Nigeria in 1min: Economic, Business and Financial Headlines – 300519

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Thursday, May 30, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY 

ICAN Releases Inaugural Accountability Index Assessment Report - Accountability in the management of public finance is a sensitive aspect of the activities of government at all levels. In Nigeria, lack of accountability and transparency in public finance has stunted the growth and development in every sector of the economy. Source ICAN Read More

OPEC plus Has Capacity to Offset Iran Crude Supply Cuts - OPEC+ is likely to mitigate the decline in Iran's production due to US waivers ending, Fitch Ratings says. This will not necessarily mean an increase in the alliance's overall production and could be effectively achieved through ramping up output within existing quotas or redistribution of quotas. Source Fitch Ratings Read More

11.5% of Nigeria’s Cattle Population Are Utilized For Dairy Production - Nigeria is a major producer of livestock (cattle and goats) in Sub-Saharan Africa but is the largest importer of milk in the region, with an annual importation bill of $1.3bn. The country's cattle population is estimated at 20 million. Source FDC Read More 

Britain Increases Investment Financing In Nigeria To £1.25bn - The United Kingdom has increased its loan facility limit to £1.25bn for businesses seeking to import UK products and services as well as intellectual property into Nigeria. The Country Manager, West Africa, United Kingdom Export Finance, Steven Gray, disclosed this in Lagos exclusively to our correspondent on the sidelines of the UK-West Africa Agritech Summit. Source Punch Read More 

FG Removes VAT On Cooking Gas - Therefore, it was good news to the Association and the LPG industry, when the news filtered out that the Federal Government has finally approved VAT removal on LPG and gazetted same which makes it an official pronouncement. Source TheNation Read More 

FG’s Social Safety Programme Gulps N471bn In Three Years - The Federal Government had in 2015 designed the programme to improve the lives of all Nigerians irrespective of religion, political affiliation and social class. Source Punch Read More 

 

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PROSHARE MARKETS

Airtel Africa Eyes $1bn London Listing, Nigeria’s Bourse - India’s telecommunications firm Bharti Airtel, is considering a stock market flotation in London, for its subsidiary, Airtel Africa Limited, and subsequent listing on the Nigerian Stock Exchange (NSE). Source Guardian Read More

FG’s Preference For Borrowing Slashed Savings Bonds By 50% – CBN - The Federal Government of Nigeria’s savings bonds reduced by 50.18 per cent at the end of the 2018 financial  year. According to a report by the Central Bank of Nigeria on its 2018 activities, “a total of N3.59bn was allotted during the review period, indicating a decline of N3.61bn or 50.18 per cent when compared with N7.20bn at the end of December 2017. Source Punch Read More 

 

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PROSHARE BUSINESS 

SEC Commences Verification of Dantata Success - According to the SEC, as part of the arrangements to commence a refund of their monies, the verification exercise will take place between May 31 and June 2 , to ascertain the level of their commitment to the company. Source Thisday Read More 

SA’s President Ramaphosa Has His Cabinet, This Is Who’s In - In the election of the 8th of May, South Africans provided this administration with a clear mandate to accelerate inclusive economic growth, act with greater urgency to tackle poverty, improve government services, fight corruption and end state capture. Source CNBC Africa Read More 

Exxon Shareholders Reject Resolutions On Climate And Splitting CEO, Chairman Roles - Exxon Mobil Corp shareholders on Wednesday rejected a proposal to split the chief executive officer and board chairman roles that some had promoted to protest a decision to strike an unrelated climate change resolution from the ballot. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

Samsung to Gain from Huawei's Difficulties - Turmoil from the US-China trade dispute brings Samsung Electronics Co., Ltd. (AA-/Stable) an opportunity to strengthen its position in the structurally weakening smartphone market, Fitch Rating says. Source Fitch Ratings Read More

 

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PROSHARE FINANCE 

 Pension Assets Hit N9.03tn - The National Pension Commission (PenCom) has disclosed that total pension assets in the country have risen to N9.030 trillion as at March 31, 2019, up from the N7.44 trillion it was in January. Source Thisday Read More 

 

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