Nigeria in 1min: Economic, Business and Financial Headlines - 160919

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Monday, September 16, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: 

 

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PROSHARE ECONOMY

TAT - It Is Illegal To Impose Tax Based On Taxes And Levies Act Without A Primary Taxing Law - The Tax Appeal Tribunal (TAT or Tribunal), in Polaris Bank v. Abia State Board of Internal Revenue has made certain pronouncements in respect of different tax matters including the limitation period for assessments, the position of the Taxes and Levies (Approved List for Collection) Act and final and conclusive assessments. Source  Taiwo Oyedele, Folajimi Olamide Akinla and Kenneth Erikume  Read More

Bullish Sentiment Creeps Back Into Oil Markets - OIR 130919 - Financial markets have received a boost from a perceived improvement in the trade war between China and the U.S., halting the most recent oil price slump. Source Oilprice Read More

Oil Demand Destruction: A Trade War Reality - Chinese-US trade figures in August came in well below expectations illustrating the negative impact of the ongoing trade war. Chinese exports to the US in August were down 16%, while imports from the US dropped by 22%. Source Oilprice Read More

Weekly Economic and Financial Commentary - WE 13 September 2019 - The Federal Executive Council approved an increase in Value Added Tax (VAT) rate from 5% to 7.2% which is expected to kick off in 2020. According to estimates from the Medium Term Expenditure Framework (2020-22). Source ARM Read More

Oil Prices Set To Rise After Saudi Arabia Drone Attacks; Saudi Arabia Cuts Oil Output By 5m Barrels - Two of Saudi Arabia's biggest facilities have been damaged in drone strikes. The major oil-producing country's production has been halved as a result. Source Agency Reports, Newshub &  Michael Kern  Read More

Nigeria LNG Seeks $10B Funding To Expand Operations With A Seventh Train - The operator of Africa's biggest natural gas plant, Nigeria LNG,  is seeking a loan of US$10 billion from domestic and international lenders to expand its operations with a seventh train, the company's chief executive Tony Attah told Bloomberg in an interview. Source Oilprice Read More 

 

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PROSHARE REGULATORS

SEC Issues Circular On Unclaimed Dividends Of Defunct Afribank Plc - The Securities and Exchange Commission ("The Commission") wishes to inform shareholders of the defunct Afribank Plc that unclaimed dividends by the bank are being held in trust on their behalf. Source SEC Nigeria Read More

 

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PROSHARE MARKETS

STANBIC Updates Shareholders On Half Year 2019 Scrip Dividend Issue - Our Esteemed Shareholders may recall that on 28 August 2019, Stanbic IBTC Holdings PLC ("SIBTC" or "the Company") announced on The Nigerian Stock Exchange ("The NSE"), that Shareholders entitled to receive the N1.00 (one naira) Interim Dividend declared by Directors, have a choice of receiving these dividends, either in cash or may elect to receive them as new ordinary shares in the Company ("scrip dividend"). Source NSE Read More 

CBN Maintains Stop Rates at OMO Auction, Tightening System Liquidity - At the OMO auction, the DMO sold a total of N344bn in maturing treasury bills across three maturities.  The stop rates maintained across the 91-, 182- & 364-day tenors. With healthy demand at 1-yr bill on offer, the Apex bank prorated supply to investors to sell a total of N250bn. Source Zedcrest Capital Read More 

Stanbic IBTC Holdings Plc Lists Additional 232,899,013 Ordinary Shares - 232,899,013 ordinary shares of Stanbic IBTC Holdings Plc ("Stanbic IBTC" or "the Company") were listed on the Daily Official List of The Nigerian Stock Exchange (The Exchange) on 12 September 2019. Source NSE Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 130919 - The equities market recorded mixed performance - the listed equities market recorded +2.33% gain WoW while the NASD OTC recorded -0.09% loss WoW. Source Proshare Markets Read More 

