Nigeria in 1min: Economic, Business and Financial Headlines – 230418

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Monday, April 23, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 230418 - Recently, the International Monetary Fund in its April outlook on the global economy stated that earlier cyclical pressure is easing off and emerging economies are beginning to return to normalization. Source Proshare Read More 

Communiqué of the Thirty-Seventh Meeting of the International Monetary and Financial Committee - The Committee expresses its deep gratitude to its former Chair, Mr. Agustín Carstens, for his invaluable contribution to the work of the Committee during 2015-17, and extends its best wishes to him as the General Manager of the Bank for International Settlements. The Committee welcomes Governor Lesetja Kganyago as its new Chairman. Source Proshare Read More 

‘FG targets seven per cent growth’ - The Federal Government is targeting an ambitious seven per cent economic growth by 2020, against a mere 0.8 per cent achieved in 2017, the Minister of Budget and National Planning, Udoma Udo Udoma has said. Source Guardian Read More 

NIRSAL okays $30m for agric insurance - The Nigeria Incentive-Based   Risk Sharing System for Agricultural Lending (NIRSAL)  has set aside $30 million to boost insurance products lending, its Managing Director Mr Aliyu Abdulhameed has said. Source THE NATION Read More 

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PROSHARE REGULATORS

SEC Nigeria Urges Extreme Caution on Cryptocurrency - The apex regulator of the Nigerian capital and financial market, the Securities and Exchange Commission has called on Nigerians to exercise extreme caution on the use of “Crypto currency” as a vehicle of investments in the country. Source Proshare Read More 

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PROSHARE MARKETS

Nigerian Stock Market Dips by -0.14% to Resume Downtrend; Records -0.28% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -0.14% to close at  40,814.89 basis points as against +0.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.72%. Source Proshare Read More 

Official Launch of the NASD Enterprise Portal (NASDeP) - The launch was well attended by key stakeholders from the Federal Government, Economy, Business and Capital Markets community. Source Proshare Read More 

Corporate Earnings for the Week Ending 200418 – ZENITHBANK Declares N47.08bn PAT in Q1 2018 Results- Source Proshare Read More 

CBN Boosts Retail SMIS with $396.18m - In its relentless move to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18million. Source Proshare Read More 

Nigeria’s return to JP Morgan’s Index imminent as NAFEX attracts $45bn in 1yr - The  readimission  of Nigeria  into the J.P Morgan Government Bond Index-Emerging Market (GBI-EM) is imminent following the successful operation of the Investors and Exporters (I&E) window for one year with turnover of $45 billion. Source Vanguard Read More 

FGN Bonds Lead in PFAs Asset Allocation with N3.6tn - Despite the yawning infrastructural  gap in Nigeria, the Pension Fund Administrators (PFAs) in the country have continued to allocate majority of their assets in the Federal Government of Nigeria (FGN) bonds, staking over  50.1 per cent of its assets, N3.5trillion ($12.5 billion) in the instrument. Source Thisday Read More 

Production cut: OPEC, non-OPEC countries achieve highest ever conformity level -  The conformity level of the voluntary production adjustments by OPEC and non-OPEC members for the month of March has reached the highest level since the commencement of the agreement. Source Daily trust Read More 

Metering: NERC Seeks N200bn Facility From CBN For MAP Kick-Off - The Nigerian Electricity Regulatory Commission (NERC) said it has commenced discussions with the Central Bank of Nigeria (CBN) on the provision of a N200 billion loan facility to support the steady operation of its new regulation designed to ensure that electricity consumers in the country have access to meters within the next three years. Source Leadership Read More 

Gas-to-Power Investors Lose N109.5bn Annually to Dollar Transactions - Gas producers for Nigeria’s power sector lose N109.5 billion yearly to dollar-denominated transactions in the supply of 1.5 billion-2 billion cubic feet of gas per day (bcf) to the domestic market. Source Thisday Read More 

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PROSHARE BUSINESS

Gwarzo’s Response to The Federal House Of Representatives Public Hearing Report - Recent decisions by the Federal House of Representatives (The House) with respect to their public hearing and investigations on the cases against the Executive Secretary of the National Health Insurance Scheme (NHIS), some Directors of the National Emergency Management Agency (NEMA) and that against me with respect to my suspension as the Director General of the Securities and Exchange Commission (SEC) are puzzling. Source Proshare Read More 

AGF Reacts to Publications on Extra-budgetary Spending Over the Release of N10bn for Contractors’ Liabilities - The attention of the Accountant General of the Federation(AGF), Mr. Ahmed Idris, has been drawn to some misleading & false publications by Premium Times & Sahara Reporters which alleged extra-budgetary spending over the release of N10bn for contractors’ liabilities. Source Proshare Read More 

IMF unveils new corruption policy for member states - The International Monetary Fund will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday. Source Vanguard Read More 

Dangote Foundation to disburse N10bn to women this year - Dangote Foundation, Project Director, Zakari Momodu has said  it is set to disburse a total sum of N10 billion to one million poorest women this year as part of effort towards ameliorating widespread poverty in Nigeria Source Daily trust Read More 

Scandals, Bad Debts at India Banks Threaten Economic Outlook - Scandals, bad debts, ATM cash shortages--India’s banking system has experienced them all in recent months and the bad run is starting to have repercussions for both the broader economy and Prime Minister Narendra Modi. Source Bloomberg Read More 

Hedge-Fund Investors Pour Into Oil as Firms Predict Surge to $80 - Hedge funds investing in oil are luring capital at the fastest pace in more than a year. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

MTN appoints investment firms for Nigerian unit's IPO - South African telecoms firm MTN has appointed Nigerian investment firm Chapel Hill Denham as lead issuing house for the initial public offering of its Nigerian business in Lagos later this year, two sources told Reuters on Friday. Source Reuters Read More 

AAI Collaborates With Covenant University for The Jim Ovia Foundation Leaders Scholarship - The Africa America Institute (AAI) just signed an MoU with Covenant University, making the prestigious institution the second university partner for the Jim Ovia Foundation Leaders Scholarship (JOFLS). Source Proshare Read More 

Iran bans banks from trading cryptocurrencies - Iran is borrowing a page from China when it comes to regulating money: if your real-world currency is in trouble, crack down on the virtual kind. The country's central bank has banned other banks and financial institutions from buying, selling or promoting cryptocurrencies in the wake of reforms meant to quell volatility for the Iranian rial, such as banning money changes outside of banks and unifying exchange rates. Source Engadget Read More

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