PROSHARE ECONOMY

African Development Fund Invests More Than $6m to Strengthen Public Finance Governance in African Countries - The Board of Directors of the African Development Fund have approved a grant of $6.12 million to help strengthen public finance governance in low-income African countries. Source AfDB Read More

RMAFC, EFCC Uncovers Oil Firms’ $205m Unremitted Funds - The Revenue Mobilisation Allocation and Fiscal Commission has said that it discovered $205.01m unremitted to the federation account by oil and gas companies through joint efforts with the Economic and Financial Crimes Commission. Source Punch Read More

CBN: FG Borrowed N6.3trn Through Ways and Means In 10 Months - The federal government borrowed N6.3 trillion from the Central Bank of Nigeria (CBN) in the first 10 months of 2022. Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls. Source TheCable Read More

PROSHARE MARKETS

Online Trading in the Age of Distributed Ledger Technology (DLT): The Doubts, the Pains, and the Opportunities - DLT will be a significant breakthrough in helping African investors improve their investment returns by trading a wider variety of assets or debts across broader continental markets. Admittedly, innovation comes with its dark sides, but in a world overshadowed by greyness, DLT sheds some light and warmth. Download the full report here: https://bit.ly/OnlineTradingReport2022 Source Proshare Research Read More

Investors Lose N61.81bn as NGXASI Declines Further by 0.24%; Overnight Rate Expands to 15.75%; BDC Appreciates to 765 - The NGX All-Share Index declined by 0.24% to close at 47,322.97 basis points as against 0.25% gain recorded previously to close at 47,436.45 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records N61.81bn loss. YTD, the NGXASI Stands at +10.78%. Source Proshare Research Read More

Ghana to Propose 30% Principal Loss for Eurobond Holders - According to a Bloomberg news report, the government of Ghana plans to ask holders of its international bonds to accept losses of as much as 30% on the principal and forgo some interest payments as part of a debt-sustainability plan to qualify for a loan from the International Monetary Fund. Source CSL Research Read More

PROSHARE BUSINESS

RBC Buying HSBC Canada for $13.5B - Royal Bank of Canada has agreed to buy the Canadian arm of mutinational bank HSBC for $13.5 billion in cash. RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base. Source CBC Read More

PROSHARE TECHNOLOGY

MainOne, an Equinix Company’s MDXi Appolonia Achieves Tier III Constructed Facility Certification (TCCF), Now Most Certified Data Center in Ghana - MDXi Appolonia, the data center subsidiary of MainOne, an Equinix company in Ghana, has just received its Tier III Constructed Facility certification (TCCF) from the Uptime Institute. With this new milestone, MDXi Appolonia becomes the leading data center provider in Ghana with the top 4 certifications in the industry; the Tier III Constructed Facility certification. Source MainOne Read More

Meta Unveils ‘#FlexNaija’ in Nigeria: A First-of-Its-kind 360 Campaign Focused On Metaverse Entry Points for African Creators - Last week, Meta invited top Nigerian content creators to a first-of-its-kind mixed reality event showcasing creativity and imagination as keys to the Metaverse, the next evolution of the internet, and as part of its “#FlexNaija” campaign. Source Meta Read More

DG NITDA, Kashifu Inuwa, Hints How Nigeria can Leverage on Digitalization to Improve IGR - Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has said that there are many values to leverage on digitalision programme of the Federal Government to enhance efficiency of taxation and boost Internally Generated Revenue (IGR) in the country. Source Tech Economy Read More

PROSHARE MSME

SMEDAN Floats Single-digit Funding for Small Businesses - The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Olawale Fasanya, has disclosed that a matching fund programme for agro-based Nano, Micro and Small Enterprises (NMSEs) has been launched. Source ThisDay Read More