What To Expect From The Markets This Week - 160919 - The Q2:2019 merchandise trade report released by the National Bureau of Statistics (NBS) shows that Nigeria's trade surplus declined to N588.8bn from N831.6bn in Q1:2019 as imports continued to expand faster than exports. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.09% WoW To Close At N514.64bn - As at close of trade week on 13 September 2019, market Capitalisation decreased to N514.64 billion from last week's previous N515.11 billion, which shows a 0.09 % decrease in Capitalisation. Source NASD Read More

External Reserves Lowest In Six Months, At $42.84bn - The nation's foreign exchange reserves have declined further, falling to the lowest level since March 12, latest data obtained from the Central Bank of Nigeria on Sunday showed. The external reserves, which rose to a high of $45.18bn on June 10, 2019 from $43.17bn on January 1, dropped to $42.84bn on September 12. Source Punch Read More

 

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PROSHARE BUSINESS

CBi Partners Proshare On The Business Action Against Corruption (BAAC) Nigeria Project - The BAAC initiative will help to provide the tools and templates needed for businesses to set up their internal policies and procedures to meet COSO 2013 global standards; the initiative will help establishments create and implement ethics, governance and corruption-risk frameworks critical to businesses seeking certifications and seeking to raise investment capital. Source CBi&Proshare Read More

NFIU Requests For Information On All Accounts Of NASS, Members Of NASS And NJC From Banks - The banks are expected to provide the NFIU with a schedule (Account Names and Numbers) of the agencies, principal officers affected and other relevant politically exposed persons. Source News Read More

AMCON Intensifies Efforts To Recover N4.5tn Debt - The Asset Management Corporation of Nigeria says it has intensified efforts to recover a debt of N4.5tn. The Managing Director, AMCON, Mr Ahmed Kuru, said this on Saturday in Abuja at the investiture of governing council/induction of members of the Chartered Institute of Loans and Risk Management of Nigeria.  Source Punch Read More

H1'19: Tier-1 Banks Record N2.2trn, Outperform GDP - Despite the sluggish economic growth and headwinds recorded in the first half of 2019, HI'19, aggregate growth rate in topline (gross earnings) and bottom-line (Profit Before Tax, PBT) of both tier-1 and tier-2 banks listed on the Nigerian Stock Exchange, NSE, tipped up to 5 percent and 11.6 percent to N 2.2 trillion and N561.3 billion. Source Vanguard Read More

Saudi Stock Exchange Slumps After Oil Facility Attacks - Saudi shares slumped at the start of trading Sunday, the first session after drone attacks on two major oil facilities knocked out more than half the OPEC kingpin's production. The Tadawul All-Shares Index, which tracks the Arab world's largest capital market, sank three per cent, shedding some 200 points in the first few minutes before regaining some of the losses. Source Punch Read More

Uber Mulls Bus Transportation  in Lagos - Riding on the success of its bus launch in Egypt, Global Ride Hailing Firm, Uber  Technology, has disclosed plans to venture into bus transportation system in West Africa's business hub, Lagos.To this end, the firm said that it had opened talks with city transport officials in the Lagos. Source Thisday Read More

Oil Soars After Saudi Facility Attacks, Weak China Data Hits Shares - Oil surged to four-month highs on Monday after weekend attacks on crude facilities in Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investors' risk appetite. Source Reuters Read More

U.S. Shale Seen Unlikely To Quickly Replace Barrels Lost In Attack On Saudi Facilities - U.S. shale producers have added millions of barrels to global crude supply in recent years, but that does not mean they can quickly replace barrels lost from weekend attacks on Saudi Aramco facilities, energy experts said on Sunday. Source Reuters Read More

 

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PROSHARE TECHNOLOGY  

Assessing The Maturity Of Data and Analytics Capabilities In Nigeria - KPMG - This KPMG Report addresses the absence or little presence of Data and Analytics (D&A) in Nigeria. The report also profiles Data Science Nigeria's effort so far. Source KPMG Read More

174m Telecom Subscribers Spent N261bn On Airtime In August - This figure is based on the number of subscribers in the month under review, which was obtained from the Nigerian Communications Commission, and the $4.87 (N1490.22k) industry's Average Revenue Per User provided by network operators. Source Dailytrust Read More 

 

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