers take business offshore — NAICOM - Over 80 percent of big ticket risks underwritten by Nigerian insurers are exported for offshore underwriting due to inadequate capacity. Source Vanguard Read More

 

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PROSHARE MARKETS

FSD Africa and SEC Nigeria partner to strengthen Nigeria’s capital market - The Securities and Exchange Commission, Nigeria (SEC Nigeria) has become the first capital market regulator to participate in a flagship pan-African programme designed to strengthen the continent’s capital markets. Source Proshare Read More 

‘MTN charged to clear regulatory issues before IPO- The Chartered Institute of Stockbrokers (CIS), has urged the telecom giant, MTN, to dispatch with all regulatory headwinds properly before coming to the stock market for public offering to Nigerians, to enable it list at optimal price favourable to the company and investors. Source Guardian Read More 

MTN mulls new share trading - MTN Nigeria is exploring other means of availing the public of the benefits of owning its shares outside of listing on the Nigerian Stock Exchange, its Chief Financial Officer Ralph Mupita has said. Source Nation Read More 

45 companies, others win awards on capital market performance - At the maiden edition of the CAMCAN Nigeria Capital Market Performance Awards 2018 in Lagos, Nigeria’s best-performing quoted companies across the sectors were celebrated for their resilience and value creation. The companies were assessed based on their audited report and accounts for the year ended December 31, 2017. Source Nation Read More 

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PROSHARE BUSINESS

Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge - The Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla, Inc., has agreed to settle the securities fraud charge brought by the SEC against him last week.  The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle. Source Proshare Read More

 

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PROSHARE TECHNOLOGY

Nigeria ranks 108th in mobile Internet speed - Nigeria has been ranked 108th in mobile Internet download speed out of 129 countries, the latest data from the Ookla’s Speedtest Global Index has shown. Source Punch Read More

 

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