Nigeria in 1min: Economic, Business and Financial Headlines - 030621


Thursday, June 3, 2021 / 5:43 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates

  • 2nd of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 166,560 cases (New: 25)
  • Discharged: 159,946
  • Deaths: : 2099 (New: 0)

Source: NCDC Read More

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CBN Issues Guidelines for Shared Services Arrangements - The absence of standards on shared services and transfer pricing arrangements in the Nigerian banking industry was evidenced on the uneven management of shared services with the attendant concerns on governance, financial and tax management practices. Source CBN Read More

Q2 2021 Economic Outlook: Off the Floor but a Low Ceiling - The economy has posted modest GDP expansion for two quarters but we struggle to see growth rates reversing the steady decline in incomes and the rise in poverty. COVID-19 and its global impact have exposed the weaknesses of the macro story, namely the continuing dependence on oil. Source FBNQuest Read More

Nigerian Women can Lead Political Change - Professor Remi Sonaiya - Politicking in Nigeria should not be based on gender, but on competence and other appropriate qualifications. Professor Remi Sonaiya, an Educationist and former presidential candidate, made the comment while speaking on the role of women in promoting a stable Nigerian political system. Source Ayomide Oguntoye for WebTV Read More

We're Reviving Grazing Reserves in 21 States - FG - The Federal Government on Tuesday said it is working hard to resolve the farmer/herder crisis across the country through the revival of grazing reserves in 21 out of the 36 states of the federation. Source Punch Read More

FG Receives 75 Bids for Road Concession - A total of 75 firms have submitted bids to serve as concessionaires for 12 federal roads that are mapped out for concession by the Federal Government. Source Punch Read More

LCCI: Human Capital Critical to Knowledge Economy - The Lagos Chamber of Commerce and Industry (LCCI) said it is committed to human capacity development to align with a knowledge-driven economy. Its President, Toki Mabogunje, stated this during the presentation of four 3D printers to some tertiary institutions in Lagos. Source The Nation Read More 


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FMDQ Exchange Admits the Union Bank Series 8 and 9 Commercial Papers on its Platform - FMDQ Securities Exchange Limited ("FMDQ Exchange" or "the Exchange") once again demonstrated operational excellence in the processing and approval of the Quotation of the Union Bank of Nigeria PLC N2.58 billion Series 8 and N32.38 billion Series 9 Commercial Papers (the "CPs") under its N100.00 billion Commercial Paper Issuance Programme on the Exchange platform. Source FMDQ Read More

Zenith Bank Q1 2021 Results Review: Sizable Upside Potential Despite Cut to Price Target - Zenith's Q1 PBT was up 4% y/y to NGN61bn on the back of a 5% y/y growth in pre-provision profits. To a lesser extent, a 2% reduction in loan loss provisions also contributed. Together, both positives overshadowed a 6% y/y increase in opex. Source FBNQuest Read More

Investors Gain N35.52bn as NSEASI Inches Up by 0.18% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 38,482.52 basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.44%. Source Proshare Markets Read More 

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Fast Credit Launches Maiden Kids' Investment Account - Fast Credit Limited, a leading Finance House, licensed by the Central Bank of Nigeria, which commenced operations in 2014, offers various investment and loan products for public and private sector personnel. Source Fast Credit Limited Read More

Modion Communications Becomes First Nigerian PR Agency to Win a Platinum SABRE Award - Modion Communications, Nigeria's fast-growing boutique Public Relations and Marketing Communication Agency, on Thursday, May 27, 2021, emerged as the first Nigerian PR Agency to win the highly coveted Platinum SABRE Awards for Africa's 'Best in Show', PR campaign in 2020. Source Modion Communications Read More

Kuru: Recovery of N5tn Debt Burden, AMP Scheme Pivotal - Five years after the Asset Management Corporation of Nigeria (AMCON) launched the Asset Management Partners (AMPs) scheme, the Managing Director/CEO of AMCON, Mr. Ahmed Kuru has described the initiative as a major tool in the recovery efforts of the corporation and key to its success. Source THISDAYLIVE Read More

FG to Unveil Policy on Artisanal Refineries as NNPC Cuts Costs - The Federal Government has said a policy on the operations of artisanal refineries in the country would soon be unveiled. The Senior Special Assistant to the President on Niger Delta Affairs, Senator Eta Enang, explained that the policy would guide the ownership as well as regulate the operations of artisanal refineries in the country. Source The Guardian Nigeria Read More


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Insights from Happenings in the Fintech Landscape - 280521 - CBDCs, digital and cryptocurrency are seemingly gaining more momentum with incumbents and government institutions as the Central Bank of Bahrain, Bank ABC and J.P. Morgan recently announced a digital currency settlement collaboration. Source FintechNGR Read More 

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