PROSHARE ECONOMY

Delays in Deregulating the Downstream Petroleum Sector, Has Increased Nigeria’s Borrowing - Delay in deregulating Nigeria’s downstream petroleum sector, has increased its borrowing and debt. Mr. Tunji Oyebanji the chief executive officer (CEO) of 11 Plc made this point while discussing “Deregulation of Nigeria’s Petroleum Sector: Connecting the Dots”. Source Ottoabasi Abasiekong Read More

N165/Litre Fuel: Depot Owners Shun FG’s Directive, Marketers Give Conditions - Oil marketers on Sunday gave the Federal Government conditions that should be met in order to retain the pump price of Premium Motor Spirit, popularly called petrol, at N165/litre. Source Punch Read More

Brent Up as Strike in Norway Threatens to Disrupt Oil, Gas Output - Brent crude futures extended gains on Tuesday as a strike in Norway is expected to disrupt oil and gas output, fanning tight supply worries. Source Reuters Read More

PROSHARE MARKETS

Investors Lose N20.61bn as NGXASI Dips by 0.07%; Debt Market Size Grows by 0.04% to Close at N28.10trn; IEFX Rate Depreciates to N425.75 - The NGX All-Share Index dipped by -0.07% to close at 51,791.45 basis points as against +0.02% marginal gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N20.61bn loss. YTD, the NGXASI Stands at +21.24%. Source Proshare Research Read More

NT-Bills Update: Average Yield Expands 52bps WoW to 5.31% Due to Sell Offs - Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained its bearish streak as yields expanded by 52bps W-o-W to settle at 5.31% from 4.79% the previous week due to tight system liquidity. Source Afrinvest Read More

Global Policy Normalisation Induce Rout in EM Eurobonds - Today, we highlight activities within the Nigerian Eurobonds market as well as the broad African Eurobonds space. Year-to-date (YTD) 2022, yields on Nigerian Eurobonds have expanded by 528bps to an average of 12.8% compared with 7.52% at start of the year. Source FBNQuest Read More

PROSHARE BUSINESS

Bank Assets Rise by 21% to N64.32tn – CBN - Nigerian banks’ total assets rose by N11.15tn in one year to N64.32tn as of the end of April. Figures obtained from the Central Bank of Nigeria revealed that the assets of the lending institutions had hit N53.17tn in the corresponding period of 2021. The 2022 numbers showed a 21 per cent increase over the period. Source Punch Read More

OCP Africa Announce Plans to Boost Fertilizer Production in Nigeria - The OCP Africa Nigeria has announced plans to boost fertilizer production in the country as part of its contribution to address the nation’s food security challenges. Source THISDAYLIVE Read More

FG Insists It’s ‘Wrong Time’ to Remove Fuel Subsidy - The federal government has said it is not right to remove Nigeria’s costly fuel subsidy now, noting that many other nations were introducing measures to help citizens cope with high oil energy prices. Source Daily Trust Read More

PROSHARE TECHNOLOGY

Maiden Fintech Platinum Awards, Honours Pantami, Segun Aina, SEC and 7 Others - Fintech Nigeria hosted stakeholders to its maiden Fintech Platinum Awards, celebrating excellence and commitment to the growth of the industry in the country and region. It brought together industry leaders, awardees, policy makers, business leaders and regulators in the financial and capital market. Source Ottoabasi Abasiekong Read More

Strengthen Cyber Security to Remain Safe, CBN Urges OFIs - The Central Bank of Nigeria (CBN), has released a new framework to check cyber security in Other Finical Institutions (OFIs). This is contained in a statement issued by the Director, OFIs, CBN, Nkiru Asiegbu. Source The Guardian Nigeria Read More

South Africa’s Constitutional Court Rules Against Communications Minister’s Digital Migration Deadline - South Africa’s constitutional court has ruled against Khumbudzo Ntshavheni’s decision to switch off analogue broadcast systems by June 30, 2022, declaring it unconstitutional. Source TechCabal Read More

PROSHARE FINANCE

FIRS Extends Deadline for Submission of CIT Returns by Two Months - The Federal Inland Revenue Service (FIRS) has extended the deadline for filing companies’ income tax (CIT) returns from June 30 to August 31, 2022. Source TheCable Read More