Nigeria in 1min: Economic, Business and Financial Headlines - 160720


Thursday, July 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @SECNigeria


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COVID-19 Health Updates

  • July 15th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 34259 (New: 643)
  • Discharged:  13999
  • Deaths: 760: (New 6)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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NSR H2 2020 (6) - Fiscal - New Budget, Same Old Problems - The early passing of the 2020 budget last December created hope that this year would see the FG make a real concerted effort to meet its revenue and capital expenditure targets. But before the first quarter of the year was done, all hopes dissipated as the outbreak of covid-19 left a big hole in the budget. Source ARM Research Read More

Hassana Aliyu To Speak on NESG Framework For Improving Nigeria's Electricity Supply - Ms Hassana Aliyu is an Associate of the Nigerian Economic Summit Group. She has a background in Infrastructure development and a recent focus in the last 5 years on the Nigerian Power Sector space. Source WebTV Read More


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Investors Gain N8.18bn; NSEASI Inches Up by 0.06 As Market Turnover Closes Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.06% to close at 24,130.26 basis points as against -0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 10.10%. Source Proshare Markets Read More

Treasury Bill Auction Holds on Wednesday July 15th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, July 15th, 2020. For further information; kindly send a request via Source Arthur Stevens Asset Mgt Read More

Rates Fell, as Local Demand Remain High at the PMA NTB Auction - The FGN space traded on a very lethargic note with very few trades passing through the curve. The market opened one-sided, mostly bided from the mid to the long end of the curve with very few offers to match the bids. Activities picked slightly by mid-day with few trades consummated on the 2034s and 2050s papers which settled around 9.88% and 10.70% levels respectively. Source Zedcrest Capital Read More

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Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach - While the GSI guideline states that the CBN shall ensure uninterrupted availability of the Credit Risk Management System (CRMS) platform and connectivity to Nigeria Inter-Bank Settlement System (NIBSS) platform, it remains silent on the roles of credit bureaux. Source Proshare WebTV Read More

Maritime Anti-Corruption Network (MACN) To Extend Collective Action Initiative To 2023 - The Maritime Anti-Corruption Network a global business network of over 130 companies working together to tackle corruption in the maritime industry is extending its Collective Action initiative in Nigeria, with the support of the Siemens Integrity Initiative. Source Convention On Business Integrity Read More

Ecobank Group Named Africa's Best Bank for Corporate Responsibility by Euromoney - The leading pan-African banking group, Ecobank, has won the coveted prize of Africa's Best Bank for Corporate Responsibility in the Euromoney Awards for Excellence 2020. Euromoney recognises Ecobank's focus on sustainability and partnerships and its core capabilities in delivering positive social and environmental outcomes across Africa. Source Ecobank Read More

NEXIM Bank Denies Diversion of N50bn Projects Fund - The Nigerian Export-Import Bank has denied allegations in some sections of the media that it diverted a certain N50bn provided by the Central Bank of Nigeria. The bank also dismissed social media reports claiming that the Economic and Financial Crimes Commission was petitioned to probe the Managing Director/Chief Executive of NEXIM Bank, Mr Abba Bello, over alleged corruption and mismanagement of the N50bn. Source Punch Read More

NDDC Spent N81.5bn in Six Months - CBN, OAGF - Central Bank of Nigeria and the Office of the Accountant-General of the Federation have indicted the Niger Delta Development Commission in the investigation of the illegal spending by the commission between January and July 2020, amounting to N81.5bn. Source Punch Read More

Net Foreign Inflow Hit $9.35bn in February - CBN - The nation's economy recorded a net foreign exchange inflow of $9.35bn in February. The Central Bank of Nigeria disclosed this in its February monthly report. Source Punch Read More

Lagos Partners US Agency to Improve Electricity Access - The Lagos State Government says it has executed a letter of cooperation with the United States Agency for International Development to effectively launch the Lagos State Integrated Resource Plan, under the Power Africa-Nigeria's Power Sector Program initiative. Source Punch Read More

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Data Backup and Security Guideline as Impact Mitigation Strategies in Light of the COVID-19 Pandemic - The COVID-19 pandemic hit the world in an unprecedented manner and, in just a few months, it has had such a profound impact on the world of work. The need to curb the spread of the COVID-19 virus forced governments of affected countries to issue lockdown orders and restrict movements. Source Florence Bola-Balogun and Opeyemi Adeleke of AELEX  Read More

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NSE Simplifies Investing in the Capital Market with Comic Book - The proliferation of dubious investment schemes that often result in loss of money by unsuspecting members of the public continues to make the role of financial literacy imperative. To play its part, Nigeria's leading bourse, The Nigerian Stock Exchange (NSE or The Exchange) has issued the second edition of its comic, StockTown, dedicated to providing financial literacy education to Nigerians. Source NSE Read More


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FirstBank: Empowering Staff; Driving Productivity Against the Odds - As the coronavirus pandemic forces firms to downsize and cut their wage cost to cope with the adverse economic realities, First Bank of Nigeria Limited (FirstBank) is bucking the trend with a different approach that puts its staff first, writes Segun Adams. Source First Bank Read More

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