PROSHARE ECONOMY

Kolmani Integrated Development Project Has Attracted Over US$3bn in FDI - According to BusinessDay news report, President Muhammadu Buhari on Tuesday flagged off the crude oil drilling on Kolmani Oil Prospecting Licence (OPL) 809 and 810 at the Kolmani field sites in Bauchi and Gombe states. The president noted that over 1 billion barrels of oil reserves and 500 billion cubic feet of gas were discovered within the Kolmani area and there are huge potentials for more deposits as exploration efforts intensify. Source CSL Research Read More

Africa Requires $190bn Annual Investments to Achieve Energy Goals - Africa will require about $190bn worth of investments annually between 2026 and 2030 to meet its energy and climate goals to boost socio-economic prosperity on the continent. Source Sahara Group Read More

NEITI: Nigeria Earned $741.48bn from Oil, Gas Sales in 21 Years - The Nigeria Extractive Industries Transparency Initiative ((NEITI) has said that the country earned N741.48 billion from oil and gas sales between 1999 and 2020, a period of 21 years. Source ThisDay Read More

PROSHARE MARKETS

Proshare, NGX and Other Key Stakeholders to discuss “Online Trading in the Age of Distributed Ledger Technology (DLT): Improving Investors Trading Experience” on November 29, 2022 - The webinar will enable stakeholders to discuss various topics around the use of technology in securities trading and how the objective of improving investors trading experience can be achieved. It would equally afford participants the opportunity to engage different stakeholders and address concerns around digital online trading. Click HERE https://bit.ly/2022OnlineTradingRankingReportWebinar to register for the event. Source Proshare Research Read More

Investors Lose N64.21bn as NGXASI Declines by 0.25%; Overnight Rate Expands to 14.13%; BDC Closes Flat at 775 - The NGX All-Share Index declined by 0.25% to close at 47,436.45 basis points as against 2.04% gain recorded previously to close at 47,554.34 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N64.21bn loss. YTD, the NGXASI Stands at +11.05%. Source Proshare Research Read More

Ghana Orders Miners to Sell 20% of Refined Gold to Central Bank - Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday. Source Reuters Read More

PROSHARE REGULATORS

A Consideration of CBN’S Guidelines on Contactless Payments - Contactless Payments (“CPs”), aptly described as payments which involve the consummation of financial transactions without physical contact between the payer and the acquiring devices, have been gaining momentum and widespread adoption in recent times. First introduced in the 1990s, CPs recorded a significant boost in adoption following the Covid'19 Pandemic in 2020. Source Aelex Read More

PROSHARE BUSINESS

CEO Remuneration 2022: The Next Five Highest Remunerated CEOs (Full Remuneration) - Ebenezer Onyeagwu’s base salary increased by +6.96% while his total compensation increased by +21.16% between 2020 and 2021. The increase in total compensation is a result of the increase in shares owned from 46.5k to about 65k and dividend per share from N3.00k to N3.10K. Source Proshare Research Read More

MediaReach OMD to Present Top Trends 2023… Partners LBS & Geopoll on Webinar Session - MediaReach OMD, Nigeria’s leading media independent agency and pioneering thought leadership in Nigeria, in partnership with the prestigious Lagos Business School of the Pan-Atlantic University and Geopoll West Africa, is set to present a Webinar on the top trends to watch out for in 2023 as the current year draws to a closing. Source MediaReach OMD Read More

Nigeria Launches Portal to Promote Trade Reforms - The Federal Ministry of Industry, Trade and Investment, on Monday, launched the Nigeria Trade Information Portal in fulfilment of the World Trade Organisation Trade Facilitation Agreement. Source Punch Read More

Tax on Beverages ‘ll Contract Output, Drop Revenue by 40% –Manufacturers - Manufacturers under the aegis of the Manufacturers Association of Nigeria (MAN), have raised the alarm that the Federal Government’s proposed 20 percent Ad-valorem Excise Tax on non-alcoholic Beverages, was likely to cause a 0.43 percent contraction in output and about 40 percent drop in total industry revenues in the next five years. Source Sun Read More

PROSHARE TECHNOLOGY

Telecoms Contribution to GDP Increases by 10% - The contributions of telecommunications to the nation’s real Gross Domestic Product increased by 10.52 percent year-on-year to hit N7.28tn in the first nine months of 2022. In the corresponding period of 2021, the sector contributed N6.58tn to real GDP. According to the National Bureau of Statistics, the sector contributed N11.99tn to nominal GDP within the period under review, a 17.83 percent y-o-y increase from the N10.18tn it was in the corresponding period of 2021. Source Punch Read More

Crypto Lender Blockfi Files for Bankruptcy, Cites FTX Exposure - Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest industry casualty after the firm was hurt by exposure to the spectacular collapse of the FTX exchange earlier this month. Source Reuters Read More

PROSHARE FINANCE

Islamic Finance Market Weekly Review November 21st to November 28th, 2022 - The Debt Management Office (DMO) last week announced the issuance of the N100bn Ijarah Sukuk for Roads Infrastructure in Nigeria. This will be the 5th issuance since 2017, and so far over N612bn has been raised for building/ rehabilitation of 71 roads and 4 bridges across Nigeria. The Sukuk offer closes tomorrow Tuesday, 29th, November 2022. Source WebTV Read More

NDIC: We’ve Paid N113.2bn to Depositors of Failed Banks - Bello Hassan, NDIC managing director made the disclosure at the 2022 NDIC workshop, organised for the finance correspondents association of Nigeria (FICAN) and business editors on Monday in Port Harcourt. Source TheCable Read More