Nigeria in 1min: Economic, Business and Financial Headlines - 070421


Wednesday, April 7, 2021 / 5:49 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

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COVID-19 Health Updates 

  • 6th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 163,388 cases (New: 58)
  • Discharged: 153,630
  • Deaths: : 2058 (New: 0)

Source: NCDC Read More

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IMF Executive Board Extends Debt Service Relief for 28 Eligible Low-Income Countries - The Executive Board of the International Monetary Fund (IMF) approved on April 1, 2021, a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). Source IMF Read More

President Buhari Appoints Usman Alkali Baba as Acting IGP - President Muhammadu Buhari has approved the appointment of Deputy Inspector General (DIG) Usman Alkali Baba as Nigeria's Acting Inspector General of Police (AIGP). The Minister of Police Affairs, Maigari Dingyadi announced this while briefing state house correspondents on the security situation in the country. Source Presidency Read More

IMF Extends Debt Relief to 28 Low-Income Countries - The executive board of the International Monetary Fund approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust. Source Punch Read More

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Investors Lose N78.53bn as NSEASI Dips by -0.39% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 38,766.61 basis points as against -0.33% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.73%. Source Proshare Markets Read More

Total Nigeria PLC FY2020 Audited Results: Pandemic-Induced Top-line Dip and Bottom-line Tumble - Total Nigeria Plc's FY2o2o performance reflected the peculiarity of the 2020 financial year; bedevilled by the COVID-19 pandemic and its resultant logistic difficulties, increased costs, and lower retail margins. The Nigeria downstream oil marketer-Total Nigeria Plc (Total) seems to have had a tough time balancing its costs against sales as its profit dipped. Source Tosin Ige, Proshare Research Read More

Cement Industry in the Era of Recovery - Following the removal of movement restrictions in Q3 2020 and the resumption of economic activities, the impact of such reopening was evident in the financial performance of the three major players in the cement industry (Dangote Cement, Lafarge and BUA Cement). Source CSL Research Read More

LafargeHolcim Announces Successful Acquisition of Firestone Building - LafargeHolcim has announced that its Holcim Participations (US) Inc. subsidiary has completed the acquisition of Firestone Building Products, following all regulatory approvals. The transaction closed earlier than expected due to smooth collaboration with Bridgestone and all 1,900 employees will be joining LafargeHolcim. Source Lafarge Read More


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The Judge as a Street Fighter - The Chairman, His Conduct and Character Signalling Issues - I would never have believed that a day would come when a Nigerian judge would engage in street fighting no matter the level of provocation. It was for this reason that I initially thought the video showing a suit-wearing fellow, referred to as a certain powerful judge kicking and slapping a security guard at the Banex Plaza, Abuja last week, was a Nollywood video. Source OpEd by Reuben Abati Read More

NBCC Announces Ayomide Olajide as Its New Director-General - The Nigerian-British Chamber of Commerce is pleased to announce its new Director-General, Mrs. Ayomide Olajide effective Monday, February 1, 2021. Ayomide Olajide is a development sector professional with over 10-years' experience in project management and non-profit leadership. Source NBCC Read More

IPMAN Denies Petrol Diversion - The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday distanced itself from the alleged diversion of the Premium Motor Spirit (PMS) or petrol to neighbouring countries. Source The Nation Read More

Nigeria Loses $18bn Annually to Tax Evasion, Money Laundering, Others - CISLAC - Against the backdrop of corrupt practices in Nigeria, Civil Society Legislative Advocacy Center CISLAC, on Tuesday, lamented the rising increase in corruption in Nigeria saying the country loses about $18bn annually to tax evasion, money laundering, and other related offenses especially outside the country. Source Vanguard Read More

Shoprite Concludes Sale of Nigerian Subsidiaries - South African Company, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets are being concluded. The company said it would shut down operations in the country by disposing a 100 per cent equity stake in its Nigerian retail supermarkets. Source Punch Read More

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Cryptocurrency: An Islamic Law Perspective - Recently Professor Abdulrazaq Alaro, Head Department of Islamic Law, University of Ilorin, Kwara State, gave a presentation on "Cryptocurrency: An Islamic Law Perspective" at a webinar organized by Forerunner Welfare Foundation in conjunction with Muslims Students Society of Nigeria (MSSN) Somolu Area Council. Source Bukola Akinyele-Yisau for WebTV Read More

Facebook Research Unveils Tips for Nigerian Businesses to Plan and Adapt During Ramadan - The COVID-19 pandemic has significantly impacted the way people live, connect, shop and discover. This was more evident during Ramadan, a period of introspection and celebration for nearly 2 billion people. Source AT3 Resources Read More

Anxiety in the US as China Creates the First Major Digital Currency - A cyber yuan gives Beijing power to track spending in real-time. Importantly, it's money that isn't linked to the dollar-dominated global financial system. The cyber yuan is a government-sponsored digital currency designed to track the movement of every penny. Bitcoin promotes anonymity. Source Mike Shedlock for FXStreet Read More

The Use of Artificial Intelligence Can Help Check Cybercrimes - Ecobank Nigeria MD - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated the use of artificial intelligence to predict security threats and proffer solutions. Akinwuntan who made this assertion at a webinar themed, "Cyber threat Landscape: Financial services, 2021 and beyond." Source Ecobank Read More

Facebook Says Data on 530 Million Users 'Scraped' Before September 2019 - Facebook Inc on Tuesday said a recently reported data leak affecting potentially 530 million users stemmed from a misuse of a feature in 2019 and that the company had plugged the hole after identifying the problem at the time. Source Reuters Read More

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AWMS 2021 to Discuss Accelerating Adaptation of Modern Workforce Techniques - The Africa Workforce Management Summit 2021 (AWMS 2021) promoting the theme "Creating Organizational Agility To Enable Acceleration In Adapting Modern Workforce Techniques", presents a C-level platform that will focus on robust frameworks to help organizations plan and integrate the people strategy with business strategy from thought leaders. Source AWMS Read More

Family-owned Businesses Are Central to West African Region Economies - Home to Africa's largest market and nearly a third of the continent's population, West Africa boasts a vibrant business community with some of the most recognisable indigenous brand names on the continent. Family-owned businesses (FOBs) are central to the region's economies Source Asoko Insight Read More


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