PROSHARE MARKETS

Investors Lose N162.15bn as NGXASI Declines by 0.53%; Overnight Rate Closes Flat at 10.81%; BDC Rate Depreciates to N757 - The NGX All-Share Index declined by 0.53% to close at 55,508.61 basis points as against a 0.86% gain recorded previously to close at 55,806.26 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N162.15bn gain. YTD, the NGXASI Stands at +8.31%. Source Proshare Research Read More

GCR Places Union Bank of Nigeria Plc’s National Scale Issuer and Issue Credit Ratings on Rating Watch Evolving - GCR Ratings (“GCR”) has placed Union Bank of Nigeria Plc’s national scale long-term and short-term issuer credit ratings and the national scale long term issue credit rating of the N6.3bn Series 2 Senior Unsecured Bonds on Rating Watch Evolving. Source GCR Ratings Read More

PROSHARE ECONOMY

Oil Theft Phenomenon: Impact on Economy and National Development - The absence of a direct link between the economic growth and development of mineral-producing areas and the exploration, production, and sale of mineral resources in their communities’ stirs up narrow and aggressive nationalism that allows both greed and entitlement to co-mingle; thus, limiting the country’s aspirations as expressed in the National Development Plans (NDP) and economic potential based on resource endowment. Source Proshare Read More

The Era of Renewed Hope - I am profoundly humbled that you have elected me to serve as the 16th president of our beloved republic. This is a shining moment in the life of any man and affirmation of our democratic existence. From my heart, I say thank you. Source Bola Ahmed Tinubu Read More

Only 24% of CBN Anchor Borrowers’ Loans Repaid – IMF - The International Monetary Fund has disclosed that only 24 per cent of loans disbursed under the Anchor Borrowers’ Programme of the Central Bank of Nigeria have been repaid. This disclosure was contained in the IMF’s Selected Issues paper on Nigeria, which was prepared by a staff team of the fund as background documentation for the periodic consultation with the country. Source Punch Read More

PROSHARE REGULATORS

ESMA Finds That MCM Had No Measurable Impact on Financial Markets Under Current Market Conditions - The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Effects Assessment of the introduction of the market correction mechanism (MCM) on gas derivative markets. The results confirm the findings of the preliminary data report that, to date, no measurable impact of the MCM can be identified. Source Mondo Visione Read More

PROSHARE BUSINESS

Premium Trust Bank Faults Story on Its Ownership - Premium Trust Bank Limited (PTB) has refuted allegations that the Governor of Delta State, Senator Ifeanyi Okowa, and his family are among its shareholders. The bank described allegations the as fabricated, fictitious, and maliciously erroneous. Source THISDAYLIVE Read More

Mastercard, Network International Launch AI Fraud-prevention Solution - Mastercard is partnering Network International, the leading enabler of digital commerce across the Middle East and Africa, to address fraud, declines and chargebacks in order to reduce costs and risk for acquirers. Through the partnership, Network will launch Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses. Source THISDAYLIVE Read More

Ecobank Rewards Customers Supper Reward Campaign - Ecobank Nigeria Limited, a subsidiary of Ecobank Transnational Incorporated (ETI) has rewarded four customers, being winners in the Super Rewards deposit promo, with N1 million each. Source THISDAYLIVE Read More

PROSHARE TECHNOLOGY

Billionaire Mittal’s Airtel Africa to Boost Spending 14% in 2023 - Airtel Africa Plc plans to increase its capital expenditure to as much as $750 million this year as it moves to build its mobile-money business across the continent. Source Bloomberg Read More

Huawei Partners UNESCO to Enhance Learning in Nigeria Through Technology - Leading global technology company – Huawei, in partnership with the United Nations Educational, Scientific and Cultural Organization (UNESCO), has reaffirmed its commitment to enhancing learning in Nigeria through the use of technology. Source Leadership Read More

PROSHARE FINANCE

Reshaping the Financial Sector: Emergent Challenges & Opportunities – The National Budget as it Relates to the Insurance Sector - Countries globally have gone through an iron compactor between 2022 and 2023 as they see their economies get crushed by disruptive headwinds. Inflation rates have steepled, interest rates soared, and growth spluttered down a dark void. The world has been splintered into blocs of paranoid trading partners and psychotic trading foes. In the general scheme of things, the world has become a more dangerous and uncertain place to live. Is this a good or a bad time for Insurers? Only time will tell. Source Proshare Read More

PFAs’ Investment in Banks Drops by N60bn In 1month - Pension Fund Administrators (PFAs) investment in banks, in the form of fixed deposit/bank acceptance, dropped by N60billion from N2.04 trillion in November 2022 to N1.94 trillion in December 2022, LEADERSHIP learnt. Source Leadership Read More