Nigeria in 1min: Economic, Business and Financial Headlines - 221220


Tuesday, December 22, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

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COVID-19 Health Updates

  • 21st of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 78,790 cases (New: 356)
  • Discharged:  68,483
  • Deaths: : 1,227 (New: 6)

Source: NCDC Read More

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A Return to the Subsidy Regime? - A Punch news report says the oil marketers under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called on the Federal Government to work with the private sector to fix the dysfunctional refineries in the country. Source CSL Research Read More

Rising Inflation'll Weaken Economy - CBN Survey - Rising inflation will weaken the country's economy, a new survey by the Central Bank of Nigeria has revealed. The statistics department of the CBN disclosed in its inflation attitudes survey report for the fourth quarter of 2020 that respondents believed that the economy would end up weaker if prices started to rise faster. Source Punch Read More

National Assembly Jerks Up Budget, Passes N13.5tn 2021 Appropriation Bill - The National Assembly on Monday passed the 2021 Appropriation Bill, raising the total estimates from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn. The President, Major General Muhammadu Buhari (retd.), had on October 8, 2020, laid the money bill before a joint session of the National Assembly. Source Punch Read More

NIN: Confusion as Nigerians Storm NIMC Centres, Shun COVID-19 Rules - There was confusion at the National Identity Management Commission offices across the country on Monday as Nigerians thronged registration centres to obtain their national identity numbers. Source Punch Read More

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CBN Revokes Licences of 42 MFBs, NDIC Begins Verification of Depositors - The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 Microfinance Banks (MFBs) which operating licences were recently revoked by the Central Bank of Nigeria (CBN) with verification of their respective depositors. Source NDIC Read More


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Dangote Cement to Commence Tranche 1 Share Buyback Programme by December 30th 2020 - Dangote Cement Plc ("Dangote Cement" or "DCP" or the "Company") hereby announces the commencement of its share buy-back programme (the "Share BuyBack Programme" or the "Programme"). Source NSE Read More

Implications of Tranche 1 Share Buyback Programme by Dangote Cement - Buyback of tranche I - 0.5% (85,202,537) of all outstanding shares - will have negligible impact on '20E EPS. However, we estimate an improvement of c.11.1% to our 2021E EPS forecast, assuming management completes the full 10% buyback programme over the next 12 months. Source FBNQuest Research Read More

Investors Gain N333.79bn as NSEASI Inches Up by 1.74% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +1.74% to close at 37,443.40 basis points as against +1.56% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +39.50%. Source Proshare Markets Read More

The Nigeria's FX Crisis: Overarching Consequences of Insecurity and Structural Deficiency  -  The Nigerian Naira has lost close to 30% in value within the last one year, and more than 200% in the last 10 years. The situation has led to a spike in capital outflow, high unemployment, the alarming rate of inflation and other direct and indirect consequences associated with exchange rate crisis. Source PFI Capital Read More

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Proshare Announces Leadership Changes, Ahead of its Service and Business Process Restructuring - Proshare, Nigeria's Premier Financial Information hub today, as part of its fourteenth  (14th) anniversary announces the re-organisation of its leadership (as well as that of its subsidiary - WebTV Limited), as part of its transition to a financial hub that positions it for a "Tech Driven Information Market" equipped to deliver value for the new/different financial market designed for a capital, money and alternative market ecosystem. Source Proshare Read More

NNPC's Gas Handling Facility Begins Operations, Reduces Flaring - The Nigerian National Petroleum Corporation through its flagship subsidiary, the Nigerian Petroleum Development Company, on Monday announced the commencement of operations at its integrated gas handling facility. Source Punch Read More

AfDB's Board Approves 2021 Borrowing Program - The 2021 Borrowing Program of the African Development Bank (AfDB) has been approved by the Board of Directors for up to $10.4 billion to be raised from capital markets. Source THISDAYLIVE Read More

'First Phase of Ibom Deep Seaport Devt to Gulp $2bn' - Following the approval for the building of the Ibom Deep Seaport, the Akwa Ibom State Government in conjunction with the private sector is to invest about $2.016 billion in the development of the first phase of the seaport. Source THISDAYLIVE Read More

Oil Slips Again as New Coronavirus Strain Proves 'Nightmare Before Christmas' - Oil prices fell on Tuesday, extending sharp losses overnight, as the rapid spread of a new strain of the novel coronavirus in the United Kingdom prompted several countries to close their borders to British travellers and freight. Source Reuters Read More

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What is Target Saving and How Can it Work for you this and Every Holiday? - Have you planned to save for something important, like school, and you keep planning and planning, but it never works out because 'money quick to enter, money quick to go'? Before you know it, the time you need to use the money is almost here and you have nothing to show for the time. Source Contagious 128 Read More


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