Nigeria in 1min: Economic, Business and Financial Headlines - 110521


Tuesday, May 11, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @TonyOElumelu

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COVID-19 Health Updates 

  • 10th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,468 cases (New: 49)
  • Discharged: 156,318 
  • Deaths: : 2065 (New: 0)

Source: NCDC Read More

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Fitch Affirms FBN Holdings' Ratings at 'B-', Negative After Board Removal by Central Bank - Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its primary operating subsidiary, First Bank of Nigeria Ltd (FBN), at 'B-' with a Negative Outlook. Source Fitch Ratings Read More

The Voice Nigeria: FirstBank Imprints in Entertainment, Youth Development - One of the key metrics that well defines a truly 21st century brand beyond profit-making is its ability to connect with customers and stakeholders as a complete enabler, touching on vital aspects of their lives, creating exciting memories and enabling them to access more enjoyable and convenient lifestyle, in shopping, studying, working, traveling, family living, entertainment and aspirations. Source FirstBank Read More

FIRS Issues Public Notice on the Prosecution of Taxpayers for Tax Offences - The Federal Inland Revenue Service (FIRS) recently issued a Public Notice informing the general public of its intention to prosecute taxpayers for non-compliance with tax laws, regulations and other related tax offences, especially those listed in Part IV of the FIRS Establishment Act No. 13, 2007 (as amended) (FIRSEA or "the Act"). Source Wole Obayomi Read More

Ecobank Partners NiDCOM to Mobilise Nigerians Abroad for National Development - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has stated that the bank is privileged to work closely with the Nigerians in Diaspora Commission, (NiDCOM) and will continue to pursue one of its key mandates of helping to enhance the economic development and integration of Africa through its support to Nigerians living and working abroad. Source Ecobank Read More

Senate Moves to Stop MDAs Frivolous Spending - The Senate on Monday stated its commitment to amend the Fiscal Responsibility Act this year. The Chairman, Senate Committee on Finance, Senator Solomon Adeola, stated this on Monday at an investigative hearing undertaken by his panel with federal ministries and agencies.  Source Punch Read More

Subsidy Removal Advice Wrong, Implementation Suicidal, says NUPENG - It is going to be highly suicidal to remove petrol subsidy now and the advice by the Presidential Economic Advisory Committee on subsidy removal is wrong, the Nigeria Union of Petroleum and Natural Gas workers has said. Source Punch Read More

Queen's Speech 2021: Government's Legislative Agenda to Focus on Boris Johnson's 'Lifetime Skills Guarantee' - New laws to fulfil Boris Johnson's promise of helping to give people the skills they need throughout their lives will form a central part of the government's legislative agenda for the next year. Source SKY News Read More

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IOSCO Sees Strong Support for Its Vision for an International Sustainability Standards Board - To support its work on securities issuers' sustainability-related disclosures, the Sustainable Finance Taskforce (STF) of the International Organization of Securities Commissions (IOSCO) held two roundtables on 26 April and 7 May 2021 the latter jointly organized with the World Economic Forum (WEF). Source IOSCO Read More

NDIC Harps on Collaboration Between Regulators, Operators - The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has stressed the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the industry. Source Vanguard Read More

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Investors Gain N59.41bn as NSEASI Inches Up by 0.29% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.29% to close at 39,312.74 basis points as against +0.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.38%. Source Proshare Markets Read More

MTN Nigeria Issues First Telco Bond in Nigeria - Leading telecommunications company, MTN Nigeria has announced the successful issuance of N110 billion Series 1, 7-Year 13.0% Fixed Rate Bonds due 2028, (Series I Bond) under its N200 billion Bond Issuance Programme. Source MTN Nigeria Read More

NT-Bills Secondary Market Remained Relatively Flat as Average Yield Inched 1bp WoW to 4.86% - The Nigerian Treasury Bills ("NT-Bills") secondary market resumed last week on a quiet note as activities remained minimal for most trading sessions of the week. However, by Wednesday the overall sentiment in the market turned slightly bearish due to tightened liquidity which furthered deepened to N167.9bn (negative as at Thursday, 6th May, 2021). Source Afrinvest Research Read More

