Nigeria in 1min: Economic, Business and Financial Headlines – 180319

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Monday, March 18, 2019    06:59AM / By News Aggregator / Header Image: First Bank 125km Walk 

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.31 percent (year-on-year) in February 2019. Source NBS Read More 

Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 – NBS - The Transport fare watch report for February 2019 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More 

Oil Prices Surge To Multi-Month Highs - OIR 150319 - Oil prices have surged to their highest level in months, with WTI rising above $58 per barrel and Brent trading north of $67. The instability in Venezuela and the growing evidence of a slowdown in U.S. shale have pushed prices up. Source Oilprice Read More

 

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PROSHARE REGULATORS

CBN-Licensed Microfinance Banks Drop To 898 - The Central Bank of Nigeria (CBN) has confirmed the licences of 898 Microfinance Banks (MfBs) spread across the 36 states of the country and Federal Capital Territory(FCT). Source TheNation Read More

 

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PROSHARE MARKETS

NSE, GRI Host Sustainability Reporting Workshop; Unveils Sustainability Disclosure Guidelines - The Nigerian Stock Exchange (“the Exchange” or “NSE”) in partnership with the Global Reporting Initiative (GRI), supported by UK aid, hosts a half-day workshop on sustainability reporting where the NSE Sustainability Disclosure Guidelines will be unveiled. Source NSE Read More 

UBA Declares N78.6bn PAT in 2018 Audited Results,Proposes N0.65k Final Dividend Per Share - Although UBA’s 2018 PBT of N106.8bn beat consensus 2018 PBT forecast of N101.4bn, PAT of N44.4bn missed consensus forecast of N77.1bn because of a negative result of –N33.3bn in other comprehensive income (OCI). Source NSE/FBNQuest Read More 

ACCESS Declares N94.98bn PAT in Q4 2018 Results, Proposes N0.25k Final Dividend - Access Bank’s 2018 PBT of N103.2bn surprised positively relative to ours and consensus forecasts of N91.9bn and N102.3bn. Source NSE/FBNQuest Read More 

Investors Lose N291.54bn WoW As NSEASI Dips By -2.45% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.22% to close at 31,142.72basis points as against 0.48% depreciation recorded previously. Source Proshare Read More 

Access Bank Plc FY 2018 Conference Call and Earnings Presentation - The Key Takeaways - Access Bank Plc recorded a gross earnings of N528.75bn in FY 2018 as against N459.08bn in FY 2017, up by +15% YoY. The increase in earnings was driven by 19% growth in interest income and a 5% increase in non-interest income. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 150319 - The equities market recorded negative performance – the listed equities market recorded -2.45% loss WoW while the NASD OTC went down by -0.32% WoW. Source Proshare Read More 

NASD Plc CEO Appointed As President of Nigerian Advisory Council CISI UK - On the 10th of March 2018, NASD PLC MD/CEO Mr.Bola Ajomale was formally inaugurated as the president of the Nigerian Advisory Council of the Chartered Institute for Investments and Securities UK (CISI). Source NASD Plc Read More

Decline In TB Rates To Persist As Foreign Investors Trigger 575% Oversubscription - The steady decline in interest rates on treasury bills, TBs, offer in the primary market since last month is expected to continue this week when the Central Bank of Nigeria, CBN, roll over N48.6 billion worth of maturing bills. Source Vanguard Read More

African Private Equity Fund Raising Rises 12.5% To $2.7bn - The African Private Equity and Venture Capital Association, AVCA, has revealed that African Private Equity, PE, has remained robust with the total value of fund raising increasing by 12.5 percent to USD2.7 billion in 2018 from USD2.4 billion in 2017, indicating investors’ ongoing confidence in African PE. Source Vanguard Read More 

 

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PROSHARE BUSINESS 

FG Launches PEBEC REPORTGOV.NG App, To Improve Nigeria’s Business Environment - As part of efforts to improve the Nigerian business environment, the Minister for Industries, Trade and Investments Dr. Okechukwu Enelamah today officially launched the Presidential Enabling Business Environment Council, PEBEC  REPORTGOV.NG App in Lagos. Source Proshare 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 

No ‘Forfeiture’ Order On Sales Value Of Our Airtel Shares - O and O Networks Ltd, Subsidiary of ETI - O&O Networks Limited, the special purpose vehicle owned by the Ecobank Group issued a press release stating that ‘contrary’ to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. Source Ecobank Read More

NIBSS’ Alleged Terminal Failure Rocks E-Payment Transaction - The deluge of dispense error and non-reversal of failed transactions at the Point Of Sale (POS) terminal and ATM, have been largely attributed to the Nigeria Inter-Bank Settlement System (NIBSS). Source Guardian Read More

IFRS 9 Implementation Burdens Insurance Firms - Shareholders as well as other stakeholders of some insurance companies will have to exercise longer patience waiting for the 2018 full year financial results as many of the companies came under the burden of implementation of the International Financial Reporting Standard 9, IFRS9, in the 2018 financial year as against initial scheduled period of 2020. Source Vanguard Read More 

First Bank Holds 125km Walk to Mark 125th Anniversary - As part of activities to mark its 125th Anniversary, Nigeria’s premier financial institution First Bank organized a 125km relay walk across its branches and operations in the globe. Source Proshare Read More

LCCI Cautions Govt Over Forex Ban On Textile Imports - The Lagos Chamber of Commerce and Industry has advised the Federal Government to reconsider the Central Bank of Nigeria’s ban of forex to textile importers. Source Punch Read More


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PROSHARE FINANCE

NASS Passes New Housing Law, To Impose Over 200% of Personal Income Tax on Low Income Earners - The National Assembly has passed a new law, the National Housing Fund (Establishment) Act 2018. Source Pwc Nigeria Read More 

PenCom, CBN, Others Move To Bridge N16trn Housing Deficit - Plans are underway to allow pension contributors access 25 per cent of savings in their respective Retirement Savings Accounts (RSAs) for mortgage finance. Source Leadership Read More

 

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