PROSHARE ECONOMY

Headline Inflation Rises to 5-Year High of 18.60% - The CPI report for the month of June was released today by the NBS. Nigeria’s headline inflation rose by 0.84% to 18.6%, from 17.75% in the month of May. This is the 5th consecutive monthly increase and the highest inflation rate since January 2017. On a monthly basis, inflation followed a similar pattern, rising by 0.04% to 1.82%. Source FDC Ltd Read More

Oil Markets Torn Between Recession Fears and Physical Tightness - OIR 150722 - Oil market watchers have become senior macroeconomists lately, with price swings increasingly dependent on larger market sentiment. This week’s seesawing was in large part driven by the market expecting a 100-basis point hike... Source Tom Kool of Oilprice Read More

Senator Ademola Adeleke Wins 2022 Osun Gubernatorial Elections - According to the Chief Returning Officer for the election and the Vice Chancellor of the University of Lagos, Professor Temitope Ogundipe, Senator Ademola Adeleke polled 403,371 votes to defeat his closest rival, the incumbent Governor Mr. Adegboyega Oyetola of the All-Progressives Congress party, who clinched 375,027 votes. Source Ottoabasi Abasiekong Read More

Report: IMF to ‘Substantially’ Cut Global Economic Outlook as Inflation Surges - The International Monetary Fund (IMF) says it will significantly reduce its forecast for global economic growth in its next update. Ceyla Pazarbasioglu, IMF’s director for strategy, policy and review, said this at a Sunday panel in Bali, Indonesia, according to a Bloomberg report. Source TheCable Read More

PROSHARE MARKETS

What to Expect from The Markets This Week - 180722 - Despite the Monetary Policy Committee's (MPC's) decision to raise rates in its last meeting, which was held in May 2022, the inflation print for June came in at 18.6% (Proshare estimated 18.37%). Source Proshare Content Read More

PROSHARE BUSINESS

Emerging Africa Group Marks 4th Anniversary, Raises Over US$1bn for Clients - Emerging Africa Group has raised over US$1bn worth of financing for its clients covering governments and companies in Sub-Saharan Africa. Mrs. Toyin .F. Sanni, the Founder and Group's Chief Executive Officer, disclosed this at commemorating its fourth anniversary and grand opening of its campus. Source Ottoabasi Abasiekong Read More

A Chinese Port in Nigeria will Change the World Economy - In November 2010, little-known Chinese Vice President Xi Jinping gave a speech in South Africa promoting the creation of "a new type of China-Africa strategic partnership for a better future." Source Lauren Johnston, Nikkei Asia Read More

Unofficial Deregulation: Fuel Marketers Dare FG, Raise Price Above N165/litre - Strong indications that fuel markets may have settled for an unofficial deregulation with majority of filling stations selling Premium Motor Spirit (PMS), popularly called petrol above the officially approved pump price of N165 per litre. Source The SUN Read More

FG Disburses N351.65bn in W’Bank’s SFTAS to Promote Fiscal Transparency in States - The federal government has so far disbursed a total of N351.65 billion grant to participating states in the last four years under the World Bank-assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme for Results (PforR). Source THISDAYLIVE Read More

PROSHARE TECHNOLOGY

Report: MTN Group in talks to buy South Africa’s Telkom - MTN Group, Africa’s largest telecommunications provider, is in talks to acquire Telkom, a South African telco. On Friday, the companies said they were in discussions over a deal for MTN to buy all of Telkom either with shares or a combination of cash and stock. Source TheCable Read More

Flutterwave, Eversend and other fintech African startups shut down virtual card service - Earlier on Friday, many African fintech startups offering virtual dollar card services sent emails to their customers stating that their virtual card service will be unavailable indefinitely starting Saturday, July 16, 2022. Source TechCabal Read More

Pantami Hints on Regulations for IoT in Nigeria - Professor Isa Pantami, Minister of Communications and Digital Economy, Thursday, assured the nation that Nigeria’s telecom regulatory framework has been designed to address the challenges that may arrive with the advancement of the Internet of Things (IoT) in the country. Source TechEconomy Read More

PROSHARE FINANCE

CIIN to Drive Digital Growth, Insurance Awareness - The new president of the Chartered Insurance Institute of Nigeria, Mr Edwin Igbiti, has said that his administration will ensure digital re-enforcement of the institute and insurance awareness creation. Source Punch Read More

Bank Customers with BVN Rises to 54.77m, Records 700,000 New Enrolments - Data released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that enrolments for the Biometric Verification Number (BVN) by bank customers’ in the country has reached 54.77million as at last month. Source THISDAYLIVE Read More