Nigeria in 1min: Economic, Business and Financial Headlines – 040619

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Tuesday, June 04, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Excess Oil Revenue Drops by $6.31 Per Barrel - The nation’s excess oil revenue dropped from $13.59 per barrel to $7.28 per barrel, following increased instability in the global oil market between the first and last week of May, 2019. Source Vanguard Read More

Lagos Pays N45bn Accrued Rights to Retirees - Lagos State government spent N45bn on payment for accrued rights of its retirees in the last 46 months. The Director-General, Lagos State Pension Commission, Mrs Folashade  Onanuga, disclosed this on Monday, during the 16th retirement benefit documentation seminar for employees in the Lagos State public service due to retire between July and December 2019. Source Punch Read More 

 

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PROSHARE REGULATORS

SEC, EFCC To Tackle Crime in the Nigerian Capital Market - The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have agreed to collaborate in combating crime in the Nigerian capital market. Source SEC Nigeria Read More

NSE Defers Effective Date Of The Rules Governing Free Float Requirements Until Further Notice - The earlier announced effective date of the Rules Governing Free Float Requirements for Issuers Listed on The Nigerian Stock Exchange, i.e., Monday, 3 June 2019, has been deferred until further notice. Source NSE Read More


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PROSHARE MARKETS

MTNN Makes Final Payment of N55b to NCC in Relation to 2015 SIM Registration Fine - MTN Nigeria Communications Plc makes final payment of N55 billion to Nigerian Communications Commission in relation to 2015 SIM registration Fine. Source NSE Read More

Afrinvest Stock Recommendation For The Week 310519 - Last week, the local bourse recorded a positive performance despite losses on 3 of 4 trading days, with the All Share Index (ASI) increasing 0.6% W-o-W to 31,069.37 points. Accordingly, market capitalisation rose N82.0bn to N13.7tn while YTD loss improved to -1.1% from -1.7% last week. Source Afrinvest Reaserch Read More

Average Money Market Rate Decreased By 7.04% To Settle At 4.54% Due To Buoyant System Liquidity - The average money market rate decreased by 7.04% to settle at 4.54% due to buoyant system liquidity, which is estimated to have closed the week at cN410bn from cN220bn in the previous week. The Overnight rate (OVN) and Open Buy Back (OBB) fell to 4.93% and 4.14% from 12.00% and 11.14% respectively in the previous week. Source Anchoria AM Research Read More

NSEASI Dips By -0.45% As Market Maintains Negative Posture; ASI Closes Below 31,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.45% to close at 30,930.39 points as against 0.59% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.59%. Source Proshare Read More

The May 2019 Nigerian Capital Market Service Report – Proshare - Nigeria’s Equities Market closed the month of May 2019 in the green zone as NSEASI halts downwards movement to close positive by +6.55% as against -6.06% loss recorded in the month of April 2019 while the NASD USI closed in red with -1.26% loss recorded at the end of the month under review as against +0.06%  gain in April 2019. Source Proshare Read More

Federal Government of Nigeria Issues N15 billion Series II Green Bond - Following the Federal Government of Nigeria’s (‘’FGN’s’’) successful debut Green Bond Issuance of N10.69 billion in December 2017 - by which Nigeria became the first African country to issue a Green Bond - the Federal Government of Nigeria (“FGN”) is set to undertake a second issuance; a Series II Green Bond of up to N15 billion. Source DMO Read More

Oando Share Price Drops 20% Off The Back Of SEC Investor Protection Moves - With two days of trading on shares of Oando Plc after the Securities and Exchange Commission (SEC) dismissed the board over allegations of poor corporate governance and management infractions. Source Proshare Read More

 

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PROSHARE BUSINESS 

Getty Images and APO Group Announce Strategic Partnership To Provide Innovative Services - Getty Images and APO Group announce strategic partnership to provide innovative and integrated text, photo and video services to companies operating in Africa and the Middle East. Source Getty  images/APO Read More

NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The Media - Our attention has been drawn to an unsigned document circulating online addressed to the Securities and Exchange Commission (SEC) and allegedly from the Chairman of Oando PLC (the ‘Company’ or ‘Oando’). Source NSE Public Notice Read More

FHC Grants Interim Injunction Against SEC and Mutiu Sunmonu In Suit Brought By Wale Tinubu And Mofe - In a day already filled with developments and so many moving parts, the Federal High Court has, this afternoon, granted an expected interim injunction against the Securities & Exchange Commission (SEC)  and the appointee nominated by it to act as an “interim Chairman’ of a yet to be named ‘interim committee’ announced on Sunday night. Source Proshare  Read More

Kenyatta Likely to Reappoint Njoroge as Central Bank Chief - Kenyan President Uhuru Kenyatta is likely to reappoint Patrick Njoroge for a second term as governor of the east African nation’s central bank, according to people with direct knowledge of the matter. Source Bloomberg Read More

 

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PROSHARE TECHNOLOGY      

Is Bitcoin Really Immune to Inflation in Nigeria? - In 2015, the naira continued to plunge from its initial price of 160naira to a dollar at the start of the year to 500naira to a dollar by the end of the year. The new government’s fiscal policy had contributed to inflation due to the ban on the number of dollars that can be gotten from banks. Source Sponsored Post Read More

 

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PROSHARE FINANCE 

Nigeria: What You Need To Know About The New Minimum Capital Requirement For Insurance Companies - In exercise of its statutory powers and regulatory functions, the National Insurance Commission (“NAICOM”), recently reviewed the minimum paid-up share capital requirement for all classes of insurers (i.e. insurance and reinsurance companies, with the exception of Takaful operators and Micro-insurance companies) doing business in Nigeria. Source Banwo & Ighodalo  Read More

 

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