PROSHARE ECONOMY

Scarcity: FG Orders NNPC to Reduce Petrol Price - The Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards PMS subsidy, the Minister of State for Petroleum Resources, Chief Timipre Sylva. Source Punch Read More

NLC Berates Presidential Candidates for Supporting Petrol Subsidy Removal - The Nigeria Labour Congress (NLC) has berated the leading presidential candidates over their plan to remove subsidy on the premium motor spirit (PMS) when they are elected. Source Guardian Read More

PROSHARE MARKETS

Investors Lose N134.25bn as NGXASI Declines by -0.48%; Overnight Rate Contracts to 9.80%; BDC Closes Flat at 745 - The NGX All-Share Index declined by -0.48% to close at 51446.6basis points as against a 0.92% gain recorded previously to close at 51693.08 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N134.25bn loss. YTD, the NGXASI Stands flat. Source Proshare Research Read More

Saudi Arabia Sells $10 Billion of Dollar Bonds in Three Parts - Saudi Arabia raised $10 billion through its first Eurobond sale of 2023 on Tuesday. The kingdom had garnered over $35 billion of investor orders for the notes maturing in five, 10.5 and 30 years as it seeks to take advantage of cooling inflation that’s raised hopes of an easier rate hike trajectory. Source Bloomberg Read More

PROSHARE BUSINESS

2022: EFCC Secured 3,785 Convictions of Economic and Financial Crime Cases - The Economic and Financial Crimes Commission, EFCC in 2022 secured a total of 3,785 convictions across the nation. Source EFCC Read More

World Bank Warns Global Economy Could Tip into Recession In 2023 - The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. Source Reuters Read More

Naira redesign: Traders in Niger ask for Extension of January Deadline - The Traders who did not give a specific date for the extension said their counterparts in the rural areas are yet to be adequately sensitised about the new banknotes, hence the need to extend the deadline. Source Sun Read More

PROSHARE TECHNOLOGY

Airtel Gets 5G Licence, Mafab Begins Test-run - Airtel Networks Limited has paid the Nigerian Communications Commission $316.7m for 100 MHz of spectrum in the 3500MHz band for the deployment of fifth-generation network and 2x5MHz of 2600MHz to boost its fourth-generation coverage in the country. Source Punch Read More

PROSHARE FINANCE

UK Watchdog Fines Guaranty Trust Bank Over Money-Laundering Controls - Britain's financial watchdog has fined the UK subsidiary of Nigeria's Guaranty Trust Bank 7.6 million pounds ($9.3 million) for what it said were further failures in its anti-money laundering systems and controls. Source Reuters Read More