PROSHARE ECONOMY

Oil Prices Could Crash If OPEC+ Doesn't Deliver - 020822 - One oil major after another is announcing phenomenal quarterly earnings and revved-up share buyback programs, with the likes of BP, Marathon, and Devon Energy joining the list this week. Meanwhile, Brent prices have been bogged down at around the $100 per barrel mark so far this week. Source Tom Kool of Oilprice Read More

Weak Naira Adds N548bn to Nigeria’s External Debt - The external debt obligations of the federal and state governments in naira terms increased by an additional N548.07 billion between March 31 and August 1, 2022, due to the decline in the value of the country’s currency against the US dollar, BusinessDay findings have shown. Source BusinessDay Read More

Govs Write FG over Alleged $418m Paris Funds Debt, Say Renewed Deduction Plan Unlawful - The 36 state governors in the country under the Nigeria Governors’ Forum (NGF) have again resisted fresh moves to commence the deduction of $418 million Paris Club refund allegedly owed four contractors from the federation account. Source THISDAYLIVE Read More

Oil Theft Crippling Nigeria’s economy – Shell - The Shell Petroleum Development Company (SPDC) has expressed worries about the adverse effect of illegal oil bunkering on Nigeria’s economy. Shell has also declared that oil theft in the Niger Delta is an organised crime that involves high and experienced individuals in the society. Source The SUN Read More

PROSHARE MARKETS

Investors Gain N364.39bn as NGXASI Inches up by 1.35%; Overnight Rates Expands by 4.50% to Close at 15%; BDC Rate Appreciates to N665 - The NGX All-Share Index inched up by 1.35% to close at 50,626.04 basis points as against 0.83% loss recorded to close at 49,950.32 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N364.39bn gain. YTD, the NGXASI Stands at +18.52%. Source Proshare Research Read More

Honeywell Flour Mills Plc Receives Notification That Flour Mills of Nigeria Plc Will Launch a Mandatory Takeover Offer to Honeywell Shareholders - Honeywell Flour Mills Plc announces to Nigerian Exchange Limited that Flour Mills of Nigeria Plc has notified the Company of a Mandatory Takeover Offer that will be made to shareholders of Honeywell by Ecowise Horizon Investment Limited and Greywise Investment Solution Limited. Source NGX Read More

Fund Managers Not Insured by Us, NDIC Warns - The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to desist from investing in unregistered and illegal fund managers, regardless of how attractive their offer is, as such firms are not covered under the Corporation’s policy. Source Daily Trust Read More

PROSHARE BUSINESS

Oil Eases Over Demand Worries Ahead of OPEC+ Meeting - Oil prices fell about 1% in early trade on Wednesday before paring some losses, ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Source Reuters Read More

Manufacturers Slash Investment by 56% Amid Shutdowns - Nigerian manufacturers have slashed their investments by 56 per cent in seven years, reflecting a sector buffeted on all sides by a cacophony of poor policies and economic headwinds. Source Punch Read More

PROSHARE TECHNOLOGY

70 CSOs Reject Proposed 5% Telecommunications Services Excise Duty - A Coalition of over 70 Civil Society Organisations (CSOs), the Nigeria Civil Society Situation Room, yesterday urged the Federal Government to desist from increasing and introducing new taxes on Nigerians, particularly the proposed five per cent inclusive excise duty on telecommunications services, raising the tax to 12.5 percent. Source The Guardian Nigeria Read More

Pantami Tasks NCC on Implementation of National Policy on Telecom Indigenous Content - Professor Isa Pantami, Minister of Communications and Digital Economy has charged the Nigerian Communications Commission (NCC) and industry stakeholders to ensure the enforcement of the National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector. Source TechEconomy Read More

PROSHARE FINANCE

GCR Publishes Updated Criteria for Rating Insurance Companies - Firstly, we have separated the three (‘3’) major insurance types in the sector risk score (Life, Non-Life and Medical) for key markets and streamlined the business profile assessment by consolidating premium diversification into competitive position. Source GCR Ratings Read More

Pension Contributions Decreased to N880bn in 2021, Says PenCom - The National Pension Commission (PenCom) says the total pension contributions remitted into the retirement savings account (RSAs) of employees dropped to N880.66 billion at the end of 2021. Source TheCable Read More

PROSHARE MSME

FG: We’ve Disbursed N66bn as Survival Fund to Small Businesses - The federal government says it disbursed N66 billion to 1.2 million Nigerians under its micro small and medium enterprises (MSMEs) survival fund and guarantee off-take scheme. Source TheCable Read More