Nigeria in 1min: Economic, Business and Financial Headlines – 190319

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Tuesday March 19, 2019 / 7:00 AM / By News Aggregator /  Header Image Credit: Zenith Bank AGM

 

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PROSHARE ECONOMY

Commentary On The Service Charge For Payers Under TSA e-Collection Scheme - The current discourse about the level of service charge (increase) by Remita for and on behalf of the Federal Government of Nigeria (FGN) on revenues collected; and the additional burden it poses; has elicited reactions. Source Proshare Read More 

How to Make Housing Unaffordable: Pass A National Housing Fund Act Without Amending The Land Use Act - Three days ago, news broke that the National Assembly has passed the National Housing Bill 2018 and that it was awaiting presidential assent. Source Yinka Ogunnubi Read More

The Class War Between The Poor and The Very Poor – LBS Executive Breakfast Session – Mar 2019 - It is now time for Nigeria to face up to the needed heavy lifting required for national development, now that elections are over. Source Bismarck Rewane Read More

Headline Inflation Down To 11.31% in February 2019 – FDC  - Contrary to FDC projection for an increase in headline inflation in February, the data released today by the National Bureau of Statistics (NBS) showed a slight decline to 11.31%. Source FDC Read More 

All Region Terms of Trade Fell -2.78% Due to a Fall in the Prices of Goods Traded in Africa – NBS - The All commodity group import price index rose 0.89% due to a rise in the prices of prepared foodstuffs. Source NBS Read More 

Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 – NBS - Selected food price watch data for February 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by 10.56% and month-on month by 1.19% to N464.27 in February 2019 from N469.85 in January 2019. Source NBS Read More 

Fragile Balance of Payment Position: Policy Options – FSDH - The net inflow of money into the Nigerian economy from other countries in Q4 2018 remained fragile and was dominated by oil and gas transactions. Source FSDH Research Read More 

Remarks By Governor Godwin I. Emefiele, CON At a Stakeholders Meeting on the Palm Oil Value Chain - Good morning Distinguished Ladies and Gentlemen, I am pleased to be speaking to you today on resuscitating Nigeria’s Palm Oil sector, which is vital to our growth objectives as a nation, and to our efforts at creating jobs for Nigerians. Source CBN Read More 

FG Recorded N977bn Expenditure Shortfall In 2017 — FRC - The Federal Government suffered a shortfall of N977.57bn in appropriated expenditure in 2017, the Fiscal Responsibility Commission said. The FRC disclosed this in a report on the performance of key components of the 2017 budget, which was obtained by our correspondent in Abuja on Monday. Source Punch Read More 

Why We Are Not Connecting New Gencos — TCN - With over 90 million households yet to be connected to the national grid, the Transmission Company of Nigeria, TCN, yesterday, disclosed that it has been unable to connect new Electricity Generating Companies, GENCOs because of the inability of the Electricity Distribution Companies, DISCOs, to take additional load. Source Vanguard Read More

 

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PROSHARE REGULATORS

SEC’s Proposed Rules on Electronic Offerings, Derivatives Trading and Sundry Amendments - All comments and input should be forwarded by e-mail to the Secretariat, Rules Committee of the Commission, at rulescommittee@sec.gov.ng or by letter addressed to the Director-General, SEC, not later than two (2) weeks from date of publication. Source SEC Read More

 

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PROSHARE MARKETS

Union Bank Hosts Financial Markets Dealers Association Meeting - Union Bank recently hosted the quarterly general meeting of the Financial Markets Dealers Association (FMDA) in Lagos. Source Press Release Read More 

Money Market Rate Increased as Overnight Rate Rose To 11.67% - The money market rate increased marginally last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 11.67% and 11.17% respectively. Source Anchoria Research Read More 

Network Intl, Middle East and Africa Pyt Processor Plans London Floatation - Private Capital Update - Network International, a Middle East and Africa payments processor, is planning an IPO on the London Stock Exchange next month. Source Africa Capital Digest Read More

Afrinvest Stock Recommendation For The Week 180319 - Bearish sentiment dragged the performance of the domestic equities market despite positive earnings releases by some companies. Source Afrinvest Research Read More 

United Bank for Africa Plc FY'18 Results - EPS Flat; Company Declares N0.65 per Share Dividend - United Bank for Africa Plc (UBA) FY’18 results – gross earnings grew by 4.7% YoY to N465.9 billion, in line with our expectation of N475.5 billion (-2.0% deviation). Source CardinalStone Research Read More 

NSEASI Dips By -0.06% To Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.06% to close at 31,125.39basis points as against 0.22% depreciation recorded previously. Source Proshare Read More

FG To Redeem N139.6bn Treasury Bills, Bonds as CBN Auctions N48.6bn T-Bills This Week - The Federal Government is expected to redeem N48.6bn Treasury bills and make N91bn bond coupon payment this week to bolster system liquidity. The Central Bank of Nigeria is also scheduled to auction N48.6bn worth of Treasury bills this week in a primary market auction. Source Punch Read More           

NAFEX Rate Weakens as Turnover Dips to c.$100m - We witnessed mild buying interests in the FGN bond market following inflows of c.N50bn from coupon payment on the 2027 bond. Yields were however relatively flat, with a marginal compression of c.1bp on the day. Source Zedcrest Capital Read More

Zenith Bank Holds 28th AGM, Pays 2.50k Dividend to Shareholders - Zenith Bank Plc one of Nigeria’s leading financial institution, today held its Annual General Meeting in Lagos. Source Proshare Read More

 

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PROSHARE BUSINESS 

AMCON Mulls Disengagement of Non-Performing AMPs - Asset Management Corporation of Nigeria, AMCON, has hinted that it would disengage Asset Management Partners (AMPs), that are unable to cope with the speed and enormous challenges of debt recovery expected by the corporation. Source Vanguard Read More 

Textile industry: Emefiele Faults LCCI Position on Forex Restriction The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, on Monday said the recent measures announced by the apex bank to revive the Cotton, Garment and Textile sector was well thought out to reposition the sector for job creation and economic growth. Source Punch Read More

Five Firms Bid for Afam, Yola Power Companies - Five firms have submitted financial and technical bids to purchase  51 per cent stake in the Afam Power Plc – an electricity generation company  and Yola Electricity Distribution Company. Source Punch Read More

NDIC Reaffirms Commitment to Safeguard Nigeria’s Financial Services Industry - The Nigeria Deposit Insurance Corporation (NDIC), on Monday reaffirmed its commitment to safeguard the nation’s financial services industry. Source Guardian Read More


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PROSHARE MSME

The Tony Elumelu Foundation to Announce Selected Entrepreneurs for 2019 Programme on March 22, 2019 - The Tony Elumelu Foundation (TEF), the leading African philanthropy committed to empowering African entrepreneurs, will announce the selected applicants for the 2019 cohort of the Foundation’s flagship Entrepreneurship Programme on March 22, 2019.  Source TEF Read More

 

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