PROSHARE ECONOMY

Fitch Downgrades 7 Nigerian Banks to 'B- 'Following Sovereign Downgrade - Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of seven Nigerian banks and two bank holding companies (BHCs) to 'B-' from 'B'. The Outlooks are Stable. Source Fitch Ratings Read More

Gulf Countries Should Maintain Reform Momentum, Despite Oil Boom - GDP growth for Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE—is expected to more than double, reaching 6.5 percent in 2022, according to our recent Policy Paper. Source IMF Read More

Fuel Scarcity: No Planned Price Hike, Says FG, Queues Spread - For the first time in weeks since the scarcity of Premium Motor Spirit, popularly called petrol, began, the Federal Government opened up and declared on Wednesday that there was no plan to increase the pump price of petrol, at least during the Yuletide season. Source Punch Read More

PROSHARE MARKETS

Online Trading in the Age of Distributed Ledger Technology (DLT): The Doubts, the Pains, and the Opportunities - Online Trading in the Age of Distributed Ledger Technology (DLT): The Doubts, the Pains, and the Opportunities. The world is moving into overdrive. The first industrial revolution lasted 120 years, the second roughly 60 years, and the third 20 years; the fourth is in its fifteenth year, and the fifth is likely to be significantly shorter. Source Proshare Research Read More

Investors Gain N183.59bn as NGXASI Advances by 0.71%; Overnight Rate Contracts to 10.88%; BDC Appreciates to 755 - The NGX All-Share Index advanced by 0.71% to close at 47,660.04 basis points as against 0.24% loss recorded previously to close at 47,322.97 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N183.59bn loss. YTD, the NGXASI Stands at +11.57%. Source Proshare Research Read More

BUA Cement 9M 2022 Result: Strong Net Earnings Despite Rising Net Finance Cost - Adding the 3mmtn Sokoto line 4 cement plant in January increased BUA Cement's limestone production capacity, contributing to the +40.5% growth in the group's revenue in 9M 2022. The upward adjustment in cement prices and improved interest income strengthened the group's earnings despite the net finance and operating costs spike. Source Proshare Research Read More

PROSHARE REGULATORS

Regulatory Risk for ESG Funds Highlighted by Recent Findings - A spate of high-profile regulatory findings against how asset managers operate ESG funds and present them to clients highlights the regulatory risk associated with such funds, Fitch Ratings says. Source Fitch Ratings Read More

PROSHARE BUSINESS

CEO Remuneration 2022: Top Earning Female CEOs in Nigeria and the Question of Board Diversity - Globally, Women’s advancement into top management positions accelerated in 2021 as the need for a more diverse and inclusive leadership model supported women’s inclusion. Source Proshare Research Read More

Power Purchase Agreements Raise Electricity Payments to N5trn –NBET - Nigerian Bulk Electricity Trading (NBET) has said the implementation of Power Purchase Agreements  (PPAs)  and   vesting contracts by the agency have resulted in electricity payments worth N5 trillion from February 2015 till date. Source Sun Read More

PROSHARE TECHNOLOGY

Bankers design a new blockchain that works like bitcoin — but it's regulated - A team of technology experts within banks and technology companies have designed an anti-bitcoin. It's the architectural drawings for a distributed ledger that borrows many of the concepts behind bitcoin. Source American Banker Read More

NITDA Urges Stakeholders on Successful Implementation of Startup Act to Deepen Digital Economy - Following the passage of Nigeria’s Startup Bill into Law, the National Information Technology Development Agency (NITDA), has tasked stakeholders on the successful implementation strategies of the Startup Act and its implication to Nigeria’s digital economy. Source ThisDay Read More