Nigeria in 1min: Economic, Business and Financial Headlines – 240918

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Monday September 24, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 240918 - The recently published report on the trajectory of public debt by the National Bureau of Statistics, Nigeria (NBS) is certainly timely at this particular point in time.  It provides ample opportunity to take an in-depth diagnosis on Nigerian debt. Source Proshare Read More 

Weekly Economic and Financial Commentary – WE 21st Sept, 2018  - In the light of recent trade spat between China and US, US trade deficit narrowed 17% QoQ to $101.5 billion on the back of faster growth in exports. Source Proshare Read More 

The History of Nationalised Banks  - The nationalisation of banks listed on The Nigerian Stock Exchange was first witnessed in 2011 when the Central Bank of Nigeria (CBN) in conjunction with Nigeria Deposit Insurance Corporation (NDIC) nationalised three banks namely Bank PHB Plc, Afribank Plc and Spring Bank Plc. Source Proshare Read More 

Corn Prices Rose by 0.29% to $3.44 per Bushel; Driven by Weak US Corn Yields - Cocoa is trading at $2,201 per metric tonne, 8.5% above the average in 2017. Unfavourable weather conditions and stronger collaboration between the major West African producers is helping prop up prices. Source Proshare Read More 

Nigeria’s $22b remittances receipt highest in 2017, says report - Nigeria has been adjudged the biggest receiver of remittances on the continent in 2017, an Institute of Chartered Accountants in England and Wales (ICAEW) report has said. Source THE NATION Read More 

FG Attracts N3.7tn from 51 PPP Project in 2017 - The federal government has attracted over N3.7trillion through the Infrastructure Concession Regulatory Commission (ICRC), from its 51 projects through Public-Private Partnerships. Source Leadership Read More 

FG Begins Disbursement Of $200m Local Content Intervention Fund - The Nigerian Content Development and Monitoring Board (NCDMB) has commenced the disbursement of the $200 million Nigerian Content Intervention Fund, which is fully managed by theBank of Industry (BOI). Source Leadership Read More 

FIRS rakes in N13bn from billionaire tax debtors - Less than a month after it commenced substitution of accounts of recalcitrant billionaire taxpayers, the Federal Inland Revenue Service (FIRS) has collected over N12.66 billion in tax revenue. Source THE SUN Read More 

Nigeria records $45.7bn investments in six months - The Nigerian economy recorded a total investment commitment of $45.7bn in various sectors of the economy within the first six months of this year. Source Punch Read More 

AMCON can’t recover N5.4trn debt without judicial backing -Justice Kafarati - Chief Judge of the Federal High Court, Abuja Division, Justice Adamu Abdu Kafarati, has restated the need for judges in Nigeria to support the recovery efforts of the Asset Management Corporation of Nigeria (AMCON) as the corporation was established as a central element of government’s response to financial crisis in the country. Source Daily Trust Read More 

Nigeria needs $3trn to bridge infrastructure gap – NLC - Nigeria will need about $3 trillion in the next 26 years to bridge the infrastructure gap in the country, stated the Nigeria Labour Congress (NLC). Source THE SUN Read More 

BPE: FG Spent N13tn to Set up 590 Dysfunctional Enterprises in 23 Years - Between 1975 and 1998, a period of 23 years, the federal government spent N13 trillion to set up 590 public enterprises that hardly returned any reasonable profits or service gratification to it or Nigerians, the Bureau of Public Enterprises (BPE) has disclosed. Source Thisday Read More 

World Bank : Farmers Earned  N303bn under Fadama III Additional Financing Project - The World Bank Fadama III AF Project Task Team Leader, Dr. Adetunji Oredipe has said that farmers participating under the Fadama III Additional Financing earned about  N303 billion from the cultivation of four advantage crops supported by the project. Source Thisday Read More

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 210918 - The equities market recorded mixed performance – the listed equities market recorded +0.66% gain WoW while the NASD OTC also went up by +2.10% WoW. Source Proshare Read More               

NASD OTC Securities Exchange Unlisted Shares Continues to Rise; Up 20% YTD - The Official index of the NASD OTC Securities Exchange tagged the Unlisted Shares Index [USI] has continued a steady recovery that started at the beginning of 2018. Source Proshare Read More 

Bond Yields Compress Further on Renewed Local Demand - Yields in the bond market compressed further by c.13bps in today’s session, capping a 23bps w/w decline in yields. Source Proshare Read More 

Resurgent Interests in EM Bolsters Nigerian Eurobonds to 6-Week High - The bond market remained scantily traded, except for some client interests we witnessed mostly on the short and mid-tenured bonds. Yields compressed marginally by c.2bps, as the market remained relatively flat week to date. Source Proshare Read More 

Honeywell Flour Shareholders Approve N475.8m Dividend Payment - The shareholders of Honeywell Flour Mills Plc have approved a total dividend payment of N475.8 million for the year ended March 31, 2018. Source Leadership Read More 

NNPC Begs Oil Workers Not to Embark on Industrial Action - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged oil workers under the auspices of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), to halt their planned industrial action over a labour dispute involving the Management of Chevron Nigeria Limited (CNL), and its staff. Source Thisday Read More

 
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PROSHARE BUSINESS

Polaris Bank Encourages Depositors and Customers To Continue to Maintain Normal Banking Relationship  - Pursuant to section 38(1)(c) and 39(1) of the Nigerian Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September, 2018, Polaris Bank Limited as a bridge bank Source Proshare Read More 

Skye Bank Plc: Has CBN Finally Completed The Undertaker’s Role? - The current situation of Skye Bank Plc remained one that is not new to us and has been foretold before now. Source Proshare Read More

NASSBER Bills – A Status Update On Market Related Legislation  - Kindly find below the most up-to date status of the following legislations under specific working groups under this engagement between NASS, NESG and development partners. Source Proshare Read More 

World bank disburses $500 million loan to support Tunisia budget - source - The World Bank has disbursed a $500 million loan to support Tunisia’s budget, an official source told Reuters on Thursday. Source Reuters Read More 

China to issue white paper on U.S. trade frictions: Xinhua - China’s state council will publish a white paper on the ongoing bilateral trade frictions with the United States, the official Xinhua news agency reported on Monday. Source Reuters Read More 

Trump’s Tariffs on $200 Billion of Chinese Goods Take Effect - The Trump administration’s tariffs on another $200 billion in Chinese goods kicked in on Monday, ramping up a trade war between the world’s two biggest economies. Source Bloomberg Read More 

US to set up $60bn investment agency to counter China - Reboot of commercial lending to emerging nations in face of Beijing ‘economic warfare’ Source WSJ Read More 

Oil Rises Near 2-Month High as OPEC Stops Short of Pledging More - Oil climbed near the highest level since July after OPEC and its allies signaled less urgency to boost output and stopped short of promising extra volumes of crude despite U.S. pressure to temper prices. Source Bloomberg Read More

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PROSHARE TECHNOLOGY

NCC: Charges, Destruction of Telecoms Facilities, Will Hinder 30% Broadband Penetration - The Chairman, Board of Commissioners, Nigerian Communications Commission (NCC), Olabiyi Durojaiye has warned that indiscriminate charges on telecoms operations by various state governments, coupled with the destruction of telecoms facilities, will impede the planned achievement of 30 per cent broadband penetration, unless new measures are taken. Source Thisday Read More

 
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