Nigeria in 1min: Economic, Business and Financial Headlines - 200520


Wednesday, May 20, 2020 / 4:43 AM / By News Aggregator / Header Image Credit: Twitter; @ProfOsinbajo


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COVID-19 Health Updates

  • On the 19th of May 2020, 226 new confirmed cases and 1 death was recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 6401 cases have been confirmed, 1734 cases have been discharged and 192 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 226 new cases are reported from 16 states- Lagos (131), Ogun (25), Plateau (15), Edo (11), Kaduna (7), Oyo (6), FCT (5), Adamawa (5), Jigawa (4), Ebonyi (4), Borno (4), Nasarawa (3), Bauchi (2), Gombe (2), Enugu (1), Bayelsa (1). Read More

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A Sharp Fall in the FAAC Payout; May Payment Amount to N606bn - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N606bn (US$1.57bn) in May (from April revenue). This was a decline of N175bn on the previous month's payment. Source FBNQuest Research Read More 

LCCI Report Affirms Need for Fiscal Authorities to Act - The Lagos Chamber of Commerce and Industry (LCCI) published the report on its recently conducted COVID-19 Impact Report Survey. According to the report, about 81.0% of sampled Nigerian businesses were severely affected by the lockdown measures implemented by the Federal Government (FG). Source CSL Research Read More 

Dampening the Impact of Global Financial Shocks on Emerging Market Economies - The COVID-19 pandemic is impacting emerging markets through an unprecedented combination of domestic and external shocks. Among the latter, the pandemic has led to a sharp increase in global risk aversion and an abrupt retrenchment in foreign capital flows. Source Read More 

An African Perspective on the impact of COVID-19 and the Response to it - FBNQuest - This week, we are going to share some of the observations made on a webinar organized by the Royal African Society on 'African Economies after COVID-19'. The external panelists were: Donald Kaberuka, an envoy for the African Union (AU) and the previous president of the African Development Bank; Nanjana Nyabola, a political analyst and author; Arkebe Oqubay, a minister in the Ethiopian prime minister's office; and Stephen Karingi, a specialist on regional integration and trade in the UN Economic Commission for Africa (UNECA). Source FBNQuest Read More 

Ahead of Tomorrow on WebTV: Discussions on Post COVID- 19; Attracting FDIs Into Nigeria - SEYE ADETUNMBI is the Chief Responsibility Officer of Value Investing Limited with a market experience of well over 2 decades. He is a Trained Stockbroker, Tested Investment Banker, Consummate Author of Books, Publisher of Repute, Prolific Blogger, Economist, Historian and Advocate of Lasting Culture and Traditions. Source WebTV Read More 

Post COVID-19: Why Nigeria Needs To Give Priority To Renewable Energy -Segun Adaju - Renewable Energy should receive top priority in Nigeria's Economic Sustainability Plan post COVID-19 and should be mainstreamed into the strategy for increasing domestic power supply. The President of the Renewable Energy Association (REA), Mr. Segun Adaju, said this as a guest on WebTV's "Market Review" program which explored the subject "Post COVID 19:Focus on Renewable Energy In Nigeria. Source WebTV Read More 

Post-COVID-19 Economy: Emefiele Woos Conglomerates - As Nigeria continues the process of full reopening of its economy due to the lockdown over the Corona Virus (COVID-19), the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged industrial conglomerates operating in the country to support efforts aimed at growing the Nigerian economy and returning it to its glory days. Source CBN Read More 

The Oil Bulls Are Back - OIR 190520 - Oil prices have climbed to their highest level in months, with WTI at $32 and Brent breaking $35 per barrel. Sentiment has vastly improved over the past few weeks, and recent promising news about a potential coronavirus vaccine has boosted energy and equity markets. Source Tom Kool of Read More 

