Nigeria in 1min: Economic, Business and Financial Headlines – 280918

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Friday September 28, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

MPC: Winter Is Coming For The Nigerian Economy - The monetary policy committee (MPC) held its statutory meeting on the 24th and 25th of September 2018.  The bank’s  phobia for inflation has left it hugging rules for safety rather than tilt towards discretion. Therefore, the bank choose to clamp on inflation itself, while remaining ‘indifferent’ to intermediate variables for too long, especially growth. Source Proshare Read More 

730,289 Passengers Travelled via Rail in Q2 2018 - NBS - The rail transportation data for Q2 2018 reflected that a total of 730,289 passengers travelled via the rail system in Q2 2018 as against 748,345 passenger recorded in Q1 2018 and 596,792 in Q2 2017 respectively, representing 22.37% growth YoY and -2.41% growth QoQ Source Proshare Read More 

Manufacturers’ inventory up 255% in one year - The Manufacturers Association of Nigeria (MAN) said the inventory of unsold finished products in the warehouses of members of the association rose by 255 percent to N321.12 billion in 2017 from N90.43 billion in 2016. Source Vanguard Read More 

19 firms jostle to buy Afam GENCO, Yola DISCO - Nineteen firms have indicated interest to acquire Afam Power Company and Yola Distribution Company (YDC) put up for sale by the Federal Government. Source Daily Trust Read More 

NEPC Plans to Review Nigeria’s Export Regulations - The Nigerian Export Promotion Council (NEPC) has announced plans to review Nigeria’s export regulations to drive the nation’s non-oil export. Source  Thisday Read More

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PROSHARE MARKETS

NSE Demutualisation Crosses Major Hurdle As Buhari Signs Bill - The Nigerian Stock Exchange (NSE) has finally crossed a major hurdle in its demutualization processes as President Muhammadu Buhari has finally signed the bill into law that will transmute the Lagos based bourse from a mutual association of exchange members to a limited liability company which is accountable to shareholders. Source Proshare Read More 

September 2018 FGN Bond Auction Oversubscribed - The FGN Bond Auction for September 2018, which was conducted by the Debt Management Office (DMO) on Wednesday, September 26, 2018 was oversubscribed, as was the case for the August 2018 Auction. Source Proshare Read More 

Fidelity Bank H1''18 Results - Lower Impairments; Higher Non-Interest Income Propels Earnings - Fidelity Bank Plc (FIDELITYBK) H1’18 results – Gross earnings rose by 3.6% YoY to N88.9 billion, in line with our estimate of N86.5 billion (+2.8% deviation). More remarkably, after tax profit leapt by 31.1% YoY to N11.8 billion, ahead of our N9.4 billion projection (+26.1% deviation). On a quarterly basis, PAT improved by 56.0% QoQ to N7.2 billion thanks to an impressive 252.9% QoQ growth in non-interest income. Source Proshare Read More 

Bond Yields Compress, as Investors Rally the Long End - The Bond Market traded on a slightly bullish note, due to a mini rally by some interested buyers who picked on offers on the longer end of the curve (34s – 37s). Yields on the long end consequently declined by c.12bps, with trades as low as 15.15% on the 2037s. There were also slight gains on the mid tenors (26s -28s) which compressed marginally by c.3bps. Source Proshare  Read More 

United Capital introduces new version of InvestNow to deepen Nigeria’s financial market - As part of its commitment to creating value in the Nigerian financial market, United Capital a leading investment banking group today announced a redesigned version of its online investment portfolio management trading platform “InvestNow”. Source Proshare Read More 

Oil marketers urge government to pay alleged N650 billion debt - The Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs) have raised the alarm over a N650 billion allegedly owed them by Federal Government in subsidy arrears, saying its immediate defrayment would help secure their assets. Source Guardian Read More

 
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PROSHARE BUSINESS

Jim Ovia: Who Wants To Be A Billionaire? - Without the generosity of Kabiyesi, Oba Rilwanu Akiolu, the Oba of Lagos, I may not have gained entrance into the fertile mind of Jim Ovia, the founder and first chief executive of Zenith Bank. Baba Akiolu was kind enough to lend me a copy of Ovia’s Africa: Rise and Shine. The 224-page book is part autobiography and part inspirational book.     Source Proshare  Read More 

ADR - Alternate Dispute Resolution Multi-Door Court House – Legal Alert - Dispute Resolution Mechanisms have continued to evolve from an acrimonious and expensive litigation system, to Arbitration, which latter process unfortunately also attracts some of the vices associated with litigation. Source Proshare Read More 

IMF sees Ethiopian economic growth rising to 8.5 pct in 2018/19 - Ethiopia’s economy is forecast to expand 8.5 percent in the July 2018-June 2019 period, from 7.5 percent in the previous fiscal year, the International Monetary Fund said on Wednesday. Source Reuters Read More 

South Africa's August producer inflation rises to 6.3 percent year-on-year - South Africa’s producer price inflation (PPI) rose to 6.3 percent year-on-year in August, its highest level since December 2016, compared with 6.1 percent in July, the statistics agency said on Thursday. Source Reuters Read More 

Oil prices edge up amid uncertainty over fallout from Iran sanctions - Oil prices inched up on Friday, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran’s crude exports. Source Reuters Read More

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PROSHARE TECHNOLOGY

Data Science Nigeria Hosts Artificial Intelligence For Financial Inclusion Summit and Bootcamp - Data Science Nigeria will be hosting its annual Summit and Bootcamp focused on the application of Artificial Intelligence (AI) in financial inclusion strategy, with specific focus on understanding the financially excluded segment, use of alternative data (geospatial, social media, mobile footprint, psychographics) in developing credit risk scoring algorithm, and building simpler AI-enabled financial delivery interfaces. Source Proshare Read More 

Sell Pressure Continues in Nigerian Stock Market as NSEASI Dips Further -0.61% - Equities market closed today on a negative note, as NSEASI depreciated by -0.61% to close at 32,763.35 basis points as against -0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.33%.Source Proshare Read More 

Telecoms industry loses $3bn revenue to ‘SIM box’ fraud – Danbatta - The Executive Vice Chairman of Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, says the telecoms industry recently lost $3 billion revenue to ‘SIM box’, a trending fraud in the industry. Source Daily Trust Read More 

SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - U.S. securities regulators on Thursday sought to force Tesla Inc. Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout. Source WSJ Read More

 

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