Nigeria in 1min: Economic, Business and Financial Headlines - 081019

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Tuesday, October 8, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: Proshare WebTV

 

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PROSHARE ECONOMY

Nigeria: We Live In Taxing Times! But Should Government Increase VAT Rate? - At the current rate of 5%, Nigeria's record VAT collection of N1.1 trillion in 2018 amounts to 0.9% of GDP compared to about 3.8% for commonwealth and ECOWAS countries. Source Taiwo Oyedele Read More

Resetting Nigeria On The Path Of Predictable Progress - Tunde Bakare - Needless to say, the lofty dreams of our founding fathers that should have propelled us to attain great, lofty heights are still dreams fifty-nine years on. Yet, with every independence anniversary comes a renewed opportunity to evaluate our nationhood and insist that a dream deferred is not a dream denied. Source Tunde Bakare Read More

FEC Okays N700bn National Assembly Increase In 2020 Budget - The Federal Executive Council on Monday agreed with the increase in the Medium Term Expenditure Framework by the National Assembly from N10.02tn to N10. 72tn. FEC also commended the National Assembly for raising the crude oil benchmark from $55 per barrel to $57 per barrel. Source Punch Read More

Court Bars FIRS From Enforcing VAT On Goods Consume In Hotels - Justice Aikawa gave the order while delivering judgment in the suit seeking to restrain the Attorney General (AG) of Lagos State from enforcing the Hotel Occupancy and Restaurant Consumption (Fiscalisation) Regulations Law (HORC), 2017, in the view that VAT Act has covered the field. Source Vanguard Read More

Prepare For Prolonged Strike, Union Tells Nigerians - The Nigeria Labour Congress (NLC) on Monday urged the nation's workers and the citizenry to brace up for a prolonged nationwide strike as the ultimatum it issued to the Federal Government to implement the N30,000 new minimum wage has expired. Source TheNation Read More


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PROSHARE MARKETS

October 2019 FGN Savings Bonds 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 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates.. Source DMO Read More

Afrinvest Stock Recommendation For The Week 071019 - The Afrinvest Weekly Sentiment Indicator weakened to 2.6 points from 3.0 points recorded in the previous week. This week, the bearish sentiment in the market is expected to continue as there are no major catalysts to boost investor confidence, although we see opportunities for bargain hunting. Source Afrinvest Research Read More

Investors Lose N58.92bn As NSEASI Dips By -0.45% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.45% to close at 26,866.41 points as against -0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.52%. Source Proshare Markets Read More

The Bulls Take Centre Stage as Average Yield Declines 6bps WoW to 13.3% - Last week, the four-day trading session resumed in the secondary market on a quiet note as Treasury Bills ("T-Bills") market players anticipated the Primary Market Auction ("PMA") slated for Wednesday. Source Afrinvest Research Read More 

 

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PROSHARE BUSINESS

BGL Group APC Decision: SEC Announces Expiration of Ban On Nine Individuals - Sequel to the Commission's APC decision in respect of BGL Group in APC/1/2015: RIVERS STATE MINISTRY OF FINANCE & 31 OTHERS V. BGL PLC & 31 OTHERS and APC/1/2016: AFOLABI GABRIEL OLUWASEYI & 9 OTHERS V. BGL SECURITIES LTD & 22 OTHERS, the Commission hereby informs the general public of the expiration of penalties/ban issued on the following individuals. Source SEC Nigeria Read More

Towards A Functional Nigerian Port System - Beyond Ease of Doing Business Executive Order - On the 18th of May 2016, the acting President Prof Yemi Osinbajo signed the executive order on the Ease of Doing Business in Nigeria. It contains far-reaching initiatives to be implemented by MDAs to ensure easier access to information, processes and documentation, as well as promote efficiency in public service delivery. Source  Yinka Ogunnubi Read More 

Hopes For A Deal Dim As U.S.-China Trade Talks Get Underway In Tense Atmosphere - Prospects for progress in U.S.-China trade talks dimmed on Monday after Washington blacklisted Chinese companies over Beijing's treatment of predominantly Muslim ethnic minorities, and President Donald Trump said a quick trade deal was unlikely. Source Reuters Read More

Kenya's Biggest Bank Chases Down Defaulters to Stem Loan Losses - KCB Group Plc is pursuing defaulters as Kenya's biggest lender combines recently purchased National Bank of Kenya Ltd. into its operations. "You'll see more actions, more demand letters going after our customers" who aren't repaying loans, KCB Chief Executive Officer Joshua Oigara said on the sidelines of a conference in Nairobi last week. "Next year is the real recovery period for the loans we have for NBK." Source Bloomberg Read More


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PROSHARE FINANCE 

Insurance Sector Life Annuity Fund Portfolio Hits N323bn - NAICOM - In the previous week the National Insurance Commission (NAICOM) disclosed that the Nigerian Life Annuity Fund Portfolio hit N323bn. The figure represented a growth of 17.46 per cent compared to that of 2018 which was N275 billion. Source WebTV Read More 

Making Claims Payment the Basis Of Performance Measurement In The Insurance Sector - Early adopters of insurance, centuries ago, will marvel at how it has evolved to losing its true purpose and strength in comparison with other solutions to risks that are beyond our control. Source Ekerete Ola Gam-Ikon Read More 

 

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PROSHARE MSME

LDR: CBN Urges Banks To Increase SME Lending - Last week the Central Bank of Nigeria (CBN) reviewed upward banks Loan-To-Deposit Ratio, LDR, from an earlier 60% in September 2019 to 65% in December 2019. The CBN also re-emphasized the need for the banks to increase MSMEs lending considering the role they play in driving the economy.   Source Proshare Read More 

 

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