Most Oil Companies Are Not Returning Coronavirus Emergency Loans - Just three out of twelve public oil and gas firms in the United States have so far said they had returned loans received under the program to help small businesses keep employees during the COVID-19 pandemic, Reuters reported on Tuesday, citing securities filings. Source Tstevana Paraskova of Read More 

Ahead of Tomorrow on WebTV: Discussions on Post COVID-19; Repositioning The Nigerian Gas Industry - ADEDAYO OLUFUNMILADE ADESHINA, had his primary education at St Mary's private school Lagos, secondary education at St Gregory's College Lagos and Irwin Academy, Leicester. He is a graduate of Business and Finance from University of Wolverhampton (formerly Wolverhampton Polytechnic).  Source WebTV Read More

417,000bpd Oil Cut Will Deepen Nigeria's Recession, Says Fitch - A global credit ratings agency, Fitch Ratings, has said Nigeria's compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits. Source Punch Read More 

FG Targets Five Million Jobs From 995m Euros Agric Programme - The Federal Government says it is targeting about five million jobs for farmers through the 995m Euros agricultural mechanisation programme. The initiative was aimed at boosting food security for the country. Source Punch Read More 


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Investors Gain N136.09bn as NSEASI Inches Up Further by 1.09%; Closes Above 24,000bpts - Equities market closed today on positive note, as NSEASI appreciated by +0.29% to close at 24,202.87 points as against +0.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.83%. Source Proshare Markets Read More

TOTAL Q4 2019 and Q1 2020 Results Review: Economic Lockdown Weighs Heavily on EPS Outlook - Total Nigeria (Total) reported a Q1 2020 loss after tax of -N163m compared with our N517m forecast. Although an anticipated reduction in net finance charges (down -40% y/y) materialised, the federal government's preventive actions against the covid-19 pandemic, i.e. the economic lockdown in Lagos, Abuja and the halting of local and foreign travel in March, weighed on performance during the quarter. Source FBNQuest Read More

International Breweries Q1 2020 Results Reflects Ease in Borrowing Cost Pressure - International Breweries' (IB) N165bn rights issue undertaken last year had a more positive impact on earnings than we had anticipated. Results were largely supported by a significant drop in borrowing costs thanks to a deleveraged balance sheet. IB reported a net interest income of N346bn versus a net interest expense of -N5.1bn in Q1 2019, which also compares favourably with our forecast of -N2.8bn. Source Read More

UAC of Nigeria Plc - Tactical Play Possible Despite New Fundamental Worries - Deterioration across key macro indices is likely to affect consumption dynamics in Nigeria and cascade to an 11.2% YoY decline in revenue from continuing operations to N70.3 billion1 for UACN in 2020. The cost implication of naira depreciation2, supply chain disruptions, and double-digit inflation is also likely to drive EBITDA margin 3.7ppts lower YoY to 6.6% in the current year (vs. 10.2% in previous forecast and 9.1% in Q1'20). Source CardinalStone Research Read More

VFD Group's Rocky Start to the Financial Year 2020 - VFD group, a player in the financial service market ended the year 2020 on a strong note. Although the Group's Q1 2020 result was suggestive of a rocky start to the Year given that a few of the Group's numbers slipped downwards, Q2 performance indicate a potential turnaround of fortunes. Source Read More

UK Mid-Sized Banks Face Significant Further Credit Charges - Mid-sized UK banks reported lower loan impairment charges for 1Q20 than their larger peers, increasing the risk that sizeable impairment losses in the coming quarters will weigh on their earnings amid economic fallout from the coronavirus pandemic, Fitch Ratings says. Source Fitch Ratings Read More

Limited Sovereign Rating Support from Central Bank Bond Buying - Rapid increases in central bank purchases of government debt provide short-term support for sovereign ratings by reducing interest service burdens and rollover risks, but do not lower government debt stocks or improve most other sovereign credit fundamentals, Fitch Ratings says in a new report. Source Fitch Ratings Read More

