Nigeria in 1min: Economic, Business and Financial Headlines - 140621

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Monday, June 14, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Officialjidesanwoolu


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COVID-19 Health Updates

  • 12th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,059 cases (New: 8)
  • Discharged: 163,436
  • Deaths: : 2,117 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY 

Nigeria's Total Public Debt Stood at N33.11trn as of March 31, 2021 - DMO - The Debt Management Office has released Nigeria's Public Debt Stock as at March 31, 2021. The Total Public Debt Stock which comprises of the Debt Stock of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT) stood at N33.107 trillion or USD87.239 billion. Source DMO Read More

FirstBank's Sponsored Movie, 'Ayinla', Premieres This Sunday In Lagos - First Bank of Nigeria Limited announces its lead sponsorship of the movie titled 'Ayinla', which is billed to premiere on Sunday, 13 June 2020. The movie is suspense-driven, narrating the life of Ayinla Yusuf, popularly known as Ayinla Omowura (an Apala musician), his rise to fame, his identity, the depth of his craft and music. Source FirstBank Read More

FHC Exempts Payment of Default Fees for Filing of Processes for the Period of JUSUN Strike - The Chief Judge of the Federal High Court of Nigeria, Hon. Justice John Terhemba Tsoho, has signed Practice Direction No.2, 2021. These Practice Directions Exempts the Payment of Default Fees for Filing of Processes during the JUSUN strike from April 6 2021 to June 14, 2021. Source Proshare Research Read More

Petroleum Industry Bill: Too Little, Too Late? - The long-awaited Petroleum Industry Bill (PIB) is set to be passed by the Senate in June. This is according to the Minister of State for Petroleum Timipre Sylva. This key legislation, which seeks to overhaul the Nigerian oil industry and offer new fiscal incentives to investors, has been debated in the legislative arm of government since 2008. Source FDC Read More

Six-Year Assessment Outlines President Buhari's Anti-Corruption Record - West Africa's frontline pro-democracy think tank, the Centre for Democracy and Development (CDD), an organization advocating for transparent and accountable public governance in the West African sub-region, has released an assessment report on the Buhari administration's anticorruption programme. Source by Centre for Democracy and Development West Africa Read Read More

Nigeria Spends N993.5bn on Debt Servicing in Three Months - Nigeria spent almost N1tn on debt servicing payments in the first quarter of this year, the latest data obtained from the Debt Management Office have shown. The DMO had on Wednesday disclosed that the country's total public debt increased to N33.11tn at the end of Q1 2021 from N32.92tn in December. Source Punch Read More

FG to Introduce Updated Trade Policy - Adebayo - The Minister of Trade, Industry and Investments, Niyi Adebayo, on Thursday said the ministry is working to produce an updated trade policy that will reflect the current situation of the world. Adebayo disclosed this in Abuja during a press conference on the 'Nigerian at 60 celebration'. Source Punch Read More


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What To Expect From The Markets This Week - 140621 - Federal Executive Council has approved the supplementary budget draft of N895bn. The budget which is to be forwarded to the National Assembly for approval allows for N770bn as Defense spending, N83.56 billion on Johnson and Johnson vaccines. Source Proshare Content Read More

Flour Mills FY2021 Audited Results: Top and Bottom Lines Glide But Debt Stays High - The FY2021 audited result of Honeywell Flour Mills showed improvement both in top and bottom-line earnings. The flour maker's liquidity also improved, despite an increase in the short-term debt of the company. The audited result showed a marginal improvement in the grain miller's activity ratios, however, there were ratios still below analysts preferred industry standards. Source Proshare Research Read More

CBN Advertises List of Investors with Unclaimed Interest and Redemption Proceeds on FGN Bonds - The Central Bank of Nigeria (CBN) has issued an advertisement requesting all investors with unclaimed interest and redemption proceeds on FGN Bonds to come forward and claim them. Source CBN Read More

NGX Limited Launches Enhanced Brokers Performance Ranking Report - Nigerian Exchange Limited (NGX) has launched an enhanced broker performance ranking report designed to provide detailed insight into the performance of Trading License Holders across asset classes and improve participation in other exchange products. Source NGX Read More

Opportunities and Challenges of Impact Financing in Emerging Markets - Institutions and investors have increasingly been incorporating Environmental, Social, and Corporate Governance (ESG) standards into management benchmarks. ESG is an integral part of impact financing decisions that lead to long-term, sustainable benefits for clients and society. Source Andrew Carey Read More

