PROSHARE ECONOMY

Scarcity of Petrol in Nigeria: The Many Sides of Trouble - Nigeria’s downstream oil industry was punctured with many challenges in 2022, predominantly the fuel scarcity crisis that hit major cities and halted businesses. Despite pegging retail petrol price at N165 per litre, the national average price of petrol (also called Premium Motor Spirit, PMS) rose by +29.81% year-on-year to N202.48 per litre as of November 2022. Source Proshare Research Read More

NFIU Officially Bans Cash Withdrawals from All Government Accounts, Vows To Probe Offenders - The Nigerian Financial Intelligence Unit (NFIU) has banned cash withdrawals from all federal, state, and local government accounts. Source TheCable Read More

CPPE Seeks Total Review of Finance Bill - The Centre for the Promotion of Private Enterprise (CPPE) has called for a total review of the Finance Bill 2022, which President Muhammadu Buhari denied assent to on Tuesday, citing some irregularities. Source Guardian Read More

PROSHARE MARKETS

Investors Lose N429.77bn as NGXASI Declined by 1.53%; Overnight Rate Closes Flat at 9.83%; BDC Advances to 745 - The NGX All-Share Index declined by -1.53% to close at 50868.52 basis points as against a 0.12% gain recorded previously to close at 51,657.56 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N429.77bn loss. YTD, the NGXASI Stands at -0.75%. Source Proshare Research Read More

PROSHARE BUSINESS

US SEC Charges Creator of CoinDeal Crypto Scheme and Seven Others in Connection With $45m Fraud - The Securities and Exchange Commission charged Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC for their involvement in a fraudulent investment scheme named CoinDeal. Source Mondovisione Read More

NY AG Files Lawsuit Against Alex Mashinsky, Alleging He Hid Celsius’ 'Dire Financial Condition' - New York Attorney General Letitia James has filed a lawsuit against Alex Mashinsky, alleging the Celsius founder and CEO made numerous “false and misleading statements” which led to investors losing billions. Source Cointelegraph Read More

Polaris Bank Sale: We Didn’t Reject N1trn Offer – CBN - The Central Bank of Nigeria has disclaimed reports that an offer of N1 trillion for the sale of Polaris Bank was rejected saying Fairview Acquisition Partners which made a N1.2 trillion bid for two banks failed to complete the bidding process despite efforts made to reach out. Source Leadership Read More

PROSHARE TECHNOLOGY

Sustained Rise in the Value of e-Payment Transactions - According to the most recent data from the Nigerian Inter-Bank Settlement System (NIBSS), the total value of electronic transactions recorded under the NIBSS Instant Payments (NIP) platform increased by c.13% m/m and c.51% y/y to NGN39.0trn in Nov ‘22. Source FBNQuest Read More

ChatGPT Creator OpenAI in Talks for Tender Offer Valuing Company at $29 bln - WSJ - OpenAI, the artificial intelligence research lab behind chatbot ChatGPT, is in talks to sell existing shares in a tender offer that would value the company at about $29 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Source Reuters Read More

Nigeria Seeks World Bank, Others’ Partnership On Digital Economy - The Federal Government is seeking the collaboration of the World Bank, Google, and Space Exploration Technologies Corporation (Space X) to the implementation of its National Digital Economy Policy and Strategy (NDEPS). Source The Nation Read More