Nigeria in 1min: Economic, Business and Financial Headlines - 080121

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Friday, January 8, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: WebTVNG


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COVID-19 Health Updates

  • 7th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 94,934 cases (New: 1565)
  • Discharged:  77,982
  • Deaths: : 1330 (New: 6)

Source: NCDC Read More


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PROSHARE ECONOMY

20 Key Changes in the New Finance Act 2020 - The Finance Bill 2020 has been signed into law. The new law introduces over 80 amendments to 14 different laws and takes effect from 1st January 2021. Source PwC Nigeria Read More

Finance Act 2020: Unclaimed Dividends and Dormant Balances - Concerns have continued to grow following the Federal Government of Nigeria's decision to securitize unclaimed dividends and dormant account balances of up to six (6) years in the country. Source CSL Research Read More

Power Minister Directs NERC to Forestall the Implementation of Duly Performed Review of Tariffs - On the 5th of January 2021, the Nigerian Electricity Regulatory Commission (NERC) issued a statement regarding erroneous and false reports by print and electronic media that approval had been granted for a 50% increase in tariff. Source Engr Sale Mamman, Office of the Minister, Power Read More

 

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PROSHARE MARKETS

Investors Gain N65.73bn as NSEASI Inches Up Further by 0.31% Amid Improved Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.31% to close at 40,590.85 basis points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.79%. Source Proshare Markets Read More

ALERT: 24.33% of CHAMPION's Outstanding Shares Traded on NSE Today - At the close of trading today, a total volume of 1.91bn units of shares of Champion Breweries Plc valued at N4.95bn were traded. This represents 89.30% of the total market volumes of 2.13bn while the value of CHAMPION shares traded represents 65.93% of the total market value traded which was put at N7.51bn. Source Proshare Research Read More

 

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PROSHARE BUSINESS

Poor Power Supply Strangulating Manufacturing Says MAN - The Manufacturers Association of Nigeria has said poor power supply is stifling the performance of manufacturers in the country, with huge spending on self-generated electricity. Source Punch Read More

5,552.8MW Power Generation Successfully Transmitted to Discos - TCN - Nigeria has recorded an all-time peak power generation of 5,552.8 megawatts, the Transmission Company of Nigeria announced on Thursday. According to TCN, the new peak power generation, which was recorded at 8.15pm on Wednesday, was successfully transmitted across the grid to power distributors. Source Punch Read More

NNPC Seeks $1bn in Oil Prepaid Deal to Revamp Refinery - The Nigerian National Petroleum Corporation (NNPC) has begun talks with trading firms to raise about $1 billion in a prepayment deal to refurbish its largest refining complex at Port Harcourt, it was learnt yesterday. Source THISDAYLIVE Read More

FOREX: Turnover in I&E Falls by 47% to $33bn in 2020 - The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (forex) market fell by 47 percent, year-on-year (YoY) to $33.04 billion last year from $62.37 billion in 2019. Source Vanguard Read More

Asian Stocks Jump as Revived Recovery Hopes Push Wall St to New Highs - Asian stocks opened higher on Friday, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year. Source Reuters Read More

 

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PROSHARE FINANCE

Islamic Finance Assets Projected to Reach $3.69trn by 2024 - Social distancing, resulting from the coronavirus pandemic, is likely to be the catalyst for Islamic banks across many countries to accelerate their digital transformation strategies, especially with financial inclusion being a major issue in many of the countries where Islamic finance is active. Source WebTV Read More

Budgeting for Millennials: Foundation of a Successful Financial Plan - Budgeting is a strategy that entails creating a plan to spend your money on the journey to financial freedom. In the maiden edition of the Millennial Talk, the programme anchors discussed why, when, and how to plan personal budgets. Source Bukunmi Adejobi, Proshare Research, and Taiyese Nifemi WebTV Read More


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