PROSHARE ECONOMY

Another Large Fiscal Deficit Expected in 2023 - Last week Tuesday, President Buhari approved the 2023 budget, which marks the final budget of his administration. A pattern has emerged over the years of the executive sending in the budget proposals to the national assembly, while the legislative arm inserts additional expenditure items. Source FBNQuest Read More

LCCI Urges FG to Amend Petroleum Profit Tax Act - The chamber made the remark following the 2022 Finance Bill as approved by the National Assembly and as it awaits the assent of the president. Source Sun Read More

Nigeria Loses N57.6trn to Absence of 24-hour Port Operations - In May 2017, Vice President Yemi Osinbajo signed an executive order directing the resumption of 24-hour operations at the Apapa Port and prohibiting touting in all seaports. Source Sun Read More

PROSHARE MARKETS

Investors gained N256.4bn as NGXASI Advanced Further by 0.92%; Overnight Rate Contracts to 10.83%; BDC Declines to 745 - The NGX All-Share Index advanced by 0.92% to close at 51693.08 basis points as against a 0.70% gain recorded previously to close at 51222.34 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N256.4bn gain. YTD, the NGXASI Stands at 0.86%. Source Proshare Research Read More

SEC: Prudential Returns Compliance Level Boosted by 96% in 2022 - The Securities and Exchange Commission (SEC) has stated that it has continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. Source ThisDay Read More

PROSHARE BUSINESS

Customs Hike Imported Vehicle Duty, Agents Protest - Freight forwarders have said there may be congestion of imported vehicles at the nation’s seaports following the Nigeria Customs Service’s decision to raise duty on imported vehicles by 10 per cent, The PUNCH has learnt. Source Punch Read More

Oil Production Hits Nine-Month High - The Nigerian Upstream Petroleum Regulatory Commission, on Sunday, revealed that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022, representing the highest output since March when the country produced 1.237mbpd. Source Punch Read More

NCAA Grants 7Star AOC for Helicopter Operation - The Nigerian Civil Aviation Authority (NCAA) has granted 7Star Airlines Limited Air Operator Certificate (AOC) to commence flight operations. Source ThisDay Read More

PROSHARE TECHNOLOGY

Airtel Africa’s Subsidiary Acquires Nigeria’s 4G and 5G Spectrum - Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announces that its Nigerian subsidiary, Airtel Networks Limited (‘Airtel Nigeria’), has purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission (NCC) for a gross consideration of $316.7m, payable in local currency. Source NGX Read More

Cybercriminals Attack Users with 400,000 new Malicious Files Daily – that is 5% More than in 2021 - The number of certain types of threats also escalated: for example, Kaspersky experts discovered the 181% increase in the proportion of ransomware detected daily. Source TechEconomy Read More