MTN in advanced talks to sell West Africa assets - TechCentral
According to TechCentral, the company is in talks to sell some of its West African assets to Axian Group, a pan-African investor in telecoms. Both companies are reportedly negotiating on MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry. The deal is yet to be finalized and sources close to the case report that it’s still too early to conclude if it will go through.
Oil production now one million barrels lower daily – Punch, NUPRC
Nigeria's oil production falls below capacity by 1 million barrels/day due to investment, security, and funding challenges. The Nigerian government aims to boost production and maximize revenue but faces obstacles such as insecurity, limited investments, and reduced funding due to energy transition.
Gold Processing Plant in Kogi State: A Catalyst for Job Creation, Investment, and Shared Prosperity - BNR
The Minister of Mines and Steel Development, Olamilekan Adegbite, expressed optimism as a gold processing plant in Kogi State aims to end capital flight from informal gold trading. The project follows the cluster concept to promote efficiency, employment, and specialization. Government aims to diversify economy through mining sector, says Adegbite
Strong Demand Knocks Down Stop Rates at NTB Auction
Strong demand and higher inflation expectations led to a successful NT-bills auction in May, with subscriptions reaching N820.85bn. The DMO's spread resulted in reduced stop rates: 91-day at 4.5%, 182-day at 6.44%, and 364-day at 8.99%. Future auctions may see lower subscriptions due to tightening liquidity and potential hawkish monetary policy.
At Last, Buhari Seeks Senate’s Nod for Fresh $800m World Bank Loan for Poor, Vulnerable Nigerians - This Day
President Buhari seeks $800 million World Bank loan to sustain social investment program for vulnerable Nigerians, as concerns arise over the nation's growing debt profile
Global
European Central Bank (ECB) officials believe rate hikes won’t pause in July - Bloomberg
European Central Bank officials are starting to accept that interest-rate increases might need to continue in September to bring inflation fully under control, according to people familiar with the debate.
PacWest tumbles on deposit drop, asset pledge - Reuters
PacWest Bancorp saw a 9.5% decline in deposits, prompting the bank to pledge additional assets as collateral to the Federal Reserve for increased borrowing capacity. This news caused shares to plummet by 20%, affecting other regional banks as well. Despite having ample liquidity, investor concerns about mid-sized banks' stability persist
OpenAI CEO Sam Altman to testify before Congress for the first time next week – CNBC
OpenAI CEO Sam Altman will testify before the Senate Judiciary subcommittee on Privacy, Technology, and the Law to discuss regulating AI tools. The hearing, titled "Oversight of AI: Rules for Artificial Intelligence," will also feature IBM's Chief Privacy and Trust Officer and a NYU Professor. Altman recently met with Vice President Kamala Harris to address AI risks.
Weekly Investment Watchlist
Bank Failures
Economic data calendar
May 11: Producer Price Index; jobless claims
May 12: Import and export price indexes, University of Michigan sentiment survey
Investment Tip of The Day
Investing is a long-term endeavor, and it's important to stay focused on your goals. Avoid making impulsive decisions based on short-term market movements and stay committed to your investment strategy.
Meme of the Day
Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.
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