PROSHARE ECONOMY

No Rating Impact for Seplat from Delay to Purchase of Exxon’s Nigerian Assets - The delay to, or possible cancellation of, Seplat Energy Plc’s (B/Stable) acquisition of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil will not have any impact on Seplat’s rating, Fitch Ratings says. The deal is on hold due to arbitration in Nigerian High State Court between Nigerian National Petroleum Company Limited (NNPC) and MPNU. Source Fitch Rating Read More

Saudis Say OPEC+ to Stay Proactive After Agreeing Supply Cut - The first OPEC+ oil supply cut in more than a year shows the group is serious about managing global crude markets and willing to take preemptive action, said group leader Saudi Arabia. Source Bloomberg Read More

IPMAN Begins Strike, Fuel Scarcity Imminent In North - Abuja, Kaduna, Nasarawa, Kogi, Niger and neighbouring states may encounter another round of scarcity of Premium Motor Spirit, popularly called petrol, following the commencement of a three-day warning strike by the Suleja Depot Branch of the Independent Petroleum Marketers Association of Nigeria. Source Punch Read More

Navy: Renewed Fight Against Crude Oil Theft Has Denied Criminals N30bn Stolen Products - The Nigerian Navy’s renewed fight against crude oil theft through the ongoing Operation Dakatar Da Barawo has denied criminals over N30 billion stolen products from illegal refinery sites in the Niger Delta. Source ThisDay Read More

PROSHARE MARKETS

Investors Lose N29.12bn as NGXASI Dips by 0.11%; Overnight Rate Expands by 0.67% to Close at 13.17%; BDC Rate Appreciates to N700 - The NGX All-Share Index dipped by 0.11% to close at 49,991.41 basis points as against 0.31% gain recorded to close at 50,045.83 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N29.12bn loss. YTD, the NGXASI Stands at +17.03%. Source Proshare Research Read More

NT-Bills Update: Bullish Run Sustained as Average Yield Dips 1bp WoW to 7.66% - Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained a slight bullish run which was supported by the liquidity boost on Wednesday (which stood at N 759.0bn long) as buying interest was recorded across all tenors. Source Afrinvest Research Read More

Guaranty Trust Holdings Plc Declares N77.56bn PAT in H1 2022 Audited Results; Proposes 30K Interim Dividend, (SP: N19.8k) - The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as at December 2021 to ₦1.83trillion in June 2022. Source GTCO Read More

PROSHARE BUSINESS

OctaFX Reveals Most Common Ways of Being Scammed in Nigeria - OctaFX, an international Forex broker, released an industry report that covers scam and ways of avoiding it. This report examines the common ways of scamming, focusing on the key places where fraudulent offers can be encountered, and the reasons traders fall prey to scammers. It also suggests ways of making sure that a trading platform is not fake so that your funds stay safe and sound. Source OctaFX Read More

Is The Exemption of HOS, Federal Per Secs from CPS Legal? - The most useful old-age benefit in social security is life pension. Pension is a retirement plan that provides monthly income in retirement. In Nigeria, pension has received significant attention since the establishment of the first public sector pension scheme, the Pension Ordinance of 1951, which had a retrospective effect from January 1, 1946. Source Vanguard News Read More

When you Should Outsource your C-Suite Roles - It is no longer traditional for executive teams and business owners to outsource specific roles or functions. Outsourcing has become an efficient way to ensure business operations run smoothly and scale quickly. Despite being a common practice, it remains limited to lower or mid-level functions. Source workforce group Read More

Nigeria earns N1.19 trillion from VAT in six months - Nigeria earns N1.19 trillion from VAT in six months. Nigeria earned N1.19 trillion from value-added tax (VAT) in the first half of 2022. This amounts to a 19 per cent year-on-year (YoY) increase when compared to N1 trillion earned in the corresponding period of 2021.Source The Guardian Read More

PROSHARE TECHNOLOGY

NERC Plans N5bn For Tech Investments - The Nigerian Electricity Regulatory Commission has said it will spend N5bn on technology investments between now and 2025. The Chairman, NERC, Mr Sanusi Garba, disclosed this at a hearing on the Medium-Term Expenditure Framework in Abuja on Monday. Source Punch Read More

FG Has Suspended 5% Excise Duty On Telecom Services, Says Pantami - Isa Pantami, minister of communications and digital economy, says the federal government has suspended a five percent excise duty on telecommunications services in Nigeria. Source The Cable Read More