PROSHARE ECONOMY

Personal Statements by the MPC Members at the 144 MPC Meeting of Sept 26-27, 2022 - The global economy continues to reel under the combined weight of the war in Ukraine, coronavirus resurgence in some countries and severe inflationary pressure. Source Central Bank of Nigeria Read More

Nigeria Can’t Survive with Endless Borrowing – DMO - The Debt Management Office has disclosed that it has been difficult for Nigeria to borrow from the international markets as global lenders and investors are shunning countries with Category ‘B’ economic ratings. Source Punch Read More

Review 2023 Budget to Align With Realities, NACCIMA Urges Fed Govt - The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Federal Government to review and re-evaluate its parameters and assumptions in the proposed 2023 budget to align with current economic realities. Source The Nation Read More

Megalopolis: How Coastal West Africa Will Shape the Coming Century - It has long been said that no one knows with any certainty the population of Lagos, Nigeria. When I spent time there a decade ago, the United Nations conservatively put the number at 11.5 million, but other estimates ranged as high as 18 million. Source The Guardian Read More

Jobless Rate Rises as UK Prepares to Tighten Belts Again - Britain's unemployment rate unexpectedly rose and vacancies fell for a fifth report in a row as employers worried about the outlook for the economy, official data showed on Tuesday, ahead of a tough government budget plan later this week. Source Reuters Read More

PROSHARE MARKETS

Investors Lose N82.04bn as NGXASI Declines by 0.34%; Overnight Rate Expands by 3% to Close at 15.83%; BDC Depreciates to 765 - The NGX All-Share Index declined by -0.34% to close at 43,818.12 basis points as against 0.06% gain recorded previously to close at 43,968.75 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N82.04bn loss. YTD, the NGXASI Stands at +2.58%. Source Proshare Research Read More

NAFEX Rate Depreciated by 0.17% WoW to N443.87 - Below is the commentary below on the Foreign Exchange (FX) market with data for the week-ended November 11, 2022. The table following the commentary compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the weeks ended November 4, 2022 & November 11, 2022. Source FMDQ Read More

PROSHARE REGULATORS

409A Valuation: What Is It? Why Is It Necessary and When Would You Need One? - As a tech founder, there are generally two types of company valuations that you would be involved with during the life of your tech startup. The first and the more common one is the venture investment valuation. You arrive at this valuation figure generally by negotiating with your venture capital investor. Source Balogun Harold Read More

SEC Issues Circular on Designation of Ten Individuals and Three Entities by the National Sanctions Committee and Addition to the Nigeria Sanctions List - All Capital Market Operators (CMOs) and Stakeholders are hereby notified that pursuant to section 49 of the Terrorism (Prevention and Prohibition) Act, 2022. Source SEC Nigeria Read More

Currency Redesign: CBN Commits to Protecting Nigerians in Unbanked, Underserved, and Rural Areas - Further to its Press Release of October 26, 2022, on the above subject, the Central Bank of Nigeria (CBN) is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions. Source CBN Read More

PROSHARE BUSINESS

CEO Remuneration 2022: The Risk and Reward System of Nigerian CEOs in 2021 - The principle of risk and reward necessitates an expectation that the executives' performance should provide value to the organization, and their compensation should reflect the company's performance.  Source Proshare Research Read More

FBN Bank UK Stands Tall at 40, Appreciates Its Customers and Regulators - FBNBank UK, a subsidiary of FirstBank Group had London, the United Kingdom painted blue as it celebrated its 40th anniversary, themed Partnership Beyond Borders, on Friday, 11 November 2022. Source FirstBank Read More

African Airlines Record 90.5% Surge Amid Global Passenger Recovery - African carriers have recorded a 90.5 per cent passenger traffic surge in September, compared to a year ago, as global travel recovery continues to be strong. Source Guardian Read More

We Need to Deal with Multiple Forex Markets, Inflation – Buhari - President Muhammadu Buhari has said the challenge of foreign exchange arbitrage (multiple forex markets) will have to be confronted frontally to encourage investments. Source Daily Trust Read More

Nigerian Banks’ Assets Rise by N10tn, Hit N66tn - Nigerian banks’ assets gained N10tn between August 2021 and August 2022 to hit N66.76tn, latest figures from the Central Bank of Nigeria has revealed. The CBN disclosed in the personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, that the banking sector remained resilient amid economic challenges. Source Punch Read More

PROSHARE TECHNOLOGY

Conducting Layoffs in Tech Start-ups: What Are the Rules for Nigerian Layoffs? - Layoffs are always going to be a tough decision for management but may also become necessary for the survival of an employer’s business. Depending on the factors giving rise to a management decision to conduct a layoff exercise, it may often be useful for an employer to explore some alternative options to a proposed layoff exercise. Source Balogun Harold Read More

Mobile Subscribers Hit 210m in August – NCC - The Nigerian Communication Commission (NCC) has said the total number of active mobile subscribers reached 210 million in August 2022 from 208 million in July. Source Sun Read More

Binance to Create Recovery Fund for Crypto Projects Facing Liquidity Crisis - Binance, a cryptocurrency exchange, says it is planning to form a recovery fund to help crypto projects facing a liquidity crisis. Changpeng Zhao, Binance’s chief executive officer (CEO), announced this in a series of tweets on Monday. Source The Cable Read More

Nigeria's Nestcoin Held Funds from its Investors on Stricken FTX Exchange - Start-up backed by likes of Alameda Research is now set to cut a large number of its staff. Source Financial Times Read More

PROSHARE FINANCE

Islamic Finance Market Weekly Review November 7th to November 11th, 2022 - On the sidelines of the recent COP27 summit in Sharm El Sheikh, Egypt, the Islamic Corporation for the Insurance of Investments and Export Credit, ICIEC, signed a memorandum of understanding, MOU, with the Africa Finance Corporation to strengthen the resolve for Climate Action. Source WebTV Read More