Nigeria in 1min: Economic, Business and Financial Headlines - 300621

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Wednesday, June 30, 2021 / 5:52 AM / By News Aggregator / Header Image Credit: Facebook; @Finminnigeria

 

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COVID-19 Health Updates

  • 29th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,543 cases (New: 11)
  • Discharged: 163,985
  • Deaths: : 2,120 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

COVID Variant Threatens Oil Demand - OIR 290621 - Oil edged up on Tuesday after posting a loss on Monday due to demand concerns. The spread of the Delta variant is raising some red flags, with new restrictions on visits implemented in Hong Kong, Spain, and Portugal in recent days. New flareups in cases have occurred in the UK and Australia, among other places. Source Tom Kool of Oilprice Read More

Moody's Announces Completion of a Periodic Review of Ratings of Guaranty Trust Bank Plc - Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Guaranty Trust Bank Plc and other ratings that are associated with the same analytical unit. Source  Moody's Investors Service Read More

Moody's Announces Completion of a Periodic Review of Ratings of Zenith Bank Plc - This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Source Moody's Investors Service Read More

Moody's Announces Completion of a Periodic Review of Ratings of Access Bank Plc - Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Access Bank Plc and other ratings that are associated with the same analytical unit. Source Moody's Investors Service Read More

Four Pillars States Should Adopt to Navigate Past COVID-19 Fiscal Challenges - Nigeria's economy is opening up slowly from a COVID-19-induced economic meltdown which saw the economic output dip by -6.10% in Q2 2020 and by a further -3.62%in Q3 2020 before reversing by +0.11% in the last quarter of the year. Source Ottoabasi Abasiekong for WebTV Read More

Reps to Summon FIRS, Fault Banks as $30bn Revenue Probe Begins - The House of Representatives' Joint Committee on Finance, Banking and Currency has begun an investigation of the leakages amounting to $30bn annually in the transfer of funds to execute international contracts, interbank transfers, among others. Source Punch Read More


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PROSHARE REGULATORS

Cowrywise Secures Fund and Portfolio Management Licence from the SEC - The Securities and Exchange Commission (SEC) of Nigeria has granted Cowrywise Financial Technology Limited ("Cowrywise") a Fund/Portfolio Management License. This will enable it to operate as a full-fledged fund/portfolio management company. Source Cowrywise Read More

 

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PROSHARE MARKETS

Honeywell Flour Mills FY2021 Audited Result: Strong Earnings Growth, But Rising Leverage - The FY2021 audited result of Honeywell Flour Mills showed improvement both in top and bottom-line earnings. The flour maker's liquidity also improved, despite an increase in the short-term debt of the company. Source  TheAnalyst, Proshare Research Read More

Nigeria Remains the Biggest Destination for VC Investments in Africa - Nigeria remains the biggest destination for venture capital investments in Africa offshore and onshore. Mr. Adebayo Adewolu a Partner with Trium disclosed during a discussion on opportunities for increasing investments from venture capital firms in Nigeria. Source Ottoabasi Abasiekong for WebTV Read More

Investors Gain N28.94bn as NSEASI Inches Up by 0.15%, Halts Negative Market Sentiment - Equities market closed today on a positive note, as NSEASI appreciated by +0.15% to close at 37,640.75 basis points as against -0.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.53%. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS

Africa Projects 60% Vaccines Production by 2040 - The African Union has said that by 2040, African countries would produce at least 60 per cent of the vaccines they use as opposed to the one per cent manufactured in the continent currently. Source THISDAYLIVE Read More

Edo Modular Refinery Finalises Crude Sale Contract for Operations - The Edo State Governor, Godwin Obaseki, has said the Edo Modular Refinery, being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Edo State Government, is ready for operations. Source The Guardian Nigeria Read More

Banks to Lend NNPC Fund for Equity in Dangote $19b Refinery - Banks have commenced engagement with the Nigerian National Petroleum Corporation (NNPC) on how to lend the Corporation loan to acquire equity 20 per equity in the Dangote $19 billion Petroleum Refinery. The news about plans to buy equity in the refinery broke over two weeks ago. Source The Nation Read More

OPEC+ Expected to Move to Cool Overheating Oil Market - The OPEC+ group of oil-producing countries will meet on Thursday and are expected to agree to boost production in August in order to meet demand and dampen recent price rises. Source The Guardian Nigeria Read More

 

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PROSHARE TECHNOLOGY

May 2021 E-Payments Data: Young and Getting It, Records Impressive Growth - The latest data from the Nigerian Inter-Bank Settlement System (NIBSS) shows growth remains remarkably strong across the various e-payments channels in the first five months of 2021 (January - May 2021). Source CSL Research Read More

DG Ahmad Tasks Stakeholders on National FinTech Strategy - The Deputy Governor in charge of Financial Systems Stability, Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad, has tasked stakeholders in the financial sector to ensure the development of a robust, inclusive and actionable National FinTech Strategy that is fit-for-purpose. Source CBN Read More

How MTN Nigeria is Supporting FG's Financial Inclusion Strategy - Nigeria's leading telecommunications provider, MTN, has announced that it aided over 1.6billion naira worth of financial transactions via its Unstructured Supplementary Services Data (USSD) channels in 2020. Source MTN Read More

Facebook Hits $1 Trillion Valuation for First Time - Social media giant, Facebook, has hit a $1 trillion valuation, following a dismissal of two antitrust lawsuits against the company. Facebook's stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported. Source Punch Read More


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PROSHARE FINANCE

IsDB Notes the Need for Humanitarian Partnerships in a Time of COVID-19 - The Islamic Development Bank (IsDB) and the Islamic Solidarity Fund for Development, the bank's poverty alleviation arm, joined hands with Light for The World to get immediate help to the communities hit hardest by the COVID-19 crisis in Burkina Faso. Source IsDB Press Release Read More

What Is Lean Six Sigma Green Belt Certbolt Certification - Lean Six Sigma Green Belt is designed to validate the candidates' skills and competence in the core and advanced components of the methodology. The professionals with this credential can lead projects and function as a team member in advanced improvement projects led by a Black Belt. Source Sponsored Post by liza shane Read More 


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