Nigeria in 1min: Economic, Business and Financial Headlines - 230621


Wednesday, June 23, 2021 / 5:48 AM / By News Aggregator / Header Image Credit: The Aso Villa

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COVID-19 Health Updates

  • 22nd of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,331 cases (New: 39)
  • Discharged: 163,913
  • Deaths: : 2,118 (New: 0)

Source: NCDC Read More

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Female Entrepreneurs, Linda Ikeji, Tara Fela-Durotoye Laud Ecobank's Women Empowerment Initiatives - Media entrepreneur and popular blogger Linda Ikeji, said she was motivated to partner with Ecobank on her "Selfmade Woman" initiative because of the bank's various women-friendly programmes, stressing that many individuals, especially women who own small businesses are supported by the bank to succeed. Source Ecobank Read More

Inflationary Pressures Not Abating Just Yet - Following our initial take on the May inflation figures, we delve further into some of the drivers in today's daily. Although the May inflation rate moderated due to a softening in food inflation to 22.28% y/y in May from 22.72% in the previous month. Source FBNQuest Research Read More

Moody's Announces Completion of a Periodic Review of Ratings of First Bank of Nigeria Limited - Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of First Bank of Nigeria Limited and other ratings that are associated with the same analytical unit. Source Moody's Investors Service Read More

Buhari Inaugurates Committee to Lift 100 million from Poverty - The President, Major General Muhammadu Buhari (retd.), inaugurated on Tuesday the National Steering Committee of the National Poverty Reduction with Growth Strategy, chaired by Vice-President Yemi Osinbajo. Source Punch Read More

We'll Deliver on Second Niger Bridge, Lagos-Shagamu Road - Julius Berger - The Managing Director of Julius Berger Nigeria Plc, Dr Lars Richter, has assured that work is underway to deliver on major roads currently under construction by the company across the country. Source Punch Read More

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Conoil Plc Q1 2021 Results: Top-line Squeeze and Bottom-line Growth - Conoil Plc's first quarter (Q1) 2021 unaudited results showed declines in the company's top-line items against over 60% growth in the company's bottom-line. Notably, the company's revenue dipped by -13.24% Y-o-Y in Q1 2021 showing a sustained fall in revenue following the global pandemic in 2020. Source TheAnalyst, Proshare research Read More

Investors Lose N363.91bn as NSEASI Dips Further by -1.81%, Closes Below 38,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.81% to close at 37,847.07 basis points as against -0.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.02%. Source Proshare Markets Read More

Guaranty Trust Bank Plc: Update on HoldCo Structure - Trading in Guaranty Trust Bank shares was suspended on Friday in preparation for the delisting of the bank and subsequent listing of the new Holding Company (Holdco). According to the bank's management. Source CSL Research Read More

H2, 2021: We Expect the Admission of 4 Securities in the Over-the-Counter (OTC) Securities Market - At least four (4) additional securities are expected to be listed in the Nigerian Over-the-Counter (OTC) securities market by the second half of 2021. The Managing Director of the NASD Plc, Mr. Bola Ajomale, disclosed this in a discussion on "The Nigerian Unlisted Securities Market: Opportunities for Growth". Source Ottoabasi Abasiekong for WebTV Read More

A Tad Bearish Day in The FGN Bonds Market Ahead of the June 2021 FGN Bond Auction - The FGN bond market resumed the new week on a sluggish note albeit with a slight bearish bias as traders' position ahead for this week's FGN bond auction. The 2045s papers which were the most-sort after bond last week lost its bullish grip in the market as yields climbed to 13%. Source Zedcrest Capital Read More


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Standard Chartered launches new Sustainable Supply Chain Benchmarking Tool - Companies can now benchmark the resilience and sustainability of their supply chains, based on comparisons with peers across regions and sectors, using a new sustainable supply chain benchmarking tool developed by Standard Chartered. Source Standard Chartered Read More


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Branch International to Deepen Financial Inclusion in Nigeria - Branch International, one of Africa's most downloaded digital banking apps with over 20 million downloads across Nigeria, Kenya, Tanzania, and India, has restated its commitment to driving financial inclusion in Nigeria. Source Branch Read More

The SEC Regulatory Incubation Program: Building viable FinTechs in Nigeria - The Security and Exchange Commission ("SEC") on 16 June 2021 announced its Regulatory Incubation Program (the "RI Program") for financial technology companies or ("FinTechs") offering services and products in the Nigerian Capital Markets space who are uncertain about their regulatory obligations, but still require some form of regulatory authorisation from SEC before they can commence business. Source Aelex Read More 

FintechNGR Announces the Establishment of the Fintech Alliance Coordinating Team (FACT) - Recently, FintechNGR initiated the drive to align associations in the Fintech Space to speak with one voice. Below is the communique issued by the Fintech Alliance Coordinating Team (FACT) on June 17, 2021, after the meeting which held on Tuesday June 15, 2021. Source FintechNGR Read More

MTN to Invest N640b on Broadband Expansion - MTN Nigeria plans to invest N640 billion, about $1.5 billion, over the next three years to expand broadband access across Nigeria. The multi-billion-naira investment plan is in line with the Federal Government's 2020-2025 National Broadband Plan and in support of MTN Group's strategy, Ambition 2025: Leading Digital Solutions for Africa's Progress. Source The Nation Read More

FG Targets Spectrum Auction to Boost 5G adoption in Nigeria, SSA - Deployment of the Fifth Generation (5G) network remains slow in sub-Saharan Africa (SSA), but it is expected to tick in the region over the next few years, this is according to the newest Ericsson Mobility Report for June 2021. Source The Guardian Nigeria Read More

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Analysts Review the Impact and Role of Sustainable Finance in the Non-Interest Market - Sustainable Islamic finance has become a priority for many governments and institutions including sustainability objectives within their mandates. According to Refinitiv, from 2017-Q1 2021, the ESG Sukuk was valued at a remarkable $12.6bn and ESG funds at $756m. Source Bukola Akinyele- Yisau for WebTV Read More

How To Avoid Jeopardizing Your Financial Future with Lifestyle Inflation - A phenomenon that is often less obvious to most people is lifestyle inflation, otherwise known as "lifestyle creep". It occurs when a rise in discretionary income, the amount available to an individual after making essential expenses, prompts an increase in living standards as luxuries become new necessities. Source FBNQuest Research Read More

ASR Africa Expands Coverage with 10billion Naira Grant for Healthcare Intervention in 4 States - The Abdul Samad Rabiu Africa Initiative (ASR Africa), brainchild of industrialist, philanthropist and BUA Group Founder, Abdul Samad Rabiu has today announced that it is expanding its 2021 programme with a 10billion Naira grant towards healthcare interventions in four states - Ogun, Sokoto, Kwara and Edo States. This was made known in an announcement by the initiative. Source BUA Read More

Airtel Nigeria Partners AXA Mansard to Unveil Mobile Health Insurance via USSD - *987*7# - Leading telecommunications services provider, Airtel Nigeria and leading service provider in the healthcare sector, AXA Mansard, have announced a strategic partnership to deepen access, participation and enrolment in health insurance for more Nigerians. Source Airtel Nigeria Read More 


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We are Using Agency Banking to Drive Entrepreneurship, Wealth Creation - Ecobank Nigeria says its vision to use agency banking scheme to drive entrepreneurship, provide employment opportunities and supporting Micro, Small and Medium Enterprises (MSMEs) is yielding fruits, as over 32,000 Nigerians including former employees and retirees have adopted the scheme to sustain their everyday living. Source Ecobank Read More

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