Nigeria in 1min: Economic, Business and Financial Headlines - 020221


Tuesday, February 02, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde


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COVID-19 Health Updates 

  • 1st of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 131,918 cases (New: 676)
  • Discharged:  106,275
  • Deaths: : 1607 (New: 221)

Source: NCDC Read More

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2021: FX Stability Crucial to the Nigerian Oil and Gas Industry - Tominiyi Owolabi - The stability and predictability of the Nigerian foreign exchange market would prove critical to repositioning the oil and gas industry in 2021 said Dr. Tominiyi Owolabi, Partner, Oil and Gas, Olaniwun Ajayi LP. Source WebTV Read More

AGPC Raises $260m to Complete ANOH Project and Drive Energy Transition in Nigeria - Seplat Petroleum Development Company Plc ("Seplat or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), announces that its Incorporated Joint Venture ("IJV"), the ANOH Gas Processing Company ("AGPC"), has successfully raised US$260m in debt to fund the completion of its ANOH Gas Processing Plant ("ANOH"). Source SEPLAT Read More

Statistical Data Collection Challenges amid COVID-19 Pandemic - The importance of reliable statistical data is even more urgent in the context of the coronavirus crisis, in terms of managing the risks for public health, restarting the world economy and addressing the long-term economic and social impact of the pandemic. Source World Economics Read More

A Glimmer Of Hope For Oil Markets - Oil was off to a reasonably good start this year thanks to the start of a vaccination push and a Saudi commitment to cut more production. The continued surge in Covid-19 infections and a new flare-up in China shook optimism and weighed on prices, but now things appear to be looking up based on the latest supply and demand data and forecasts. Source Irina Slav for Oilprice Read More

External Reserves Hit $36.39bn on Improved Crude Oil Price - The external reserves stood at $36.39bn as of January 27, the latest figures from the Central Bank of Nigeria revealed. Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline. Source Punch Read More

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CardinalStone Asset Management Launches Its Premier Mutual Fund - CardinalStone Asset Management Limited launches its first-ever Mutual Fund, the "CardinalStone Fixed Income Alpha Fund", following approval by the Securities & Exchange Commission (SEC). The Offer opens today, Monday, February 1, 2021. Source CardinalStone Read More

Nigeria Redeems USD500m Eurobond - DMO - The Debt Management Office (DMO) has announced that Nigeria's 6.75% USD500M JAN 2021 Eurobond which matures on January 28, 2021 will be redeemed. Source DMO Read More

Investors Lose N28.65bn as NSEASI Dips by -0.13% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 42,357.90 basis points as against +0.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.18%. Source Proshare Markets Read More

The Exchange Indices Closed on a Positive Note - AFEX Commodities Weekly Report 290121 - The AFEX Commodities Index continued its 6-week consecutive bullish trend, closing the week with a 7.86% increase from the previous week. This is mostly attributable to the uptick of prices of grains on the exchange, as maize, soybean and sorghum were priced higher than they were last week on the exchange. Source Kainosedge Consulting for AFEX Commodities Exchange Read More


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Zenith Bank Emerges Nigeria's Most Valuable Banking Brand - Zenith Bank Plc has again emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2021. For the fourth consecutive year, Zenith Bank has been ranked as the number one banking brand in Nigeria with a brand value of $275 million. Source Zenith Bank Read More

The Right to be Left Alone - Examining the Impact of the NDPR on Cold Marketing - The majority of people with a mobile phone or access to the internet have received unsolicited emails or calls at some point in time from telemarketers.  Generally known as cold marketing, it is the practice whereby a sales-person emails or calls a prospect they have never met and explores whether there is a need for their product or service. Source Opeyemi Adeleke (Associate, Aelex) Read More

Tony Elumelu Foundation Announces Three Senior Executive Appointments - The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has announced three senior executive appointments, effective February 1, 2021.  This follows the launch of the 2021 TEF Entrepreneurship Programme, on, which this year prioritises the economic recovery of small and medium scale enterprises and young African entrepreneurs, following the disruptive effects of the Covid-19 pandemic. Source TEF Read More

Aviation Operators Fear Travel Ban as FG Mulls Lockdown - Aviation experts have warned against another lockdown, following the directives made by countries of the world announcing new international travel restrictions. Source Punch Read More

Retail Investors Turn Attention to Silver as Gamestop Shares Retreat - A social media-driven buying spree lifted silver to an eight-year high on Monday, though prices later pared gains on doubts about the ability of retail traders that have been focused on stocks to sway prices in the bigger, more liquid commodity. Source Reuters Read More

Asian Markets Extend Gains as Sentiment Improves on Outlook - Asian stock markets extended gains on Tuesday on increased optimism about stimulus packages and global economic recovery, while retail investors retreated from GameStop and their new-found interest in silver. Source Reuters Read More

'NSIA's $600,000 Relief Equipment Will Surmount Shortcomings in Health Sector' - With about $600,000 expended by the Nigeria Sovereign Investment Authority (NSIA) for the procurement of relief equipment to health institutions in the fight against COVID-19 will address shortcomings plaguing the healthcare sector. Source Guardian Nigeria Read More

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NCC Remits N144.312b Spectrum Fees to Fed Govt - The Nigerian Communications Commission (NCC) has so far remitted N144.312billion spectrum fees to the consolidated revenue fund (CRF) of the Federal Government over the last seven years, according to a document obtained at the weekend. Source Punch Read More


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Grooming Endowment Trust Appoints FRAGG Investment Management as Fund Manager - FRAGG Investment Management Ltd is pleased to announce that we have been appointed as the Fund Manager by the Board of Grooming Endowment Trust. The Grooming Endowment Trust is seeded with approximately 15 Million USD with the target of reaching a cap of 50 million USD. Source Fragg Investment Management Read More

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