Nigeria in 1min: Economic, Business and Financial Headlines - 091120


Monday, November 9, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

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COVID-19 Health Updates

  • 8th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 64,090 cases (New: 300)
  • Discharged:  59,910
  • Deaths: : 1,154 (New: 0)

Source: NCDC Read More

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Transcorp Acquires Afam Power - Transcorp Consortium is pleased to announce the 100% acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as "Afam GenCo"), at an acquisition cost of N105.3bn. Source Transcorp Plc Read More

Is Nigeria Headed for an Era of Hyperinflation? - Based on our monthly market survey, headline inflation is projected to increase sharply by 0.79% to 14.5% in October and remain stubbornly high in Q4'20. If our October projections turn out to be accurate, it means inflation will be rising for the 14th consecutive month. Source FDC Read More

Why Remittances to Nigeria's Economy Slumped - Remittances represent one of the major international financial resources, which sometimes exceed the flows of foreign direct investment (FDI). For many countries, remittances are the largest source of foreign exchange earnings and represent more than 10 per cent of GDP. Source THISDAYLIVE Read More

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What To Expect From The Markets This Week - 091120 - Final October estimates by IHS Markit for the Eurozone showed continued improvement in the manufacturing sector amid deteriorating activities in the service sector. Specifically, the manufacturing PMI (+1.1 point m/m to 54.8 points) rose to the highest level in 27 months on account of a surge in new orders. Source Proshare Content Read More

NEM Insurance Plc Q3 2020 Results: Profit Dwindles as Rising Claims Expenses Stings Harder - NEM Insurance Plc recorded a significant decline in its profit before tax by -45.29%, as profit before tax declined from N2.42bn in Q3 2019 to N1.32bn in Q3 2020. Furthermore, there was a decline in its investment yield to 3.23% in Q3 2020 while its shareholder funds rose marginally by +0.26% in Q3 2020. Source Adesola Borokinni, Proshare Research Read More

Stanbic IBTC YTD Sept 2020: A Rebound in Earnings - Stanbic IBTC's gross earnings grew marginally by +4.05%, from N176.16bn recorded in the previous year to N183.29bn in 2020. Growth in gross earnings was majorly driven by a +20.15% growth in non-interest income. Source Adaeze Nwachukwu, Proshare Research Read More

ALERT: 21.88% of Total Market Volume Traded on OMOMORBNK Shares Today - At the close of trading today, a total volume of 139.50mln units of shares of Omoluabi Mortgage Bank Plc (Now Living Trust Mortgage Bank Plc) valued at N83.7mln were traded. Source Proshare Research Read More

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Okonjo-Iweala Highlights Six Economic Opportunities for Nigeria, Africa - Former Nigerian Finance Minister, Dr Ngozi Okonjo-Iweala, on Saturday, highlighted six economic opportunities for Nigeria and other African countries as they strive to recover from the negative shocks of the pandemic. Source Punch Read More

Hospitality Firms Count N7.3bn Losses in Nine months - The hospitality sector has continued to grapple with losses in the first nine months of 2020. The hospitality firms, Transcorp Hotels Plc, Ikeja Hotel Plc and Capital Hotel Plc, suffered a combined loss of N7.3bn for the first nine months of the year, compared to the same period of 2019. Source Punch Read More

CITN Tasks FG to Review Treaties with Developed Economies - The Chartered Institute of Taxation of Nigeria, CITN, has charged the federal government to review existing treaties with advanced economies to strengthen synergy and economic diplomacy. Source THISDAYLIVE Read More

Wrong Pricing, Bane of Nigeria's Electricity Industry - NERC Commissioner - I think it is important we give proper perspective. The MAP regulation was issued in 2018 and it set a basis for which independent meter provisions would be done for the power distribution companies through third parties called the Meter Asset Providers. Source Punch Read More

Analysis: Dealmakers See Divided U.S. Government Favoring Mergers and Acquisitions - Joe Biden's projected win of the U.S. presidency and the Republican Party potentially retaining control of the U.S. Senate could drive a pickup in mergers and acquisitions (M&A) that took a hit amid the COVID-19 pandemic, dealmakers said. Source Reuters Read More

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FintechNGR Holds 3rd AGM, Inaugurated New GovCo - Fintech Association of Nigeria, the umbrella body for Fintechs in Nigeria, pioneer national fintech association in Africa, Founding Member, Africa Fintech Network and member of Global Fintech Hub Federation held its 3rd Annual General Meeting today, Friday, 6th November 2020 online. Source FintechNGR Read More

Nigeria's Internet Speed Peaks Amid Rising Subscriptions - The Internet speed in Nigeria peaked in September 2020 in line with the increasing subscriptions to the third generation of wireless technology, 3G, and fourth generation of wireless technology, 4G, in the past one year. Source Punch Read More

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Islamic Finance Instruments Could Help Address Nigeria's Housing Deficit - Qazeem Adebumiti - With a huge population of over 160m people and a housing deficit estimated at over 20m, the Islamic Finance Instruments 'Sadaqah' and 'Waqf' have been described as veritable tools that could help address the deficit in Nigeria. Source WebTV Read More

Is Insurance All About Claims? - Suddenly, many more people are talking about insurance and desiring to know how the insurance companies will deal with mounting claims after the mindless destruction of private and public properties by violent uninsured Nigerian protesters. Source Ekerete Ola Gam-Ikon Read More


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Firstbank to Host SME Webinar to Enlighten Entrepreneurs on Ways to Rebuild Their Business - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, will host an SME webinar themed "Rebuilding your Business" by 10am on Tuesday, 10 November 2020 via Zoom meetings. Source FirstBank Read More


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