Nigeria in 1min: Economic, Business and Financial Headlines - 060521

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Thursday, May 06, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @followlasg


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COVID-19 Health Updates 

  • 6th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,273 cases (New: 52)
  • Discharged: 155,403 
  • Deaths: : 2065 (New: 2)

Source: NCDC Read More

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PROSHARE ECONOMY

Oil Prices Hit 7-Week High on Demand Optimism - 040521 - Oil prices jumped to a seven-week high as markets are pricing in higher demand expectations. As of 8:51 a.m. EDT on Tuesday, the U.S. benchmark WTI Crude was back above $65 per barrel, having touched the highest level since March earlier in the day. Source Tom Kool, Oliprice Read More

MPC Meeting: The Hawks Likely to Remain in the Minority - Although it left its benchmark rate of 11.50% and other parameters unchanged, the last meeting of the monetary policy committee (MPC) in March was notable for the split verdict. Three of the nine members present voted for a rate hike (one of 75bps and the other two of 50bps). Source FBNQuest Read More

BudgIT Highlights Corruption Loopholes in the Budget Process, Calls for Urgent Budget Reforms - BudgIT, a civic-tech non-profit organisation leading the advocacy for transparency and accountability in public finance in Nigeria, has called on the government to audit security spending and close loopholes for corruption in the budget process. Source BudgIT Read More

April 2021 Headline Inflation to Reach 18.77% - Nigeria's inflation has consistently defied the law of gravity - 'what goes up must come down'. In April, we are estimating a further increase of 0.6% to 18.77%, after 19 months of consecutive increases.  Source FDC Ltd Read More


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PROSHARE REGULATORS 

CBN Replaces the Platform for The Processing of Electronic Certificate Of Capital Importation - The Central Bank of Nigeria (CBN) has announced the replacement of the platform for the processing of electronic Certificate of Capital Importation (eCCI). Source Deloitte  Read More

 

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PROSHARE MARKETS

Seplat Plc Q1 2021 Results: Top and Bottom line Growth Amid Rising Costs - Rising from COVID-19-induced problems mirrored in the fall in the company's revenue by -3.57% in 2020, Seplat Petroleum Development Company Plc's (SPDC's) first quarter (Q1) 2021 unaudited results saw operating cash flow before movements in working capital rise marginally by +3.82% year-on-year (Y-o-Y) to $84.1 million in Q1 2021, up from $81.0 million in Q1 2020. Source Tosin Ige, Proshare Research  Read More

Stanbic IBTC Q4 2020 and Q1 2021 Results Review: Moving to Underperform Post Weak Q1 Results - We lower our recommendation on Stanbic IBTC (Stanbic) to Underperform from Outperform and cut our price target by 29% to NGN37.7 following a significantly weaker-than-expected Q1'21 set of results. Source FBNQuest Read More

Investors Lose N192.69bn as NSEASI Dips by -0.92% Amid Increased Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -0.92% to close at 39,433.81 basis points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.08%. Source Proshare Markets Read More

AFEX Launches 5 Year Impact Report - Over the last 5 years, AFEX set out to build a platform that addresses major development challenges in Africa's food systems by investing in innovations with the potential for sustainable social impact in rural households and the larger society. Source AFEX Read More

Transcorp Hotels CEO Dupe Olusola Rings NGX Digital Closing Gong - Transcorp Hotels Plc. on Wednesday held its Facts Behind the Figures to investors and other stakeholders at the Nigerian Exchange Group (NGX), presenting its strategic and operational development, as well as its financial performance, which was impressive in Q1 2021, ending with a revenue of N3.98 billion. Source Transcorp Hotel Read More

 

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PROSHARE BUSINESS  

Nigeria Loses $8.8tr To Capital Flight - The House of Representatives has urged the Federal Government to develop an effective mechanism and strategy to prevent the persistent occurrence and address the menace of capital flight in Nigeria. Source TheNation Read More

Govt To Deduct From Tax Defaulters' Bank Accounts, Assets - A statement from the Federal Inland Revenue Service (FIRS) signed by Abdullahi Ismaila Ahmad, Director, Communications and Liaison Department, said the decision to recover unremitted taxes from public and private entities mandated to collect and remit taxes was taken following increasing cases of illegal withholding of taxes. Source TheNation Read More

Foreign Direct Investment Declined by $30m in January - CBN - Foreign Direct Investment dipped by 33.3 per cent which amounted to $30m in January, latest statistics obtained from the Central Bank of Nigeria revealed on Wednesday. According to figures obtained from the CBN's January report on capital importation and capital outflow, the FDI at $90m in December fell to $60m in January. Source Punch Read More

Crude Nears $70, Raises Fear Of Federation Account Depletion - The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United States and Europe reopening. The benchmark had gained $0.83, to trade at $69.71 as of 2:44 pm on Wednesday, Nigerian time, according to data from Oilprice.com. Source Punch Read More

 

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PROSHARE TECHNOLOGY   

Nigeria Nears 5G Deployment As NCC, Nigcomsat Sign MoU - “It is designed to be a system of systems that will bring flexibility to mobile, fixed, and broadcast networks and support more extensive data requirements. “The technology will impact on the way interactions are done by enabling in some cases unforeseen business models, enhanced lifestyles all resulting in increased productivity. Source Punch Read More

 

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PROSHARE FINANCE 

Insurance Recapitalization: The Quest for Efficiency - As the phase II deadline for the recapitalization of the Nigerian Insurance Industry draws nearer, cracks are beginning to emerge from the wall. The most recent being the National Insurance Commission's (NAICOM) revocation of UNIC Insurance Plc's license with effect from the 25 March 2020. Source CSL Research Read More 


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