ARM Research: Summary of News, 31st of January

By January 31, 2019Research
ARM Research

CORPORATE AND ECONOMIC CALENDAR

Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information – 6th February, 2019.

Neimeth Pharmaceutical Int’l Plc: Annual General Meeting – 6th February, 2019.

PUNCH

FG targets $2bn from oil block licence renewal: The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the Federal Government is targeting about $2bn from the renewal of oil and gas leases.

 

Refineries’ funding: NNPC, investors disagree on commercial terms: After spending over one and half years negotiating with financiers for the revamp of Nigeria’s refineries, the Nigerian National Petroleum Corporation on Wednesday declared that it could not agree with the investors on the commercial terms of the transaction.

 

MAN targets increase in manufacturing sector’s GDP contribution: The President, Manufacturers Association of Nigeria, Mr Mansur Ahmed, said that in 2019 and the years ahead, the association aimed to increase the contribution of the manufacturing sector to the Gross Domestic Product above the current 9.5 per cent.

 

Neimeth Pharmaceuticals posts N139.2m loss in three months: Neimeth International Pharmaceuticals Plc has announced a loss of N139.2m for the fourth quarter of 2018.

 

Bonds: FG allots N116.99bn to 109 bidders: The Federal Government on Wednesday allotted N116.99bn worth of bonds to 109 bidders in its January auction.

 

US transport security agency begins audit of Lagos airport: The Nigerian Civil Aviation Authority says a three-man United States Transportation Security Administration team has commenced a routine assessment of the Murtala Muhammed International Airport, Lagos.

THISDAY

CAC: Passage of CAM Bill Will Boost Ease of Business: The acting Registrar-General, Corporate Affairs Commission (CAC), Azuka Azinge, Wednesday commended the National Assembly on the passage of the Companies and Allied Matters Bill by a concurrence.

 

Notore Records N2.9 Billion Operating Profit in First Quarter: Notore Chemical Industries Plc Wednesday announced its unaudited results for the first quarter(Q1) ended December 31, 2018, showing resilience and improved performance.

 

Inlaks Integrates NIRSAL National Microfinance Bank: Inlaks said it has been selected as the implementation partner to host NIRSAL National MFB on the National Association of Microfinance Banks Unified IT (NAMBUIT) platform, which is deployed for micro-finance banks.

VANGUARD

SEC sets 7-year timeline to revive, develop commodities market: The Securities and Exchange Commission, SEC, and other stakeholders in the commodities ecosystem have set a seven year timeline to revive the commodities market in Nigeria through the Nigerian Commodity Exchange, NCX, and set it at par with other commodity exchanges in other parts of the world. The restructuring will be concluded in 2025.

AfCFTA: Our position remains unchanged until wide reaching sensitization, proper assessment – MAN: The Manufacturers Association of Nigeria, MAN, yesterday said its position remains unchanged on the issue of African Continental Free Trade Area, AfCFTA, that government should not sign the Framework Agreement until wide reaching sensitization and proper assessment are conducted on its impact on the economy and the manufacturing sector.

 

Naira appreciates to N360.5 in parallel market: The Naira yesterday appreciated to N360.5 per dollar in the parallel market.

DAILY TRUST

CBN issues banknote fitness standard, withdraws bad notes from circulation: The Central Bank of Nigeria (CBN) has published the guidelines on banknotes’ fitness and tasked all deposit money banks, microfinance banks and other cash handlers to comply with the directive.  The CBN also indicated that all unfit notes should be returned to its coffers for destruction or recycling.

 

Customs to sue insurance firms over N1.8bn unpaid claims: The Comptroller General of Customs (CGC), retired Col. Hameed Ali, has said the service will pay N1.819 billion claims to families of deceased officers between 2009 and 2014, and sue four insurance firms that had defaulted.

REUTERS

China’s services activity picks up in January – official PMI: Growth in China’s services industry picked up for a second straight month in January, an official survey showed on Thursday, reflecting some pockets of strength in an economy that is cooling under pressure from weak demand at home and abroad.

 

Mexican economic growth slows in fourth quarter: Mexican economic growth slowed in the fourth quarter of 2018 as manufacturing, mining and construction shrank, according to preliminary data published by the national statistics agency on Wednesday.