Nigeria in 1min: Economic, Business and Financial Headlines – 041218

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 Tuesday December 04, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

An Average of 78,917MWh of Power Generated in Q3 2018 – NBS-The power generation statistics for Q3 2018 reflected that a total average of 78,917 MWh of energy was generated daily by power stations. Source Proshare Read More 

Senate Commences Investigation Into N23bn Failed Road Project - The Chairman of the committee, Sen. Kabiru Gaya, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday. Source Daily Trust Read More 

FG Goes To London Stock Exchange With Mining Opportunities - Nigeria’s mining industry is full of fresh opportunities for both foreign and local investors, the Federal Government has said.Minister of State for Mines and Steel Development, Bawa Bwari, said this when he led a delegation to the London Stock Exchange. Source Punch Read More 

Qatar Withdraws From OPEC, To Concentrate On Gas - Qatar said, yesterday, that it was quitting OPEC from January 2019 but would attend the oil exporter group’s meeting this week. Source Leadership Read More 

Oil Price Crash Forces Review Of 2019 Budget Benchmark - Against the backdrop of a long and steady decline in the international oil price, the Federal Government may have started reviewing developments in the global oil market with the intention of adopting a new oil price benchmark for its 2019 budget. Source Vanguard Read More 

 

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PROSHARE REGULATORS 

FG Recorded N66.51bn Deficit In October – CBN -The Federal Government’s collected revenue fell by 38.4 per cent in October, and it recorded a deficit of N66.51bn within same period. Source Punch Read More 

Anchor Borrowers’ Programme Created 2.5m Jobs — CBN - THE Central Bank of Nigeria (CBN) said the Anchor Borrowers’ Programme (ABP) has created 2.5 million jobs across the country. Source Vanguard Read More

 

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PROSHARE MARKETS

December 2018 FGN Savings Bond Offer for Subscription-Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004. Source Proshare Read More

Mutual Funds Can Create Wealth and Fund Critical Infrastructure – FSDH Research-FSDH Research’s analysis shows that mutual fund investment can create wealth for investors and that funds pooled together can be used to finance critical infrastructure and expand business operations. Source Proshare Read More

Access Bank Plc Series XX N30billion Commercial Paper Closes Tomorrow-Access Bank Plc’s Commercial Paper (“CP”) issuance of up to N30 billion in one single tenor – a 182-day CP (“Series XX”) under its N100 billion CP Issuance Programme offer opened on Friday, 30th of November, 2018 and closes tomorrow, 4th of December, 2018. Source Proshare Read More 

Money Market Rate Increased Significantly Last Week As The Overnight Rate Rose To 17.36% - The money market rate increased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 17.36% and 16.57% respectively. Consequently, the average money market rate rose by 10.76% to settle at 16.97% due to decreased system liquidity to close at cN32bn as CBN aggressively mop up liquidity during the week with three OMO auction. Source Proshare Read More 

Afrinvest Stock Recommendation For The Week 031218 - The bearish run in the domestic equities market was extended last week as investors sold off in bellwethers – DANGCEM, GUARANTY and NIGERIAN BREWERIES. Thus, the All-Share Index (ASI) declined 2.5% W-o-W to 30,874.17 points and the YTD loss weakened to -19.3%. Source Proshare Read More 

Lafarge Africa Plc Holds Emergency Board Meeting to Consider The Rights Issue Price - Lafarge Africa hereby notifies the Nigerian Stock Exchange and the investing public that an emergency meeting of the Board of Directors of Lafarge Africa Plc will hold on the 3rd December 2018 to consider the Rights Issue price. Source Proshare Read More 

NSEASI Dips By -0.24% To Open The Week Negative Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.24% to close at 30,798.76 basis points as against +0.86% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.47%. Source Proshare Read More 

Bullish Run Reversed as Yield on Long Dated Bills Hit 17.0% - In the Treasury bills (“T-Bills”) market this week, performance turned bearish as selloff across tenors was sparked by higher rates at the Open Market Operation (“OMO”) conducted by the Apex bank during the week. Source Proshare Read More 

Yields Continue to Rise as CBN Maintains Rates at 3rd Consecutive OMO Auction - The Bond market opened the month on a relatively quiet note, as bearish sentiments continue to dominate trades in the market. Offered yields ticked higher on the benchmark securities leading to tighter spreads, but not as attractive as investors remain risk-off on bonds. Source Proshare Read More 

Carlyle's Travails Show Hazards of Investing in Nigerian Banks - If any investor wanted to get a sense of how tough the Nigerian banking sector can be, they could do worse than speak to the world’s third-biggest buyout firm. Source Bloomberg Read More 

 

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PROSHARE BUSINESS 

FBNQuest Proposed Transfer of FBNQuest Trustees Limited to FBN Holdings Plc - This is to notify the Exchange and our stakeholders that FBNQuest Capital (a subsidiary of FBN Holdings PIc) has passed a resolution for a business restructuring which will involve the transfer of ALL of its shareholding interest in FBNQuest Trustees Limited (”FBNQT") to FBN Holdings PIc.("FBNH”) following which FBNQuest Trustees will become a direct subsidiary of FBNH subject to the approval of Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). Source Proshare Read More

Nigerian Breweries Plc Holds Board Meeting On Dec 5, 2018; Proposes Changes in Board Composition - Nigerian Breweries hereby notifies The Nigerian Stock Exchange (“The NSE”) that a meeting of the Board of Directors (“the Board”) of the Company is scheduled for Wednesday, 5th December, 2018. Source Proshare Read More

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PROSHARE TECHNOLOGY 

Fintech Africa - Working Together - Being a welcome address to delegates at the Africa Fintech Festival, titled “Fintech Africa - Working Together” by Dr. Segun Aina (OFR) President, Fintech Association of Nigeria & Convener, Africa Fintech Network. Source Proshare Read More 

Pre Event 2018 Africa Fintech Festival: Startups Pitch Ideas - At the Pre-event session for the 2018 Africa Fintech Festival in Lagos, Inlak Nigeria Limited a leading ICT company in the country, hosted a pitch session for Fintech start-ups. Source Proshare Read More 

UK- Africa Fintech Investment Group Holds Inaugural Meeting - Following the recent visit of the Prime Minister of the United Kingdom Mrs Theresa May to Nigeria, which provided an avenue for a broader partnership on Fintech, the inaugural UK-Africa Fintech investment forum was hosted at Inlaks Nigeria Limited in Lagos. Source Proshare Read More 

Africa Fintech Network Initiative Appoints Interim Council to Drive Ecosystem - The Africa Fintech Network yesterday at it meeting in Lagos, approved the inauguration of an interim council, to drive the Fintech Ecosystem in the continent. Source Proshare Read More 

Google Under Fire Over GDPR Violation - Google has come under fire over allegations of contravening Europe’s General Data Protection Regulation (GDPR) when it tracks its users’ locations. Source TheNation Read More

 

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PROSHARE FINANCE

The Insurance Industry In Nigeria - A New Type Of Leadership Beckons - Discussing insurance and its practice in Nigeria has become quite exciting for me, unlike most Nigerians, especially those across the leadership strata because I have found ways to cut through the self-inflicted myth around insurance. For example, quite too often, it is believed that we should let our actions speak for us, but when our actions are mostly negative. Source Proshare Read More

 

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