Nigeria in 1min: Economic, Business and Financial Headlines – 250419

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Thursday, April 25, 2019 / 7:00 AM / By News Aggregator

 

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PROSHARE ECONOMY

Sugar Prices Up By 3.75%; Driven By A Decline In Kenya’s Sugar Production - Nigeria is the largest producer of kolanuts in the world, with a total output of 140,842 tonnes, valued at $141mn. It is mainly produced in the South West states and is the subject of cattle for kolanuts exchange in the popular Sabo market of Sagamu. Source FDC Ltd Read More

Nigeria’s Fertilizer Quality Control Bill Edges Towards Final Passage - In 2017, africanfertilizer.org released a report showing a rise in the percentage of Nigerian farmers uptaking fertilizers. With a rise of 63% from the 959,364 metric tons of fertilizer accessed in 2016, Nigerian farmers were now recorded to have accessed 1,564,816 metric tons. Source AFEX Nigeria Read More

National Assembly To Pass 2019 Budget On Tuesday - The Senate has postponed the passage of the 2019 Appropriation Bill to Tuesday. Although the report by the Senate Committee on Appropriations on the national budget was scheduled for consideration at the plenary on Wednesday, the lawmakers resolved to postpone the third reading of the bill. Source Punch Read More

FG To Boost Non-Oil Revenue Via Aggressive Tax Collections - President Muhammadu Buhari on Wednesday said the Federal Government would deploy dynamic initiatives towards boosting the country’s revenue from taxation. He said this in Abuja at the opening session of the 21st annual tax conference of the Chartered Institute of Taxation of Nigeria. Source Punch Read More

 

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UACN Q4 2018 Results Review: Headwinds Still Gaining Momentum - Following UACN’s earnings conference call, we have made slight downward adjustments to our 2019-21E forecasts, despite the new management’s assurance that things are turning around for the better. Source FBNQuest Research Read More 

MTN Announces Conversion From A Private Company To A PLC - MTN Nigeria Communications Plc (MTN) has announced that it has completed its conversion from a private company to a public company (Plc). The conversion to a Plc is a legal requirement and key milestone in the preparatory process for MTN’s listing by introduction on The Nigerian Stock Exchange (NSE). Source MTN Nigeria Read More 

UBA Plc Q1 2019 - Solid Outing To The Year - After a very weak Q4 performance which dragged overall full year earnings, UBA Plc posted strong recovery in Q1 2019, showing improvement across income lines. Source ARM Research Read More 

Investors Lose N66.78bn As NSEASI Closes Below 30,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.59% to close at 29,898.31 points as against 0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.87%. Source Proshare Read More 

Inter-Bank Forex Market Gets $210m Boost from CBN - In continuation of its mediation in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Wednesday, April 24, 2019, intervened with the sum of $210 million to sustain liquidity in that segment of the market.  Source CBN Read More 

Debut 30 year FGN Bond oversubscribed - A statement issued by the Debt Management Office (DMO) on Wednesday night said “investors keenly contested for the N20 billion 30-year FGN Bond offered by the Debt Management Office (DMO) at the April 2019 FGN Bond Auction.” Source TheNation Read More

 

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PROSHARE BUSINESS 

Supreme Court Backs BI-Courtney, AMCON to Pay N132bn - The lingering battle between Bi Courtney Limited and the Assets Management Company of Nigeria (AMCON) over a N132,540,580,304.00 judgment credit was on April 5 decided in favor of Bi Courtney. Source ThisDay Newspaper Read More 

316,365kg of Drug Seized in 2018 – NBS - Drug Seizure and Arrest Statistics 2018 reflected that 316,365kg of drugs were seized in 2018. A total of 271,812 kg of Cannabis was seized in 2018. This represents 85.9% percentage of the total drug seized within the period under review. Source NBS Read More 

 

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PROSHARE TECHNOLOGY

Microsoft Tops $1 Trillion As It Predicts More Cloud Growth - Microsoft Corp on Wednesday briefly topped $1 trillion in value for the first time after executives predicted continued growth for its cloud computing business. The Redmond, Washington-based company beat Wall Street estimates for quarterly profit and revenue, powered by an unexpected boost in Windows revenue and brisk growth in its cloud business which has reached tens of billions of dollars in sales. Source Reuters Read More

 

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PROSHARE FINANCE

Microinsurance And The New National Minimum Wage - The history of the active poor, the vulnerable and the real workers in Nigeria will be favourable to the administration of President Muhammadu Buhari. Source Ekerete Ola Gam-Ikon MNIM, CPP Read More 

 

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