Nigeria in 1min: Economic, Business and Financial Headlines – 181218

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Tuesday December 18, 2018 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

2019 Vice Presidential Debate: Petroleum Subsidy - On the evening of Friday December 14, 2018 precisely 7pm Nigerians across the globe were glued to their television sets to watch 5 candidates for the office of the Vice-President, debate the economy and policies ahead of the 2019 general elections. Source Proshare Read More 

NEXIM Bank To Disburse $1bn To Nigerian Exporters, Others - The Nigerian Export-Import Bank has entered into a $1bn trade facilitation pact with the African Export-Import Bank for Nigeria and other West African countries. Source Punch Read More

FG Pays Oil Marketers, Freezes Interest On Loan - Ikem-Obi, who disclosed this in an Interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said that government, through the Central Bank, had directed banks to freeze interest on loans related to the scheme. Source Dailytrust Read More 

 

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PROSHARE REGULATORS

CSCS Gets GLEIF Accreditation To Perform All LOU Services - The Central Securities Clearing System (CSCS) Plc has been accredited by the Global Legal Entity Identifier Foundation (GLEIF) to perform all Local Operating Unit (LOU) services in Nigeria. Source Vanguard Read More

NDIC Gets Full Membership Of IFSB - The Nigeria Deposit Insurance Corporation (NDIC) has been granted full membership to the board of the Islamic Financial Services Board (IFSB), headquartered in Kuala Lumpur, Malaysia, by its council. Source Guardian Read More 

 

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PROSHARE MARKETS

SEC Nigeria Confirms Notice Of Access - Diamond Bank Potential Merger Plans -The Securities and Exchange Commission (SEC) of Nigeria in a press release this evening confirmed it is aware of the merger between Access Bank and Diamond Bank. Source Proshare Read More 

Initial Thoughts on Potential Merger To Create Nigeria’s Largest Bank - Access Bank Plc announced yesterday of a signed memorandum of Agreement with Diamond Bank regarding a potential merger. This is apparently on the back of a competitive process undertaken by Diamond Bank to select a preferred bidder. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week 171218-The bearish trend was sustained last week as the market shed 0.6% W-o-W to settle at 30,672.79 while YTD loss extended to 19.8%. Source Proshare Read More 

C and I Leasing Plc Notifies of Share Capital Reconstruction; Placed on Full Suspension-C & I Leasing Plc has through its Stockbroker; Cordros Capital Limited, notified The Nigerian Stock Exchange of the share capital reconstruction of the Company as shown below. Source Proshare Read More 

Access Bank Confirms the Signing of Memo of Agreement with Diamond Bank over a Potential Merger-The Board of Access Bank Plc (“Access”) today announces it has signed a Memorandum of Agreement (MoA) with Diamond Bank Plc (“Diamond”) regarding a potential merger of the two banks that will create Nigeria and Africa’s largest retail bank by customers. Source Proshare Read More 

ACCESS, DIAMONDBNK Share Prices Move Up On Potential Merger News- The share price of Access Bank Plc has, so far, moved up by +7.38% to N8.00k from N7.45k previous price as at 12:45pm. Similarly, Diamond Bank share price has also moved up by +9.47% to currently trade at N1.04k from N0.95k previous price. Source Proshare Read More 

Average Market Rate Rose By 0.69% To Settle At 25.89% As CBN Continued Its Liquidity Mop Up-The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 27.21% and 24.57% respectively. Source Proshare Read More 

Average Yields on Long Term Bills Remain at Over 17.0% on Aggressive OMO Mop Ups-The bearish performance of the previous week filtered into last week as Treasury Bills (“T-Bills”) rates across tenors stood at 14.4% W-o-W due to the Apex bank’s continued Open Market Operations (“OMO”) mop ups leaving liquidity levels negative in the first three trading sessions last week. Source Proshare Read More 

Diamond Bank Selects Access Bank As Preferred Bidder For Potential Merger-The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers. Source Proshare Read More 

Stock Market Opens The Week Negative as NSEASI Dips By -0.21%-Equities market closed today on a negative note, as NSEASI depreciated by -0.21% to close at 30,609.06 basis points as against +0.34% appreciation recorded previously. Source Proshare Read More 

Diamond Bank Eurobond Rallies 800bps Following Merger Announcement - The FGN Bond market opened the week on a relatively flat note, with only slight interests seen on the 2028 and 2037 bonds, while yields remained unchanged on the day. Source Proshare Read More 

Access Bank Gains N20.25b In Market CAP Today - ACCESS Grows By +9.40% As DIAMONDBNK Gains +9.47% - Market sentiment towards the stocks of Access Bank and Diamond Bank Plc today was positive following the expected announcement of an ongoing merger talks between the two banks which of both them finally confirmed via individual press releases. Source Proshare Read More

CBN Spends $11bn On Forex This Year - The Central Bank of Nigeria (CBN) has spent $11.3 billion in foreign exchange interventions in the various segments of the interbank market in from January to December 2018. Source Dailytrust Read More


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PROSHARE BUSINESS 

Italy Judge Says Evidence Shows Eni, Shell Knew of Nigerian Graft-An Italian judge found on Monday that oil groups Eni and Royal Dutch Shell were fully aware that their 2011 purchase of a Nigerian oilfield would result in corrupt payments to Nigerian politicians and officials. Source Proshare Read More

Malaysia Files Criminal Charges Against Goldman Sachs - Malaysian authorities on Monday filed criminal charges against Goldman Sachs Group Inc. units and a former partner of the bank in connection with the 1MDB financial scandal, the country’s attorney general said. Source WSJ Read More

 

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PROSHARE TECHNOLOGY

Regtech and Suptech: The Regulators Roundtable - Regulation is key to the growth of the Fintech industry in Africa and Nigeria, and an enabling regulatory environment is vital to building a vibrant ecosystem. Source Proshare Read More


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