Oando signs Gas Supply Agreements with NLNG, says JV closer to zero gas flare

AFEX to grow operation ten-fold over next five years, Balogun says| Ayodeji Balogun, the Regional Director, AFEX Commodities Exchange Limited (AFEX), a market-leading commodities exchange in Nigeria said operation of the Commodity Exchange would grow ten-fold in the next five years.

Nigeria records positive trade balance in Q3. Nigeria’s total imports decline as exported goods saw a push in the third quarter of 2019, the National Bureau of Statistics (NBS) has revealed.

Nigeria’s debt service to revenue is high, the debt management office,DMO, said in its recent clarification about Nigerian debt stock. DMO said debt service figures grew as a result of the increase in the Debt Stock and relatively high domestic interest rates.

FCMB says group will diversify earnings from retail, raise Tier-2 Capital. After disappointing earnings in the third quarter of 2019, FCMB Group www.fcmbgroup.com said it plans to diversify earnings concentration from banking, sets strategic course for 2020 with Tier-2 capital raise which is expected to be closed in January.

Access Bank Economic Intelligence sees November inflation climbing to 11.9%| The Access Bank Economic Intelligence Unit has stated that the nation’s November headline inflation would hit 11.9%, as analysts cited border closure, security issues in the food producing region as driving factors.

AMCON Takes over Olajide Omokore’s Cedar Oil & Gas Limited Over ₦29 bn Debt. The Asset Management Corporation of Nigeria, AMCON, www.amcon.com.ng has taken over Cedar Oil & Gas Limited, the company promoted by Olajide Omokore, over N29 billion debt owed by the company.

Declining External Reserves Threaten CBN’s FX Market Intervention| The declining in the amount credited to the nation’s external reserves threatens the apex bank ability to supporting the local currency in the foreign exchange market, analysts have stated.

Foreign investors’ shy away from CBN’s OMO auction. In the money market last week, exit of foreign investors impacted the Central Bank of Nigeria’s (CBN) www.cbn.gov.ng open market operation (OMO) as subscription was significantly under sold.

Analysts say Moody’s Negative Outlook Reflects Weak Macroeconomic Fundamentals. Afrinvest, a leading independent investment banking firm, said that Moody’s, an international rating agency, negative outlook reflects the nation’s current realities. The firm however said that fiscal ratio could worsen in 2019.