Nigeria in 1min: Economic, Business and Financial Headlines – 240519

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Friday, May 24, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: WebTV

 

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PROSHARE ECONOMY

FAAC Disburses N617.57bn in April 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57bn to the three tiers of government in April 2019 from the revenue generated in March 2019. Source NBS Read More

The Impact of US-China Trade Tensions - US-China trade tensions have negatively affected consumers as well as many producers in both countries. Source IMFBlog Read More

Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG —Reps - The House of Representatives has recommended that 16 commercial banks be penalised for not remitting N1.6 billion stamp duties into the federation account. The House made the recommendation on Thursday when it adopted a report on non-remittance of trillions of naira of stamp duties by financial institutions into the federation account. Source Punch Read More

At $67, Crude Oil Price on Track for Biggest Weekly Drop - Crude oil prices plunged to $67 per barrel Thursday, losing about five per cent as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. Source Thisday Read More

Fed Govt Lost N4.6tr To Import Waivers In Two Years - About N4.6 trillion was lost by the Federal Government to the waivers that were granted to importers in 2017 and last year, it was learnt yesterday. The loss was incurred  through the Finance Ministry due to non-implementation of the Import Duty Exemption Certificate (IDEC) project. Source TheNation Read More

 

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PROSHARE REGULATORS

NSE, SEC Streamline Listing Process to Encourage More Listings - The Nigerian Stock Exchange (“The Exchange” or “NSE”) and the Securities and Exchange Commission (SEC) have moved to make the  processes involving listing on the NSE more efficient and cost effective by streamlining. Source SEC Nigeria Read More 

 

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PROSHARE MARKETS

Summary of FGN Bond Auction Results For May 2019 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55%FGN APR 2029 (Reopening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond). Source DMO Read More

Investors Shows Stronger Demand For The 30 Year FGN Bond At The May 2019 Auction - At the May 2019 FGN Bond Auction held on Wednesday, May 22, 2019, the Debt Management Office (DMO) offered three (3) instruments for 5, 10 and 30-year tenors to the investing public, with a total amount offered of N100 billion. Source Read More

Investors Gain N146.39bn As Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by 1.07% to close at 31,477.51 points as against 3.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 0.15%. Source Proshare Read More 

Treasury Bills Issuance Falls By N1.153tn In One Year - The Nigerian Treasury Bills issued and allotted fell by N1.153tn in the 2018 financial period. The total value of NTBs issued and allotted was N3.34tn apiece, indicating a decline of N1.153tn or 25.65 per cent below what was alloted in 2017. Source Punch Read More 

 

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PROSHARE BUSINESS 

NERC Grants Kaduna, Eko Discos MAP Permit 3 Weeks After Deadline - The Nigerian Electricity Regulatory Commission (NERC) yesterday announced the issuance of permits to Companies that would operate the Meter Asset Provider (MAP) initiative in Kaduna Electricity Distribution Company (KEDC) Plc and Eko Electricity Distribution Company (Eko Disco) Plc. Source Leadership Read More

Ibadan Inland Dry Port To Gulp N35.8 Billion - The 90-hectare Ibadan Inland Dry port (IDP), being undertaken by the Nigerian Shippers’ Council (NSC), has been estimated to gulp about $99.6 million (35.8 billion). The Minister for Transportation, Rotimi Amaechi, disclosed this during the handing over of the document for the 90 hectares of land approved for the project by the Oyo State Government. Source Guardian Read More

South Africa Holds Rate But Bank's Model Points To Looming Cut - The South African Reserve Bank has frozen its key interest rate for now, but a cut could be on the cards, with some policymakers voting for reductions for the first time in 14 months as they slashed the nation’s economic-growth forecast. Source Bloomberg Read More 

 

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PROSHARE FINANCE

LBS Academic Director, Olayinka David-West Named Professor - The appointment was announced on Tuesday, May 21, by the Pan-Atlantic University (PAU) Governing Council following a recommendation by the Appointments and Promotions Committee of the University. Source LBS Nigeria Read More 

NSE Corporate Challenge Receives Boost from Beta Glass, FCMB - The 6th edition of The Nigerian Stock Exchange (NSE) Corporate Challenge has received sponsorship boost from Beta Glass and FCMB as silver and bronze sponsors respectively. Source NSE Read More 

 

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