Nigeria in 1min: Economic, Business and Financial Headlines - 230620


Tuesday, June 23, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Reddit


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COVID-19 Health Updates

  • On the 22nd of June 2020, 675 new confirmed cases and 7 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 20919 cases have been confirmed, 7109 cases have been discharged and 525 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 675 new cases were reported from 21 states- Lagos(288), Oyo(76), Rivers(56), Delta(31), Ebonyi(30), Gombe(28), Ondo(20), Kaduna(20), Kwara(20), Ogun(17), FCT(16), Edo(13), Abia(10), Nasarawa(9), Imo(9),Bayelsa(8), Borno(8), Katsina(8), Sokoto(3), Bauchi(3), Plateau(2). Source NCDC Read More

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Coronanomics (17) - Sub-Nationals: Digging Deep, Wide and Hard - To understand the effects of COVID-19 on Nigeria's various states, a deep dive into their debt profiles tells a compelling story of financial leverage going awry, especially when placed side-by-side with their federation account allocation (FAAC) and internally generated revenues (IGR). Source Proshare Content Read More

Another Decline in the FAAC Payout; Amount to N547bn in June 2020 - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N547bn (US$1.42bn) in June (from May revenue). This was a decline of N59bn on the previous month's payment. Source FBNQuest Research Read More 

Companies Income Tax (Significant Economic Presence) Order, 2020 - The Federal Government of Nigeria (FGN) on Friday, 29 May 2020 published the Companies Income Tax (Significant Economic Presence) Order, 2020 ("the Order") in its Official Gazette No. 21, Vol 107 of 10 February 2020. Source KPMG Nigeria Read More 

Nigeria's Double-Whammy: Inflation and Unemployment - PFI Capital -  Based on the Philips curve, there is usually a stable and negative relationship between inflation and unemployment. This is because an increase in the rate of inflation up to a point is a sign of increase in aggregate demand. Because aggregate demand has increased, firms employ more workers and that reduces the rate of unemployment. Source PFI Capital Read More 

Energy Storage Technology will make Blackouts in Africa Ancient History - A shift from Africa's traditional approach to power generation is needed to unleash the continent's clean energy potential and secure an African future free from blackouts. A strategy centred around energy storage and flexible power systems will be the key to guaranteeing the reliability of a high-renewable grid, while also lowering the cost of electricity for Africans. Source Op-ed by Risto Paldanius Read More

Boniface Chizea to Speak on Resetting Nigeria On The Path To Productivity Tomorrow on WebTV - Dr. Boniface Chizea is a top-notch economic and business development consultant, he has contributed significantly to the development of several organizations in the Public and Private sectors; Central Bank of Nigeria's Quality Assurance FSS 2020 project, Federal Ministry of Finance, Niger Delta Development Commission (NDDC), United Nations Development Programme (UNDP)... Source WebTV Read More

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SEC Issues Clarifications on New Rules on Collective Investment Schemes - Sequel to the publication of new Rules relating to Collective Investment Schemes in December 2019, the Commission hereby issues the following clarifications to facilitate effective compliance with the new CIS Rules. Source SEC Nigeria Read More 

SEC Releases Requirement for Additional Information on All Prospectuses Issued to The Public - This is to inform all stakeholders that as part of efforts to ensure investor protection and promote transparency in the operations of the Nigerian Capital Market, the Commission has introduced a new requirement for inclusion in all prospectuses or offer documents issued to the general public. Source SEC Nigeria Read More

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Investors Lose N38.02bn as NSEASI Dips by -0.29% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.29% to close at 24,753.92 points as against -0.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.78%. Source Proshare Markets Read More 

Sustainable Capital Africa Alpha Fund Now Holds Major Holdings of 5.11% in SEPLAT - The Company received notification that a shareholder on the London platform, in the name of Sustainable Capital Africa Alpha Fund, dealt in shares and now holds a direct interest of 30,071,128 units of shares (5.11%) based on the Issued Share Capital of 588,444,561 units of shares. Source NSE Read More

SEPLAT Now a HoldCo; Transfers Assets to Its Subsidiaries - Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company duallisted on the Nigerian Stock Exchange and London Stock Exchange, today announces the completion of transfer of the business activities and assets of OMLs 4, 38 and 41 from the Holding Company to its wholly owned Subsidiary Seplat West Limited. Following regulatory and partner approvals, the transfer is effective January 1, 2020. Source NSE Read More

FSDH Asset Management launches the FSDH Dollar Fund - On the 15th of June 2020, FSDH Asset Management, experienced fund managers that provide stellar investment solutions tailored to suit the financial position and goals of their clients, launched a new product - The FSDH Dollar Fund. Source FSDH Read More 

