PROSHARE ECONOMY

Tier 1 Reclassification: When Credit Pushes Growth; Understanding the Banking Connections - Commercial banks play a key role in the process of capital formation which itself is a major catalyst for economic growth. By intermediating between economic units with excess liquidity and those in deficit, deposit money banks do not only serve the purpose of efficient allocation of economic resources but also create credit through the instrumentality of the money multiplier. Source Proshare Research Read More

States to Lose N19bn in Oil, Gas Revenues in 2022 - World Bank - The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states. Source Punch Read More

Petrol Price to Remain at N165 Per Litre, NMDPRA Insists - Despite the position of some oil marketers that the current pump price for petrol in the country was unsustainable following long queues that have surfaced in some cities across the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday maintained that the pump price for premium motor spirit (PMS) remains at N165 per litre. Source THISDAYLIVE Read More

PROSHARE MARKETS

Investors Gain N153.89bn as NGXASI Inches Up by +0.57%; Overnight Rate Expands by 0.13% to Close at 14.13%; BDC Rate Depreciates to N611 - The NGX All-Share index inched up by +0.57% to close at 51,377.21 basis points as against +0.66% gain recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N153.89bn gain. YTD, the NGXASI Stands at +20.28%. Source Source Proshare Research Read More

Oando Plc Notifies on Outcome of Petition Filed by Minority Shareholders - Oando PLC, today announced the outcome of a court ruling following a petition filed on 25th March 2021 at the Federal High Court, Lagos by fourteen (14) shareholders of Oando holding a total of 299,257,869 shares. Source NGX Read More

Domestic, Foreign Transactions on Nigerian Exchange Hits N1.506 trn in 5 Months - The total value of domestic and foreign transactions on Nigerian Exchange Limited (NGX) for the first five months of the year 2022 has recorded a total sum of N1.506 trillion. Source NGX Read More

PROSHARE BUSINESS

French Agency Funds 350KW Solar Power Project in Lagos - The French Development Agency through its financing arm in Nigeria has provided funding for a 350 kilowatts solar project at the Lagos Business School in Lagos State. Source Punch Read More

Aviation Fuel, Others to Cost Airlines $9.7b Losses in 2022 - Global airlines, yesterday, announced an upgrade to its outlook for the airline industry’s 2022 financial performance, with the recent spike in aviation fuel headlining the major hurdle for recovery and profitability. Source The Guardian Nigeria Read More

FG to Address High Cost of Doing Business at Seaports - The federal government on Wednesday promised to address the high cost of doing business at the nation’s Seaports. The move is to make the ports more attractive and competitive in the West and Central Africa region. Source Daily Trust Read More

PROSHARE TECHNOLOGY

Domain Name Registration, Renewal Increased Slightly from 179,336 to 179,420 in May - Nigeria has experienced a slight increase in domain name registration, renewal and restoration, including the total number of domains in the third and second level categories, from 179, 336 active domain names in April to 179,420 active domain names in May 2022. Source THISDAYLIVE Read More

FEC Approves Digitisation of NSITF to Curb Leakages, Promote Accountability - The federal executive council (FEC) has approved the digitization of the services of the National Social Insurance Trust Fund (NSITF), to be known as e-NSITF. Source TheCable Read More