Nigeria in 1min: Economic, Business and Financial Headlines - 141220


Monday, December 14, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

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COVID-19 Health Updates

  • 14th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 73,175 cases (New: 418)
  • Discharged:  66,090
  • Deaths: : 1,197 (New: 3)

Source: NCDC Read More

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Oil Takes a Breather After Big Rally - OIR 111220 - Brent hit $50 per barrel on Thursday for the first time since March, edging higher on optimism surrounding vaccinations, the OPEC+ deal, plus strong demand in Asia. However, prices eased a bit on Friday as demand in Europe and the U.S. remains subdued and Covid-19 cases continue to spread. Source Tom Kool of Oilprice Read More

Nigeria's Inflation-Galloping Towards 15% - Based on our market survey and regression analysis, headline inflation is estimated to increase by 0.57% to 14.8% in November. If this happens, it means that inflation will rise for the 15th consecutive month. Source FDC Read More

IMF Staff Completes 2020 Article IV Mission to Nigeria - An International Monetary Fund (IMF) staff team led by Jesmin Rahman conducted a virtual mission from October 30 to November 17, 2020 in the context of the 2020 Article IV Consultation with Nigeria. Source Source IMF Read More

HKSAAN2020: Governor Fayemi Highlights How Africa Could Benefit From Its Demography - The Governor of Ekiti State His Excellency, Dr. John Kayode Fayemi, Chairman of the Nigerian Governors Forum (NGF) has highlighted ways in which Africa could benefit from its youth demography. Source WebTV Read More

Whereabouts Of '600' Pupils Unknown As Nation Slides Into 'Uncertainty' - Nigeria is sinking deeper into a state of anomie with the abduction of about 600 schoolchildren from their dormitory, at the Government Secondary School (GSSS), Kankara, Katsina State, by suspected bandits at about 9.45pm on Friday. Source The Guardian Read More

Zamfara Gold Mining: Niger Delta Seeks Amendment Of Petroleum, Mining Acts - Irked by the alleged double standard displayed by the Federal Government in the Zamfara gold mining saga, individuals and interest groups in the Niger Delta are, among other things, calling for an amendment to the Petroleum Act and the Mining Act. Source The Guardian Read More

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What To Expect From The Markets This Week - 141220 - Nigeria's trade deficit rose by +32.45% from N1.8trn as of the end of the second quarter to N2.38trn in the third quarter. The value of Nigeria's merchandise trade stood at N8.37trn in Q3 2020. Source Proshare Content Read More

Access Bank 9M 2020 Results: Topline Growth Greets Rising Impairment Charges - The 9 Month 2020 result of Access Bank Plc showed strong top and bottom-line numbers, which was achieved despite harrowing economic headwinds caused by the COVID-19 pandemic and tumbling international oil prices. Source Adaeze Nwachukwu, Proshare Research Read More

NSE Lifts Suspension Placed on Trading in the Shares of Niger Insurance Plc - We refer to our Market Bulletin dated 1 September 2020 with Reference Number: NSE/RD/LRD/MB43/20/09/01, wherein we notified Dealing Members of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers' Rules) ("Default Filing Rules"), which provides that; "If an Issuer fails to file the relevant accounts by the expiration of the Cure Period. Source NSE Read More


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CAMA 2020: What Every Director of a Public Company in Nigeria Should Know - The Companies and Allied Matters Act 2020 ("CAMA 2020") was signed into law by President Muhammadu Buhari on 7th August 2020. The CAMA 2020 repealed the Companies and Allied Matters Act (Chapter C20) Laws of the Federation of Nigeria 2004 ("Repealed CAMA"), which originally come into force in 1990. Source Udo Udoma & Belo-Osagie Read More

Iran Sets Out Ambitions to Hike Oil Production Next Year - Iran said it planned to roughly double oil production in the next year, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president. Source Bloomberg Read More

Maritime Union Declares Strike Over Sacking Of 500 Intels, AMS Workers - The Maritime Workers Union of Nigeria has declared an indefinite strike over the sacking of 500 workers by Integrated Logistics Services  Nigeria Ltd., and Associated Maritime Services Ltd. Source Punch Read More

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Nigeria's Air Connectivity Grew 26% In 10 Years - IATA - Nigeria's air connectivity has grown by 26 per cent in the last 10 years, the International Air Transportation has said. IATA in its report titled 'Air connectivity' placed the country seventh in the African air connectivity ranking. Source Punch Read More

Nigeria's Q3 Oil Exports Rise By 56% To N2.42tn - Nigeria more than doubled its crude oil exports in the third quarter of this year to N2.42tn after months of struggling to find buyers amid the collapse in demand. Crude oil exports grew in value by 56 per cent in the third quarter compared to the second quarter but decreased in value by 35.3 per cent year-on-year, according to data obtained from the National Bureau of Statistics. Source Punch Read More

With U.S. Now in Hand, Biontech CEO Looks For More Vaccine Production - The chief executive of Germany's BioNTech SE said the biggest challenge facing it and partner Pfizer Inc now that their COVID-19 vaccine is authorized for use in the United States will be to scale up manufacturing to meet huge demand. Source Reuters Read More 


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Banking Sector Records 2.78bn Volume of Transaction in Q3 2020 - NBS - A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in Q3 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source NBS Read More

 The New Central Bank of Nigeria Rule Strikes The Fintech Community - A Federal High Court sitting in Asaba Nigeria has ruled that it is illegal for banks to charge depositors N50 stamp duty: "... there was no express provision in the Stamp Duties Act or any law authorizing the deduction or imposing any obligation to deduct and remit N50 as stamp duty on teller deposits or electronic transfers of monies..." I hope the CBN and banks do not appeal! Lol. Source Tekedia Read More

Lagos, Gombe, Delta Collect Highest Taxes from Telecoms Operators - Lagos State Government collects the highest amount of taxes, fees and levies from telecoms operators in Nigeria, a report on published by the Nigerian Communications Commission has shown. The study examined the quantum of taxes, levies and fees collected by state governments and their impact on digital economy agenda of the Federal Government. Source Punch Read More

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5 Tips on How to Raise a Financially-Savvy Child - Parenting can be quite interesting and also challenging just like every other facet of one's life. While every parent desire to raise a physically, mentally, and emotionally fit child, it is also important to ensure they are financially savvy and aware of the nitty-gritty of making, managing, and multiplying money. Source Grace Adejare-Ajuwon & Chinyere Onyia for Proshare Finance Read More

Why Non-Interest Finance Institutions Should Support the Growth of Start-Ups In Nigeria - Dr. Malik - Start-Ups in Nigeria that are Shariah-compliant and ethically minded can benefit from the provisions of Non-Interest Finance. Dr. Tausif Malik the first Global Chair of Muslim Democrats Abroad, a Social Entrepreneur and Creator of the Muslim Spelling Bee competition made this point in recent discourse on Islamic Finance development in Nigeria as it affects Start-Ups and enterprises. Source WebTV Read More


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