PROSHARE ECONOMY

Marina-Mile 2 Blue Line to Adopt E-Payment System as Lagos Completes Project’s First Phase - The Lagos state government, on Wednesday, launched a test run of the first phase of the blue line rail project designed to run from Mile 2 (on the mainland) to Marina (on the island). Source TheCable Read More

CBN Increases Cash Withdrawal Limit to N500,000 Weekly - The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. Source Punch Read More

FG: Delivering Port Harcourt-Maiduguri Rail Project by May 2023 no Longer Feasible - The federal government says delivering the Port Harcourt-Maiduguri eastern rail line during the current administration’s tenure is no longer feasible. Source TheCable Read More

PROSHARE MARKETS

Investors Gain N32.27bn as NGXASI Advances by 0.12%; Overnight Rate Expands to 10.63%; BDC Appreciates to 745 - The NGX All-Share Index advanced by 0.12% to close at 49,475.43 basis points as against a flat position recorded previously to close at 49,416.18 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N32.27bn gain. YTD, the NGXASI Stands at +15.82%. Source Proshare Research Read More

PROSHARE BUSINESS

CEO Remuneration 2022: The Pay and Perks of Lafarge Africa's CEO - Lafarge (Wapco) Cement Plc has experienced a sharp increase in its earnings as revenue grew by +27.11% to N293.1bn from N230.6bn last year while the CEO’s pay decreased marginally by -13.82%. Lafarge’s revenue to CEO’s remuneration has been fluctuating in the past few years as the amount rose to its highest value in 2017 before reducing to its lowest in 2020 and regaining its value back in 2021. Source Proshare Research Read More

Lekki Port Boosts Cargo Movement with Booking System - As part of preparations for the commencement of commercial port operations, the shareholders of Lekki Port LFTZ Enterprise Limited, promoters of Lekki Deep Sea Port, have concluded plans to introduce Vehicles Booking System. Source Punch Read More

Africa Accounts for Only 2.4% of Global GDP, Says ECOWAS - Economic Community of West African States (ECOWAS) yesterday,  said that Africa accounts for only 2.4 per cent  of global Gross Domestic Products (GDP) and that the continent has approximately 30 per cent of the earth’s remaining mineral resources. Source Sun Read More

Two Bankman-Fried colleagues plead guilty to fraud - Two former colleagues of disgraced cryptocurrency mogul Sam Bankman-Fried pleaded guilty to federal criminal charges that they helped him orchestrate a years-long scheme to defraud investors in FTX, the crypto trading platform that collapsed last month, the U.S. attorney for the Southern District of New York said Wednesday. Source Washington Post Read More

PROSHARE TECHNOLOGY

Bitcoin 2022; A November to Remember - Cryptocurrencies looked like jaded coins in November 2022, but after the FTX collapse, Bitcoin and other coins joined the 11-year trend of negative Novembers. A week before the FTX saga, major coins were sitting in comfort zones, with Bitcoin trading at US$20,645 and the global cryptocurrency market capitalisation steadying at US$1.06trn. Source Proshare Research Read More

Federal Government Flags off Microsoft Digital Skills Program - In line with the National Digital Economy Policy and Strategy for a Digital Nigeria, the Nigerian government has flagged off the 5 million Microsoft High Demand Skills Training Program & the 1 million Developer & Digital Skills Initiatives. Source TechEconomy Read More