Nigeria in 1min: Economic, Business and Financial Headlines – 081118

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Thursday 08, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

Commodity Prices Have Been Relatively Flat Since October-Commodity prices have been relatively flat since October. However, a tentative agreement of N30,000 between labour and the government on a minimum wage averted a shutdown strike. Source Proshare Read More 

Outlook for Africa’s Oil and Gas Industry Improves – PwC Report-As the oil price is steadily rising towards pre-collapse levels, the outlook for the industry is hopeful. Source Proshare Read More

Minimum Wage: Labour Reacts As FG Denies Approving N30,000 - The Federal Government said on Wednesday the N30,000 minimum wage proposal contained in the report of the tripartite committee set up by the Federal Government was still a recommendation and had not been approved.Minister of Information and Culture, Alhaji Lai Mohammed, who spoke with State House correspondents after the weekly Federal Executive Council, said President Muhammadu Buhari would still study the report presented to him on Tuesday by the Chairman of the committee, Amal Pepple, before taking a decision on it. Source Punch Read More 

NNPC Earns $470m From Crude Oil, Gas Export In August - State-run oil firm Nigerian National Petroleum Corporation (NNPC) said it sold crude oil and gas to the international market and earned $470million in August this year. This is an upsurge of about $78million in relation to July oil and gas export figures of $391.91million.NNPC Monthly Financial and Operations Report for August 2018 released yesterday in Abuja by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, indicated that crude oil export sales contributed $337.62 million which represents 71.83 per cent of the dollar transactions compared with $283.43million contributed in the previous month. Source TheNation Read More

 

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PROSHARE REGULATORS

CBN Warns on Emerging Threats in Banking System - The Central Bank of Nigeria (CBN) has warned commercial banks to guard against emerging risks in the financial system, saying the sector’s resilience appears to be receding.The Deputy Governor, Corporate Service Department of the bank, Mr. Edward Adamu, stated this in a statement at the September 2018 Monetary Policy Committee (MPC) meeting obtained wednesday. Source Thisday Read More 

Exposure Draft For The Revised Standards on Nigeria Uniform Bank Account Number Scheme for Banks and OFIs - The Central Bank of Nigeria (CBN) has extended the Nigerian Uniform Bank Account Number (NUBAN) scheme meant for banks to Other Financial Institutions (OFIs). The apex bank disclosed this in a circular to banks and OFIs, introducing the Exposure Draft for Revised Standards on NUBAN scheme for banks and OFIs in Nigeria. Source Proshare Read More

 

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PROSHARE MARKETS

DAARCOMM to Hold Outstanding AGMs in Early Q2 of 2019-DAAR Communications Plc wishes to draw the attention of the esteemed Shareholders of the company and the General Public on the following; Source Proshare Read More 

Nigerian Stock Market Closes Southwards as NSEASI Dips By -0.14% Amid Positive Breadth-Equities market closed today on a negative note, as NSEASI depreciated by -0.14% to close at 32,108.30 basis points as against +0.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.04%. Source Proshare Read More 

#FMDQAt5:Stakeholders Task FMDQ to Explore Derivatives Market and Demutualization-The FMDQ OTC Exchange today marked its 5th anniversary as an exchange in the fixed income and debt capital market space in Nigeria, in an event that  attracted eminent personalities and notable players in the financial market. Source Proshare Read More 

Nigerian Diamond Bank Downgraded On Weaker-Than-Expected Asset Quality; Outlook Negative-We believe Diamond Bank's provisioning needs will be higher than we initially expected, which will put pressure on the bank's capitalization. Source Proshare Read More

SAHCO IPO: States’ll Be Treated Equally, Says BPE - Ahead of the Initial Public Offering of Skyway Aviation Handling Company Plc, the Bureau of Public Enterprises has said the 36 states of the federation and the Federal Capital Territory will be treated on an equal basis in the allotment of the shares of the company.In a statement made available to our correspondent in Abuja on Wednesday by the Head, Public Communication at BPE, Amina Othman, the Director General, Mr Alex Okoh, described the IPO as the first the privatisation agency would be facilitating in four years. Source Punch Read More

 

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PROSHARE BUSINESS

Corporate Investments and Individual Advisers, CIIA to be Launched at the 2018 IAPM Conference-The Corporate Investment and Individual Advisers will be officially launched at the 2018 edition of the Investment Advisers and Portfolio Manager, IAPM conference scheduled for November 14th in Lagos. Source Proshare Read More 

Ethics, Integrity and The Next President, Chartered Insurance Institute of Nigeria- In July 2018, the Chartered Insurance Institute of Nigeria (CIIN) elected Mr. Eddie Efekoha, the Managing Director/CEO of Consolidated Hallmark Insurance Plc, as its President (Re: Eddie Efekoha To Become CIIN President). Source Proshare Read More 

MTN, Nigeria’s $10bn Dispute Risk To South Africa’s Financial System – Bank - MTN Group’s dispute with Nigerian authorities over $10bn in repatriated funds and back taxes could increase risk in South Africa’s financial system depending on the outcome, the South African Reserve Bank said.The bank, in its Financial Stability Review released on Wednesday in Pretoria, said if MTN eventually repatriates the disputed amount to Nigerian authorities, the telecom’s ability to meet its debt obligations, especially in South Africa might be affected, Bloomberg reported. Source Punch Read More 

BUA Plans Reduction In Cement Prices Across Nigeria - The Management of BUA Cement has said the firm is working towards reducing the price of its product (BUA cement) across the country.The General Manager, BUA South-South, Mr Nasir Ladan, disclosed this at a one-day training workshop on optimising cement usage to achieve better quality and yields of blocks in Port Harcourt. Ladan explained that the company was thinking about the reduction in the price of its brand despite the high energy and transportation costs, which he described as limiting factors. Source Punch Read More

 

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PROSHARE TECHNOLOGY

GSMA Warns against 5G Risk, Seeks Govts’ Support for Spectrum - The GSMA, the global body for all telecoms operators has warned against the looming threats to 5G network rollout across countries.The warning was due to the availability of limited spectrum that would drive 5G rollout.To the end, the GSMA has called on various governments across the globe to as a matter of urgency, support mobile industry spectrum needs. Source Thisday Read More 

Insider Threat Costs Nigeria $194m - A total of $194 million, representing 30 per cent of the $649 million lost to cybercrime last year was from insider threat,  2017 Cyber Security Report released in Lagos has shown.Titled: Demystifying the Africa Cyber Security Poverty Line, it was presented yesterday at  the 9th Annual Payment Systems Conference organised by E-payment Providers Association of Nigeria (E-PPAN).The report also showed that over 90 per cent of  organisations in the country are operating below security line. This, the report finds is significantly exposing them to cyber security risks. Source TheNation Read More 

 

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