AFEX Commodities Increased Slightly for the Reporting Week as @ 070521 - The AFEX Commodities Index (ACI) appreciated sightly by 0.48% (W-o-W) closing the reporting week at 38189 points. The increase in maize price was the major driver of the ACI growth. However, a decline in Soybean price weighed on the performance of the index during the week. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

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Aura by Transcorp Hotels Launches on Android - Aura by Transcorp Hotels, a digital platform that connects people to quality accommodation, great food, and experiences to treasure - today announced the launch of its Android application. Source Transcorp Hotels Read More

Chartered Institute of Bankers Holds 2021 Annual General Meeting - The Chartered Institute of Bankers of Nigeria (CIBN) has concluded arrangements to hold its 2021 Annual General Meeting (AGM) scheduled to hold on Saturday, May 15, 2021 as a Hybrid Event, Online via the Zoom platform & physical venue at Ijewere Hall, Bankers House, Victoria Island, Lagos, at 10 am. Source CIBN Read More

Asharami Energy's Graduate Program Targets Future Upstream Experts - Asharami Energy, a Sahara Group Upstream company, has commenced its 2021 Graduate Trainee Program that is geared towards enhancing the sustainability and future of the sector through training of exceptional young talent. Source Asharami Energy Read More

Chartered Institute of Director's Bill Passes Second Reading at the Senate - A bill seeking to give legal backing to the establishment of the Chartered Institute of Directors (IoD) of Nigeria scaled second reading during plenary at the Nigerian Senate. Source Proshare Research Read More

The Right of Creditors to Attach a Joint Account Where Only One Party is Indebted - Dr. Martin Tallhause looked out of his 15th-floor office window at the busy facade of the hustle and bustle of Ikoyi. He looked like he had just seen a ghost; worst still, he looked like he had just seen red; red on the bank account he maintains jointly with his business partner, Mr. Chip Munk. Source AELEX Read More

FG Reviews Pricing Template to Address NARTO Request - The Federal Government is considering how to adjust the Premium Motor Spirit (petrol) template to address the demands of members of the Nigerian Transport Owners Association (NARTO) that withheld their services recently. Source The Nation Read More

FG Unveils Document on Gold Mining to Attract Investors - As part of measures to grow revenue and attract investors to the mining industry, the Federal Government in collaboration with the United Nations Industrial Development Organisation on Monday unveiled a policy document on gold mining in Nigeria. Source Punch Read More

Bayelsa Opens Partnership Negotiation with Ibom Air On Commercial Flights - Bayelsa State government at the weekend opened partnership discussions with Akwa Ibom State government on the use of Ibom Air to start commercial flight operations at the state's international airport. The Bayelsa delegation to the negotiation in Uyo, Akwa Ibom State capital, which was led by the state deputy governor, Senator Lawrence Ewhrudjakpo, noted that the choice of Ibom Air was informed by proximity and good bilateral relations between the two states. Source LeadershipNG Read More

Biggest Africa Fund Manager's Staff Warn of 'Existential Crisis' - Senior employees at a unit of South Africa's Public Investment Corp. have accused executives at the continent's biggest fund manager of causing an "existential crisis" after a series of scandals over the past few years. Source Bloomberg Read More

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Apple Faces U.K. Class Action for Overcharging 20 Million Users - Apple Inc is facing a London lawsuit over claims it overcharged nearly 20 million U.K. customers for App Store purchases, yet another legal headache for the tech giant fighting lawsuits across the world. Source Bloomberg Read More

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Nigerian Businesses: 618 Bees, Emblue, And Gbemisoke Featured In Global PRCA Case Study - Public Relations and Communications Association (PRCA), the world's largest community of Public Relations Professionals has profiled three promising Nigerian businesses as part of its small business heroes campaign launched in April 2021. Source BHM NG Read More

FG Reaffirms Support for Entrepreneurs - The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, has reaffirmed the commitment of the federal government towards sustainable development of Nigerian entrepreneurs. Source THISDAYLIVE Read More 


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