FINANCIAL AND ECONOMIC NEWS
https://globaleconomic-trendsanalysis.blogspot.com/2017/06/financial-and-economic-news_13.html
Hello,
Here are some of the top business & economy & political stories in Nigeria today 12th of June 2017.
1. Acting president, Yemi Osinbajo has signed the 2017 spending plan into law at about 4:40 p.m today inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials with the final figure of N 7.44 trillion presented by the National Assembly. Link
2. Nigeria’s Brent crude price will increase by between $2 and $3 per barrel in the coming weeks, on the back of stable demand and low volatilities, a report by the global oil research firm S&P Global Platts, has predicted. This implies that crude oil price, which stood at $48.27 per barrel, last week, would increase to $51 per barrel or more, signalling a good omen for Nigeria, which depends on crude oil for its fiscal responsibilities. Link
3. The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market. The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited. Others were Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited. Link
4. Lagos State Pension Commission (LASPEC) former Director-General,Rotimi Hussain, has urged life insurers in the country to accept the mandate given to them by the National pension Commission (PenCom) to transfer N167.84 billion annuity fund belonging to about 34,312 annuitants to Pension Fund Custodians (PFCs), describing the transfer as a blessing to the insurance industry. Link
5. Operators of bureaux de change in the country, under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have called for exchange rate cut in their segment. ABCON President, Alhaji Aminu Gwadade said the CBN should review BDCs dollar buying rate downwards from N360 to N350/$1 and enhance security surveillance at the boarders to check illegal cash movement that has long posed dire consequences on naira’s stability. Link
6. Following the fluctuations in forex and international crude oil prices, the ex-depot price of diesel has dropped by over 30 per cent between February and June 2017. Link
7. The Ondo State Governor, Mr. Rotimi Akeredolu, has reassured the workers in the state that their salary arrears will be paid in full by his administration. He noted that civil servants in the state were being owed N38bn, while N41bn were being owed the pensioners as gratuities. Link
8. The Senate Committee on Banking, Insurance and Other Financial Institutions has invited the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and Deposit Money Banks to a meeting on Tuesday over the high interest rates being charged by financial institutions in the country. Link
9. The House of Representatives Ad-hoc Committee investigating the activities of telcoms operators and vendors has ordered the Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) to end all existing lottery contracts between GSM companies and lottery operators. Link
Here are some of the top business & economy & political stories in Nigeria today 12th of June 2017.
1. Acting president, Yemi Osinbajo has signed the 2017 spending plan into law at about 4:40 p.m today inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials with the final figure of N 7.44 trillion presented by the National Assembly. Link
2. Nigeria’s Brent crude price will increase by between $2 and $3 per barrel in the coming weeks, on the back of stable demand and low volatilities, a report by the global oil research firm S&P Global Platts, has predicted. This implies that crude oil price, which stood at $48.27 per barrel, last week, would increase to $51 per barrel or more, signalling a good omen for Nigeria, which depends on crude oil for its fiscal responsibilities. Link
3. The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market. The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited. Others were Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited. Link
4. Lagos State Pension Commission (LASPEC) former Director-General,Rotimi Hussain, has urged life insurers in the country to accept the mandate given to them by the National pension Commission (PenCom) to transfer N167.84 billion annuity fund belonging to about 34,312 annuitants to Pension Fund Custodians (PFCs), describing the transfer as a blessing to the insurance industry. Link
5. Operators of bureaux de change in the country, under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have called for exchange rate cut in their segment. ABCON President, Alhaji Aminu Gwadade said the CBN should review BDCs dollar buying rate downwards from N360 to N350/$1 and enhance security surveillance at the boarders to check illegal cash movement that has long posed dire consequences on naira’s stability. Link
6. Following the fluctuations in forex and international crude oil prices, the ex-depot price of diesel has dropped by over 30 per cent between February and June 2017. Link
7. The Ondo State Governor, Mr. Rotimi Akeredolu, has reassured the workers in the state that their salary arrears will be paid in full by his administration. He noted that civil servants in the state were being owed N38bn, while N41bn were being owed the pensioners as gratuities. Link
8. The Senate Committee on Banking, Insurance and Other Financial Institutions has invited the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and Deposit Money Banks to a meeting on Tuesday over the high interest rates being charged by financial institutions in the country. Link
9. The House of Representatives Ad-hoc Committee investigating the activities of telcoms operators and vendors has ordered the Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) to end all existing lottery contracts between GSM companies and lottery operators. Link