 

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How Financial Institutions are Handling the #TwitterBan in Nigeria: Of Foghorns and Anxiety - The reactions to government's action have been different shades of grey as several organisations have chosen to "do nothing", while some media and international bodies continue to lend their voices in support of ordinary citizens calling for the lifting of the suspension on Twitter. Source Proshare Business Read More

Leveraging Digital Touchpoints for Businesses to thrive in Nigeria - Digitalisation is playing a vital role in our interaction and daily routine. The way we do things have tremendously changed; likewise, our mode of communication channels. Businesses need to embrace digitalisation to advance, thrive, and positively impact this new age. Source By Adenike Danmole, Assistant Consultant, Phillips Consulting Read More

Petrol Subsidy Discouraging Investment in Private Refineries - FG - Many private investors are not motivated to establish refineries in Nigeria because of the continued subsidy on Premium Motor Spirit, popularly known as petrol, the Federal Government has said. Source Punch Read More

Renewed Exploration Pushes Nigeria's Gas Reserves to 206.53tcf - Nigeria's proven gas deposits has risen to 206.53 trillion cubic feet (tcf) from the 203.16tcf declared last year, the Department of Petroleum Resources (DPR) said yesterday, in Abuja. Source The Guardian Nigeria Read More


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PROSHARE TECHNOLOGY

CBN to Launch Digital Currency Before December - ThisDay is reporting that the Central Bank of Nigeria (CBN) has disclosed plan to launch a digital currency before the end of this year. The Director, Information Technology, CBN, Rakiya Mohammed, revealed this on June 10, 2021, during a vitual media briefing at the end of a Bankers Committee meeting held that also held virtual. Source Obinna Chima of ThisDay Read More

Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 - NBS - Telecoms data for Q1 2021 reflected that a total of 192,413,613 subscribers were active on voice as against 204,601,313 in Q4 2020. This represented a -5.96% decrease in voice subscriptions QoQ. Source NBS Read More

Nigeria Government Opens Account On India's Koo After Banning Twitter - India's homegrown microblogging website Koo has got a new user who has stopped using Twitter - the Nigerian government. Koo CEO Aprameya Radhakrishna posted on Twitter a welcome message along with a screenshot of the Nigerian government's account on Koo. Source Akhilesh Sharma of NDTV Read More

FintechNGR holds 4th Annual General Meeting, Dishes Out Significant Impacts - The Fintech Association of Nigeria (FintechNGR), the umbrella body for fintechs in Nigeria and founding member of Africa Fintech Network held its 4th Annual General Meeting (AGM) on Tuesday, 9th June 2021 online. Source FintechNGR Read More

 

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PROSHARE FINANCE

Living Without Insurance Amid Insecurity - As tradition gives way to innovation in different aspects of our lives, we are increasingly struggling to retain beliefs that have been held, sometimes even as principles. One of such is that insurance business thrives when the economy is performing and the purchasing power is good. Source OpEd By Ekerete Ola Gam-Ikon Read More

African Interest in Residential Property in Europe and the US Increased by 25% in 2020 - Despite the pandemic, African interest in property abroad did not drop in 2020. Conversely, it grew by a quarter, reports overseas property brokerage Tranio after analysing data based on around 1,000 enquiries from African customers over the last two years. Source Sponsored Post by Marina Safronova Read More

CITN Restates Commitment to Improve Tax System - The Chartered Institute of Taxation of Nigeria, CITN, has stated that the institute would continue to engage key stakeholders and other decision-making bodies to promote a workable tax system towards a win- win situation. Source THISDAYLIVE Read More

CBN Introduces 37 Interventions to Boost Economy - The Central Bank of Nigeria currently has about 37 intervention programmes to boost the economy, the bank has said. The acting Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi, said this during the CBN two-day fair which commenced in Lagos and Abeokuata, Ogun State on Thursday. Source Punch Read More

Fed Govt Assures of Transparency as 2000 Auctioneers Bid for Forfeited Assets - The Federal Government has assured that it would ensure a transparent and fair process in the sale of assets forfeited to it in the course of its anti-corruption efforts. The Permanent Secretary of the Federal Ministry of Justice and Solicitor General of the Federation, Dayo Apata (SAN) gave the assurance while speaking in Abuja yesterday at the opening of bids for auctioneers for the assets. Source The Nation Read More


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