Index to Nigerian Newspapers

Public companies operating in Nigeria now have to choose one of two options in filing their annual financial statements as the Securities and Exchange Commission (SEC) began full implementation of the dual filing options for corporate earnings. Public companies now have the option of filing the unaudited fourth quarter financial statement within 30 days after the end of the quarter and filing the annual audited financial statements within 90 days after the year-end. Failure to abide by an adopted filing regime will be deemed a violation of Section 60 of the Investments and Securities Act, 2007. Abuja doctor reveals a unique way to permanently cure weak erection, small and shameful manhood, and infertility issues without side effects. Osinbajo heads to Nairobi for Mo Ibrahim Governance Forum, Court stops Akeredolu from installing monarch in Alade Idanre, Angry Buhari orders Akpabio, Amaechi, Sylva, others to resign, Activists greet governor-elect Francis Nwifuru, Dane sentenced to death for killing Nigerian wife, child, and Actress found dead in hotel room..

Financial experts warn that the Central Bank of Nigeria's large foreign-currency liabilities to external creditors may worsen foreign exchange volatility and naira depreciation. The country's risk profile may discourage foreign investments, as the CBN's dollar-denominated borrowings undermine foreign reserves and worsen the national debt position. Nigeria's total public debt rose to N49.95 trillion in the first quarter, and the CBN borrowed $7.5 billion from JP Morgan and Goldman Sachs to stabilize the economy. The CBN's liabilities impact sovereign risk assessments, as the net foreign reserves are less than the $33 billion widely publicized figure. The CBN's government borrowing is high at 75% of total loans and advances, and investors must verify ownership of foreign credit securities.

In the last seven trading sessions, investors in Nigerian equities have made more than N981 billion in net capital gains, boosting the country's stock markets. The benchmark indices for the Nigerian stock market yesterday rose to a year-to-date return of 4.4 percent on the strength of increased demand across a number of market sectors, which translates to net capital gains of N981.1 billion over the course of the seven trading sessions. The market is reflecting its function as the barometer for the economy, according to Mr. Olatunde Amolegbe, head of the Chartered Institute of Stockbrokers (CIS). Acceptability will trigger a bullish advance all year long; otherwise, the market can experience a reversal, according to Kurfi.

The federal government borrowed N563.4 billion from the domestic capital market at its latest bond auction, increasing its allotment to N563.359 billion. The DMO had offered four tenors of bonds, including the 10-year, 13.9800 per cent February 2028 bond with a previous stop rate of 13.99 per cent, the 15-year, 12.500 per cent April 2032 bond with a previous stop rate of 14.90 per cent, the 20-year, 16.2499 per cent April 2037 bond with a previous stop rate of 15.90 per cent, and the 30-year, 14.8000 per cent April 2049 bond with a previous stop rate of 16 per cent. The average stop yield closed at 15.31 per cent. At the recent auction of Nigerian Treasury Bills (NTBs), investors had staked N906.21 billion, providing headroom for the government to increase its initial offer by 44.5 per cent. The Central Bank of Nigeria (CBN) had offered N224.50 billion across three tenors of 91-day, 182-day and 364-day NTBs, but total subscriptions by investors peaked at N906.21 billion.

Recent fiscal and monetary changes have rekindled hope for a brighter economic climate in Nigeria, with foreign portfolio investors retaining more funds in the market. Total foreign transactions rose by 70.1 per cent in the second quarter of 2023, driven by a 197.5 per cent increase in inflows. The Nigerian Stock Exchange (NGX) reported that the positive market performance came "amid the bounce of a new administration and raft of changes in government policies." Retail domestic transactions increased by 40.70 per cent from N88.50 billion in May to N124.52 billion in June 2023, showing that more individual Nigerians were optimistic about the economy despite the immediate challenges that greeted major policy changes. The institutional composition of the domestic market increased by 19.9% from N197.26 billion in May 2023 to N236.49 billion in June 2023. Market analysts unanimously agreed that the stock market performance has been in response to President Bola Tinubu's policy direction, with a consensus that the direction would significantly uplift the economy and drive foreign and domestic investments in Nigerian assets.The total foreign transactions in the first four months of 2023 stood at N62.18 billion, owing to soaring inflation, prolonged foreign exchange scarcity, and uncertainties building up to the 2023 elections. The Nigerian stock market launched into a major rally on the first trading day after Tinubu's inaugural address, with net capital gains totaling N1.51 trillion, its highest gain in a day in two and a half years.

