Nigeria in 1min: Economic, Business and Financial Headlines – 070819

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Wednesday, August 07, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Sahara Group Lauds Investment Opportunities in Angola’s Downstream Sector - Current efforts by the Angolan government to restructure the oil and gas sector offer opportunities for collaborations between local and international companies along the value chain in the industry, Wale Ajibade, Executive Director of Sahara Group, has said. Source Sahara Group Read More

5.61bn Litres of PMS Imported into Nigeria in Q2 2019 - NBS - State-wide distribution of truck-out volume for Q2 2019 showed that 5.18 bln of premium motor spirit (PMS), 1.28 bln litres of automotive gas oil (AGO), 131.42 mln litres of household kerosene (HHK), 176.14 mln litres of aviation turbine kerosene (ATK) and 157.29 mln of Liquefied Petroleum Gas (LPG) were distributed nationwide during the period under review. Source NBS Read More

Policy Signalling, Key To Attracting FDIs Into Nigeria - Muda Yusuf - Policy signalling will be vital for Nigeria’s quest to increase its Foreign Direct Investment inflows in 2019 and beyond. Source Proshare Read More

AU, AfDB Sign $4.8m AfCFTA Grant - The African Development Bank Group has signed a $4.8m institutional support grant to the African Union for implementation   of the African Continental Free Trade Area agreement.  The grant, approved by the Group’s Board of Directors in April, forms part of a series of interventions by the bank in its lead role to accelerate implementation of the free trade agreement, seen as a major force for integrating the 55-nation continent and transforming its economy. Source Punch Read More

 

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PROSHARE REGULATORS

9 Banks Scale CBN’s Dividend Hurdle, 4 Fail - Dividend pay-out in banks rose 12.6 percent for their financial year ended December 2018 despite the dividend restriction policy introduced by the Central Bank of Nigeria, CBN. About nine banks scaled the CBN hurdle while four were caught napping. Source Vanguard Read More

 

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PROSHARE MARKETS

The July 2019 Nigerian Capital Market Service Report – Proshare - Nigerian Stock Market closed the month of July 2019 southwards as market sentiment remained negative. The NSEASI dipped further by -7.50% as against -3.55% loss recorded in the month of June 2019 while the NASD USI also closed southwards with -2.99% loss recorded at the end of the month under review as against -0.30% loss in June 2019. Source Proshare Read More

New US-China Tariffs A Further Risk To Global Growth - New U.S. tariffs on Chinese imports represent an escalation of U.S. trade protectionism beyond our baseline forecasts, Fitch Ratings says. As part of a broader trend that includes increased tariffs and greater trade policy uncertainty, the move highlights a significant threat to global growth. Source Fitch Ratings Read More 

Olam Has Reduced Its Offer for Dangote Flour Mills by N10bn - “Following the Adjustments, the Company has submitted an addendum to the Initial Offer with revised Consideration of N120,000,000,000.00 (One Hundred and Twenty Billion Naira Only) to the Board of Directors of DFM (the “Addendum”),” it said. Source TheCable Read More 

Investors Lose N69.19bn As NSEASI Dips By -0.51% Due To Renewed Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -0.51% to close at 27,527.40 points as against 0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.42%. Source Proshare Read More

FGN Bonds Record N13.44 Billion Investment In Two Years -  The Debt Management Office (DMO), has announced that the Federal Government (FGN) savings bond established in May 2017, has recorded a total of N13.44 billion investment. A breakdown showed that so far in 2019, N1.02 billion and N1.72 billion were recorded in the first and second quarters (Q1, Q2), respectively. Source Guardian Read More 

 

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PROSHARE BUSINESS

Financial Reporting Council of Nigeria Revokes “Rule 4” - The Financial Reporting Council of Nigeria (FRCN) issued a Public Notice today, 5 August 2019, revoking its “Rule 4” titled “Transactions requiring registration from statutory bodies such as the National Office for Technology Acquisition and Promotion”. Source KPMG Nigeria Read More

NDIC 2018 Annual Report – N15.15bn Lost To Fraud Incidences In 2018 - In its unique role as deposit insurer, and in collaboration with the other financial safety-net participants, the Nigeria Deposit Insurance Corporation (NDIC) during the period under review promoted the safety and soundness of the nation’s banking system and by extension. Source NDIC Read More

NIPC: Investment Announcement Worth $15.15bn Recorded In Q1 - The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, has disclosed that total investment announcements for the first quarter of 2019 stood at about $15.15 billion. But, the amount was 67 per cent lower than investment interests of $45.74 billion recorded in the same quarter of 2018. Source Thisday Read More


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PROSHARE FINANCE 

Nigerian Insurers May Lose 72% of Dangote Refinery's Risk, Others - Nigerian insurance firms may lose 72 per cent of the insurance business in the Dangote Oil Refining Company whose insured value has been put at $6.8billion to foreign insurers when the company becomes operational because of their low capital base, THISDAY has learnt. Source  ThisDay Read More 

 

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