PROSHARE MARKETS

Investors Lose N137.55bn as NGXASI Declines by 0.47%; Overnight Rate Contracts to 18%; BDC Rate Closes Flat at N745 - The NGX All-Share Index declined by 0.47% to close at 53498.27 basis points as against 2.08% loss recorded previously to close at 53750.77 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N137.55bn loss. YTD, the NGXASI Stands at +4.38%. Source Proshare Research Read More

United Capital Holds 2023 AGM, Plans to Expand Commercial Operations Through Microfinance Banking Licence Acquisition - United Capital Plc is planning to expand its commercial operations and increasing its footprints in Nigeria. The Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade disclosed this at the 2023 Annual General Meeting of the investment bank. Source United Capital Read More

NGX commends Otedola, Geregu for Corporate Governance, Power Sector Leadership - Nigerian Exchange Limited (NGX) has commended the Chairman, Geregu Power Plc, Mr Femi Otedola, CON, and the firm’s Board for instituting best practices in corporate governance and playing a leading role in the country’s power sector. Source NGX Read More

PROSHARE ECONOMY

Nigerian Power Sector: A Positive Outlook - Earlier in March, the President of the Federal Republic of Nigeria, Muhammadu Buhari, signed into law the constitutional amendment that allows states in the county to generate, transmit, and distribute electricity in areas covered by the national grid. The legislation aims to increase opportunities in the power sector by allowing states or investors who have met relevant requirements to generate, transmit and distribute power. Source United Capital Research Read More

PENGASSAN Okays Subsidy Removal - Despite the inability of local refineries to resume operation, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has given the Federal Government the go-ahead to remove the Premium Motor Spirit (PMS) petrol subsidy. Source The Nation Read More

Reps Invite Ministers, Firms Over $2.4bn Oil Sale - The House of Representatives’ will on April 11, 2023, grill ministers and other heads of ministries, departments and agencies of the Federal Government as well as oil companies and banks over the alleged illegal sale of 48 million barrels of crude oil valued at $2.4bn. Source Punch Read More

FG Averts NLC’s Planned Nationwide Strike - The Minister of Labour and Employment, Dr Chris Ngige, has said that he was positive that the planned nationwide strike by the Nigerian Labour Congress would not hold. Source Punch Read More

PROSHARE REGULATORS

CBN Releases Draft Regulatory Guidelines for Change of Operational Licence for Banks and OFIs in Nigeria - The Banks and Other Financial Institutions Act 2020 (BOFIA), by virtue of section 5, empowers the Central Bank of Nigeria (CBN), to amongst others, vary the requirements of various licencing regimes. Source CBN Read More

The Markets in Review: Does the Global Banking Crisis Impact Nigeria? – Coronation Research - This month has seen two US banks and one large European bank go bust. As we know, banking crises are contagious and can spread around the world. So, what is the risk for Nigeria? Our answers are that Nigeria’s direct exposures to this crisis are probably limited, though there are some indirect risks worth considering. Source Coronation Research Read More

U.S. FDIC tells Signature Bank's crypto clients to close accounts by April 5 - The U.S. Federal Deposit Insurance Corp (FDIC) has informed collapsed lender Signature Bank's (SBNY.O) crypto clients that they have until April 5 to close their accounts and move their money. Source Reuters Read More

PROSHARE BUSINESS

OPEC+ Shows No Sign of Changing Oil Output at Meeting Next Week - The OPEC+ coalition is showing no signs of adjusting oil production next week, staying the course amid turbulence in financial markets. Group leader Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023 as it navigates a fragile recovery in global oil demand. Source Bloomberg Read More

US Regulator Cites 'Terrible' Risk Management for Silicon Valley Bank Failure - A top U.S. regulator told a Senate panel on Tuesday that Silicon Valley Bank did a "terrible" job of managing risk before its collapse, fending off criticism from lawmakers who blamed bank watchdogs for missing warning signs. Source Reuters Read More

Buhari: Oil Exploration in Middle Benue Trough Will Lead to Greater Prosperity, Energy Security - President Muhammadu Buhari has declared that the discovery and drilling of oil in Nasarawa State will lead to greater prosperity for Nigerians, as well as enhance overall energy security for the country. Source THISDAYLIVE Read More

NNPC Releases Additional 418m Litres of Petrol in Seven Days - The Nigerian National Petroleum Company Limited (NNPC) released 418 million litres of petrol between March 18 and 24, new data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has indicated. Source THISDAYLIVE Read More

PROSHARE TECHNOLOGY

Only Licensed Satellite-Based Communications Service Providers Will Operate in Nigeria - The Nigerian Communications Commission has stated that only licensed satellite-based communication service providers will be allowed to operate in the country. Source NCC Read More

Microsoft Offers to Change Cloud Practices to Ward Off EU Antitrust Probe -Source - Microsoft Corp (MSFT.O) has offered to change its cloud computing practices to settle antitrust complaints filed by smaller rivals, a person with direct knowledge of the matter said on Tuesday, a move that will stave off an EU investigation. Source Reuters Read More

China's Alibaba to Break Up Empire into Six Units as Jack Ma Returns Home - Alibaba Group (9988.HK) is planning to split into six units and explore fundraisings or listings for most of them, it said on Tuesday, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises. Source Reuters Read More