Nigeria in 1min: Economic, Business and Financial Headlines - 050821

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Thursday, August 5, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; The Lagos State Government


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COVID-19 Health Updates

  • 4th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 176,011 cases (New: 747)
  • Discharged: 165,208
  • Deaths: : 2,167 (New: 7)

Source: NCDC Read More


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PROSHARE ECONOMY

Nigeria's Petroleum Bill Could Boost Long-Term Oil Production - The passage of Nigeria's proposed Petroleum Industry Bill (PIB) could have positive long-term effects for both Nigeria's public finances and oil & gas production, but the impact will depend on details of implementation... Source by Fitch Ratings Read More

Will Biden's Infrastructure Plan Threaten the US Oil Industry? - OIR 030821 - Oil prices continued to fall on Tuesday morning as concerns over the spread of the Delta variant in China and the United States grew. Brent dropped below the $73 per barrel mark and WTI fell below $71 per barrel. Source by Tom Kool of Oilprice.com Read More

IMF SDR: Enough Respite in the Horizon? - the International Monetary Fund (IMF) has approved its largest allocation of Special Drawing Rights at US$650bn, as a means of supporting the long-term global need for reserves, building confidence, and fostering the resilience and stability of the global economy following the devastating effect of the pandemic. Source by CSL Research Read More

FGN Appoints Transaction Advisers for a Eurobond Issuance - The Federal Executive Council (FEC) has approved eight institutions that will be Transaction Advisers for the issuance of Eurobonds by Nigeria in the International Capital Market (ICM). Source DMO Read More

FEC Approves $11.17bn Rail Project to Link Coastal Cities - The Federal Executive Council has approved the sum of $11.17bn to link all of Nigeria's coastal cities by rail in six years. Minister of Information and Culture, Lai Mohammed, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. Source Punch Read More


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PROSHARE MARKETS

The July 2021 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of July 2021 in the green zone as market reversed the negative sentiment witnessed in the previous month of June 2021. The NSEASI inched up by +1.69% as against by -1.38% loss recorded in the month of June 2021. Source by  Research@proshareng.com Read More

Investors Gain N5.13bn as NSEASI Inches Up Marginally by 0.03% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.03% to close at 38,927.83 basis points as against +0.81% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.33%. Source by Proshare MARKETS Read More

Standard Chartered Bank Reports its Highest Half-Yearly Operating Profit for Five Years - Standard Chartered PLC (the Group) today releases its financial results for the half-year ending 30 June 2021. Profit before tax grew 37 percent year on year, helped by improved loan impairments, strong underlying business momentum and good progress across the Bank's strategic priorities. Source Standard Chartered Bank Read More


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PROSHARE BUSINESS

National Sugar Master Plan: Nigerians Look for the New Drawing Board - Nigerians have become unstuck in a large domestic sugar market that fails to deliver. Commodity market analysts have noted that the three largest suppliers of the commodity have serially missed the annual sugar production targets set by the national sugar master plan in 2013. Source by AbdulQudus Isiaka, Proshare Research Read More

CEO Remuneration 2021 Report: Ranking CEOs Based on Total Remuneration - Many times, CEOs get to receive large bonuses, benefits, and a sizeable chunk of dividend pay-out all of which substantially increase their total remuneration. Therefore, to get a good sense of CEO remuneration dynamics it is necessary to look at not just the basic pay packets of CEOs but their overall earnings. Source Proshare Research Read More

BPE to Partner HYPPADEC to Better Hydro-Power Host Communities - The Bureau of Public Enterprises (BPE) has resolved to collaborate with the Hydroelectric Power Producing Areas Development Commission (HYPPADEC) in bettering the lot of host communities of hydro-power plants in the country. Source THISDAYLIVE Read More

FG Targets Maximum Value from Oil, Gas Assets' Recovery - The Department of Petroleum Resources (DPR) has said it is formulating a Maximum Economic Recovery (MER) strategy for Nigeria to attain maximum value from its oil and gas resources. Source The Guardian Nigeria Read More

Nigeria, Others Need $15.7bn to Curb Refineries' Emissions - Report - African nations need to spend about $15.7bn on their refineries to curb emissions and meet climate-change targets as demand for oil and gas surges, an industry lobby group, African Refiners and Distributors Association, has said. Source Punch Read More

 

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PROSHARE TECHNOLOGY   

CBN Issues New Regulatory Regime for Mobile Money Services in Nigeria - On July 9, 2021, the Central Bank of Nigeria ("CBN") issued new twin regulations to govern mobile money services in Nigeria. The regulations were issued in furtherance of the CBN's efforts at ensuring a robust and effective payments system in Nigeria. Source by Seyi, Oluwatoba, & Jesutooni of Banwo & Ighodalo Read More 

NIPOST to be Unbundled Before December, Says Minister - The Minister of Communications and Digital Economy, Dr Isa Pantami, has said that the Federal Government will soon unveil policies aimed at unbundling the Nigerian Postal Services. He said this on Tuesday in Abuja during the unveiling of NIPOST revenue stamp. Source Punch Read More


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PROSHARE FINANCE

Heirs Insurance, Heirs Life Deliver on Promise to Help Customers Purchase Insurance in Five Minutes - Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their websites, www.heirsinsurance.com and www.heirslifeassurance.com, in mere minutes. Source by Heirs Insurance, Heirs Life Read More 

 

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