Nigeria in 1min: Economic, Business and Financial Headlines - 010321


Monday, March 1, 2021 / 5:41 AM / By News Aggregator / Header Image Credit: @FinMinNigeria

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COVID-19 Health Updates 

  • 28th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 155,657 cases (New: 240)
  • Discharged:  133,768
  • Deaths: : 1,907 (New: 2)

Source: NCDC Read More

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Why Oil Bulls Won't Back Down - OIR 260221 - Oil prices took a breather on Friday after Brent traded just above $67 on Thursday. While downside risks remain, banks are now openly talking about the possibility of $100 oil at some point. OPEC+ still has the power to send oil prices down, but very few analysts are staking out overly bearish outlooks. Source Tom Kool of Oilprice Read More

FG Vows to Eliminate Multiple Taxations in Mining Sector - The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, has assured miners that the Federal Government would eliminate multiple taxations in the mining sector. Source Vanguard Read More

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NCM 2020: Regulatory Governance in 2020 - Despite the halt and climate of uncertainty occasioned by the COVID-19 pandemic, the National Assembly passed several significant pieces of legislation into law. The highlight of the year 2020 is the amendment of the Companies and Allied Matters Act and the enactment of the Finance Act. Source Proshare Research Read More


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What To Expect From The Markets This Week - 010321 - The Niger Delta Power Holding Company announced that it had signed a Power Purchase Agreement to supply electricity to Togo. It announced that a total of 70 megawatts of electricity would be sent to Togo from the Calabar Power Plant in Odukpani, Cross River State. Source Proshare Content Read More

NCM 2020: Technology and the Nigerian Capital Market - The adoption of new technology is not a fad but the tap root of the new asset trading outlook of the future. Investors are going to be less concerned with having face time with their equity and fixed income brokers as they would be concerned with the simmering impact of economic and sectoral business changes. Source Proshare Research Read More

NCM 2020: Energy Commodities Took a Big Hit in 2020 - The energy sector took a big hit in 2020 from the devastating blow sent across the markets by the coronavirus pandemic. One commodity which was deeply affected was Oil. Source Proshare Research Read More

Zenith Bank FY2020 Results: Mild Earnings Growth, Strong Assets Surge  - The full-year (FY) 2020 unaudited result of Zenith bank Plc showed resilience and marginal growth in top and bottom-line earnings numbers, despite the headwinds caused by the COVID-19 pandemic. Nevertheless, earnings were adversely affected after adjusting for currency translation into US dollar terms. Source Adaeze Nwachukwu, Proshare Research Read More

Zenith Bank Q4 2020 Results Review: Favourable Risk Reward Relative to Peers - Zenith Bank's (Zenith) Q4 '20 results showed that revenues and PBT beat our forecasts soundly, mainly because of a positive surprise in non-interest income. Fx revaluations gains of NGN22.9 (vs -NGN1.9bn Q4 '19) drove the variance in non-interest income, relative to our forecast. Source FBNQuest Research Read More

Bitcoin Extends Retreat from Record High to Hit Lowest in 20 Days - Bitcoin, the world's biggest and best-known cryptocurrency, has fallen 26% from the year's high of $58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle. Source Reuters Read More

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Cambridge University and Phillips Consulting to host a Disruptive Leadership Masterclass - Phillips Consulting in collaboration with The Jesus College, Cambridge University will host a Disruptive Leadership Virtual Masterclass on Wednesday, March 03, 2021 to empower leaders to accomplish their vision and inspire institutional growth. Source Phillips Consulting Read More

StarTimes Facing a Winding-Up Court Order for Rights Debts - GlobalData Sport, a data and intelligence services platform, has revealed that StarTimes, the Chinese-owned Pay-TV operator with tentacles across Africa, is at "serious risk" of receiving a court-mandated "winding-up" order after it has "repeatedly failed to pay" for sports rights to the BeIn Media Group concerning the French football Ligue1. Source Broadcast Media Africa Read More

Discos Receive 407,622 Customer Complaints in Six Months - Electricity distribution companies in the country received a total of 407,622 complaints from their customers in the first half of 2020, the latest data from the Nigerian Electricity Regulatory Commission have shown. Source Punch Read More

Nigeria yet to Maximise AU's Procurement System - NEPC - The Nigerian Export Promotion Council has said Nigeria has yet to maximise the opportunities available in African Union's procurement system to boost its economy. The Chief Executive Officer of the NEPC, Olusegun Awolowo, said this in his keynote address during a training workshop organised by NEPC for North Central stakeholders in Jos on Monday. Source Punch Read More

French Agency, MAN Provide $81m for Renewable Energy - The French Development Agency and the Manufacturers Association of Nigeria have put together an $81m funding scheme for the development of renewable energy and the energy efficiency sector in Nigeria. Source Punch Read More

Aramco Seeks One-Year Extension on $10 Billion Loan: Sources - Saudi Aramco has asked banks to extend by a year a $10 billion loan it raised last May, two sources familiar with the matter said, suggesting that rebounding crude prices are not pushing the oil giant to reduce debt for the time being. Source Reuters Read More

OPEC+ Faces Calls to Cool Oil Market Frenzy with Extra Barrels - From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them. Source Bloomberg Read More

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FITC Technology Summit: Stakeholders Explore Strategies For Addressing Cybercrimes and Hacking - Strategies for addressing the risks and adverse effects of cybercrimes and hacking in Nigeria came to the fore at the FITC Consulting 2021 technology summit which discussed the theme "2021 Hacking Predictions and Prevention: Security Strategies to Enable The Remote Workforce". Source WebTV Read More

Open Banking in Nigeria and Emerging Opportunities for Fintechs and Financial Institutions - With the arrival of fintechs and other innovators on the banking scene, the way we bank and carry out financial transactions is constantly changing. Some of these developments led to considerations for the creation of a seamless system that would lead to the sharing of financial data through an open banking system. Source Davidson Oturu (Aelex) Read More

Cryptocurrencies: Why Nigeria is a Global Leader in Bitcoin Trade - Estimates show that of the top 10 countries for trading volumes, Nigeria ranked third place after the US and Russia in 2020, generating more than $400m worth of transactions. Source BBC Read More

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