Nigeria in 1min: Economic, Business and Financial Headlines - 180520


Monday, May 18, 2020 / 4:42 AM / By News Aggregator / Header Image Credit: @followlasg


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COVID-19 Health Updates

  • On the 17th of May 2020, 338 new confirmed cases and 6 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 5959 cases have been confirmed, 1594 cases have been discharged and 182 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 338 new cases are reported from 18 states- Lagos(177), Kano(64), FCT(21), Rivers(16), Plateau(14), Oyo(11), Katsina(9), Jigawa(4), Kaduna(4), Abia(3), Bauchi(3), Borno(3),Gombe(2), Akwa Ibom(2), Delta(2), Ondo(1), Kebbi(1), Sokoto(1).Read More

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A Budget Adjusted for the New Normal - The Federal Executive Council (FEC) has approved a revised 2020-2022 Medium Term Expenditure Framework and an amended 2020 budget, which can now be submitted to the National Assembly for approval and to the president for sign-off. Source FBNQuest Research Read More

Court Declares Payment Of Import Duty On Personal Effects In Passenger's Baggage Unlawful - A Federal High Court sitting in Abuja has declared that payment of import duty on passenger's goods and personal effects is unlawful. The trial judge, Justice John Tsoho declared this on Wednesday, in a judgment he delivered in a suit No: FHC/ABJ/CS/1113/2019 filed by Kehinde Ogunwumiju (SAN) against Nigerian Customs Service Board & Anor. Source Sunday Ejike of Nigerian Tribune Read More

FIRS Finance Act Circular: Regulated Securities Lending Transactions - The Federal Inland Revenue Services (FIRS) has issued a circular on the tax implications of regulated securities lending (RSL) transactions in Nigeria. The Borrower obtains securities from Lender through an approved Agent, for an agreed fee and a stipulated period. Borrower provides collateral to Lender usually in the form of cash. Borrower seeks to profit by selling and repurchasing the securities ("short selling").  Source PwC Nigeria Read More

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A Relentless Oil Price Rally - OIR 150520 - Oil prices appear to be rising relentlessly, with WTI bouncing above $28 per barrel, nearly at a two-month high. Market sentiment has been gaining steam as supply shut-ins mount and demand begins to come back. Still, the risk of another wave of coronavirus infections presents a major risk to the rally. Source Tom Kool of  Read More

FSDH Becomes first Merchant Bank Enlisted in the Lagos State EBS-RCM for Revenue Collection - On the 30th of March 2020, the Lagos State Government approved the Merchant Bank's application to be included in Lagos State's Electronic Banking System of Revenue Collection and Monitoring (EBS-RCM). This feat is yet another first for FSDH Merchant Bank, as it is now the first Merchant Bank to be granted this application in Nigeria. Source FSDH Read More

Buhari Renews Akabueze's Tenure as Budget Office DG - President Muhammadu Buhari has renewed the appointment of the Director General of the Budget Office of the Federation (BoF), Mr. Benjamin Akabueze, for another four years. He was first appointed as a Special Adviser on Planning to President Buhari on February 15, 2016, and later re-deployed as the Director General of the Budget Office on June 10, 2016. Source THISDAYLIVE Read More

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USD and NGN FX Rates Breaches above N400 per Dollar I and E FX Window As Demand Piles up - It was a mixed session for FGN Bonds today, as market participants continue to evaluate the current market landscape to gauge market direction. Demand persisted at the short-end (2021s and 2024s) while we saw supply at the mid- (2025s and 2029s) and long-end (2034s and 2050s). Consequently, yields compressed by c.2bps on the average across the benchmark curve. Source Zedcrest Capital Read More 

Coronavirus and Commodity Markets: Lessons from History - The economic effects of suspending a large proportion of global activity have immediately impacted the world's commodity markets. The COVID-19 pandemic has unleashed a unique combination of shocks to both supply and demand.  Sharply reduced transport has crushed the need for oil and other transport-related commodities. Shutdowns have disrupted supply chains and production.  Source Peter Nagle, World Bank Blog Read More

FBNQ MB SPV Plc - NSE Lists Bonds - The N5,000,000,000 Series 1; 10.50% Fixed Rate Senior Unsecured Bonds due 2023, under the N50,000,000,000 Bond Issuance Program were today, Friday, 15 May 2020 listed on The Nigerian Stock Exchange. Source NSE Read More

COVID-19 and SSA's manufacturing sector: Operating in difficult times - Stock markets around the world defied expectations in the month of April-2020. In Sub-Saharan Africa (SSA), despite the economic lockdown, surge in number of COVID-19 cases, low commodity prices and the high level of uncertainties, Investors took advantage of the cheap valuation to average down portfolio costs during the month. Source United Capital Read More