Shareholders Sue for Merger of Stockbroking Firms - Ahead of the planned change of ownership (denationalization) of the Nigeria Stock Exchange (NSE), shareholders' group, Independent Shareholders Association of Nigeria (ISAN), has called for the consolidation of 255 stockbroking houses in the country, as only 10 per cent of the firms dominate the market. Source The Guardian Read More

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UBA Upgrades Mobile App, Introduces Exciting New Features for Customers - Pan African financial institution, United Bank for Africa (UBA) Plc, has upgraded its mobile banking application, introducing lots of exciting and interactive features to aid banking, whilst allowing customers to perform unlimited transactions with simple taps on their mobile phones. Source UBA Read More

Ex-SEC DG, Mounir Gwarzo, to Get Full Benefits as Buhari Accepts Resignation - Mounir Gwarzo resigned as director-general of the Securities and Exchange (SEC) before a new chief executive was named on Tuesday by President Muhammadu Buhari and will be entitled to his full benefits. Source TheCable Read More

President Buhari Nominates Lamido Yuguda for Confirmation as SEC DG and 3 Commissioners - President Muhammadu Buhari has written to the Nigerian Senate to confirm Lamido Yuguda, a former director at the Central Bank of Nigeria (CBN), as the Director General of the Securities and Exchange Commission (SEC). Source News Read More

Lufthansa Plans Job Cut, to Ground 500 Aircraft by 2022 - Lufthansa is bracing for hundreds of aircraft to remain grounded due to the coronavirus pandemic well into 2022 and that further job cuts at its maintenance and catering businesses were inevitable. The German airline is set to ground 500 of its 763 aircraft by 2022 due to COVID-19. Source Punch Read More

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Business Group Cautions U.S. On 'Reshoring' Too Much China Supply - The U.S. Chamber of Commerce on Tuesday warned the U.S. government against overdoing a major effort underway to rip U.S. supply chains out of China in the wake of the coronavirus pandemic, saying such moves could harm the economy. Source Reuters Read More

Mnuchin Defends U.S. Fiscal Response to Pandemic, Seeks Payroll Loan Extension - U.S. Treasury Secretary Steven Mnuchin on Tuesday defended the Trump administration's fiscal response to the coronavirus pandemic and told senators he was willing to consider extending and modifying a payroll loan program for small businesses. Source Reuters Read More

Shell: NLNG Train 7, Our Long-term Strategy for Capital Investment - The Director, Integrated Gas and New Energies, Shell Plc, Maarten Wetselaar, has said investing in the Nigeria Liquified Natural Gas (NLNG) Train 7 was his company's long-term strategy and approach to capital investment. Source THISDAYLIVE Read More

THISDAY, 1258 Others Nominated for Nigerian Healthcare Excellence Awards 2016 - THISDAY Newspapers and 1,258 other organisations, including healthcare organisations, individuals, non-governmental organisations and Foundations nationwide have been nominated for the Nigerian Healthcare Excellence Awards (NHEA). Nominations for various award categories are still ongoing. Source THISDAYLIVE Read More

We Comply With ITU Standards In Deploying ICT - Minister - The Minister of Communications and Digital Economy, Dr Isa Pantami, has said the Federal Government complied with International Telecommunication Union standards in the deployment of information and communication technology in Nigeria. Source Punch Read More


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ZENITH General Insurance's Profit Before Tax Rises By 16% to N3.67bn - Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019. A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16% from N3.16bn to N3.67bn while profit after tax rose by 10% up from N2.79bn to N3.06bn.  Source Zenith Bank Read More

Ahead of Tomorrow on WebTV: Discussions on Post COVID-19: Repositioning Insurance In Nigeria - GUS WIGGLE  currently stirs the affairs of a new company - WJE Integrated Resources Ltd established in 2016, a logistics and Insurance Advisory outfit after the completion of his tenor as the Managing Director of Linkage Assurance Plc. Source WebTV Read More


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