Nigeria in 1min: Economic, Business and Financial Headlines – 131218

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Thursday December 13, 2018 / 7:00 AM / Proshare News 

 

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PROSHARE ECONOMY

Uncertainty Lingers In Oil Markets Despite OPEC Cuts – OIR 121218 - Today, we will take a quick look at some of the critical figures and data in the energy markets this week.  Source Proshare Read More 

Sluggish Agricultural Output and Contracting Oil Sector Weigh on Growth - GDP growth in the third quarter printed at 1.81%, underperforming our expectation of 2.00% and consensus forecast of 1.90%. The underperformance in the quarter was due to sluggish growth recorded in the agricultural sector (1.91% YoY), as well as a second consecutive contraction in crude petroleum and natural gas output (-2.91%). Source Proshare Read More 

Fitch Affirms Union Bank of Nigeria Plc at 'B-'; Downgrades National Rating to 'BBB-(nga)' - Fitch Ratings has affirmed Union Bank of Nigeria PLC's (Union) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. Fitch has also downgraded Union's National Long-Term Rating to 'BBB-(nga)' from 'BBB(nga)'. Source Proshare Read More

Fitch Affirms Union Bank of Nigeria Plc at 'B-'; Downgrades National Rating to 'BBB-(nga)' - Fitch Ratings has affirmed Union Bank of Nigeria PLC's (Union) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. Fitch has also downgraded Union's National Long-Term Rating to 'BBB-(nga)' from 'BBB(nga)'. Source Proshare Read More 

National Assembly Delaying Presentation Of N8.7tn Budget Estimates —FG - The  Federal Government on Wednesday said the National Assembly was delaying the presentation of the estimates of the 2019 budget to the legislature.The Minister of Budget and National Planning, Senator Udo Udo-Udoma, stated this  at the end of the Federal Executive Council meeting  in Abuja. Source Punch Read More

FIRS Generates N5tn, Targets N5.3tn By Year-End - The Executive Chairman, Federal Inland Revenue Service, Tunde Fowler, has said it generated N5tn by the second week of December 2018.In a statement on Wednesday, the FIRS said it was at the verge of making N5.3tn at the end of the year. Source Punch Read More 

FG Plans To Increase Manufacturing Sector Exports To $30bn Annually By 2025 - In line with the Federal Government mandate to create a Made-in-Nigeria for Exports, MINE, project, the Federal Ministry of Industry, Trade, and Investment, MITI, said the government would be increasing manufacturing sector exports to at least US $30 billion annually by 2025. Source Vanguard Read More 

FEC Approves $22.99m For Maritime Security - The Federal Executive Council (FEC) yesterday approved $22.995 million (N7.14billion) towards enhancing security in the nation’s maritime sector. Source Leadership Read More 

 

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PROSHARE REGULATORS

Testimony On Oversight Of The U.S. Securities And Exchange Commission - Chairman Crapo, Ranking Member Brown and Senators of the Committee, thank you for the opportunity to testify before you today about the work of the U.S. Securities and Exchange Commission (SEC or Commission or Agency). Source Proshare Read More

 

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PROSHARE MARKETS

Investors Record N27.89bn Loss as Market Sentiment Turns Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.25% to close at 30,642.35 basis points as against +0.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.88%. Source Proshare Read More 

Invest in FGN Monthly Bond Auction – December 2018 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source Proshare Read More

 Bond Yields Pare Losses amid Renewed Local Demand - The FGN Bond market pared some of its previous session’s losses, with yields compressing slightly by c.4bps on average, following slight demand from local client orders. Source Proshare Read More


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PROSHARE BUSINESS  

Zenith Bank Plc Announces The Retirement of Alhaji Baba Tela from Its Board - Zenith Bank Plc wishes to announce the retirement of Alhaji Baba Tela (Independent Non-Executive Director) from the board of the bank with effect from October 2, 2018. Source Proshare Read More 

Ecobank Appoints MFS Africa Ltd as Digital Payment Partner - The customers of Ecobank, the Pan-African Banking Group in 33 African countries, can now transact with over 170 million mobile wallets across the continent. Source Proshare Read More 

Excess Charges, Others: Banks Refund N23bn, $2.3m To Customers - Banks refunded N23 billion  to their customers in eleven months to November 2018, at the backdrop of about 2.75 million complaints against illegal and unauthorised deductions through excess charges, frauds and electronic payment errors. Source Vanguard Read More 

$8.1b Dispute: Court Adjourns MTN, CBN Case To Next Year - A Nigerian judge adjourned yesterday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until Jan. 22. Source TheNation Read More 

 

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PROSHARE TECHNOLOGY

Financial Inclusion in Nigeria: 6 Next Steps - As Nigeria seeks to drive its financial inclusion with the target of achieving the 80% mark by 2020, the recent 2018 EFINA Nigeria “Access to Financial Services Survey” revealed a lot has to be done across the country. Source Proshare Read More

Financial Inclusion Rate Hits 63.6% In 2018 - Managing Director, Nigeria Inter Bank Settlement System (NIBSS), Mr Niyi Ajao says the nation’s financial inclusion rate has increased to 63.6 per cent in 2018 from 45.4 per cent recorded in 2016. Source Leadership Read More

 

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