Investors Lose N90.72bn WoW as NSEASI Dips by -0.72% to Close the Week Negative - Equities market closed today on negative note, as NSEASI depreciated by -0.09% to close at 23,871.33 points as against +0.77% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.07%.  Source Proshare Markets Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 150520 - The equities market recorded negative performance - the listed equities market recorded -0.72% loss WoW while the NASD OTC also closed negative with -0.92% loss. Source Proshare Markets Read More

WAPCO Declares N8.1bn PAT in Q1 2020 Results, (SP:N10.70k) - Lafarge Africa Plc, Building Materials company  in Industrial Goods  sector announced 9.8% Revenue growth in Q1'20 Result. Source NSE Read More 

Corporate Earnings For The Week Ending 150520 - 11 in All - Six(6) out of the Eleven (11) firms declared growth in revenue. AIICO records 23% growth in earnings to emerge as the firm with highest growth in earnings while INITSPLC records 21% negative growth in earnings to emerge as the firm with the least growth rate. AIRTELAFRI tops with the highest PAT figure while OMOSAVBNK declared the least. Source Proshare Markets Read More

NASD OTC Market CAP Decreased By -0.92% WoW to Close At N509.75bn - NASD OTC Securities Exchange Market closed on a negative note this week, as the market recorded a decrease in performance. NASD Security Index Year to date return fell by -0.52%. Total volume traded Year-to-Date stands at 7,617,720,159 units in 550 deals and total Value traded is N7,434,428,437.88. Source NASD Plc Read More

What To Expect From The Markets This Week - 170520 - This week, China released its April inflation data, showing that the consumer price index (CPI) rose at a slower pace when compared to the corresponding period of the prior year. Specifically, headline inflation in April printed 3.3% y/y (March: 4.3% y/y). However, the CPI declined by 0.9% m/m. According to the breakdown provided by the Chinese National Bureau of Statistics (NBS), food and non-food inflation moderated by 3.0% m/m and 0.2% m/m, respectively. Source Proshare Content Read More


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Value of Downgraded Sovereign Debt Not as High as Previous Crises - The record number of sovereign rating downgrades this year has not translated into a historically high volume of downgraded debt, which is still below that of previous crisis periods, Fitch Ratings says. Source Fitch Ratings Read More 

21st President Of CIBN, Bayo Olugbemi, Commits To Driving 2020-2024 Strategy - The Chartered Institute of Bankers of Nigeria (CIBN) recently ushered in its 21st President, Mr. Bayo Williams Olugbemi, FCIB, by way of a virtual (online) investiture ceremony. Source CIBN Read More 

Debtors Africa Launches Searchable Digital Database of Recalcitrant and Delinquent Debtors - Debtors Africa - an independent searchable database of recalcitrant and delinquent debtors in Africa was launched into the market today, in addition a Debtors Report - a comprehensive analysis of the Debt/Non-Performing Loans Situation in the Nigerian Banking Industry was also presented for information. Source Read More 

Bank NPLs (2) - The Banking Industry and Its NPL Position - Cyclical downward movements in economic activities, especially for fast-moving consumer goods (FMCGs), could cause a spike in inventories and a fall in cash flows, thereby worsening the ability of corporations to repay their debt (this has been noticed increasingly between 2015 and 2019). Source Debtors Africa Read More

UK Announces 1.6bn Pounds Bailout for London's Transport System - The British government will pump £1.6 billion into London's public transport system to restore services and help prevent overcrowding as people return to work, operator Transport for London (TfL) said on Friday. London mayor Sadiq Khan is now expected to restore full bus and train services, having warned they would be cut further without emergency state support, owing to the coronavirus epidemic. Source Punch Read More 

Fed's Powell: 'Medical Metrics' Most Important Data for U.S. Economy Now: CBS - The most important data for the U.S. economy right now are the "medical metrics" around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he outlined the likely need for three to six more months of government financial help for firms and families. Source Reuters Read More 


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COVID-19 Rebound: Building Entrepreneurs and Supporting Financial Inclusion Through Xpress Point - Lagos, May 15, 2020 - Ecobank Nigeria has reiterated that its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria. The Ecobank Xpress Point enables eligible Agents to carry out financial transactions on behalf of Ecobank and earn commission on every transaction processed. Source Ecobank Read More


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Post COVID-19: How Takaful Can Support The Nigerian Insurance Sector - Thaibat Adeniran - The Nigerian Insurance Sector can benefit immensely from the Takaful market, if it is integrated into mainstream activities in the industry. Mrs. Thaibat Adeniran the Head of Halal Takaful, Cornerstone Insurance Plc, disclosed this at a recent webinar that was hosted through the Zoom platform speaking on "How has the pandemic affect Takaful? Does it position Takaful as an Opportunity or a Challenge?" Source WebTV Read More 

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