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12

Nigerian corporates shy away from capital market as cost of debt soars

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Nigerian corporates retreat from the capital market as CBN's rate hikes surge borrowing costs, impacting new listings and economic growth.

DMO sold treasury bills valued at N617.92 billion in June- FMDQ report

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The Debt Management Office (DMO) sold Treasury Bills (T.bills) valued at N617.92 billion across its auctions in June 2024.

11

RT Briscoe launches first-ever money market fund

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RT Briscoe Nigeria Plc is proud to announce the launch of its first-ever fund, the "R.T. Briscoe Savings and Investment Fund", following approval from the Securities and Exchange Commission (SEC).

Owerri-based businessman wins brand new SUV at Access Bank DiamondXtra Season 16 promo

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Access Bank Plc has rewarded a lucky customer with a brand-new SUV as part of its star prize rewards in the ongoing 16th Season of the DiamondXtra rewarding scheme.

09

Windfall tax: FG collecting taxes on already reported profit could deter future investment – PwC

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Tax and Advisory Service firm, PricewaterhouseCoopers (PwC) has stated that the federal government’s latest legislation to tax already reported profits of banks in 2023 could deter future investments into the country.

Dangote refinery to import crude oil from Libya

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The Dangote Refinery in Lagos is in discussions with Libya to import crude oil for its 650,000 barrels per day plant as it increases production.

Why NIPOST has been unable to meet its delivery timelines across Nigeria – Postmaster-General

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The Postmaster-General of the Federation, Ms Tola Odeyemi, has blamed poor road infrastructure for the Nigeria Postal Service’s (NIPOST) inability to meet some of its timelines for parcel delivery according to Nigeria.

08

Debt service costs gulp 74% of FG’s revenue in Q1 2024

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Debt service costs have consumed about 74% of the federal government’s retained revenue in the first quarter of 2024.

Sunday, Jul 21

21

US President, Joe Biden, pulls out of reelection bid amid concerns over health, age

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President of the United States of America (US), Joe Biden, has announced the end of his reelection campaign after fellow Democrats questioned his mental acuity and ability to defeat Donald Trump, leaving the presidential race in an…

17

eNaira makes up less than 1% of currency in circulation as of March 2024

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Nigeria’s Central Bank Digital Currency (CBDC), eNaira, makes up less than 1% of the total currency in circulation as of March 2024, almost three years after it was launched.

15

Nigerian Banks and their FX gains

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Nigeria's leading commercial banks recorded significant FX revaluation gains, estimated at a combined total of N3.37 trillion in 2023 and Q1 2024, primarily due to the devaluation of the Naira last year.

CBN’s plan to use Dormant account balances for treasury bills and government securities.

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Ugodre looks into the Central Bank of Nigeria’s (CBN) recent plan to utilize dormant account balances for treasury bills and government securities. He explores the implications of this policy on the banking sector, financial regulation,…

FG unveils climate change on healthcare policy in Nigeria

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The Federal Government, alongside key stakeholders, unveiled a climate change on healthcare policy document in a move to address the growing impact of climate change on healthcare delivery in Nigeria.

Nigeria’s first Sukuk bond of N100 billion to mature in September this year

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Nigeria's first Sukuk bond of N100 billion, which was issued on September 26, 2017, is set to mature on September 26, 2024.

Access Holdings: Success in acquisition, struggle with shareholder value

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Access Holdings has since blown past competing with Nigerian banks and has now set its sights on the continent. This time, they want to be among the top 5 banks in Africa (the bank was not clear by what measure).

10

United Capital tops the week’s gainers with 42.78%, as investors position for interim dividends

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United Capital Plc was the top gainer in the NGX for the week ending July 19, 2024, with its share price appreciating by 42.78% to close the week at N40.55.

U.S introduces International Entrepreneur Rule (IER) for non-citizen entrepreneurs seeking to establish, grow startups

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The United States has introduced the International Entrepreneur Rule (IER) for non-citizens who are entrepreneurs seeking to establish and grow their startups in the US.

Dangote reacts to NMDPRA’s inferior diesel allegations, says product quality now at 32 ppm

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The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has reacted to the allegations by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that the refinery is producing products of low quality.

Dangote says firm will drop plan to invest in Nigeria’s steel industry to avoid monopoly allegations

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The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly. Dangote made this disclosure in a…

03

MTN, Piggyvest, Flutterwave, Kuda make CNBC top fintech companies of 2024

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American news and business channel, CNBC, has recognized seven African companies in its World’s Top Fintech Companies 2024 report, highlighting them among the 250 leading fintech firms globally.

Saturday, Jul 20

22

LivingTrust Mortgage Bank Plc reports strong performance with a 66% increase in profitability for Q2-2024

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Livingtrust Mortgage Bank Plc has posted impressive performance for the period ended June 30, 2024.

16

WhatsApp says Meta will appeal FCCPC’s $220 million fine

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WhatsApp announced that its parent company, Meta, will be appealing the $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) for violating Nigeria’s data privacy laws.

Nigerian Banks incur N575.168 billion in taxes in 2023 as FG plans 50% Windfall tax

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In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175% increase compared to the N209.608 billion incurred in 2022.

15

Bitcoin price surges to $66,000 amid Global IT downtime

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Bitcoin price has seriously recovered from weeks of facing selling pressure which saw its price drop to as low as $53, 500 on July 5 to hit the $66,000 mark at the time of writing this report.

Crypto trading volume declined by 21.8% in June marking third month of decline

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Total trading volume on centralized exchanges declined by 21.8% in June, marking a third consecutive month of declining trading activity since March.

13

Court order: 9mobile distances itself from Teleology’s N55 billion debt

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Telecommunications company, 9mobile, has said It has nothing to do with the issue of N55 billion debt owed to Keystone Bank by its minority shareholder, Teleology Limited, as it was not a party to the case in court. The company issued the…

Analysts’ project naira to stabilize between N1,423.26/$ and N1,550/$ by year-end 2024

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Financial analysts at United Capital Plc have forecasted that the exchange rate will stabilize, trending between N1,423.26/$ and N1,550/$ by the end of 2024.

12

Summer vacation, strong U.S. dollar push naira to a 4-month low

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The strong U.S. dollar and summer vacation have increased foreign currency demand, pushing the naira to a four-month low.

11

MTN’s N81.9 billion gain drives marginal uptick on week’s slowest trading day

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MTN Nigeria recorded a 1.99% gain, representing an equity gain of N81.9 billion on the final trading day of the week.

UC RUSAL commits $500 million to revitalize Aluminium Smelter Company in Ikot Abasi

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UC RUSAL, the management of the Aluminium Smelter Company of Nigeria (ALSCON), has announced plans to inject $500 million to revive the smelter company in Ikot Abasi Local Government Area of Akwa Ibom State.