PROSHARE ECONOMY

FG Plans Increased Gas Export to Europe 2022 - Nigeria will be able to send more Liquefied Natural Gas to Europe by next winter, the Federal Government stated on Wednesday. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at the Gastech conference in Milan, Reuters reported. Source Punch Read More

Don’t use Private Sector as Scapegoat for Servicing Debt Profile, NACCIMA Tells FG - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has faulted the Federal Government for always turning attention to the private sector as scapegoat by increasing the number of taxes borne by the sector in offsetting Nigeria’s huge debt. Source The Sun Read More

Telecoms Tax, Saviour or Villain? - Nigeria’s telecom sector has shown resilience and fortitude since the deregulation of the sector in the early 2000s. In terms of subscriber base, it is the third largest telecom market in Africa, after South Africa and Egypt. The sector has posted impressive growth since Nigeria exited recession in 2017. In fact, during the pandemic year (2020), the sector grew by 15.90% with GDP contribution of 8.73%. Source FDC Ltd Read More

MTEF and the Suspension of 5% Telecoms Tax - Based on a ThisDay news report, the Federal Government has suspended the implementation of the proposed 5% telecommunications tax. This was disclosed by the Minister of Communications and Digital Economy, Isa Pantami, during the inaugural meeting of the presidential committee on excise duty for the digital economic sector, in Abuja. Source CSL Research Read More

PROSHARE MARKETS

Investors Lose N24.38bn as NGXASI Dips by 0.09%; Overnight Rate Expands by 0.67% to Close at 13.50%; BDC Rate Depreciates to N702 - The NGX All-Share Index dipped by 0.09% to close at 49,599.73 basis points as against 0.69% loss recorded to close at 49,644.92 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N24.38bn loss. YTD, the NGXASI Stands at +16.11%. Source Proshare Research Read More

NGX Commemorates Listing of LFZ N25bn Infrastructure Bond - Nigerian Exchange Limited (NGX) hosted a Closing Gong Ceremony to commemorate the Lagos Free Zone (LFZ)'s N25 Billion 20-year, 13.25 per cent Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond on NGX. Source NGX Read More

PROSHARE BUSINESS

FG, Agents Bicker Over Eastern Ports’ Overtime Cargoes - Days after the Minister of Transportation, Mu’azu Sambo, expressed concerns over overtime cargoes at eastern ports, the management of the Nigeria Customs Service and some clearing agents have started trading blames. Source Punch Read More

Nigeria Signs Air Travel Agreement with Kuwait - The federal executive council (FEC) has approved the signing of a bilateral air services agreement (BASA) between Nigeria and Kuwait. The council gave the approval on Wednesday in a meeting presided over by President Muhammadu Buhari in Abuja. Source The Cable Read More

Bonny Deep Seaport to Get Approval May 2023 – NPA - The managing director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, has expressed optimism that the approval for the development of a deep seaport in Bonny will be achieved before the end of the life of the present administration. Source Leadership Read More

Ecobank Group’s RapidCollect™ Enables Businesses to Collect Their Payments Across Africa with Only One Account - With only one account, business customers can receive funds instantly from their clients in their home country and across Ecobank’s pan-African network; Ecobank business customers can now make instant automated reconciliation leveraging Ecobank’s trusted technology. Source Ecobank Read More

PROSHARE TECHNOLOGY

Business Owners, Human Resource Professionals Hail BridgeGap’s Innovative ‘56 Bridge’ as App Goes Live - 56Bridge, the Innovative App created by BridgeGap Consults Limited is now live to aid seamless connection between employers and employees. Specifically, the app helps recruiters to attract and hire top talents from any part of the world, while facilitating job seekers to apply for jobs, write tests and attend interviews from the comfort of their homes. Source BridgeGap Read More

Samsung to Enhance Security Systems after Reports of Stolen Data - Global leader in consumer electronics, Samsung has confirmed that its security systems were being attacked resulting to the stealing of data. Source Tech Economy Read More

PROSHARE FINANCE

Sukuk Documentation Adapts to AAOIFI Standards; Impact Untested - Changes in international sukuk documentation linked to the Central Bank of the UAE’s adoption of the Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) sharia standards have become standardised to some extent, Fitch Ratings says. However, it is uncertain if additional changes will be seen in the near term and issuers have exhibited varying degrees of adaptation, while the practical effect of the new documentation has yet to be tested. Source Fitch Ratings Read More

A Modest Rise in PFAs Allocation to Fixed Income; Asset Under Management Increased by 12% YoY to N14.4trn in July 2022 - The latest monthly data from the National Pension Commission (PenCom) shows that assets under management (AUM) of the regulated pension industry increased by 0.6% m/m and 12% y/y to c.NGN14.4trn. On a m/m basis, the increase was primarily driven by FGN bonds whose value increased by c.NGN393bn to NGN8.7trn (+5% m/m) and resulted in a +235bps increase in its share of total AUM to 60.6%. Source FBNQuest Read More