Nigeria in 1min: Economic, Business and Financial Headlines –260419

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Friday, April 26, 2019 / 06:39 AM / By News Aggregator / Header Image Credit: Aliko Dangote Foundation


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Nigeria's 50bp Rate Cut is Insufficient to Boost Lending – Fitch - The 50bp cut in Nigeria's monetary policy rate to 13.5% is unlikely to spur substantial growth in lending to priority sectors or wean banks off investing in Nigerian Treasury-bills (T-bills), Fitch Ratings says. Source Fitch Ratings Read More

FG Bans Foreigners from Designing Security Projects - The federal government has declared that foreign professionals will no longer be engaged in the execution of projects involving national security. The Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola, made the announcement in Abuja yesterday, when he declared open the 2019 Architects Colloquium organised by the Architects Registration Council of Nigeria (ARCON). Source Thisday Read More

World Bank Sees Lower Oil Prices - Crude oil prices are expected to average $66 a barrel this year and $65 a barrel in 2020, World Bank said in its April Commodity Markets Outlook yesterday. This is a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated United States (U.S.) production. Source TheNation Read More

NNPC Shifts 40 Billion Oil Reserves Target To 2025 - The Nigerian National Petroleum Corporation has said it seeks to increase the nation’s crude oil reserves to 40 billion barrels and production capacity to four million barrels per day by 2025. The Federal Government in 2010 set the target of 40 billion barrels of crude oil reserves and production of four million barrels per day at 2020. Source Punch Read More

 

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CCNN Declares N3.64bn PAT in Q1 2019 Results,(SP: N17.00k) -  Today, CCNN Plc released its unaudited first quarter results for the period ended March 31, 2019. Revenue grew by +213% to N16.88bn from N5.38bn in the previous quarter. Source NSE Read More

CSCS PLC Records 12% Growth in Total Assets for 2018 FY - The Central Securities Clearing Systems Plc in 2018 financial year achieved a 12% growth in Total Assets that accrued to N35.9bn. This was disclosed by the CEO of CSCS Plc Mr  Haruna  Jalo-Waziri at the 2019 stakeholders evening in Lagos. Source Proshare Read More 

FIDELITYBK declares N5.93bn PAT in Q1 2019 Results,(SP:N1.93k) - Today, Fidelity Bank Plc released its unaudited first quarter results for the period ended March 31, 2019.Gross earnings grew by +11.8% to N48.44bn from N43.33bn in the previous quarter. Source NSE Read More 

STERLNBANK declares N3.24bn PAT in Q1 2019 Results,(SP:N2.70k) - Today, Sterling Bank Plc released its unaudited first quarter results for the period ended March 31, 2019.Gross earnings declined by -8.2% to N36.49bn from N39.76bn in the previous quarter. Source NSE Read More 

GUINNESS Declares N1.67 bln PAT in Q3'19 Results,(SP:N54.00k) - Today, Guinness Nigeria  Plc released its unaudited third quarter results for the period ended March 31, 2019. Revenue declined by -3.78% to N33.60bn from N34.92bn in the previous quarter. Source NSE Read More 

Market Sentiment Turns Positive As NSEASI Inches Up By 0.07% - Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 29,919.44 points as against 0.59% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.81%. Source Proshare Read More 

OANDO Declares N4.63bn PAT in Q1''19 Results (SP:N4.85k) - Today, Oando Plc released its unaudited first quarter results for the period ended March 31, 2019.Revenue grew by +11.60% to N168bn from N150.54bn in the previous quarter. Source NSE Read More 

NEM Declares N2.05bn PAT in 2018 Audited Results,(SP:N2.01k) - Today, NEM Insurance Plc released its audited fourth quarter results for the period ended December 31,2018. Source NSE Read More

 

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PROSHARE BUSINESS 

Air Passenger Traffic Rises as Economy Recovers - This signified significant growth rate for Nigeria that came out of an economic recession that climaxed in 2016. Data from Financial Derivatives Company (FDC) which showed this, revealed that the aviation sector recorded double- digit growth in 2018 as passenger traffic rose to 20.7 per cent, increasing 18.87 per cent above its 2017 growth rate. Source Thisday Read More

Reps Probe CBN, Others Over Stamp Duties Non-Remittance - The House of Representatives is to constitute an ad hoc investigative panel over to probe the non-remittance of stamp duty  by the Central Bank of Nigeria (CBN), money deposit banks and other collection agents. Source TheNation Read More

AfDB’s Commitments In Nigeria Now $4.5bn - At the end of March 2019, the African Development Bank’s active portfolio in Nigeria rose to 60 operations with total commitments of $4.5bn. The bank said these comprised 28 public sector operations with total commitments of $1.7bn (21 national and seven regional); 34 non-sovereign operations with total commitments of $2.8bn. Source Punch Read More

Average Nigerian Business Pays 48 Taxes, Says Elumelu - The Chairman and founder of Heirs Holdings, Tony Elumelu, has said that an average business concern in Nigeria pays 48 taxes.He noted that with this trend Nigeria would be unable to keep its investors and entrepreneurs if the issue of multiple taxation was not abolished. Source Punch Read More

BUA Group Orders 48MW Power Plant For Sokoto Cement Factory - The BUA Group has placed an order for a 48 megawatt (MW) power plant from Finland’s Wärtsilä to improve power supply on the new production line at its Sokoto cement plant. Source Leadership Read More

Uber To Kick Off Investor Road Show With IPO Terms On Friday - Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter. Source Reuters Read More

 

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