PROSHARE ECONOMY

Fitch Affirms Zenith Bank at 'B'; Outlook Stable - Fitch has affirmed Zenith Bank Plc's Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed Zenith's National Long-Term Rating at 'AA-(nga)' and Viability Rating (VR) at 'b'. Source Fitch Ratings Read More

Fitch Affirms Guaranty Trust Holding Company at 'B'; Outlook Stable - Fitch Ratings has affirmed Nigeria-based Guaranty Trust Holding Company Plc's (GTCO) and its core banking subsidiary Guaranty Trust Bank Limited's (GTB) Long-Term Issuer Default Ratings (IDRs) at 'B' with Stable Outlooks and National Long-Term Ratings at 'AA(nga)'. Source Fitch Ratings Read More

57% Electricity Consumers on Estimated Billing – NERC - The Nigerian Electricity Regulatory Commission (NERC) says 57.07 percent of electricity consumers in the country were still on estimated billing as of September 2021. Source BusinessDay Read More

Inflation: LCCI Urges CBN to address FX Scarcity, Fuel Cost - The Lagos Chamber of Commerce and Industry (LCCI) says the Central Bank of Nigeria’s (CBN) monetary policy rate hike alone will not yield the desired result of lowering inflation. Source TheCable Read More

PROSHARE MARKETS

Investors Lose N65.98bn as NGXASI Dips by 0.23%; Debt Market Size Grows by 0.52% to Close at N28.98trn; IEFX Rate Depreciates to N426.58 - The NGX All-Share Index dipped by 0.23% to close at 52,186.52 basis points as against 0.02% loss recorded to close at 52,308.88 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N65.98bn loss. YTD, the NGXASI Stands at +22.17%. Source Proshare Research Read More

Standard Chartered Acts as the Lead Issuing House on Dangote’s Debut Bond - Standard Chartered acted as Lead Issuing House on the landmark NGN187.6bn Series 1 Bond Issuance by Dangote Industries (“DIL”). The issuance comprises a 7-year 12.75% Tranche-A and a 10-year 13.50% Tranche-B Senior Unsecured Bond. Source Standard Chartered Read More

PROSHARE BUSINESS

CRC Credit Bureau Limited Issues a Disclaimer on a Communique Circulated on an Offer of Loan and Credit Facilities to the Public - The attention of the Management of CRC Credit Bureau Limited has been drawn to communique circulated purportedly under the name of our organization. The email is being used as an “offer of loan/credit facilities to the public”. Source CRC Credit Bureau Limited Read More

Stakeholders Identify Non-Oil Exports as Panacea for Economic Rejuvenation at Zenith Bank Int’l Trade Seminar - Stakeholders have unanimously called for support of Nigeria’s non-oil export sector at the seventh annual edition of the Zenith Bank International Trade Seminar with the theme: “Unlocking Opportunities in Nigeria’s Non-Oil Export Business,” which was held yesterday in Lagos as well as virtually. Source THISDAYLIVE Read More

Bread Makers to Shut Down Over High Operating Cost Today - Bread producers under the auspices of the Premium Breadmakers Association of Nigeria (PBAN) have said they will be withdrawing their services in protest of the unbearable cost of doing business in the country. Source LeadershipNG Read More

Oil Prices Edge Lower as Demand Concerns Outweigh Tight Supply - Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline demand during the peak summer driving season. Source Reuters Read More

PROSHARE TECHNOLOGY

Senate Passes Start-Up Bill, Others - The Senate has passed the Nigerian Start-up Bill, 2022. The bill’s passage followed the consideration of a report by the Committee on ICT and Cyber Security on Wednesday. Source Punch Read More

Lawmakers Charge CBN to Address Electronic Fund Transfer Issues - The issue of delayed and unsuccessful transactions on inter-bank transfer of funds is yet to be completely resolved and lawmakers are becoming interested. Source TechEconomy Read More

Microsoft Investigates Teams Outage as Services Drop for Thousands of Users - Microsoft Corp's (MSFT.O) messaging application MS Teams was down for thousands of users on Thursday, according to an outage tracking website, and the company said it was investigating the disruption. Source Reuters Read More

PROSHARE MSME

EFInA, GIZ to Hold Hackathon for MSMEs Financing - Enhancing Financial Innovation and Access (EFInA) has partnered with the German international agency, GIZ to bridge the huge Micro, Small and Medium Enterprises (MSMEs) financing gap in Nigeria. Source Daily Trust Read More