Nigeria in 1min: Economic, Business and Financial Headlines - 191020

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Monday, October 19, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Proshare

 

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COVID-19 Health Updates

  • 19th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 61,440 cases (New: 133)
  • Discharged:  56,611
  • Deaths: : 1,125 (New: 2)

Source: NCDC Read More


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PROSHARE ECONOMY 

Average Fare Paid for Intercity Bus Increased By 24.30% YoY in September 2020 - NBS - The Transport fare Watch report for September 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More 

Establishment, Composition and Training of Nigeria Police SWAT to Replace the Disbanded SARS - Following the dissolution of the Special Anti-Robbery Squads (SARS) in all Police Formations and State Commands across the country, approval is hereby given for the establishment of Special Weapons and Tactics Team (SWAT) as the new operational framework to replace the disbanded Squads. Source Office of the IGP Read More 

Another Rise in Inflation Driven by Food Prices - Headline inflation accelerated again in September to 13.71% y/y from 13.22% the previous month. (Our expectation, shared with the newswires, was a little changed rate of 13.30% with a positive harvest impact.) Food price inflation quickened from 16.00% y/y to 16.66%. Source FBNQuest Research Read More

 FG To Invest N198.28bn In Power Projects - The Federal Government is to invest N198.28bn on various capital projects in the power sector in different parts of the country in 2021. Different sectors in the power industry have been mapped out to partake in the N198.28bn fund for capital projects in the 2021 budget proposal that was recently submitted to the National Assembly. Source Punch Read More


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 PROSHARE MARKETS 

What To Expect From The Markets This Week - 191020 - According to the U.S. Bureau of Labour Statistics, the U.S. consumer price index rose 0.2% m/m in September (vs. August: 0.4% m/m), the slowest pace of growth in four months, on the back of a slower rise in the prices of energy (0.8% m/m vs. August: 0.9% m/m) and shelter (0.1% m/m vs. August: 0.1% m/m). Source Proshare Content Read More 

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - ETI - ETI elbowed into 2020 with major expectations for lending and deposits. The Group beat analyst forecast of a slowing of loan asset growth and deposit liabilities, as the COVID-19 pandemic disrupted revenue streams and supply chain networks of the deposit money banking Group's (DMBG's) corporate customers in H1 2020. Source Proshare Research Read More 

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - FCMB - Despite the adverse effect of the COVID-19 pandemic on the Nigerian economy, FCMB recorded a significant improvement in profits before tax by +25.58% in 2020, growth in total assets by +30.54%, and a reduction in non-performing loans to 3.5%. Source Proshare Research Read More 


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Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - FBNH - FBNH caught the eye of Nigeria's local media for a splendid H1 2020 result as gross earnings rose year-on-year (Y-o-Y) by +5.6%, from N280.3bn in June 2019 to N296.4bn in June 2020. Profit before tax (PBT) climbed by +14.3%, from N36.3bn in June 2019 to N41.4bn in June 2019. Source Proshare Research Read More

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Union Bank - Union Bank's top line was adversely affected by the coronavirus pandemic. It recorded a mild decline of -6.99% in its profit before tax while its gross earnings grew slightly by +7.68%. Source Proshare Read More


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PROSHARE BUSINESS 

NBCC Project Hope Complex To Serve As A Facilitation Center For Nigeria-British Trade - The Project Hope Complex, when completed in 2021 will serve as a trade facilitation hub to deepen the trade relations between Nigeria and the United Kingdom. President of the Nigeria British Chamber of Commerce Mr. Kayode Falowo made this point at the formal launch of the 'Project Hope' Complex fundraiser, to mobilize funds to complete what will serve as the secretariat of the trade chamber. Source WebTV Read More

Kano To Spend N2.3bn On Dry Port Development - Kano State Governor, Dr Abdullahi Ganduje, has committed to spend N2.3bn on the development of Dala Inland Dry Port in Kano State. Ganduje, who paid a working visit to the Nigerian Shippers' Council in Lagos on Friday, said the money was for the development of the first phase of the port which he believed would boost Kano State's economy and that of Nigeria in general. Source Punch Read More

2019 Financials: NNPC At Risk of Bankruptcy - Auditors, Management Warn - Independent auditors and management of the Nigerian National Petroleum Corporation, NNPC, have raised doubts over the ability of the corporation to continue as a going concern, following rising losses and negative capital as a result of excess of liabilities over its assets as stated in its recently published 2019 Audited Financial Statement. Source Vanguard Read More

Deloitte To Shut Four UK Offices As COVID-19 Entrenches Remote Working - Global accounting and consulting firm Deloitte will close four of its 50 British offices as it reviews its real estate portfolio in the coronavirus pandemic, but will retain the staff on work-from-home contracts, it said on Saturday. Source Reuters Read More

 

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PROSHARE TECHNOLOGY 

How Central Banks Can Catalyze Financial Inclusion Through Digital Currency - As part of the rapid level of globalization now driven by digital technology, there have been increasing calls for the inclusion of the Central Bank Digital Currency in the financial market across the globe. Source WebTV Read More

Mobile Phone Operators' Assets Rise by N804bn - The assets of the six Mobile Network Operators in Nigeria increased by N804.09bn or 0.38 per cent in 2019, a latest report by the Nigerian Communications Commission stated. The 2019 Subscriber/Network Data Report stated that the total value of assets in the industry increased from N2.11tn in 2018 to N2.91tn as of the end of 2019. Source Punch Read More

UK Company Invests $100,000 in Nigerian Software Firm - A United Kingdom company, Zetogon has said it invested $100,000 in a Nigerian software firm, AirSmat, to help the organisation to deliver world-class service on the African continent. Source Thisday Read More


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PROSHARE FINANCE 

Tips on How to Plan for a Restful Retirement Life - Financial rest and peace of mind is critical in Retirement and there are two key elements that will determine how fast you run out of money. These two elements are the keys to lasting financial success. The first element is Income and the second element is Savings. Income is the element that brings money into your Life. Source Grace Agada Read More 

The Principles of Islamic Finance Align with the 17 Goals of The UN - Saeeda Ahmed - The Principles of Islamic finance and its economic system align with the 17 goals of the 2030 United Nations Sustainable Development Goals (SDGs). Saeeda Ahmed the Founding Director of Education Partnerships UK Ltd made this point in a discourse on "Sustainable Development Goals, Women Empowerment". Source WebTV Read More 

Tips on How to Plan for a Restful Retirement Life - Financial rest and peace of mind is critical in Retirement and there are two key elements that will determine how fast you run out of money. These two elements are the keys to lasting financial success. Source Grace Agada Read More


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PROSHARE MSME

Southwest MSMEs Yet to Benefit from N50b COVID-19 Bailout Funds - Southwest stakeholders operating micro, small and medium enterprises (MSMEs) have expressed outrage over their inability to access the N50 billion bailout funds released by the federal government to cushion the devastating effects of the Covid-19 pandemic on small businesses. Source TheNation Read More

 

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