Sunday, December 16, 2018 5:01:37 PM- Nigerian Stock Exchange.

  Top Financial News


23 July 2018 ( Lagos ) 

State House, Budget Office, 306 others spent N149bn illegally – Auditor-General: The Auditor-General of the federation, Anthony Ayine, has queried 308 ministries, department and agencies of government over extra-budgetary spending of N149.5bn (US$413.8m) in 2016. This is contained in the 2016 annual report of the Auditor-General of the Federation. Some of the indicted MDAs are the National Centre for Women Development, National Emergency Management Agency, Police Service Commission and Tertiary Education Trust Fund. (Source: Punch)


Fashola spending taxpayers’ funds on misguided projects – Discos: The confrontation between the power distribution companies and the Minister of Power, Works and Housing, Babatunde Fashola, continued on Sunday, with the Discos firing back at the minister, accusing him of spending taxpayers’ money on misguided projects. (Source: Punch)      


Nigeria, others to get AFREXIM Bank’s $25bn grant: The President, African Export-Import Bank, Dr Benedict Oranma, has said there are plans by the bank to support Nigeria and a number of other African countries with $25bn within the next three years. (Source: Punch)


National carrier: Don’t frustrate existing airlines, operators tell FG: Domestic airline operators are apprehensive their business may be stifled if the Federal Government gives undue advantage to the new national carrier expected to be inaugurated in December this year. (Source: Punch)


IFC to upgrade water facilities in Nigeria, others: International Finance Corporation, a member of the World Bank Group, has partnered the Rockefeller’s 100 Resilient Cities and the Global Innovation Fund to improve water facilities in Africa. (Source: Punch)


Revenue allocation: Finally, FG, states, LGs share N668.8bn: After weeks of horse-trading over revenue underpayment by the Nigerian National Petroleum Corporation, the three tiers of government have finally received the sum of N668.8bn (US$1.85bn ) as allocation for the month of May. (Source: Punch)


Stock Market’s Year-to-date Decline Worsens:  Despite the announcement of corporate earnings by some companies for the half year (H1) ended June 30, 2018, the Nigerian bourse closed last week in the red as the bears maintained their dominance.  The market has remained downbeat since the beginning of the second half (H2) of the year as investors continued to trade cautiously putting into consideration political risk into consideration. (Source: Thisday)


VAT Waiver will Reduce Air Fares, Says CPC Boss: The Director General of the Consumer Protection Council (CPC), Babatunde Irukera said at the weekend that the removal of Value Added Tax (VAT) for domestic airlines would reduce the cost of air fares. (Source: Thisday)


Declining Credit to Private Sector Tops MPC Agenda Today: As members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) commence their two-day meeting in Abuja today, the sustained decline in the level of credit to private sector will be a major concern to the committee. (Source: Thisday)


FG to issue another green bond to fund 2018 budget: The federal government (FG) will fund part of the 2018 budget through the issuance of green bonds. This followed the successful issuance of the debut N10.69bn (US$29.6m), 5-year, federal government sovereign green bond at a coupon rate of 13.48% by the country last year. (Source: Thisday)



ARM premium hits 31%: ARM Life Insurance, a subsidiary of Asset & Resource Management Holding Company, has recorded a growth in its Gross Premium Written (GWP) by 31.5 per cent to N3.62 billion in the financial year end 2017 results from the N2.75 billion generated in 2016. (Source: The Nation)


NSE opens market to non-interest debt securities: The Nigerian Stock Exchange (NSE) will today begin the implementation of a regulatory framework for listing of non-interest debt securities on the stock market.(Source: The Nation)


Importers fault revenue target for NCS, FIRS: Importers and the Lagos Chamber of Commerce and Industry (LCCI) have faulted the revenue targets given by the Federal government to the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and other government agencies at ports.(Source: The Nation)


CIIN: insurance stocks viable: Chartered Insurance Institute of Nigeria (CIIN) President and Chairman of Council, Mrs. Funmi Babington-Ashaye, has assured players in the capital market of the industry’s ability to deliver value to the investment community.(Source: The Nation)

‘DisCos lose N48/unit due to delay in tariff hike’: The 11 electricity Distribution Companies (DisCos) said they lost an average of N48 per kilowatt hour (KWH) of electricity due to the stoppage of a new tariff in the past 30 months.(Source: Daily Trust)


NIPCO pays N3 dividend, shareholders excited: hareholders of NIPCO Plc at the 15th Annual General Meeting (AGM)in Abuja commended the board and management for the consistent payment of dividend since the company commenced operations in 2004.(Source: Daily Trust)

Efekoha to become CIIN president: The Governing Board of the Chartered Insurance Institute of Nigeria, CIIN, will invest Mr. Eddie Efekoha as the new President of the Institute this week. (Source: Vanguard)

Nigeria central bank asks lenders to bid for Chinese Yuan: Nigeria’s central bank asked lenders on Friday to submit bids for the Chinese yuan, in the first auction after it agreed a US$2.5bn swap with its Chinese counterpart in May. The auction is part of an attempt to encourage the use of an alternative trading currency, particularly given the high level of imports from China, which amounted to US$2bn last year. (Source: Reuters)

FG plans mass production of cashew for export: The FG has initiated moves to encourage mass production of cashew and other agricultural products for exportation in a bid to boost the country’s non-oil revenue. (Source: Punch)

Reporting for EasyKobo on Monday, 23 July 2018 in Lagos, Nigeria

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