PROSHARE ECONOMY

Tier 1 Reclassification: Nigeria's e-Banking: The New Tech Hookup - But while the FCCPC gathers its thoughts on the pricing of digital financial services, the lending train appears to be moving along. Local banks have continued to push the digital payment and lending services hard and fast as e-banking revenues rise as a proportion of gross bank earnings. Source Proshare Research Read More

Lafarge Forum Highlights Need to Adopt High-Rise Buildings to Address Housing Deficit in Nigeria - As part of the key takeaways from the 5th edition of the Concrete Ideas discourse sponsored by Lafarge Africa Plc, the forum recommended the adoption of high-rise buildings to address the housing shortage in Nigeria. Source Ottoabasi Abasiekong Read More

Reps Probe Petrol Subsidy Payments, allege $10bn Revenue Loss - The House of Representatives has resolved to investigate payments for subsidy on petroleum products especially Premium Motor Spirit popularly known as petrol under the regime led by the President, Major General Muhammadu Buhari (retd.). Source Punch Read More

FEC Approves Reforms to Increase Non-Oil Revenue by N3.8trn Annually - The federal executive council (FEC) has approved reforms to increase Nigeria’s non-oil revenue by N3.8 trillion and oil revenue by N160 billion annually. Source TheCable Read More

PROSHARE MARKETS

NGXASI Closes Flat; Debt Market Size Grows by 0.18% to Close at N28.06trn; IEFX Rate Depreciates to N424.88 - The NGX All-Share Index closed flat at 51,802.48 basis points as against -0.31% loss recorded at the end of the previous trading session. In Naira terms, the NGX Market CAP records N810.63mln loss. YTD, the NGXASI Stands at +21.27%. Source Proshare Research Read More

NGX, BOI Collaborate to Deepen Capital Market in Nigeria for Inclusive Growth - Nigerian Exchange Limited (“NGX”) and Bank of Industry (“BOI”) have signed a Memorandum of Understanding (MoU) to deepen capital market reach, build the capacity of stakeholders through financial literacy programs, facilitate market advocacy initiatives and promote listings. Source NGX Read More

PROSHARE BUSINESS

OPEC Considers Possible Quota Increase, Redistribution Over Production Challenges - The Organization of Petroleum Exporting Countries and its allies, (OPEC+) led by Saudi Arabia, are expected to consider another production increase scheduled for August, completing the reversal of vast output cuts made at the outset of the pandemic in 2020. Source The Guardian Nigeria Read More

Increase Crude Production, Forex Will End Fuel Scarcity – NNPC - The only way to tackle the rising price of diesel and cooking gas in Nigeria is to increase the production of crude oil in the country. Group managing director of the Nigeria Nation Petroleum Company (NNPC) Ltd Mele Kyari said this when he appeared before the House of Representative Committee on Petroleum (Downstream), headed by Hon Abdullahi Gaya, over the rising cost of the products. Source LeadershipNG Read More

MAN Bemoans Influx of Imported Products in Circulation - Manufacturers Association of Nigeria (MAN) is lamenting that several of its members are struggling with unfair competition from imported products from Asia flooding Nigerian markets, due to the nation’s porous borders. Source SUN News Online Read More

PROSHARE TECHNOLOGY

Kora Opens UK Office as it Evolves its Pan-African Payment Infrastructure - Kora partnered with the Government of Birmingham to power this expansion via the West Midlands Growth Company, an organisation responsible for driving regional investment promotion and economic development for the West Midlands and the UK. Source Kora Read More

TikTok Faces Threat as Apple, Google Plan Removal from Stores - The Federal Communications Commission (FCC) of the United States is beaming its touch light on the operations of a popular video-sharing app, TikTok. The US had demanded that app stores owned by Google and Apple take down the Chinese app. The long-drawn battle between the American government and TikTok dates back to the administration of Donald Trump. Source The Guardian Nigeria Read More

U.S. SEC Rejects Grayscale's Spot Bitcoin ETF - The U.S. securities regulator on Wednesday rejected a proposal to list a spot bitcoin exchange-traded fund (ETF) by Grayscale, one of the world's biggest digital asset managers, on the NYSE Arca exchange. Source Reuters Read More