Nigeria in 1min: Economic, Business and Financial Headlines - 071220

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Monday, December 7, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @AmbMuchanga


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COVID-19 Health Updates

  • 6th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 69,255 cases (New: 318)
  • Discharged:  64,774
  • Deaths: : 1,180 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

Oil Rallies On OPECplus Agreement - OIR 041220 - Oil prices rose after OPEC+ agreed to partial increases in production beginning in January, preventing a breakdown in the agreement. Brent inched close to $50 per barrel in a sign of confidence in the deal. Source Tom Kool of Oilprice Read More

OPECplus Agree to Raise Oil Production - Following yesterday's meeting, OPEC and other oil-producing nations led by Russia reached a deal to modestly increase production in January amidst a raging second wave of the corona virus pandemic though with the prospect of vaccines offering some hope. Source CSL Research Read More Read More

AU Welcomes Nigeria Ahead of AfCFTA Kick-Off - The African Union Commissioner for Trade and Industry, Albert Muchanga, said in Addis Ababa on Friday that instruments signifying Nigeria's entry into the African Continental Free Trade Area (AfCFTA) will be received at the commission's headquarters shortly ahead of next year's kick-off of trading. Source Vanguard Read More


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PROSHARE MARKETS

What To Expect From The Markets This Week - 071220 - Fitch Ratings in its report title "Fitch Rating sees gradual recovery for African banks in 2021" noted that foreign currency liquidity presents a significant risk to Nigerian banks' ratings. Source Proshare Content Read More

GT Bank Gets Approval Of Shareholders On Planned HoldCo Structure - The shareholders of GT Bank Plc have approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure. Source GTBank Read More

WorldRemit Announces A USD Payout Option In Nigeria - WorldRemit, a leading digital cross-border payments business has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers. Source WorldRemit Read More

 

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PROSHARE BUSINESS

SEPLAT and Its Access Bank Nemesis - Plugging the Governance Gap - On Wednesday, December 02, 2020, the head office of Seplat Petroleum Development Company Plc was closed to business based on a court order which permitted a receiver/manager, Messrs Kunle Ogunba & Co to enforce an ex parte motion requesting that Access Bank Plc take over SEPLAT's head office premises. Source Proshare Governance Unit Read More

Why Publishing Names of Delinquent Bank Debtors is in the Public Interest - This is a rejoinder to the post 'The CBN Directive on Publication of Delinquent Bank Debtors: Some Data Privacy Ramifications' refers. By way of introduction to the issue of the legal basis of disclosing the information of debtors by Banks (which amounts to processing of such information). Source Read More 

Discos Owe N416.94bn in Nine Months, Says NBET - Power distribution companies in the country failed to pay a total of N416.94bn for the electricity sold to them from January to September this year, the latest data from the Nigerian Bulk Electricity Trading Plc have shown. Source Punch Read More

Nigeria Airlines May Merge Due to Pandemic - NCAA Boss - The Director-General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu, has foreseen a merger of airlines in the aviation sector due to the current crisis that has engulfed the sector. Source Punch Read More

PIB'll Reduce Multiple Taxation in Oil Sector - FG - The Petroleum Industry Bill that is currently before the National Assembly will cut down the multiple taxation in Nigeria's oil and gas sector, particularly in the onshore and shallow water operations, the Federal Government has said. Source Punch Read More

Labour Backs Emefiele on CBN's Naira valuation - Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar. Source Vanguard Read More

Asian Shares Slip from All-Time Highs; Oil Falls on Virus Case Surge - Asian shares retreated from a record peak on Monday after a Reuters report the United States was preparing to impose sanctions on some Chinese officials highlighted geopolitical tensions, while oil prices fell on surging virus cases. Source Reuters Read More


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PROSHARE TECHNOLOGY   

FinTech Firms Reported 13% Increase YoY in Transaction Numbers in H1 2020 - This global study seeks to assess how financial technology firms (FinTechs) have been impacted by Covid-19, and how they are responding to the resultant challenges and opportunities. Source World Bank Group Read More 

 

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PROSHARE FINANCE

Achieving Instrumental Islamic Finance Education in Nigeria - Dr. Muhammad Yusuf - The Growth of the non-interest finance market in Nigeria will rely heavily on achieving Islamic finance educational advancement across the country. Dr. Muhammad Yusuf Senior Lecturer and Director Al-Hikmah University Centre for Islamic Economics and Finance, Ilorin, Kwara State. Source WebTV Read More 

 

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