Nigeria in 1min: Economic, Business and Financial Headlines – 091018

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Tuesday October 09, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

The Road To 2019: QUO VADIS, NIGERIA?-Being the text of the speech delivered at the state Of the nation broadcast by Pastor TundeBakare on Sunday, October 07, 2018 at The Latter Rain Assembly, End-Time Church, Plot 4, Akilo Road, Off Oba Akran Avenue, Ogba, Ikeja, Lagos, Nigeria. Source Proshare Read More 

300,000 persons get N15.183bn interest-free loans, says Osinbajo - Vice-President Yemi Osinbajo on Monday said the present administration had so far provided interest-free loans totalling N15.183bn to over 300,000 beneficiaries across the country. Source Punch Read More 

CJN, Appeal Court president advise AMCON on debt recovery - In a move that will enable the Asset Management Corporation of Nigeria to meet its debt recovery mandate before its sunset period, the Chief Justice of Nigeria, Justice Walter Onnoghen, and the President of the Court of Appeal, Justice Zainab Bulkachuwa, have called on AMCON to leverage the Alternative Dispute Resolution mechanism now available for use in courts in the country. Source Punch Read More 

Nigeria’s Poverty Index Stands at 53.7%, Says UNDP - Nigeria’s poverty index currently stood at 53.7 per cent, according to the United Nations Development Programme (UNDP) Nigeria Human Development Report 2016. Source Thisday Read More 

N689.15bn accrued right paid to FG retirees in 11yrs – PenCom - The National Pension Commission (PenCom) has cumulatively paid N689.15 billion as pension accrued right to federal government retirees under the Contributory Pension Scheme (CPS) in the last 11 years. Source DailyTrust Read More 

NLC: ‘Fed Govt to announce new minimum wage soon’-The Nigeria Labour Congress (NLC) is optimistic that the federal government will soon announce a new minimum wage for Nigerian workers. Source The Nation Read More

 FG raises $177m for Ogoni cleanup- The Federal Government on Monday announced that it had raised the sum of $177m out of the $1bn required for the cleanup of Ogoni land in the Niger Delta region of Nigeria. Source Punch Read More

FMBN disburses N14.7bn housing renovation loan to beneficiaries- The Federal Mortgage Bank of Nigeria on Monday disclosed that it had disbursed the sum of n14.7bn to 17,062 beneficiaries across the country in the last two years under various loan windows. Source Punch Read More

 

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PROSHARE REGULATORS

CBN Proposes N5bn Capital Requirement For Payment Service Banks-Banking agents, Mobile Money Operators (MMOs), Retail chains (Supermarkets), Telecommunications companies (Telcos), which through their subsidiaries, desire to convert to Payment Service Banks (PSBs) should have a minimum capital requirement of N5 billion, the Central Bank of Nigeria (CBN) has proposed. Source Proshare Read More 

World Investor Week 2018: Investor Education and Protection Top the Agenda for IOSCO and its Members-On Sunday, members of the International Organization of Securities Commissions (IOSCO) closed the second annual World Investor Week (WIW) but their investor education and protection initiatives will endure far beyond this week-long global campaign. Source Proshare Read More

 

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PROSHARE MARKETS

Bond Market Trades on a Bullish Note Last Week With Yields Falling Across All Maturities-The money market rate increased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 22.50% and 20.86% respectively. Source Proshare Read More 

Wema Funding SPV Series II Bond Issuance Closes Today-We are pleased to notify you of the investment opportunity in Wema Funding SPV Plc ("Wema SPV'' or ''the SPV'); Bond Issuance of up to N20 billion under its N70 billion Bond Issuance Programme that is being undertaken on behalf of Wema Bank Plc (the Sponsor). Source Proshare Read More 

Afrinvest Stock Recommendation for the Week – 081018-The domestic equities market opened Q4:2018 bearish, as the All Share Index declined 1.2% W-o-W to 32,383.15 points while YTD loss worsened to 15.3%. Source Proshare Read More 

