Nigeria in 1min: Economic, Business and Financial Headlines - 010720


Wednesday, July 1, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @GroupEcobank

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COVID-19 Health Updates

  • On the 30th of June 2020, 561 new confirmed cases and 17 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 25694 cases have been confirmed, 9746 cases have been discharged and 590 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 561 new cases were reported from 19 states- Lagos(200), Edo(119), Kaduna(52), FCT(52), Niger(32), Ogun(19), Ondo(16), Imo(14), Plateau(11), Abia(8), Oyo(8), Bayelsa(7), Katsina(6),Kano(5), Bauchi(3), Osun(3), Kebbi(3), Borno(2), Jigawa(1). Source NCDC Read More

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Coronanomics (25) - A Regulator's Burden - CBN's Tale of Heterodoxy - Against the background of Central Banks across the globe cutting interest rates and buying back domestic treasuries (T-bills and bonds), Nigeria's Central Bank recently announced a six-step policy initiative to head off a recessionary dip as the Coronavirus pandemic takes a toll on global economies and threatens to lead them into a recessionary spiral. Source Proshare Content Read More

Oil Markets On Edge As Second Wave Hits - OIR 300620 - Oil continues to trade around $40 per barrel. There are offsetting forces at play - continued economic rebound creates upward pressure but fears of accelerating Covid-19 transmission magnifies downside risk. In the oil market, the possibility of new Libyan oil is offset by tighter compliance from OPEC+. Source Tom Kool of Oilprice Read More

Moody's Announces Completion of a Periodic Review of Ratings of Interswitch Limited - Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Interswitch Limited 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 Bank of Industry - Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bank of Industry and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Source Moody's Investors Service Read More

Nigeria H2 2020 Outlook - The Viral Shock - The year 2020 has been a struggle. A global pandemic is in full swing and is poised to upend lives and livelihoods, obliterating any optimism for growth. In addition to disruption to social interaction, the outbreak is saddled with economic consequences in both the short and long run. Source Vetiva Research Read More

Responding to the Impact of COVID-19 on Food Security and Agriculture in Nigeria - The Nigerian agricultural sector holds the key to the country's drive for economic diversification. The sector has grown consistently at an average of 2.6% over the past three years. As at Q1 2020, agriculture accounted for about 22% of the Nigerian gross domestic product (GDP) compared to oil and gas (9.5%), manufacturing (9.7%), financial services (3.8%) and trade (16.1%). Source PwC Nigeria Read More

Transcript of the Press Conference on the Regional Economic Outlook Update for Sub-Saharan Africa - MR. VILKAS: Thank you for joining us virtually for this press briefing. My name is Gediminas Vilkas, I'm with IMF Communications Department. Today's press briefing is on the Update of Regional Economic Outlook for Sub-Saharan Africa. And today we have Mr. Abebe Aemro Selassie, the Director of IMF African Department. Source IMF Read More

Takeaway from Inauguration of Committee on Recovery of Stamp Duties - Main focus is on recovery of stamp duties collected by institutions such as Money Deposit Banks, NIBSS, CAC, etc. Recovery will be from 2015 to 2019. Source Taiwo Oyedele Read More

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Transcorp Hotels Gets Shareholders' Approval to Raise N10bn through Rights Issue - Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the Board of Directors to raise N10 billion in its proposed Rights Issue to fortify its balance sheet. Source NSE Read More

Investors Loses N198.05bn; NSEASI Dips by -1.53%; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -1.53% to close at 24,479.22 points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.80%. Source Proshare Markets Read More

ACI Experiences Slight Gains - AFEX Commodities Weekly Report 250620 - The AFEX Commodities Index composite experienced a slight uptick to close at 203.17 points in the week under review. The index performance appreciated by 0.34% W-on-W due to the positive market performance of the Soybean sub-index as against previous week performance in the week under review. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Treasury Bill Auction Holds On Wednesday July 1st, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, July 1st, 2020. For further information; kindly send a request via Source Arthur Stevens Asset Mgt Read More

FCMB Pensions Limited agrees to the 96% acquisition of AIICO Pensions Limited - FCMB Group recently notified the Nigerian Stock Exchange of its agreement to acquire 96% of AIICO Pensions Limited through its pensions arm - FCMB Pensions Limited. This appears to be part of a deliberate strategy to grow the Group's investment management portfolio and build on the inherent synergies between this and banking. Source News Read More

