Nigeria in 1min: Economic, Business and Financial Headlines - 210921

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Tuesday, September 21, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Lagos State House of Assembly,Nigeria

 

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 COVID-19 Health Updates

  • 20th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 202,191 cases (New: 393)
  • Discharged: 190,901
  • Deaths: 2,661 (New: 6)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Insights on VAT Collection and Distribution in Nigeria - Ayo Teriba - As some States lock horns at the courts with the Federal Government to assert their democratic collection and distribution rights on Value Added Tax (VAT), we seem to have lost our way on a journey we started some three decades ago. This piece contributes to our efforts to retrace our steps. Source Ayo Teriba Read More

A State-controlled VAT System will Slow MSME Growth in Nigeria - A Value Added Tax (VAT) system controlled by State governments will slow the growth of Micro, Small and Medium Enterprises, MSMEs, who are the drivers of the Nigerian economy. Source Ottoabasi Abasiekong for WebTV Read More

Average Price of 1 Piece of Egg Increased by 24.37% MoM in August 2021 - NBS - Selected food price watch data for August 2021 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 22.27% and month-on month by 1.40% to N585.64 in August 2021 from N577.55 in July. Source NBS Read More

Highlights of Nigeria's Economic Outlook Conference and Report by Economic Associates - Economic Associates (EA) is taking economic outlook assessment to a new level where the evolving realities of the global wealth-creation ecosystem are methodically dimensioned before their implications for global, national, subnational, and sectoral strategies are sequentially situated in clearer contexts. Source Economic Associates Read More

No Capital Allocation for MDAs Without Revenue Projections - Senate - The Senate has threatened to reject the capital and overhead proposals of federal ministries, departments and agencies which failed to accompany their 2022 budget estimates with revenue projections for the fiscal year. Source Punch Read More

ABSA Advocates Social Investment Plan from Oil and Gas Proceeds - Developing a social investment plan that utilizes proceeds from the oil and gas sector is critical to stimulating impactful growth across the African continent, Director of Resources and Energy, Absa Securities, United Kingdom, millo Atampugre has said. Source THISDAYLIVE Read More

Revenue Allocation: Okowa Wants NASS to Uphold True Federalism, RMAFC independence - Delta State Governor Dr. Ifeanyi Okowa, has called on the National Assembly to embody in the 1999 Constitution being amended, true federalism and independence of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). Source Vanguard Read More


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PROSHARE MARKETS

Investors Lose N19.51bn as NSEASI Dips by -0.10% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.10% to close at 38,906.42 basis points as against +0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.39%. Source Proshare Markets Read More

NAFEX Rate Depreciated by 0.17% WoW to N411.95 from N411.25 - In the FX Spot and Derivatives markets, the total turnover for the week-ended September 10, 2021, was $1,363.33 million, representing an increase of 55.47% ($486.42 million) from $876.91 million reported for the week-ended September 10, 2021. Source FMDQ Read More

GTCO Q2 2021 Results Review: Q2 2021f Annualised ROAE Still Tracking Behind Guidance - GTCO's Q2 '21 PBT declined -24% y/y to NGN39.4bn because of a -9% y/y reduction in pre-provision profit, and a 14% y/y rise in opex. In terms of revenue drivers, the biggest drag on revenue was a -14% y/y reduction in funding income. Source FBNQuest Research Read More

NT-Bills Update: MPC Held Rates Constant; Average Yield Advanced 53bps WoW to Settle at 5.44% - The Nigerian Treasury Bills ("NT-Bills") secondary market turned bearish last week as market participants focused on the Primary Market Auction ("PMA") which took place on Wednesday (15-Sep-21). Source Afrinvest Research Read More

Universal Music to Make Stock Market Debut - Universal Music Group, the world's biggest label whose lineup features The Beatles, Billie Eilish and Taylor Swift, is set for a huge stock market debut Tuesday. Source The Guardian NG Read More


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PROSHARE BUSINESS

First Bank and Institutional Learning - A Sense of History - The tier 1 lender has dominated Nigeria's financial services market for over a century. Though still leveraging its brand as one of the most valued brands, the bank has had to relinquish some of its sectoral leadership to a couple of other institutions that gained market share after establishing themselves as new generation banks in the 1990s due to the growing dynamism of the industry. Source Proshare Research Read More

Contracts of Employment and Limitation Laws: Is the National Industrial Court Rewriting the Law? - It is the position of the law that there is a time limit for instituting civil actions, and any action caught by the Statutes of limitation is dead for all ages. Regardless of the cause of action, there is no exception to this trite principle and contracts of employment/service, like other civil actions, are subject to this implication of law. Source Godwin Etim and Linda Osuagwu of AELEX Read More

BUA, Wartsila OY of Finland sign Agreement for Construction of 70MW Power Plant - BUA has signed an agreement with Wartsila OY of Finland for the construction of a 70megawatts dual-fuel power plant for the BUA Cement Sokoto Line 4 in Sokoto state, North-West Nigeria. Source BUA Read More

CIBN and NJI to Raise Awareness for Judicial Officers on Banking Contemporary Issues - The Chartered Institute of Bankers of Nigeria has called for joint knowledge events to educate all cadres of Judicial Officers in the country on developments and trending issues in the banking and finance sector in the country. Source CIBN Read More

Businesses Must Accept e-Naira Payment, CBN Warns - The Central Bank of Nigeria says the e-Naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. Source Punch Read More

Lagos, Port Harcourt, Delta Ports Collapsing, Says NPA MD - Nigerian Ports Authority (NPA), yesterday, raised the alarm that the Tin-Can Island ports, Lagos; Onne port, Port-Harcourt; Delta and Calabar ports quay walls are collapsing and needed urgent attention to forestall total collapse. Source LeadershipNG Read More


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PROSHARE TECHNOLOGY   

Cybersecurity; Now the Panic Starts - Corporate organisations have increasingly been under the cosh as vicious attacks by cybercriminals have created notable losses for companies across the globe. Indeed, the predicted loss from cybercrime is expected to rise to US$6trn in 2021, which is approximately 14 times Nigeria's 2020 GDP. Source Iyioluwabomi Onakoya, Research Intern Read More

Insights from Happenings in the Fintech Landscape - 200921 - After its IPO earlier this year, it has been gathered that Coinbase is looking to raise $1.5bn in bond sale in a private offering as senior notes which would be due in 2028 and 2031, with proceeds intended for product development and potential acquisitions. Source FintechNGR Read More


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