Nigeria in 1min: Economic, Business and Financial Headlines - 050421

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Monday, April 5, 2021 / 5:24 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

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COVID-19 Health Updates 

  • 4th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 163,195 cases (New: 82)
  • Discharged:  151,998
  • Deaths: : 2058 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

Q1 2021 Review and Outlook: Nigeria Exits Its Worst Recession. Where Do We Go from Here? - The International Monetary Fund (IMF) in its January 2021 Outlook Update stated that the global economy will grow by 5.5% in 2021. This is an improvement from its earlier projection of 5.2%. According to the IMF, the update reflects "expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies". Source FSDH Research Read More

OPEC's Surprise Decision Bodes Well for Oil Demand - OIR 020421 - Oil prices rose despite OPEC+'s decision to increase production. In fact, rather than a bearish move, investors interpreted the decision as a vote of confidence in demand. Source Tom Kool of Oilprice Read More

FIRS Announces the Deployment of Automated Tax Administration System - The Federal Inland Revenue Service (FIRS) on Tuesday, 30 March 2020 issued a Public Notice announcing its intention to commence the deployment of its Automated Tax Administration System (ATAS or "the System"). Source Wole Obayomi Read More

Nigeria Exited Recession Faster Than Expected - World Bank - The World Bank has said Nigeria moved out of last year's recession faster than expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter. Source Punch Read More


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PROSHARE REGULATORS

NSE Receives SEC's Approval on Trading Licence Holders' Rules Amendment, Takes Effect May 3rd - The Exchange has received the Securities and Exchange Commission's approval to the Rule Amendments. Source NSE Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 050421 - Nigerian States and Federal Debt Stock data as of 31st December 2020 reflected that the country's total public debt portfolio stood at N32.92trn. Nigeria's total public debt portfolio showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic. Source Proshare Content Read More

UACN Plc FY2020 Results: Profit Dips, Despite COVID-19-Induced Revenue Boost - UAC of Nigeria Plc recorded a decline in its profit before tax in 2020 by -31.37% to N5.12bn despite the rise in revenue by +2.74% to N81.37bn in 2020. The coronavirus pandemic was a major boost to the rise in its revenue in some of its major segments. Source Adesola Borokinni, Proshare Research Read More

Exploring Initial Public Offers (IPO) and the Regulatory Framework in Nigeria - The principal statute governing securities offerings in Nigeria is the Investment and Securities Act 2007 ("ISA"), which establishes the Securities and Exchange Commission ("SEC"). The SEC is charged with regulating all offers of securities by public companies and entities, and registering securities of public companies. Source Raphael Irenen (Associate, AELEX) Read More

 

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PROSHARE BUSINESS

Tijjani Borodo - An Excursion in Leadership and the Ties that Bind - Autobiographies and biographies can be heavy slogs. The trouble is that readers must wade through tomes of random musings which provide very little insight into the character and nature of the author or provide guidance on how the author navigated critical periods of his or her life and the decision-making processes. Source Teslim Shitta-Bey, Managing Editor, Proshare Research Read More

NBET Owes Power Producers N437.67bn for 2020's Generation - Power generation companies were not paid 59.17 percent of the invoice issued last year for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers. Source Punch Read More

Sanusi, FIRS Boss to Speak at ICAN Conference - The former Governor of Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi, FIRS Executive Chairman, Mohammed Lami, Flutterwave boss, Olugbenga Agboola, President of the International Federation of Accountants (IFAC), Mr. Allan Johnson and Minister of Communications & Digital Economy, Dr. Isa Ali Pantami; and other eminent personalities will speak at the 50th Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN). Source The Nation Read More

Leaker says they are offering private details of 500 million Facebook users - A leaker says they are offering information on more than 500 million Facebook Inc users - including phone numbers and other data - virtually for free. Source Reuters Read More

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PROSHARE TECHNOLOGY 

USSD War: MTN Snubs Banks, Links 77 Million Subscribers to Fintech Platforms - MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay. Source Punch Read More

NIN deadline: Subscriber Groups Reject FG's One-Month Extension - Telecom subscriber groups have asked the Federal government to obey the court ruling extending the National Identification Number and Subscriber Identity Module integration exercise deadline by two months. Source Punch Read More

 

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PROSHARE FINANCE

Nigeria's Next Sukuk Issuance Should Be Green-Based - Dr Umar Idris - Nigeria's next Sukuk Issuance should be Green-based, supporting sustainable development in the country. Dr. Umar Mohammed Idris Founder/CEO of Tiyoma Consultancy and Associate Professor of Islamic Banking and Finance at Umm Al-Qura University, Saudi Arabia, made this point while discussing developments in the Nigerian non-interest finance market. Source Bukola Akinyele-Yisau for WebTV Read More

 

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PROSHARE MSME

DBN Loans to Small, Medium Businesses Rise 89% to N191.9bn - DBN loans to small, medium businesses rise 89% to N1. There has been a sharp rise in aggregate loans to Micro, Small and Medium Enterprises (MSMEs) from the Development Bank of Nigeria Plc (DBN). Source Vanguard Read More 

 

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