Margaret Agbonlahor To Speak on Collective Investment Schemes Tomorrow on WebTV - Margaret is the Head of HNI Sales at FSDH Asset Management Limited, a subsidiary of the FSDH Holding Company. She has over 20 years' Banking experience with expertise in Sales, Business Development, Marketing and Portfolio Management. Source WebTV Read More

FGN Bond Yields Still Give Way Despite Improved Offers Across The Curve - Activities level increased in the bond space with bids opening lower across most maturities albeit some bears showed improved offers especially at the long end of the curve to match the bids. The 2035s and 2050s were the most-sought after bonds in the market settling around 10.00% and 10.80% levels respectively for trades. Source Zedcrest Capital Read More

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Promotion Of Foreign Investments In Nigeria Through Investment Arbitration - Commercial relationships are often fraught with conflicts either from a breach of the contractual terms or the non-performance of a party to the contract. While conflicts are bound to happen, there must be an efficient and speedy dispute resolution mechanism. No doubt, States with established and effective dispute resolution mechanisms attract foreign investments. Source Edun Oluwatimilehin and Philips Adekemi Read More

Sustainable Conversations Webinar: Evaluating the Impact of COVID-19 on CSR and Marketing - In commemoration of its 10th anniversary, ThistlePraxis Consulting presents to you the second edition of its Sustainable Conversation webinar series, themed: 'Evaluating the Impact of COVID-19 on Corporate Social Responsibility (CSR) and Marketing' scheduled to be held on Tuesday, July 7, 2020. Source ThistlePraxis Consulting Read More

CAC's Public Notice on Inclusion of TIN on Certificate of Incorporation - The Corporate Affairs Commission (CAC) has issued a Public Notice informing the general public that a company's tax identification number (TIN) will henceforth be included on its certificate of incorporation. The CAC noted that this is part of the Ease of Doing Business (EoDB) initiative of the Federal Government and will eliminate the need for companies to apply to the Federal Inland Revenue Service (FIRS) for TIN after incorporation. Source KPMG Read More 

Pandemic Gives Boost to Illicit Trade - Illicit Trade - a corrosive agent in many guises that threatens public health, depresses growth, undermines good governance, and degrades the environment, illicit trade permeates global society and stunts development. It now represents an estimated 3.3 percent of the world economy. Source Read More

Banks' Non-Performing Loan Ratio Drops To 6.6% - The non-performing loan ratio of the Nigerian banking sector dropped to 6.6 per cent at the end of April 2020 from 11 per cent in April 2019, according to the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele. Source Punch Read More

Stamp Duty Will Be Second to Oil Revenue - Boss Mustapha - The Federal Government has moved to recover a backlog of unremitted revenues accruing to it through the Stamp Duty Tax in the last six years, saying it will be next to oil revenue. Source Vanguard Read More

Airports to Reopen When Safe - NCAA - The approval by the Federal Government for the resumption of domestic flights will only be given when it is safe to open the airports and airspace to commercial operations, the Nigerian Civil Aviation Authority said on Tuesday. Source Punch Read More

Discos: 40% of Electricity Users Don't Pay Bills - Electricity distribution companies (Discos) in Nigeria have said that over 40 per cent of the country's citizens who use their services do not pay for them every month, thus accumulating for them over N30 billion worth of financial loss. Source THISDAYLIVE Read More

Bank of China, Sinosure to Finance $2.6bn AKK Gas Pipeline - FG  - The Federal Government, Tuesday, disclosed that funding for the $2.6 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline would be provided by the Bank of China and SINOSURE, while two Chinese firms would be working along with their Nigerian partners in the execution of the project. Source Vanguard Read More

Mnuchin Sees Support for Crisis Loans To Hotels, Restaurants - Up to $140 billion in loans for small business could be refocused to support restaurants, hotels and other industries hit hardest by the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin said on Tuesday. Source Reuters Read More

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FG Lifts Ban on Interstate Travels; Re-opens Schools for Students in Graduating Classes - President Muhammadu Buhari, on the recommendation of the Presidential Task Force (PTF) on COVID-19, has approved the re-opening of schools only for students in graduating classes (Primary 6, JS3 and SS3) to enable them prepare for their examinations. Source Proshare Research Read More

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MSMEs: Positioning for Collaboration and Continuity - The world is at a phase where life is lived not as we know it or imagined it to be. This is what experts have termed "the New Normal". As individuals, governments, medium and large-scale enterprises struggle with the need to thrive in this new world, small and micro scale enterprises who already have many challenges up against them are also not left out. Source MSME Standards Read More


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