Nigeria in 1min: Economic, Business and Financial Headlines – 191018

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Friday October 19, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

NBS Publishes 11 States Nominal GDP from 2013 to 2017-The compilation of Gross Domestic Product (GDP) estimates for sub-national units of the Federation has been a phased exercise at the National Bureau of Statistics since 2013.  Source Proshare Read More 

Nigeria has Generated 1000mw of Power Annually Since 2015-Fashola-The Minister for Power, Works and Housing Mr Babatunde Raji Fashola(SAN) today disclosed that Nigeria since 2015, has generated an average of 1000mw of power per annum across the ecosystem. Source Proshare Read More 

$12.7bn Crude Stolen From Nigeria In Three Years – Falana - HUMAN rights lawyer and Senior Advocate of Nigeria, Femi Falana, on Thursday alleged that $12.7bn worth of crude oil was stolen from the country between 2011 and 2014. Source Punch Read More 

FG Trims Budget Size, Proposes N8.6tn For 2019 - The Federal Government on Thursday proposed a smaller budget size of N8.6tn for the 2019 fiscal year in contrast to N9.1tn for 2018. Source Punch Read More 

S’Court Orders FG To Adjust Oil Proceeds Sharing Formula When Price Exceeds $20 - The Supreme Court in a landmark judgment wednesday ordered the federal government to adjust its share of proceeds from the sale of crude oil whenever the price exceeds $20 per barrel. Source Thisday Read More 

We Can’t Pay New Minimum Wage – GOVS - Chairman of the Nigerian Governors’ Forum, NGF, Abdulaziz Yari, said yesterday that governors were not against upward review of the minimum wage, but lack capacity to pay it. Source Vanguard Read More

 

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PROSHARE REGULATORS

NAICOM Issues An Update On The Implementation Of The Tier-Based Minimum Solvency Capital Policy - In compliance with the extant rules and the injunction issued by the Federal High Court regarding the Tier Based Minimum Solvency Capital framework which was to take effect from October 1, 2018, the Commission wishes to clarify that the status quo will be maintained and insurers are to continue to operate on the subsisting regulatory framework prior to the Circular. Source Proshare Read More 

Nigeria Extends Crude-For-Product Swaps Until June 2019 - Sources - Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said. Source Reuters Read More 

 

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PROSHARE MARKETS

ZENITHBANK Declares N144.18 bln PAT in Q3 2018 Results (SP:22.45k)-Zenith Bank released its Q3 2018 results this morning. See results below and initial view. Source Proshare Read More 

Stock Market Resumes Uptrend as NSEASI Inches Up by 0.70% Amid Negative Market Breadth-Equities market closed today on a positive note, as NSEASI appreciated by -0.70% to close at 32,664.63 basis points as against -0.87% depreciation recorded previously. Source Proshare Read More 

AfDB Approves $10m Investment In Chapel Hill Denham NIDFund - The African Development Bank (“AfDB”), Africa’s premier development financial institution, yesterday announced that its Board of Directors has approved an investment of the Naira equivalent of USD10 million in the Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”). Source Proshare Read More 

T-bills Market Trends Bearish as CBN Hikes OMO Rate - The bond market remained relatively flat, but spreads tightened as offers improved slightly across most maturities, due to expectations of a hike in OMO rates by the CBN. Yields ticked higher on the longer end of the curve, while they compressed slightly on the shorter end, save for the 24s which ticked higher for the second consecutive session. On the average, yields were down by c.1bp on the day. Source Proshare Read More

 

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PROSHARE BUSINESS

Fake Drugs Into Nigeria - SON, NAFDAC Step Up Efforts - The Standards Organization of Nigeria and the National Food Drug Administration Control Agency amongst other key regulatory agencies are poised to take sterner measures, to curb the influx of fake, contaminated drugs and imported foodstuffs into the country. Source Proshare Read More

 

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PROSHARE FINANCE

Pension Reform Advocacy Group Petitions EFCC Over Developments in PENCOM-Several months ago concerned staff of one of the key regulators in the Nigerian financial space, the National Pension Commission wrote the Anti-graft agency Economic Financial Crimes Commission, over developments in the regulatory body under the watch of the Acting Director-General Mrs. Aisha Dahiru-Umar. Source Proshare Read More

 

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PROSHARE TECHNOLOGY

Exposure Draft Of New CBN Licensing Regime For Payment System Providers-Financial Technology companies (FinTechs) have been evolving with innovative products which are gaining acceptance within the country and banks have been collaborating with these technology companies, in order to remain competitive in the financial services ecosystem. Source Proshare Read More 

 

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