(VIDEO) :Nigeria in 1min: Economic, Business and Financial Headlines 02-07-19

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PROSHARE ECONOMY

Nigeria: A Nation Pauperised by Tax Evasion - In 2017, the World Economic Forum (WEF) ranked Nigeria 125 out of 137 countries in its Global Competitiveness Report. The WEF survey found that Nigeria’s potential for structural change was impeded by inadequate investment in infrastructure, technology, higher education and innovation. Source NESG

FG Clears N135bn PAYE Liabilities To States - The Federal Government has cleared the N135.8bn Pay-As-You-Earn tax liabilities owed by federal Ministries, Department and Agencies to state governments. The PAYE tax liabilities owed to various state governments covered the period between 2002 and 2016. Source Punch

New Tax ID: FG Directs CBN, Others To Synergise With Joint Tax Board - The Federal Government has directed the Central Bank of Nigeria, Nigeria Interbank Settlement System, the National Identity Management Commission to cooperate with the Joint Tax Board in the release of relevant individual records. Vice President Yemi Osinbajo stated this while inaugurating the new National Tax Identification Number Registration System on Monday in Abuja. Source Punch

Oil Hits $66 On Cuts Signal - Oil surged to a five-week high on Monday after Saudi Arabia and Russia signalled an extension of the non-members of the Organisation of Petroleum Exporting Countries (OPEC+) output cuts and a United States (U.S.)-China agreement to restart trade talks improved the demand outlook. Source TheNation

 

 

   

 

PROSHARE REGULATORS 

SEC Nigeria Calls On Defunct Skye Bank Investors to Claim Dividends - The Securities and Exchange Commission, SEC, has again re iterated it earlier directives to shareholders of defunct Skye bank to claim their dividend payment. This the SEC said is part of its investor protection programme and as well as ensure that shareholders get the benefits of investing in the capital market. Source SEC Nigeria

38 Million Nigerians Now Have Bvns, Says CBN - Banks in the country have successfully linked 38 million accounts with the Bank Verification Numbers, according to the Central Bank of Nigeria. As part of its financial inclusion drive, the CBN said it was targeting 100 million BVNs in the next five years. Source Punch

 

 

PROSHARE MARKETS 

Afrinvest Stock Recommendation For The Week 010719 - The local bourse rebounded last week as investors took position in market bellwethers. As a result, the All Share Index (ASI) rose 0.4% W-o-W to settle at 29,966.87 points while YTD loss improved to -4.7%. Investors gained N50.9bn in value as market capitalisation increased to N13.2tn. Source Afrinvest Research   

NSE Reveals Results of Biannual Review of Market Indices - The Nigerian Stock Exchange (NSE) has announced the results of the biannual review for the NSE and co-branded indices. The composition of these indices after the review will be effective on Monday July 1, 2019. Source NSE  

Investors Lose N155.23bn As Market Opens The Week Negative; NSEASI Dips By -5.78% YTD - Equities market closed today on a negative note, as NSEASI depreciated by 1.18% to close at 29,614.61 points as against 0.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.78%. Source Proshare Markets   

 

 

 

 

PROSHARE BUSINESS

Hamzat,Balogun, Awoyemi Harp on a Viable Nigerian Governance Model At 7th Christopher Kolade Lecture - Lagos State Deputy Governor Engr. Obafemi Hamzat, Mr. Bolaji Balogun, MD/CEO Chapel Hill Denham and Mr. Olufemi Awoyemi, Founder/Chairman of Proshare have all emphasized a Nigerian governance structure and model that works for the economy and citizens. Source Proshare   

Kayode Falowo Becomes President Nigerian- British Chamber of Commerce (NBCC) - At a brief ceremony held last week, Mr. Kayode Falowo, the Group Managing Director, Greenwich Trust Limited, was installed as the 16th President of the trade group. In his remarks, Falowo, who until recently was Deputy President of the Chamber, set the tone for the agenda of the organization over the next two years. He noted that “it is our desire to position the Nigerian-British Chamber of Commerce as the premier bilateral Chamber in Nigeria.” Source NBCC  

Drilling Rigs Are Vessels And Subject To The Provisions Of The Cabotage Act –Federal High Court - The Federal High Court (the “FHC” or the “Court”), in the case of Seadrill Mobile Units Nigeria Limited v The Honourable Minister for Transportation & 2 Others[1]  (the “Seadrill Case”), has held that Rigs fall within the scope of the definition of vessels under the Coastal and Inland Shipping (Cabotage) Act, 2003 (the “Cabotage Act”). Source Ken Etim & Tunji Adeyemi of Banwo & Ighodalo   

Stakeholders Explore Deepening Governance and Ethics In Nigeria At CBI 2019 Conference - Stakeholders at the 2019 Conference of the Convention on Business Integrity, agreed that Nigeria must deepen Governance, Leadership and Ethics if it is to experience a thriving economy. Source BukolaAkinyele and NifemiTaiyese  for Proshare WebTV  

Buhari, Access Bank MD, Others Back Insurance Industry Recapitalisation - President Muhammadu Buhari, the Managing Director, Access Bank Plc, Herbert Wigwe; the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, and other stakeholders in the financial services sector on Monday backed the plan to recapitalise the insurance industry. Source Punch 

China, Africa Sign $20.8bn-Worth Deals At Trade Expo - The first China-Africa Economic and Trade Expo ended in Changsha, Hunan Province with 84 cooperation documents worth $20.8 billion signed between China’s state-owned and private enterprises and their African partners. The new deals covered areas such as trade, investment, infrastructure, agriculture, manufacturing, aviation and tourism. Source Dailytrust

OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends - OPEC will extend production cuts into 2020, attempting to buoy oil prices as the world’s leading exporters fret about the outlook for global demand growth and the relentless rise in output from America’s shale fields. Source Bloomberg  

Banks To Tighten Criteria On Corporate Loans—CBN - TheCentral Bank of Nigeria, CBN, has said banks will tighten criteria for corporate loans in the third quarter of the year. The apex bank said the criteria include more collateral, stronger loan covenants and higher fees/commissions for corporate loans. Source Vanguard 

 

 

PROSHARE TECHNOLOGY  

China's Huawei Awaits U.S. Commerce Nod On Resuming Usage Of Google Android - China’s Huawei said on Monday it is awaiting guidance from the U.S. Department of Commerce on whether it can resume using Google’s Android mobile operating system on upcoming smartphones.  Source Reuters

 

 

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