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Nigeria in 1min: Economic, Business and Financial Headlines – 110718

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Wednesday, July 11, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

The Adebayo Adedeji Example -  Professor Adebayo Adedeji, the towering intellectual, scholar, pan-Africanist, international civil servant and pioneer Executive Secretary of the United Nations Economic Commission for Africa (ECA) and Under-Secretary General of the United Nations  (1975 -1991) died on April 25, 2018 at the ripe age of 87. Source Proshare Read more 

AfDB rolls out plan to close $130bn infrastructure gap - The African Development Bank on Tuesday unveiled a plan to close the $130bn gap in infrastructure financing in Nigeria and other African countries. Source Punch Read more

 
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PROSHARE MARKETS

Stock Market Erases Previous Day Gain to Resume Downtrend as NSEASI Dips by -0.60%- Equities market closed today on a negative note, as NSEASI depreciated by -0.60% to close at 37,422.84  basis points as against +0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.15%. Source Proshare Read more 

Oil price recovery positive for Nigerian Eurobonds - The bullish trend in the Bond market turned, as market players sold off on the securities on the mid- to long-end of the curve. Source Proshare Read more 

Conference Call Memo on Flour Mills of Nigeria Plc FY 2018 Results- Consequent to the release of its audited FY 18 results on the 2nd of July (See report: Flourmill – A loss run saved by tax credit), Flour Mills of Nigeria (Flourmill) hosted a conference call last week Thursday. Source Proshare Read more 

Sovereign Green Bond Issuance to Accelerate as Governments Seek to Promote Sustainable Policies- The pace of sovereign green bond issuance is set to accelerate as governments seek to promote sustainable policy agendas, encourage private capital into low-carbon and climate-resilient infrastructure, as well as signal their commitment to the Paris Agreement, says Moody's Investors Service in a report published today. Source Proshare Read more 

Less than 1% MfBs has national licences - Less than one percent of Microfinance Banks, MfBs, licenced by the Central Bank of Nigeria, CBN, have national licence to operate in the country. Source Vanguard Read more 

Debt: FG may cut power supply to Benin, Niger, Togo - President Muhammadu Buhari has joined operators in the power sector to call on international customers who receive electricity from Nigeria to either pay their bills or be disconnected. Source Punch Read more

 
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PROSHARE REGULATORS

CBN Issues Fresh Exposure Draft of the National Financial Inclusion Strategy - In 2010, Nigeria made a commitment to reduce the adult financial exclusion rate in the country from 46.3% to 20% by the year 2020. In order to attain this target, the National Financial Inclusion Strategy (NFIS) was launched on October 23rd. 2012. Source Proshare Read more

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PROSHARE BUSINESS

48th AATWA Induction: Former ICAN President, Accounting Experts harp on Accountability, Integrity - Accounting Technicians have been charged to imbibe “Accountability and Integrity”, to make impact in their journey towards the esteemed Accounting profession. Source Proshare Read more 

Reps probe N100b ‘under-remittance’ by NNPC - The House of Representatives has launched an investigation into the earnings of the Nigerian National Petroleum Corporation (NNPC) from since the begining of this year. Source THE NATION Read more 

Reduce Prices or Expect Demand to Sink, Oil Guzzler Warns OPEC - The world’s fastest growing crude consumer has a warning for OPEC: Start reducing prices, or waning demand will mean a curb in purchases from the crude cartel. Source Bloomberg Read more 

National Assembly transmits PIGB to Buhari - The National Assembly has transmitted the Petroleum Industry Governance Bill to President Muhammadu Buhari for signing into law, The PUNCH learnt on Tuesday. Source Punch Read more 

NDDC: FG, oil firms yet to remit N1.5trn – Ekere - The Managing Director of Niger Delta Development Commission (NDDC), Mr. Nsima Ekere, has said the Federal Government and oil companies are yet to remit N1.5 triillion due to the commission. Source THE SUN Read more 

5 Amazing Reasons you should Invest in Lekki- Lekki is a naturally formed peninsula, hence, provides a serene environment due its proximity to water. Lekki is a vibrant landmass due to the proper urban planning targeted at the environment by the Lagos State Government.  Source Proshare Read more 

HKSFC Reprimands And Fines Citigroup Global Markets Asia $4m For Alternative Liquidity Pool Failures- The Securities and Futures Commission (SFC) has reprimanded and fined Citigroup Global Markets Asia Limited (CGMAL) $4 million over CGMAL’s regulatory breaches in relation to the operations of its alternative liquidity pool (ALP) (Notes 1 & 2). Source Proshare Read more 

ETI Announces the Resignation of Mr Charles Kie as Ecobank Nigeria Managing Director- Ecobank Transnational Incorporated, ETI, the Lome-based parent company of the Ecobank Group, today announced that Mr. Charles Kie has formally indicated his intention to leave the Group and consequently his role as Managing Director of Ecobank Nigeria Limited. Source Proshare Read more 

Brazil's Petrobras nears $1.3 bln sales of African venture stake -paper - Brazilian state-controlled oil company Petróleo Brasileiro SA is close to agreeing the sale of its stake in an African venture for around $1.3 billion, newspaper Valor Econômico said on Tuesday. Source Reuters Read more 

Oil falls after Trump threatens to escalate trade war with new tariffs - Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after U.S. President Donald Trump threatened to levy new trade tariffs on China. Source Reuters Read more 

U.S. Unveils Additional Tariffs on $200 Billion More in Chinese Imports - The White House said it would assess 10% tariffs on a further $200 billion in Chinese goods, deepening the dispute with Beijing, while sending a message to other trading partners that the U.S. won’t back away from trade fights. Source WSJ Read more 

Hedge Fund Manager Elliott Takes Control of AC Milan Soccer Team - American billionaire Paul Singer’s Elliott Management Corp. promised an initial €50 million cash injection into Italian soccer team AC Milan, providing a much-needed lifeline to the storied team that is fighting a sanction that would keep it out of the Europa League Source WSJ Read more

 
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PROSHARE TECHNOLOGY

Regulatory Approval Delays Teleology’s Final Payment for 9Mobile - With barely two weeks to the deadline given Teleology Holdings to pay the balance of $251 million to acquire 9mobile, the company is said to be ready to make the payment, but still waiting for regulatory approval from the Nigerian Communications Commission (NCC) and the Security and Exchange Commission (SEC). Source Thisday Read more 

4 In 5 Financial Services Professionals Using Search Engines Are Exposed To Financial Crime Risk- 79% of financial services professionals utilise search engines to evaluate financial crime and regulatory risk, according to research by LexisNexis® Risk Solutions. A survey of financial services professionals responsible for the review of alerts generated by Know Your Customer. Source Proshare Read more

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