Nigeria in 1min: Economic, Business and Financial Headlines - 040620


Thursday, June 4, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

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COVID-19 Health Updates

  • On the 3rd of June 2020, 348 new confirmed cases and 1 death were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 11166 cases have been confirmed, 3329 cases have been discharged and 315 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 348 new cases are reported from 19 states- Lagos (163), FCT (76), Ebonyi (23), Rivers (21), Delta (8), Nasarawa (8), Niger (8), Enugu(6), Bauchi (5), Edo(5), Ekiti (5), Ondo (5), Gombe (5), Benue(4), Ogun (2), Osun (1), Plateau (1), Kogi (1), Anambra (1). Read More

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Finance Act 2019: Minister Clarifies the Meaning of Significant Economic Presence - The Honourable Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the Order) to clarify the meaning of Significant Economic Presence (SEP) as contained in the Finance Act 2019 (FA19). Source Deloitte Read More 

FIRS Extends Deadline for Waiver of Interest and Penalty on Outstanding Tax Liabilities - The Federal Inland Revenue Service (FIRS) on 2 June 2020 extended the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020. Source KPMG Nigeria Read More

Senate Queries CBN Over $3.3bn Unremitted Foreign Tax - The Senate has queried the Central Bank of Nigeria over alleged unremitted $3.3bn from the $21.3bn collected by the Federal Inland Revenue Service as foreign tax in 2015. The Public Accounts Committee of the red chamber issued the query after its meeting on Wednesday. Source Punch Read More

Fiscal Stimulus Measures in Response to The COVID-19 Pandemic and Oil Price Fiscal Shock - Pursuant to the meeting with Mr. President, the Committee was mandated to recommend fiscal measures for Mr. President's kind consideration and approval. In this regard, the Committee recognised that Nigeria is currently facing significant fiscal risks due to the current global economic disruption caused by the COVID-19 crisis. Furthermore, Nigeria is exposed to the risks of both a pronounced decline in oil prices and spikes in risk aversion in the global capital markets. Source Honourable Minister of Finance, Budget & National Planning Read More

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MTN Nigeria Communications Plc Series I and II Commercial Paper Issuance Is Open - MTN Nigeria Communications Plc ("MTN Nigeria", "the Company" or "the Issuer") Series I and II Commercial Paper Issuance ("the "Issuance"), under its N100 billion Commercial Paper ("CP") Issuance Programme is NOW OPEN. Source Arthur Stevens Asset Mgt  Read More

The Bulls Keep The Pace for Fixed Income Yields For A Second Consecutive Day - Yields continued to depress in the FGN bond market as the bulls continue to drive yields for the on-the-run bonds. We noted particular interest in the short- (2021s), mid- (2025s), and long-end (2050s) of the bond curve from local investors. Consequently, yields dropped by an average of c.2bps D/D across the benchmark curve. Source Zedcrest Capital Read More

Increased Global Output Of Grains Are Expected To Keep Prices Depressed - Oil prices spiked by 1.1% to above $38pb as expectations for a more disciplined enforcement by OPEC buoyed market sentiment. Nigeria will benefit from the price increase but its revenue will suffer the impact of a production cut. The FGN benchmark price gives enough room for revenue swings. Source FDC Read More 

Lafarge Africa Maintained Outperform Rating in Q1 2020 - Lafarge Africa's (Lafarge) Q1 2020 earnings of N8.1bn improved 215% y/y. The primary drivers were a -65% y/y decline in net finance charges following the firm's deleveraging off its balance sheet via a N90bn rights issue and divestment from its South African Holdings in 2019. Source FBNQuest Research Read More 

Wema Bank Holds AGM, Affirms Commitment to its Shareholders, Staff and Customers - Wema Bank Plc is set to usher in an interesting future for the bank and its customers notes the bank's Chief Financial Officer (CFO), Mr. Tunde Mabawonku. Following its successful AGM held by proxy last month, Mr. Mabawonku highlighted the significant growth the bank has made in recent times while providing insight into its immediate plans. Source WEMA Bank Read More 

Investors Gain N12.79bn as NSEASI Inches Up by 0.10% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.10% to close at 25,407.96 points as against +0.27% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.34%. Source Proshare Markets Read More

