PROSHARE ECONOMY

NNPC Acquires Oando Downstream Assets - As part of its goal to become the largest operator in the downstream sector of the Sub-Saharan Africa market, the Nigerian National Petroleum Company Limited, NNPC, announced the formal acquisition of all Oando energy retail stations in the country. Source NNPC Read More

The Next Big Catalyst for Oil Prices - OIR 300922 - Despite the devastation caused by Hurricane Ian, oil markets have been relatively unaffected by hurricane season this year. The next real catalyst for oil prices, short of a significant geopolitical development involving Russia over the weekend. Source Oilprice Read More

Nigeria’s Debt: Risks and Policy Options - Nigeria’s debt profile is characterized by a billowing growth in external and domestic debt stocks and debt servicing. In Q1’20, external debt stock for Nigeria stood at approximately $27.5 million (mn). By Q4’20, it had jumped to $33mn with a total debt servicing of nearly $287.5mn. Source FDC Ltd Read More

FG to Re-open 180,000bpd Pipeline Shut in April - The Federal Government is set to re-open the Trans Niger Pipeline that transports about 180,000 barrels of crude oil daily. The pipeline was shut down six months ago due to vandalism and theft on the oil export facility. Source Punch Read More

PROSHARE MARKETS

What to Expect from the Markets this Week - 031022 - The FAAC Allocation for August came in at N673.137bn, down from the N954.08bn disbursed in July; this corresponds to a -41.7% decline. Analysts attribute the decline in August's FAAC distribution to a drop in Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties, counterbalancing gains in VAT, Import and Excise Duties. Source Proshare Research Read More

Geregu Power Plc to become First Power Company to List on the NGX on Oct 05, 2022 - Geregu Power Plc will on Wednesday, October 05, 2022 be admitted into the Main board of NGX by way of listing by Introduction (LBI) with the admittance of 2,500,000,000 of ordinary shares of 50 kobo each at N100 per share on the Exchange. Source Proshare News Read More

PROSHARE BUSINESS

Renewal Of Multi-Billion Naira Terminal Concession Ready For Approval – NPA - The Nigerian Ports Authority (NPA) has disclosed that the multi-billion naira concession agreements with five terminal operators that have expired have been concluded and will be submitted to the Federal Ministry of Transportation for final approval. Source Daily Trust Read More

Oil Jumps More Than 3% as OPEC+ Mulls Cuts of Up to 1 mln bpd - Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market. Source Reuters Read More

NACCIMA Seeks Holistic Approach To Resuscitating Power Sector - The Nigeria Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), has advocated for a holistic approach towards resuscitating nascent Nigeria’s energy sector which it identified as a major driver of rising inflation in the country. Source Leadership Read More

FG Targets More Revenue Through Cocoa Export – NEPC - The Nigerian Export Promotion Council has reiterated the Federal Government’s commitment to increasing cocoa production to 500,000 tonnes yearly with a view to making it contribute more to the country’s earnings. Source Punch Read More

PROSHARE TECHNOLOGY

Telecoms Operators to Disrupt USSD Services Over N80 Billion Debt - The row between Nigerian banks and telecommunications operators over the unstructured supplementary service data (USSD) debt seems to have resumed, as telcos disclosed, yesterday, that the debt has risen to N80 billion. Source Guardian Read More