Nigeria in 1min: Economic, Business and Financial Headlines – 100818

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Friday, August 10, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

IFRS 9 No Threat to Nigeria Banks' Regulatory Capital- Fitch – Fitch Ratings says in a new report that regulatory capital ratios for rated Nigerian banks are not under threat following the first-time application of IFRS 9 accounting standard. Source Proshare Read more 

The Weak Links In The Agricultural Narrative- Agricultural GDP growth slowed from 4.1% in 2016 to 3.5% last year, and to 3.0% y/y in Q1 2018. The sector therefore is still expanding in per head terms but not at a pace to achieve the transformation sought by the previous and the current administration. Source Proshare Read more 

Nigeria Exits Recession and Looks Beyond Oil- Hello, I'm Bruce Edwards, and welcome to this podcast produced by the International Monetary Fund. On this International Women's Day: how Nigerian women could help transform the economy, given the chance. Source Proshare Read more 

FG’s Revenue Dwindles as Customs Abandon N20bn Worth of Cars - As against the earlier promise by the Comptroller General of the Nigeria Customs Service (NCS), Col Hameed Ali on assumption of duty as head of the service to increase federal governments revenue by auctioning seized and abandoned cars, vehicles worth over N20 billion are currently rotting away at various ports and warehouses of the service, THISDAY investigation has revealed. Source Thisday Read more 

Seme Customs Generates N576m, Seizes Illegal Alcohol - The Seme Command of the Nigeria Customs Service (NCS) has announced that it generated the sum of N575, 623,365.00 as revenue in the month of July, 2018. Source Thisday Read more 

Nigeria Loses N3.6tn to Poor Agribusiness Export - A recent report has indicated that Nigeria loses about N3.6 trillion to poor export opportunities and lack of storage facilities at the airports. Source Thisday Read more 

Nigeria loses N5bn annually to barite importation - The President of Association of Miners and Processors of Barite (AMAPOB), Stephen Alao, yesterday lamented that Nigeria loses over N5 billion worth of foreign exchange annually to the importation of barite by the oil and gas industry. Source Daily Trust Read more 

Nigeria spends N4.6b on steel imports yearly, says minister - Minister of State for Mines and Steel Development, Abubakar Bawa Bwari has lamented that Nigeria spends up to $4.5 billion on steel imports yearly. Source THE NATION Read more

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PROSHARE MARKETS

Sell Pressure Persists as NSEASI Dips Further by -0.19%- Equities market closed today on a negative note, as NSEASI depreciated by -0.19% to close at 36,232.66 basis points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.26%.  Source Proshare Read more 

Markets trade flat as CBN sells OMO to manage maturities - The Bond market traded flat today as yields closed at the same levels as the previous trading session. Activities were at the short-end of the curve, with some demand witnessed on the Jan 2022s (yields dropped by c.13bps) while there were some sell-offs on the Mar 2024s. Source Proshare Read more 

Nigeria's Notore drops 8.8 pct in one week after debut listing - Nigeria’s Notore Chemical shares dropped to 57 naira each in Thursday’s session, losing 8.8 percent in a week after its debut stock market listing in Lagos. Source Reuters Read more 

ASEN Nigeria Launch: 5 Things to Note - The prospects for driving the growth and development of the Nigerian Capital Market ecosystem, received a boost yesterday Wednesday, August 08, 2018 with the official launch of the Association of Securities Exchange of Nigeria in Lagos. Source Proshare Read more 

NAICOM And The Recapitalisation Requirements – The Ball Is In NAICOM’s Court - The Federal Government of Nigeria through the National Insurance Commission (NAICOM) recently announced new capital requirements for insurance companies in Nigeria using an approach novel to most insurance stakeholders and that would need continuing education. Source Proshare Read more 

13 insurers qualify to operate in NAICOM’s Tier 1 category - Thirteen insurance companies are qualified to operate in the Tier 1 category as their capital bases exceed the regulatory limits set by the National Source BUSINESSDAY Read more 

‘DisCos extort N2trn yearly from electricity consumers’ - Some electricity consumers under the aegies of Association for Public Policy Analysis (APPA) have alleged that the 11 Distribution Companies (DisCos) rake in over N2 trillion annually by giving customers unfair estimated bills. Source Daily Trust Read more

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PROSHARE BUSINESS

FBNQUEST Asset Management Highlights Investment Opportunities Available To Nigerians In Diaspora- FBNQuest Asset Management, a part of the FBN Holdings Plc group, has called on Nigerians in Diaspora to take advantage of the numerous investment opportunities available in Nigeria. Source Proshare Read more 

Oil mixed as Iran sanctions seen tightening market, trade spat weighs on trade - Oil markets on Friday were torn between concerns that the U.S.-China trade dispute would stall economic growth, while Washington’s sanctions against Iran were expected to tighten supplies. Source Reuters Read more 

U.S. Oil Vanishing From Chinese Tariffs Reveals America's Clout - The removal of U.S. crude from goods targeted by Chinese tariffs is a sign that America has become too big to ignore in the oil market. Source Bloomberg Read more 

China's $100 Billion-a-Day Stock Moves Show Trader Angst - Chinese stocks haven’t been this volatile in years as traders struggle to decide whether the $6 trillion market has bottomed out. Source Bloomberg Read more 

U.S. Sanctions Put Russia on Edge - Russian officials and companies were bracing for further economic pain Thursday, as the U.S. decision to punish the Kremlin for an alleged nerve-agent attack in the U.K. diminished hopes of a bilateral thaw. Source WSJ Read more

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PROSHARE MSME

Jaiz Bank to disburse $20m to SMEs - A new liquidity window for Small and Medium Enterprises (SMEs) has opened as Jaiz Bank Plc is set to disburse $20 million to them before the end of the year. Source THE SUN Read more 

Trader Moni: BoI unveils collateral-free loan to grow 2m SMEs   — The Bank of Industry (BoI) has unveiled a collateral-free loan package, ‘Trader Moni’, to help about two million businesses grow their trade. Source THE SUN Read more

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PROSHARE TECHNOLOGY

Shareholders: don’t sell 9mobile over $43m debt - Some shareholders of Etisalat (now 9Mobile) have cautioned against the sale of the firm in view of a pending case before the Federal High Court in Abuja. Source THE NATION Read more 

World Bank taps Australia's CBA for blockchain bond - Commonwealth Bank of Australia (CBA.AX) has won a mandate from the World Bank to arrange a pioneering bond issue to be created and run using only blockchain, aiming to simplify capital raising and trading. Source Reuters Read more

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PROSHARE FINANCE

Pension assets rise to N8.23tn - Total assets under the Contributory Pension Scheme rose to N8.23tn at the end of the second quarter of 2018, figures obtained from the National Pension Commission on Thursday showed. Source Punch Read more 

PenCom restores 25% lump sum payment to retirees - The National Pension Commission has suspended the payment of 20 per cent lump sum to retirees under the Contributory Pension Scheme  and directed all Pension Fund Administrators to revert to the old template of 25 per cent. Source Punch Read more

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PROSHARE REGULATORS

FSB, CPMI, IOSCO and BCBS Study Highlights Continued Central Clearing Interdependencies- The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published today a consultative document. Source Proshare Read more
 

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