Foreign portfolio investments in Nigerian stock market dropped by 40. 4 percent in 2021 to its lowest level in five years as the active participation of foreign investors in Nigerian market. Declined by 11 percentage points from about 34 percent of total market transactions in 2020 to about 23 per cent in 2021. The report, however, showed anmirable improvement in the overall FPI report, coordinated by the Nigerian Exchange (NGX), included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible meassure of FPI trend.The report used two key indicators inflow and outflows, to gaurd foreign investors' mood and participation in the stock market and the economy.

Foreign portfolio investments in Nigerian stock market dropped by 40. 4 percent in 2021 to its lowest level in five years as the active participation of foreign investors in Nigerian market. Declined by 11 percentage points from about 34 percent of total market transactions in 2020 to about 23 per cent in 2021. The report, however, showed anmirable improvement in the overall FPI report, coordinated by the Nigerian Exchange (NGX), included transactions from nearly all custodians and capital market operators and it is widely regarded as a credible meassure of FPI trend.The report used two key indicators inflow and outflows, to gaurd foreign investors' mood and participation in the stock market and the economy.

Nigerian equities experienced a bullish rally after President Bola Tinubu's inauguration, resulting in a net average gain of N1.55 trillion. This increase in demand for oil and gas and banking stocks was driven by expectations of reforms in these sectors and a positive economic outlook. The sustained four-day run led Nigerian equities to the global chart for best-performing stocks. The STOXX Europe Index and MSCI EM Index experienced a 0.8 per cent dip, while the All Share Index (ASI) and aggregate market value of quoted equities at the Nigerian Exchange rose by 1.1 per cent and 0.9 per cent, respectively. The increase in market value was primarily due to share price appreciation, rather than changes in shares structure. The banks-led financial services sector remained the top activity chart, with 1.890 billion shares valued at N23.041 billion in 17,806 deals.

OPEC and its allies have agreed to reduce production targets between January and December 2024 by 1.4 million barrels per day (bpd), bringing total production to 40.463 million bpd. Saudi Arabia announced a production cut of one million bpd, while other members extended earlier cuts until the end of the year. OPEC+ aims to achieve and sustain a stable oil market and adjust overall crude oil production to 40.46 mb/d from January 1 to December 2024. The OPEC and non-OPEC Ministerial Meeting reaffirmed the Joint Ministerial Monitoring Committee's mandate to review global oil market conditions, production levels, and conformity. The meeting emphasized the importance of adhering to full conformity and compensating countries producing above the required production level. The 36th OPEC and non-OPEC Ministerial Meeting is scheduled for November 26, 2023 in Vienna.

Nigeria's apex capital market regulator, Securities and Exchange Commission (SEC), has directed all capital market operators to screen existing and potential clients for any possible link to proscribed groups under the Federal Government's official gazette on proscription of banditry and other global sanction lists. The screening applies to all foreign and local investors, and is in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021. All existing clients of CMOs shall be screened prior to executing any transaction from the date of this circular. The Commission has directed CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit (NFIU) and updated the existing know-your-customer (KYC) format at the capital market. All stockbrokers are required to capture full information in respect of new clients and update information of their existing clients. The clearing house for the stock market, the Central Securities Clearing System (CSCS), should forward an editable format of lists of clients with incomplete records to stockbrokers for them to update and return such to CSCS. The regulator mandated the CSCS to ensure transmission of full information to the registrars following transactions and registrars must ensure that new or updated shareholders information transmitted to them are properly captured in the relevant company's register of members.