Nigeria in 1min: Economic, Business and Financial Headlines - 221020


Thursday, October 22, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: BBC

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COVID-19 Health Updates

  • 21st of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 61,667 cases (New: 37)
  • Discharged:  56,880
  • Deaths: : 1,125 (New: 0)

Source: NCDC Read More

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NBA Condemns the Killing of Peaceful #ENDSARS Protesters in Lagos by the Nigerian Military - The attention of the Nigerian Bar Association ("NBA") has been drawn to the dastardly shooting and killing of #ENDSARS protesters at the Lekki Toll Plaza in Lagos State by some unidentified men of the Nigerian Military on Tuesday, 20th October 2020. Source Nigerian Bar Association Read More 

Statement by Olusegun Obasanjo on Violence Against Protesters in Nigeria: An Appeal for Calm - It is with a heavy heart and a deep sense of concern about the ongoing violence, chaos, and unrest in many parts of Nigeria that I make this appeal to the government and people of our dear country, Nigeria, to eschew violence and embrace peace and dialogue in finding solutions to the challenges we face as a country. Source Olusegun Obasanjo Read More

Lekki Toll Plaza Attack: Governor Sanwo-Olu Sets Up 5-Man Fact Finding Committee - Following the recent attack on unarmed youths calling for sweeping reforms of the police force at Lekki Toll Plaza, Lagos by security forces; the Governor Mr. Babajide Sanwo-Olu in his address announced the setting up of a 5-man fact finding committee to look into the rules of engagement adopted by the Nigerian Army. Source Lagos State Read More


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Senate confirms Dahir-Umar as DG PenCom Amidst Protests - The Senate on Tuesday, confirmed the appointment of Aisha Dahir-Umar, as the substantive Director General of the National Pension Commission Board amidst protests from some senators. Another nominee who was also confirmed by the Senate was Dr Oyindasola Oluremi Oni, from North Central as Chairman. Source Punch Read More

CBN Reviews Requirement for Banks' Chief Compliance Officers' Appointment - The Central Bank of Nigeria (CBN) has reviewed the requirement for the appointment of chief compliance officers (CCOs) by banks. The central bank stated this in a letter titled: "Re: Status of Chief Compliance Officers," that was signed by its Director, Financial Policy and Regulation Department, Kevin Amugo, a copy of which was posted on its website. Source THISDAYLIVE Read More


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Investors Lose N113.07bn as NSEASI Dips by -0.75%, Halts Positive Posture - Equities market closed today on a negative note, as NSEASI depreciated by -0.75% to close at 28,449.49 basis points as against +0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.99%. Source Proshare Markets Read More

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - UBA - UBA's steady rise in its top-line figures was halted by the COVID-19 pandemic. Its profit before tax declined significantly by -18.71% while its gross earnings grew slightly by +2.24% in H1 2020. Source Proshare Research Read More

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Unity Bank - Unity Bank Plc pulled off a strange feat in H1 2020, despite operating on the equivalent of petrol fumes as represented by its negative shareholder funds, the bank was able to muster a half-year profit before tax of N1.12bn which was +6.46% higher than its bottom-line profit in the contemporary period of 2019. Source Proshare Research Read More

NSE Postpones Fintech Webinar and 2 Other Events - The Nigerian Stock Exchange has today announced the postponement of all events scheduled for this week in view of the social unrest experienced across the nation. A new date will be communicated in due course Source NSE Read More


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FG Excludes Foreign Firms from Contracts Below N5bn - The Federal Government on Tuesday declared that contracts not above N5bn would no longer be awarded to any foreign firms in the country. It said the decision was part of a way of patronizing the indigenous firms in line with the planned local content laws in the country. Source Punch Read More

Buhari seeks Garba's confirmation as NERC chairman - The President, Major General Muhammadu Buhari (retd.), on Tuesday asked the Senate to confirm Sanusi Garba as Executive Chairman of the Nigeria Electricity Regulatory Commission. He also sought the Senate nod for the confirmation of Dr Musiliu Oseni as vice chairman; and Aisha Mahmud as commissioner. Source Punch Read More

NESBITT Acquires PAN, to Inject $150m - NESBITT Investment Nigeria Limited has acquired Peugeot Automobile Nigeria with a promise to inject $150m into the company in the next three years to revamp the automobile firm. The new investor said the fund would be spent on retooling and upgrading the automobile company's assembly line as well as in supporting infrastructure and working capital. Source Punch Read More

U.S. Economy's Rebound Sets Up Test Of Fed's New Pledge - The stronger-than-expected U.S. economic rebound from coronavirus lows could set up an early test for the Federal Reserve's new pledge to keep interest rates near zero and its increased tolerance for inflation. Source Reuters Read More


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