Nigeria in 1min: Economic, Business and Financial Headlines – 050419

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Friday, April 05, 2019 / 06:53 AM / By News Aggregator

 

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PROSHARE ECONOMY

The Story Of A Visionless Caper: How Political Shenanigans Led To A Bond Default - On Tuesday, the 5th of March 2019, bond investors of the oddly named Municipality Waste Management Contractors Limited (MWMCL) expected to receive their scheduled half yearly payments - comprising a coupon and an amortised principal component - of the bond notes issued in 2017. Source Faye & Fraser Briefing Note Read More

Nigeria’s Debt Hits N24.39tn, Rises By N2.66tn In One Year - Nigeria’s total debt profile as of December 31, 2018, now stands at N24.387tn. The figure swelled by 12.25 per cent from N21.725tn in 2017 to N24.39tn in 2018. The debt rose by N2.66tn from December 31, 2017, to December 31, 2018, the Debt Management Office said. Source Punch Read More

Brent Nears $70 On Global Supply - Brent price, yesterday, moved towards $70 per barrel, as expectations of tight global supply outweighed pressure from rising United States (U.S.) inventories and production. Brent futures rose 16 cents to $69.47 per barrel, the highest since Nov. 12, when it last traded above $70. Source TheNation Read More

FG Targets 4mbpd Oil Production, Tasks Local Firms On Iocs’ Divestments, Others - The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Source Guardian Read More 

 

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PROSHARE REGULATORS

Monetary, Credit, Foreign Trade and Exchange Policy Guidelines For Fiscal Years 2018-2019 - The conduct of monetary policy by the Central Bank of Nigeria (CBN) in 2018/2019 will continue to be anchored on the MediumTerm Framework. Source CBN Read More

CBN, Banks to Disburse N200bn Single-digit Loans to Creative Industry, Others - The Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers’ Committee, Thursday said they have resolved to commence the disbursement of single-digit loans to the creative industry, some targeted cash crops, as well as to intensify their support for other operators in the non-oil sector. Source Thisday Read More 

 

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PROSHARE MARKETS 

The March 2019 Nigerian Capital Market Service Report – Proshare - Nigerian Stock Market closed the month of March 2019 down as NSEASI dipped by -2.14% as against +3.81% gain recorded in the month of February 2019 while the NASD USI closed in green with +3.07% gain recorded at the end of the month under review as against -0.95% loss in February 2019. Source Proshare Read More 

Oando’s Plan to Deleverage and Remain Profitable - Nigerian oil company Oando PLC aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips’ Nigerian assets, its chief executive Adewale Tinubu told Reuters. Source Reuters Read More 

Diamond Bank Shareholders: How To Process N1 Cash Payment Arising From Scheme of Merger - The scheme of merger states that Diamond bank shareholders will receive =N=1.00  per share in the form of cash and 2 units of Access bank shares for every 7 units of Diamond bank in share payment. Source The Analyst Read More 

Total Nigeria Q4 2018 Results Review: High Business Costs Weighed on Q4 2018 Results - Total Nigeria’s (Total) Q4 2018 earnings of N295m were disappointing. Although sales were up 21% y/y, significantly higher cogs and operating expenses weighed on profitability. Source FBNQuest Research Read More 

Investors Lose N43.42bn As NSEASI Dips Further By -0.39% - Equities market closed today on a negative note, as NSEASI depreciated by 0.39% to close at 29,553.12basis points as against 1.85% depreciation recorded previously. Source Proshare Read More 

Bond Market Turns Bearish as Selloffs Persist - The FGN Bond market turned significantly bearish in today’s session, with yields trending higher by c.23bps on the day and consequently breaking above the 14.50% resistance point to close at an average of 14.68% on the bid. Source Zedcrest Capital Read More 

UACN Declare N9.59 bln loss in 2018 Audited Result; Proposes N0.64K Final Dividend. Source NSE Read More 

DANGFLOUR Declares N1.2bn PAT in 2018 Audited Results,(SP:N8.50k). Source NSE Read More 

FIDSON Declares N97.45 mln loss in 2018 Audited Results; Proposes N0.15K Final Dividend. Source NSE Read More 

DMO To Issue First 30-Year Naira Bond - The Debt Management Office, on Thursday, revealed plans to issue the country’s first 30-year naira bond in a move to attract long-term investors and extend the maturity profile of its debt. Source Punch Read More

 

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PROSHARE BUSINESS  

Dangote Refinery’ll Improve Nigeria’s Trade Balance By $2bn Yearly –IMF - The International Monetary Fund has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream. Source Punch Read More

Court Nullifies Sale Of 9mobile To Teleology - All steps taken from April 25, 2018 in respect of ownership transfer of Etisalat International Nigeria Limited (9mobile) to Teleology Nigeria Limited were yesterday voided by a Federal High Court in Abuja which set aside the sale of the telecommunication firm. Source TheNation Read More

Trump Says U.S-China Trade Deal May Be Reached In Four Weeks - U.S. President Donald Trump said on Thursday the United States and China were close to a trade deal that could be announced within four weeks, while warning Beijing that it would be difficult to allow trade to continue without a pact. Source Reuters Read More


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PROSHARE FINANCE

Reps Panel Summons Emefiele, Others Over N33 Billion Missing Pension Fund - The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and others over missing N33 billion pensions fund. Source Guardian Read More

 

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PROSHARE MSME

Accion Venture Lab launches Second Edition of Company Builder Programme - Accion Venture Lab, the seed-stage investment initiative of global non-profit Accion, has launched the second edition of its Company Builder programme, applications for which will close on the 8th of April 2019. Source Accion Venture Read More

 

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