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Nigeria in 1min: Economic, Business and Financial Headlines – 260618

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Monday, June 26, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY
The Case For The Removal Of Custom Duty (Tariff) On Research Items In Nigeria - So, what is the need of engaging in research and indeed, lobby for a Nigeria customs duty waiver or concession, in the case of research-related goods? Can we put checks in place to ensure “research items” are indeed used for what they purport that they will be used for, if and when such a customs duty waiver is put in place? After all, this is Nigeria….and anything can happen! Source Proshare Read more

FG to inject N500bn in FMBN for housing loan - The federal government is set to inject N500 billion into Federal Mortgage Bank of Nigeria (FMBN) over the next five years, in a bid to improve access to Mortgage loans and home ownership for Nigerians. Source Vanguard Read more 

States’ Domestic Debts Rise To N3.4trn - Domestic debts of states in Nigeria have grown by 13.2 per cent with Lagos State holding the highest obligation of N363.29 billion as at the end of December 31, 2017, according to latest data released by the Debt Management Office, (DMO). Source Leadership Read more 

Customs to deploy drones to check rice smuggling - The Nigeria Customs Service on Monday vowed to deal ruthlessly with those involved in the smuggling of prohibited items, particularly rice, saying that it was working with the Nigerian Air Force to deploy drones for border surveillance. Source Punch Read more
 
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PROSHARE MARKETS
Market Halts Six-Day Losing Streak to Open The Week Positive as NSEASI Inches Up by 0.34%  - Equities market closed today on a positive note, as NSEASI appreciated by +0.34% to close at 37,992.12  basis points as against -0.76% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.66%. Source Proshare Read more 

Funding Rates rise above 10pct as CBN Resumes OMO Auction - The Bond market opened the week on a bearish note, with yields rising by c.5bps on average, following some sell on the 2034s and 2036s. We only witnessed slight buys on the 2024s, which did not have a significant impact on the general market trend. Source Proshare Read more 

Borrowing Cost on External Debt to Increase  - The Nigerian Stock Exchange (The Exchange or NSE) is pleased to announce that it has Borrowing Cost on External Debt to Increase FSDH Research expects interest rates and yields in the global financial market to increase further as the normalization of monetary policy in advanced countries continues. Source Proshare Read more 

Lotus Halal Fixed Income Fund Listed On NSE - Lotus Capital, a full-service, Halal investment management company specializing in Shari'ah compliant asset management, private wealth management and financial advisory services listed its Lotus Halal Fixed Income Fund on The Nigerian Stock Exchange on Thursday, June 21, 2018. Source Proshare Read more 

Cordros Weekly Stock Recommendation- 250618 - The shares of FLOURMILL fell by 5.34% to N31.00. FLOURMILL trades at 2018 PE of 4.9x, below its 5-year average of 19x. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week - 250618 - The domestic bourse halted six weeks of consecutive bearish run as the All Share Index (ASI) rose 5.0% W-o-W to settle at 38,669.23 points while YTD return strengthened to 1.1% from the previous loss. Source Proshare Read more 

India, Netherlands spend N1.7trn on Nigerian crude oil in 3 months - Three countries, India, The Netherlands, and the United States of America, USA emerged the highest importers of Nigerian crude oil grades, spending N1.71 trillion in the first quarter of 2018, Q1’18 Source Vanguard Read more 

Infrastructure: NUPENG rejects N11.5bn cut in budgetary allocation - The Nigeria Union of Petroleum and Natural Gas workers (NUPENG), has condemned the whopping N11.5 billion cuts made by the National Assembly from the proposed allocations in the 2018 national budget. Source SUN Read more 

NNPC Subsidiary, NGPTC, Declares N141bn In 3 Years – NEITI - The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the Nigerian Gas Processing and Transportation Company Limited, NGPTC, one of the subsidiaries of the Nigerian National Petroleum Corporation (NNPC) made a profit of N141.324billion between 2015 and 2017. Source Leadership Read more 

Nigeria losing N3tn annually to PIB delay – PWYP - Nigeria is losing about N3tn annually as a result of the prolonged delay in the passage of the Petroleum Industry Bill, a non-governmental organisation that supports the implementation of the Extractive Industries Transparency Initiative, Publish What You Pay, said on Monday. Source Punch Read more 

NNPC: $5bn JV Debt Repayment Restoring Investors’ Confidence in Nigeria - The Nigerian National Petroleum Corporation (NNPC) has said its repayment of the about $5 billion negotiated joint venture cash call debts owed to International Oil Companies (IOCs) over the years was now stirring the confidence of investors in Nigeria’s upstream oil sector. Source Thisday Read more
 
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PROSHARE BUSINESS
CFA Society, IOD partner to launch Business Network on Ethics and Integrity in Nigeria - The Chartered Financial Analysts Society in partnership with the Institute of Directors today launched the Business Network on Ethics & Integrity in Nigeria. Source Proshare Read more 

Sales Tax versus VAT: Supremacy - Case Law Review - The controversy over States’ Inland Revenue Services and the Federal Inland Revenue Service (“FIRS”) imposing Consumption Tax on the same goods and services, and at the same tax rate, contemporaneously, has remained a matter of much concern and litigation. Source Proshare Read more 

Oil prices edge up on Libya worries, but OPEC supply rise drags - Oil prices inched up on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to drag. Source Reuters Read more 

First Marijuana-Based Medicine Is Approved for Sale in U.S. - The first-ever medical treatment derived from a marijuana plant will hit the U.S. market in a few months after regulators on Monday gave the epilepsy treatment the green light. Source Bloomberg Read more

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PROSHARE TECHNOLOGY
NCC stops MTN from acquiring Visafone - The Nigerian Communications Commission (NCC) yesterday halted moves by South African mobile giant MTN to acquire the only surviving Code Division Multiple Access (CDMA) operator, Visafone. Source THE NATION Read more
 

PROSHARE MSME
Getting the Finance to Start a Business in Nigeria - Starting a business can be a real challenge these days, as you have so much to consider and organize. At the same time, there are many elements that are far easier than they used to be because there are more opportunities and options available. Source Proshare Read more
 
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