PROSHARE MARKETS

Investors Lose N4.81bn as NGXASI Declines by 0.02%; Overnight Rate Closes Flat at 19%; BDC Rate Depreciates to N743 - The NGX All-Share Index declined by 0.02% to close at 51,944.58 basis points as against the flat recorded previously to close at 51,953.41 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N4.81bn loss. YTD, the NGXASI Stands at +1.35%. Source Proshare Research Read More

Dangote Cement pledges Higher returns, Value to Shareholders, Stakeholders - Chairman of Dangote Cement Plc, Aliko Dangote has guaranteed shareholders and other stakeholders of the company’s management’s resolve to keep the company profitable by leveraging on strategic innovations for the continuous growth of their investments. Source Dangote Cement Read More

Seplat Energy Plc Notifies of Immigration Suit Filed at FHC Abuja as Ministry of Interior Withdraws Roger Brown’s Immigration Visa - Seplat Energy has become aware of a suit filed at the Federal High Court sitting in Abuja, by the Nigeria Immigration Service (acting for the Federal Government of Nigeria) against the Company and some of its Directors and Officers. Source NGX Read More

PROSHARE ECONOMY

A Wider Fiscal Deficit Position in November 2022 - We see from the CBN’s monthly economic report for November ‘22, that the federal government of Nigeria’s (FGN) fiscal operations resulted in a wider fiscal deficit of NGN746bn compared with NGN531bn in Oct ’22, and NGN529bn recorded in the year-earlier period. Source FBNQuest Research Read More

FG to Repay $800m World Bank loan for 25 Years - The next administration after the regime of the President, Major General Muhammadu Buhari (retd.), will begin the repayment of the $800m loan approved by the World Bank as subsidy palliative. Source Punch Read More

FG: 2m Nigerians Benefited from Govt’s Poverty, Growth Strategy Projects in 2022 - No fewer than two million vulnerable Nigerians from across the country benefited in year 2022 from projects implemented under the federal government’s National Poverty Reduction with Growth Strategy (NPRGS). Source THISDAYLIVE Read More

PROSHARE REGULATORS

US Fed Projects ‘Mild’ Recession This Year Over Banking Turmoil - Staff economists at the United States Federal Reserve (Fed) have projected that the recent banking turmoil will trigger a “mild recession” later this year. Following a crisis of confidence in banks, New-York based Silicon Valley Bank and Signature Bank collapsed last month. Source TheCable Read More

PROSHARE BUSINESS

NEPC: FG to Generate $500m From Cashew Export in 2023 - The Nigerian Export Promotion Council (NEPC) says it plans to double the amount of revenue generated from cashew exports in 2023 to $500 million. Ezra Yakusak, executive director and chief executive officer of NEPC, spoke on Thursday at the inauguration of the organic cashew certification programme for export. Source TheCable Read More

Ramaphosa Seeks $110 Billion of Capital for Nation in Crisis - South African President Cyril Ramaphosa set a target of attracting 2 trillion rand ($110 billion) of new investment in the next five years, as executives pleaded with his government to urgently address the nation’s energy crisis, fix crumbling infrastructure and end rampant crime. Source Bloomberg Read More

BEDC Spends N11bn to Buy Energy from NBET Monthly –MD - The Managing Director/Chief Executive Officer, Benin Electricity Distribution Company (BEDC), Deolu Ijose, has said the company needs the cooperation of electricity consumers in its franchise states to meet their demands as it gets the invoice of about N11billion monthly. Source The Sun Read More

Importers to Clear Cargoes from Lekki Port In 2 Days – NPA - The Nigerian Ports Authority (NPA), has disclosed that that importers would clear their cargoes out of the Lekki deep seaport in two days. Source Leadership Read More

PROSHARE TECHNOLOGY

Artificial Intelligence: Federal Government Plans to Unveil Policy - The Federal Government through the Ministry of Communications and Digital Economy will soon release its policy on Artificial Intelligence, as developments in the industry, generates conversations across the world. Source Proshare News Read More

Bankrupt FTX Mulls Reopening as Recovered Assets Hit $7.3bn - Bankrupt cryptocurrency exchange, FTX, is considering reopening at some point in the future, its lawyers from Sullivan & Cromwell, said during a court hearing on Wednesday. Source Punch Read More

Twitter to Let Users Offer Content Subscriptions in Monetization Push - Twitter-owner Elon Musk said on Thursday users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video. Source Reuters Read More