Nigeria in 1min: Economic, Business and Financial Headlines - 210920


Monday, September 21, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @GovernorObaseki


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COVID-19 Health Updates

  • 20th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 57,242 cases (New: 97)
  • Discharged:  48,569
  • Deaths: : 1,098 (New: 3)

Source: NCDC Read More

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FIRS Issues Public Notice on Completion of Self-Certification Forms By Reportable Persons - This is to notify the general public, especially holders of accounts in Financial Institutions (Commercial Banks, Merchant Banks, Discount Houses, Mortgage or Development Banks, Insurance and Life Assurance Companies, Investment Advisers... Source FIRS Nigeria Read More

NLC Communicates the Decision of Its CWC on Hike in PMS Pump Price and Electricity Tariff - I write to communicate the decision of the Central Working Committee (CWC) of the Nigeria Labour Congress at the end of its emergency meeting held today, 16 September 2020 at the NLC National Headquarters at the Labour House, Central Business District, Abuja. Source NLC Read More

Oil Bulls Return As OPECplus Reassures Markets - OIR 180920 - Oil rebounded above $40 at the end of the week after EIA data showed a drawdown in oil storage and Hurricane Sally forced offshore platforms offline. Source Read More


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What To Expect From The Markets This Week - 210920 - The U.S. Federal Open Market Committee (FOMC), in its latest Monetary Policy Meeting, elected to leave the key interest rate near zero (0%-0.25%) and signalled they would stay there till at least 2023... Source Proshare Content Read More

NSE Post Takeover: Market as a Metaphor - Stock market trading in the last decade has been unpredictable, rascally and brutal, like the wider economy, the market has shown investors little if any mercy. Between 2008 and 2019 the stock market saw only four (4) years of positive Index growth... Source Proshare Research Read More 

NSE Post Takeover: The Story of Then and How - In the 1970s and 1980s, Nigeria's stock market was still in its infancy. The open outcry system prevailed with most brokers running on passion or 'animal spirits' rather than logic. Source Proshare Research Read More

NSE Post Takeover: The Imperatives of Tomorrow: Myths, Risks and Opportunities - The average economist loves the idea of a self-correcting market, but the pains of a self-correcting market are either too severe or the time too long to be practical. This explains why most governments prefer to dodge the bullet either partially or totally. Source Proshare Research Read More

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Auditors Must Stop Pretending It's Not Their Job to Catch Fraud - Auditors must "stop pretending" it's not their job to catch fraud the audit profession must get "serious" and "stop pretending" catching fraud is not part of their role, says Brian Fox, president and founder of Confirmation, part of Thomson Reuters. Source AccountancyAge Read More

Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists - Secret U.S. government documents reveal that JPMorgan Chase, HSBC and other big banks have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world. Source ICIJ Read More

These are the people zipping money across the world thanks to the global banking system - Notorious names behind billions in suspect money. The categories reflect allegations that often prompted the reports or suspicious activity flagged by banks and are not necessarily indicative of misconduct. Source ICIJ Read More

Watch: How money is laundered through New York banks - By filing suspicious activity reports to regulators, big banks in the U.S. can collect transfer fees on suspicious transactions. Failure to file a SAR can expose banks to fines or penalties. Source ICIJ Read More

He Was at The Heart of Two of The Biggest Dirty Money Scandals in History. These Are His Secrets - After Alexander Perepilichnyy dropped dead while jogging outside of London, US intelligence concluded that he was likely "assassinated on direct orders" from Russian President Vladimir Putin "or people close to him." Source BuzzFeedNews Read More

Dirty Money Pours into The World's Most Powerful Banks - A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. Source Buzzfeed News Read More

FinCEN Files: All you need to know about the documents leak - Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world. Source BBC Read More

Petrol Supply Fell by 23.88% in July, Says NNPC - The volume of petrol supplied in the country declined by 23.88 per cent in July to 1.02 billion litres, according to the Nigerian National Petroleum Corporation. Source Punch Read More

Travel Bodies Write EU, Seek End to Quarantine Restrictions - No fewer than 25 travel and tourism bodies as well as unions across Europe have asked the European Commission to replace quarantine restrictions with a European Union Testing protocol for travel, in a bid to save the livelihoods of more than 27 million Europeans who work in the sector. Source Punch Read More

Deregulation: More Investors Eyeing Modular Refineries, Says DPR - The Department of Petroleum Resources has said more investors are showing interest in establishing modular refineries in the country following the deregulation of petrol. Source Punch Read More

CBN Investigates 55 Companies Over Foreign Exchange Infractions - Amidst sustained pressures on Nigeria's official foreign exchange resources, the Central Bank of Nigeria, CBN, has opened investigations into foreign exchange transactions of 55 companies and individuals. Source Vanguard Read More

Steel Sector May Not Resume Production Until 2021 - MAN - Activities within the nation's steel sector will remain paralysed for the time being as the industry is still smarting from the rippled effects of the ravaging coronavirus which has continue to take its toll on its operations within the past seven months, The Nation has learnt. Source The Nation Read More

Oil Refiners Worldwide Struggle with Weak Demand, Inventory glut - Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according to executives, refinery workers and industry analysts. Source Reuters Read More

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Facebook To Open Second African Office in Lagos, Nigeria By H2, 2021 - As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria - its second office on the African continent. Source Facebook Read More


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How Islamic Finance Firms Are Empowering Women Through Fintech - Enhancing the skills of women, increasing investment opportunities for them through products and encouraging them to take up leadership positions are ways in which Islamic Fintech Firms can empower women in climes like Nigeria. Source WebTV Read More 

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N75bn MSME Schemes' Registration Begins Monday - FG - The registration portal for the N75 billion Micro, Small and Medium Enterprises Survival Fund and Guaranteed Off-take schemes of the Federal Government will be opened on Monday, the Minister of State for Industry, Trade and Investment, Mariam Katagum, has announced. Source Punch Read More

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