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Nigeria in 1min: Economic, Business and Financial Headlines - 291222

Dec 29, 2022   •   by   •   Source: Proshare   •   eye-icon 437 views

PROSHARE ECONOMY

The Nigerian Economy in Nine Frames: Slow Growth Vs Growing Apprehension - Between 2021 and 2022 the Nigerian economy recorded a streak of positive GDP growth in the aftermath of the COVID-19 outbreak that forced the decline of the global economy and the collapse of supply chains. Source Proshare Research Read More

FIRS Lists NNPC Ltd as Highest Taxpayer in 2021; Proshare Nigeria Receives Recognition Award - The Federal Inland Revenue Service (FIRS) has listed the top taxpayers companies in 2021. Prominent companies on the list are NNPC Limited which was listed as the Highest Taxpayer in 2021 while Nigeria LNG Ltd was listed as the Most Supportive Taxpayer in 2021. Source Proshare Research Read More

Senate Rejects Buhari’s Request To Restructure N22tn Loan - The Senate on Wednesday rejected the request by the President, Major General Muhammadu Buhari, (retd.), to restructure the N22.7tn Ways and Means advances collected by the Federal Government from the Central Bank of Nigeria. Source Punch Read More

Understanding Nigeria’s Sugar Master Plan: The Gains and Pains - Nigeria’s sugar masterplan has been in limbo over the last decade and nothing suggests a near-term improvement in the situation as operators and the government have remained comfortable with operating in the dark. No updates on the performance of key domestic sugar processors and the sugar plan have been made public. Source Proshare Research Read More

 

PROSHARE MARKETS

Investors Gain N124.47bn as NGXASI Advances Further by 0.46%; Overnight Rate Contracts to 10.83%; BDC Declines to 742 - The NGX All-Share Index advanced by 0.46% to close at 49,934.60 basis points as against a 0.42% gain recorded previously to close at 49,706.09 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N124.47bn gain. YTD, the NGXASI Stands at +16.90%. Source Proshare Research Read More

Experts Review NIS Revenue Drive, Hike in Vehicle Insurance, and African Refiners Capacity - Looking at the revenue generated by the Nigerian Immigration Service (NIS) since 2017, Analysts observe that the agency could double its revenue from N38.53bn in 2017 to N74.69bn in 2022. The rise in revenue generated by the agency could be attributed to the increase in passport issuances. Source Proshare Research Read More

 

PROSHARE REGULATORS

At A Glance: Update on CBN’s Regulatory Directives on Cash Withdrawal Limits - Following feedback received from stakeholders on its Circular of December 6, 2022 (“earlier Circular”), the Central Bank of Nigeria (“CBN”), via a new Circular titled: “Re: Naira Redesigned Policy – Revised Cash Withdrawal Limits” and dated December 21, 2022, with reference number: BSD/DIR/PUB/ LAB/015/073 (“updated Circular”). Source Banwo & Ighodalo Read More

 

PROSHARE BUSINESS

Domestic Airfares Hit N70k In November — Up By 98% In One Year - The National Bureau of Statistics (NBS) says the average cost of domestic flight tickets in Nigeria increased to N73,267 in one year. Source TheCable Read More

Auction: EFCC Invites Bids For 61 Forfeited Houses, Others - The Economic and Financial Crimes Commission (EFCC), has concluded plans to conduct sale of properties which are subject of final forfeiture orders. Source Leadership Read More

 

PROSHARE TECHNOLOGY

Telcos Threaten to Withdraw USSD Services Over N80bn Debt Owed by Banks - The Association of Licensed Telecommunications Operators of Nigeria (ALTON) says the accumulated debt from the unstructured supplementary service data (USSD), owed to them by banks, rose to N80 billion as at November this year. Source TheCable Read More

Twitter Outage Hits Thousands of Users Globally - Twitter Inc suffered a major outage on Wednesday, leaving tens of thousands of users globally unable to access the popular social media platform or use its key features. Source Reuters Read More

 

PROSHARE FINANCE

Old Notes: Extend Deadline to June, Senate Tells CBN - The Senate has urged the Central Bank of Nigeria to urgently extend the withdrawal of old currency notes from circulation from January 31 to June 30, 2023. Source Punch Read More

Customers Lament Poor Circulation of New Banknotes - Bank customers have lamented continued lack of the redesigned banknotes at Automated Teller Machines (ATMs) and over-the-counter transactions. They said the poor circulation was not good for business. Source The Nation Read More

Goldman Sachs’s David Solomon Says Job Cuts to Come in January - Goldman Sachs is preparing for a cull of its workforce in the coming weeks, chief executive David Solomon said in a message to staff, as the bank looks to reverse a recent expansion drive and scale back its ambitions in consumer finance. Source Financial Times Read More

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