The May 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Equities Market closed the month of May 2020 in green as market witnessed improved and continuous bargain hunting during the month under review. The NSEASI inches up by +9.76% as against +8.08% gain recorded in the month of April 2020 while the NASD USI closed southwards with -1.32% loss recorded at the end of the month under review as against +1.16% gain in April 2020. The loss recorded in the NASD OTC Market erased the gain recorded in the previous month. Source Proshare Research Read More

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Bank NPLs (19) - Issues Around Nigerian Bank Debtors List - Nigeria banks debtors have proved to be difficult to handle, especially if their debts cross the N1bn watermark. Debtors in the category of a N1bn and above tend to be more recalcitrant in repaying their loans. So why do banks give big ticket loans? Banks tend to favour big borrowers for a few reasons which include... Source Debtors Africa Read More

Oilfield Bid Round: FG May Generate N3.17bn From fees - The Federal Government may generate at least N3.17bn from the payment of fees for the marginal fields put on offer for bidding, data obtained from the Department of Petroleum Resources have shown. Indigenous oil firms and other investors willing to bid for any of the 57 marginal fields are expected to pay fees amounting to N55.6m per field. Source Punch Read More 

FEC Approves N1.6bn For Proposed Abuja Runway - The Federal Executive Council has approved the sum of N1.6bn for consultancy services for pre-contract services for the design and construction of a second runway at the Nnamdi Azikwe International Airport, Abuja, with a completion period of 12 months. Source Punch Read More 

Lagos, Abuja, Three Airports To Reopen June 21 - FG - Ahead of the June 21 date for the resumption of domestic flights in the country, the Federal Government has said only five airports will be operational while others are to remain closed for further assessment. This was contained in a circular to airlines signed by the Director-General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu. Source Punch Read More 

Oil Hits $40, Nigeria Cuts Production By 216,000bpd - Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria's crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. Source Punch Read More 

Senate Passes Bill Lengthening Coronavirus Small-Business Loan Terms - The U.S. Senate unanimously approved legislation on Wednesday giving small businesses up to 24 weeks to use Paycheck Protection Program loans created during the coronavirus pandemic, up from the current eight-week deadline. Source Reuters Read More 

U.S. New Weekly Jobless Claims Seen Falling Below 2 Million - The number of Americans filing for unemployment benefits likely dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19. Source Reuters Read More

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How AI Controlled Paraphrasing Tools will Help Writers in 2020 - The world of software technology comprises of countless branches and sub disciplines. Artificial intelligence (AI) is among the modern ones. A big implication of this field is related to how applications and tools make decisions. Consider that you are using a paraphrasing tool online. Source Natalia Wilson Read More 


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NAICOM Segments Capital Requirements for Insurance Companies; Extends Deadline to Sept 30th 2021 - We refer to earlier Circulars referenced NAICOM/DPR/CIR/25/2019 dated May 20, 2019 which introduced the new capital requirement for Insurance Companies in Nigeria, and NAICOM/DPR/CIR/25-03/2019 dated December 30, 2019 which extended the deadline for recapitalization. Source NAICOM Read More

Chris Azu Aligbe To Speak On Repositioning Nigeria's Aviation Industry On WebTV Tomorrow - Mr Chris Azu Aligbe is an Aviation consultant with over 43 year's experience in information management, corporate communications, advocacy and aviation consultancy. He is a regular guest and expert on discussing Aviation issues on major national television stations like Channels TV. Source WebTV Read More

Nigeria Ranked 64th in Global Pension System - Nigeria has been ranked 64th position in the recent global pension system report by the Allianz Group, one of the world's leading insurers and asset managers. Allianz, in the maiden edition of its, "Global Pension Report," unveiled recently in which it analysed 70 countries with its proprietary pension indicator - the Allianz Pension Indicator (API) - took the pulse of pension systems around the world. Source THISDAYLIVE Read More

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 Solomon Aderoju to speak on Interventions For MSMEs In Nigeria On WebTV Tomorrow - Mr Solomon Aderoju is the immediate past Chairman of the National Association of Small and Medium Enterprises, NASME Lagos Chapter and  a professional banker with over 20 year's experience. Source WebTV Read More


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