Afrinvest Stock Recommendation for the Week 220620 - Last week, the equities market recorded a bearish performance as the All-Share index lost 1.4% w/w to close at 24,826.75 points. As a result, market capitalisation declined N185.7bn to settle at N12.95tn while YTD loss worsened to -7.5%. Source Afrinvest Research Read More 

Anchoria Fixed Income Monitor: An Activities Filled Week With T-Bills, OMO and Bond Auction - The average money market rate rose significantly last week by 6.59% to settle at 15.92% from 9.33% in the previous week. This is attributable to outflows from CRR debit (N216.00 billion), OMO auction (N80.00 billion), FGN Bond auction (N100.00 billion) and Sukuk bond (N162.58 billion). Source Anchoria AM Research Read More 

The Bulls Re-emerge as Average Yield Dips 1.2% WoW - The 2-week bearish streak in the NT-Bills secondary market came to a halt last week following renewed buying interests as a result of a robust system liquidity (c.N600.0bn long as at Thursday) due to inflows from OMO maturities, disbursements from the Federation Accounts Allocation Committee ("FAAC") as well as investors seeking to fill lost bids (c. N74.4bn) from the Primary Market Auction ("PMA"). Source Afrinvest Research Read More

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BAME Cabinet Ministers: Modern-day Courtiers or Jesters? - In every society, there are categories of people of a different race, colour, nationality, or cultural traditions that differ from the dominant population. In the UK, the term BAME is used to define the non-white population of Black, Asian, and Minority Ethnic communities. Immigration, colonialism, and slavery are some of the main drivers for the prevalence of ethnic minorities in the Anglo-American world. Source Ahmed Sule, CFA Read More 

Maritime Anti-Corruption Network to Scale Up Collective Action in Nigeria with support from Siemens - The Maritime Anti-Corruption Network (MACN)- a global business network of over 130 companies working together to tackle corruption in the maritime industry-is expanding its Collective Action initiative in Nigeria with the support of the Siemens Integrity Initiative. The project will be implemented by MACN and the Convention on Business Integrity (CBi) and run from 2020 up to January 2023. Source CBi Nigeria Read More

Airports, Airlines Not Ready For Operation, Says NCAA - Airports and airlines in the country are not yet fully ready to resume operations, the Nigerian Civil Aviation Authority has said. It was gathered on Sunday that while airlines were about 70 per cent prepared for resumption, domestic airports were 57.83 per cent ready. Source Punch Read More

IPPIS: Petrol Scarcity Looms As PENGASSAN, NUPENG Threaten Strike - Nigeria may face petrol scarcity if oil workers make good the threat of withdrawing their services nationwide should the Federal Government insist on registering employees in the oil sector on the Integrated Payroll and Personnel Information System. Source Punch Read More 

Speculators'll Lose Billions On Forex Sales Resumption - ABCON - The Association of Bureau De Change Operators of Nigeria has said that currency speculators will lose huge funds as the Central Bank of Nigeria plans to resume dollar sales to over 5,000 Bureau De Change operators across major cities nationwide. Source Punch Read More 

Senate To Intervene In NIPOST, FIRS Stamp Duty Dispute - The Senate says it will soon schedule a meeting with all relevant stakeholders to resolve the ongoing stamp duty controversy between the Nigerian Postal Service and the Federal Inland Revenue Service. Source Punch Read More

Nigerian Ports Not Configured For Export - Shippers Council Boss - The export logistic chain in Nigeria is weak. We need the Central Bank of Nigeria to look at the whole gamut of our logistic chain and build export centres all around the dry ports. Kaduna State, for example, is an area for the production of ginger. Many metic tonnes have been exported from the Kaduna Dry Port, but the rail capacity is not much and we need the rail system to run efficiently there. Source Punch Read More

W'Bank: Poorest Countries to Save $12bn in 2020 Debt Relief - The world's poorest countries could save over $12 billion owed to sovereign and other creditors this year through their participation in a debt-relief program, with Angola alone saving some $3.4 billion, according to estimates published Friday in a new database from the World Bank. Source THISDAYLIVE Read More

U.S. Home Sales Hit Nine And A Half Year Low; Price Growth Cools - U.S. home sales dropped to their lowest level in more than 9-1/2 years in May, strengthening expectations for a sharp contraction in housing market activity in the second quarter following disruptions caused by the COVID-19 pandemic. Source Reuters Read More

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Sanwo-Olu Reconstitutes Board of Employment Trust Fund - Lagos State Governor, Mr. Babajide Sanwo-Olu has approved the reconstitution of the Lagos State Employment Trust Fund (LSETF). A statement signed on behalf of the Governor by his Chief Press Secretary, Mr. Gboyega Akosile explained that the new board appointments, which take immediate effect were necessitated by the vacancies in the organisation. Source Lagos State Government Read More


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