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Nigeria in 1min: Economic, Business and Financial Headlines - 090622

Jun 09, 2022   •   by   •   Source: Proshare   •   eye-icon 2921 views

 

PROSHARE ECONOMY

Real Household Spending is Forecasted to Continue in a Growth Trajectory, Expanding by 1.7% YoY in 2022 - Nigeria recorded a Gross Domestic Product (GDP) growth of 4.03% (year-on-year) in 2021, exceeding its projected GDP growth rate of 3% for the fiscal year. This modest annual GDP growth came on the back of five consecutive quarters of positive growth. Source Wole Obayomi Read More

Senator Bola Ahmed Tinubu emerges APC Flagbearer for 2023 Presidential Elections - A former Governor of Lagos state and frontline politician in Nigeria, Senator Bola Ahmed Tinubu has emerged as the flagbearer and presidential candidate for the All-Progressives Congress (APC) in the forthcoming 2023 Presidential elections. Source Ottoabasi Abasiekong Read More

FG to Sanction Oil Companies Over Law Violation - The Federal Government has said it will sanction oil and gas companies that fail to comply with the Human Capacity Development provisions contained in the Nigerian Oil and Gas Industry Content Development Act. Source Punch Read More

 

PROSHARE MARKETS

Femi Otedola Sells Down 2% of his Equity Stake in FBNH, to 5.57% from 7.57% in Q1 2022 - Sequel to the investors’ ALERT issued by Proshare Research on June 06, 2022, wherein it was noted that a large volume of 610.41m units of FBN Holdings Plc valued at N6.78bn was traded by a significant insider, more facts have emerged. Source Proshare Research Read More

Presco Plc Q1 2022 Result: Surviving Amid Cost Pressures as Revenue Grows 94.53% - With Nigeria’s agricultural sector struggling to improve productivity and output in the face of domestic insurgency, logistic challenges, and illegal levies/charges in the local supply value chain, Nigeria’s oil palm giant, Presco Plc.  has dared the storm. Source Jariyat Bakare, Proshare Research Read More

Investors Lose N41.46bn as NGXASI Dips by -0.14%; Debt Market Size Declined by 1.55% to N27,37trn; IEFX Rate Appreciates to N420.25 - The NGX All-Share index dipped by -0.14% to close at 53,193.98 basis points as against +0.35% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N41.46bn loss. YTD, the NGXASI Stands at +24.53%. Source Proshare Research Read More

 

PROSHARE REGULATORS

Review of the Draft Operational Guidelines for Open Banking in Nigeria - Open Banking is a system that grants third-party providers (TPPs) open access to consumer banking, transactions, and other financial data from banks and non-bank financial institutions (NBFIs) through the use of Application Programming Interface (API). Source AELEX Read More

 

PROSHARE BUSINESS

MAN Tackles CBN Over N1tn Low-Interest Loan - Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and other critical sectors. Source Punch Read More

Piracy Inhibiting Foreign Investment, Trade, Says Envoy - The Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, has said piracy in the Gulf of Guinea has continued to discourage foreign investment, hampers international trade and businesses along the corridor. Source The Nation Read More

AfcFTA: 28 Banks Join $500m Pan-African Settlement Platform - One year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa joined the Pan-African Payment and Settlement System (PAPSS), which took off with a $500m facility with an additional 24 banks on the waiting list. Source Daily Trust Read More

 

PROSHARE TECHNOLOGY

Prevalence of BEC Scam and Its Mitigation - Africa experiences so many cyberattacks per second, with the perpetrators aiming at defrauding unsuspecting businesses or individuals using various vulnerability methods like phishing, social engineering, and many more. Source Phillips Consulting Read More

Kenya Wants to Introduce a 20% Tax for Digital Lenders - The Kenyan government has announced plans to introduce a 20% excise tax on all fees charged by all digital lenders. Earlier this week, a proposal submitted to the Parliament included an amendment to the Excise Duty 2015 of the Finance Bill, which provides for a 20% tax on all digital loans. Source TechCabal Read More

 

PROSHARE FINANCE

PenCom: We’ve Recovered N422m from Employers who Defaulted on Pension Remittance - The National Pension Commission (PenCom) says it has recovered N422.34 million from defaulting employers who failed to remit pension contributions by their employees to respective pension fund administrators (PFAs). Source TheCable Read More


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