Nigeria in 1min: Economic, Business and Financial Headlines – 150319

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Friday March 15, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Nigeria’s Post-election Economic Reality: Investment as the Multiplier - Nigerians re-elected President Buhari for another four years in what many have termed – a chance to make amends. Source FDC Read More 

Sugar Production in Nigeria: A Revenue Opportunity despite a Growing Health Consciousness - Sugar, a commodity that has received increased attention in recent years, provides an avenue for Nigeria to improve its diversification strategy. Source FDC Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas – February 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -15.8% year-on-year and -0.3% month-on-month to N145.30 in February 2019 from N145.70 in January 2019. Source NBS Read More 

P and ID’s Risk to Nigeria - Hedge Fund Purchase Underscores Fiscal, Monetary Risk - According to Bloomberg (Friday, 8 March) a subsidiary of hedge fund VR Group has purchased a 25% stake in British Virgin Islands - registered Process and Industrial Developments (P&ID), a company with an approximate US$9.0bn claim against the FGN. Source Coronation Research Read More 

Global Credit Rating (GCR) Downgrades Lagos State’s Environmental Municipality Note - A week after Proshare broke the story on the Lagos State Government’s (LASG’s) default on its N4.85bn, 15.75% Series 1 Tranche B Medium Term Note raised to provide financial resources for a special purpose vehicle (SPV), Municipality Waste Management Company Limited (MWMCL). Source News Read More

Slowdown In Global Economic Growth To Weaken Oil Demand, Says OPEC - Organization of the Petroleum Exporting Countries (OPEC), has warned that slowing global economic growth would weaken oil demand for 2019, providing support to calls by some of the bloc’s members to extend price-bolstering crude production cuts set to expire in June. Source Guardian Read More 

 

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PROSHARE REGULATORS

NSE Trains Compliance Officers and Operations Officers on Derivatives - As part of its commitment to improving the capacity of professionals in the Nigerian capital market, The Nigerian Stock Exchange (NSE) will organize a Derivatives Workshop on Monday, March 18, 2019, , from 10:30a.m to 12:30p.m, at the Stock Exchange House in Lagos. Source NSE Read More

 

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PROSHARE MARKETS

NSEASI Erases Previous Day Gain; Dips By -0.48% - Equities market closed today on a negative note, as NSEASI depreciated by 0.48% to close at 31,210.79basis points as against 0.15% appreciation recorded previously. Source Proshare Read More 

CBN Delivers Further Cut to Stop Rate in c.N400bn OMO Sale - The FGN Bond Market traded with mixed sentiments, with slight sell on the 2023s and 2027s towards the close of trading pushing yields marginally higher by c.5bps on the day. Source Zedcrest Capital Read More

MTN to List On the NSE Before End of H1, 2019 - MTN Nigeria is likely to list on the Nigerian Stock Exchange (NSE) before the end of H1 2019. Speaking to journalists at an interactive session in Lagos yesterday, the telco’s managing director, Ferdy Moolman, noted that the company would be coming to the floor of the Exchange in a two-pronged strategy. Source Proshare Read More 

Passengers Avoid B737 Max Planes As Boeing Stock Dips 12% - In the wake of Ethiopian Airlines Boeing737Max aircraft crash on Sunday, more passengers around the world are avoiding the aircraft type like a plague. The new and state-of-the-art Boeing model quickly dropped from bestseller to safety concerns after the second fatal disaster in five months. Source Guardian Read More

 

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PROSHARE BUSINESS 

125 Years Anniversary: Firstbank Embarks on a 125km Relay Walk To Greatness - On Saturday, 16 March 2019, Nigeria’s premier financial institution, First Bank of Nigeria Limited and other corporate entities in the FBNHoldings group would collectively have a 125km Relay Walk to celebrate the Bank’s 125 years of unbroken business operations in commemoration of its 125 years anniversary. Source FirstBank Read More 

CAC Registers 73,000 Companies In Three Months - The Corporate Affairs Commission (CAC) has so far registered no less than 73,000 companies within three months under its cost-friendly Business Incentive Strategy (BIS) rolled out in October last year. Source Guardian Read More 

MTN Nigeria Revenue Crosses N1trn Mark - The MTN Nigeria has staked up its earnings in Nigeria with the 2018 full year service revenue hitting N1.04 trillion, about 17.2 percent over the N884.5 billion it recorded in 2017 financial year. Source Vanguard Read More 

Court Orders Ecobank to Forfeit N22.5bn over Airtel Shares - A Federal High Court in Lagos has ordered O & O Networks Limited, a special purpose vehicle owned by Ecobank Transnational Incorporated, to pay the sum of N22.5billion, being proceeds of the wrongful sale of shares in Airtel Networks Limited by Ecobank to Bharti Airtel, into the court’s account. Source Thisday Read More

Nigeria, US Bilateral Trade Hit $33bn - The Nigerian National Petroleum Corporation (NNPC) has disclosed that Nigeria and the United States of America had been very good partners with about $35billion worth of trade between the two countries. Source Leadership Read More 

Cryptocurrency ICOs/STOs Generated $20bn In 2018 – PwC - According to experts from PwC’s Strategy and Swiss-based Crypto Valley Association (CVA), cryptocurrency’s Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) generated about $20 billion in 2018. Source Leadership Read More

 

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PROSHARE TECHNOLOGY

Spotify Goes To War With Apple - On March 13, Spotify filed a complaint with the European Commission that accused Apple of violating antitrust laws. Source AngelList Read More

Microsoft Adopts AI To Up-Skill Developers, Drive Financial Inclusion - Determined to tap from the impact of artificial intelligence (AI), which has dominated discussions across the globe, Microsoft, through its 4Afrika initiative recently organized AI Bootcamp to up-skill developers and drive inclusion in the industry. Source Guardian Read More

 

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PROSHARE FINANCE

Addressing The Mysteries Of Retirement Planning – Meristem - Every Facets of life come with their own mysteries, some we understand, others we seek knowledge or make some understanding of in our own way. Source Meristem Read More

 

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