NSE Suspends Trading In The Shares of UNIONDICON, INTENEGINS and Four Other Listed Companies-Pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: Source Proshare Read More 

NSEASI Erases Previous Day Loss to Open The Week Positive; Inches Up by 0.19%-Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 32,444.96 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.16%. Source Proshare Read More 

Fidelity Bank Launches GAIM Season 3 Promo to Boost Savings Culture in Nigeria-In furtherance of its drive to boost a national savings culture in Nigeria, Fidelity Bank Plc today announced the launch of the Season 3 phase of the “Get Alert in Millions Promo” in Lagos. Source Proshare Read More 

Bullish Sentiments Wane, Following Release of Q4 FGN Bond Calendar-The bond market gave up recent gains in today’s session, with yields rising by c.15bps, as market players reacted to the release of the Q4 FGN bond Calendar, which contained slightly more volumes on offer than in the previous quarter. Source Proshare Read More

 

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PROSHARE BUSINESS

Ecobank Insists On Recovery Of Honeywell’s Debt-Ecobank Nigeria Limited has said it will strongly resist any attempt by the Honeywell Group to employ a “frivolous N72 billion” lawsuit to derail it from pursuing the recovery of monies owed and overdue for payment by the latter. Source Proshare Read More 


Dangote seeks African economy growth through free trade - Speaking during ‘One to One Conversation’ at the ongoing 5th Annual Financial Times African Summit in London, United Kingdom on Monday, the Nigerian entrepreneur said the key to Africa’s economic growth and strength was in the development of the regional market, saying, “Regional markets in Africa must work.” Source Punch Read More 


NCC orders telcos to give 14-day window to customers - The Nigerian Communications Commission (NCC) has notified telecom service providers on users’ experiences regarding quality of service, poor reception, automatic data roll over, wrong billings and deductions, among other issues. Source Nation Read More 


Stanbic IBTC Bank Deploys Robots To Drive Operations - Stanbic IBTC Bank, said it has taken another bold step towards service efficiency and enhanced customer experience with the deployment of robots to drive various dimensions of its operations. Source Leadership Read More 


 IMF Cuts Forecast for Global Growth as Trade War Takes Its Toll - The International Monetary Fund said the world economy is plateauing as the lender cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets. Source Bloomberg Read More


South Africa's MTN shares up 2 percent on possibility of reduced repatriation demand-South Africa’s MTN Group shares rose as much as 2.55 percent after the Nigerian central bank governor said on Sunday the bank may reduce the amount it has ordered the telecoms firm to repatriate as part of an ongoing disagreement. Source Reuters Read More

MTN, CBN and Nigeria’s depleted forex reserves-I struggle with the argument that any company is too big to fail; if indeed MTN Nigeria has contravened our laws, they should be held accountable, as should other businesses and institutions that have facilitated or overlooked their unlawful activities. Source Daily Trust Read More


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PROSHARE FINANCE

Visionscape Investors Raise Concern Over Waste Management Process In Lagos-The board of investors of Visionscape a multi-faceted Environmental Utility Group company operating in Lagos, Nigeria’s economic capital in a recent letter dated October 4,2018, raised concerns over recent developments that could affect its activities.  Source Proshare Read More


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PROSHARE TECHNOLOGY

World's First Shared Trading Platform, Exchain, Launches Public Beta Test-The world's first shared trading platform, Exchain, rolled out its public beta test on October 6, 12:00 am (GMT +8). Source Proshare Read More


Facebook Launches Video-call Device ‘Portal’ Amid Data Privacy Concerns - Facebook is launching the first electronic device to bear its brand, a screen and camera-equipped gadget intended to make video calls easier and more intuitive. Source Proshare Read More

 

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PROSHARE MSME

Islamic Development Bank Launches New Funding Scheme For West African SMEs-The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, at the weekend announced two major initiatives aimed at deepening economic growth across the West African sub-region. Source Proshare Read More 


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