Nigeria in 1min: Economic, Business and Financial Headlines - 230821

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Monday, August 23, 2021 / 05:20 AM / By News Aggregator / Header Image Credit: Olu of Warri


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COVID-19 Health Updates

  • 22nd of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 187,023 cases (New: 388)
  • Discharged: 167,293
  • Deaths: 2,268 (New: 8)

Source: NCDC Read More


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PROSHARE ECONOMY

CBN Prohibits Microfinance Banks from Forex Transactions - The Central Bank of Nigeria (CBN) has observed the activities of some Microfinance Banks (MFBs) that have gone beyond the remit of their operating licenses by engaging in non-permissible activities especially wholesale banking, foreign exchange transactions and others. Source by CBN Read More

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

Moody's Confirms First Bank of Nigeria's Ratings Following Review; Outlook Negative - Moody's Investors Service ("Moody's") has confirmed the B2 long-term bank deposit ratings and the b3 Baseline Credit Assessment (BCA) of First Bank of Nigeria Limited (First Bank). Source by Moody's Investors Service Read More

Inflation and Unemployment - The Looming Economic Trap - Over 7 million Nigerians lost their jobs due to inflationary pressures in 2020, taking the total number of poor people in the country to over 83 million (40% of the total population). Source FDC Read More

The Oil Price Collapse Continues - OIR 200821 - Oil prices continued their downward slide on Friday, bringing the total weekly decline to 7%. With COVID fears still running high, crude also felt the pinch from the U.S. dollar strengthening as the Federal Reserve mooted cuts to its stimulus measures this year. Source  Michael Kern of Oilprice Read More

FG Begins Process for Four Million Meters Distribution - The Federal Government, on Friday, announced that it had commenced the process for the second phase of the National Mass Metering Programme that would lead to the distribution of four million meters. Source Punch Read More

FAAC Shares N760bn July Allocation to FG, States - N109bn Increase from June - The federation accounts allocation committee (FAAC) shared N760.717 billion to the three tiers of government for the month of July. This represents an increase of N109.5 billion when compared to N651.18 billion disbursed for the month of June. Source TheCable Read More

SERAP Sues Buhari, Others Over 'Missing N106bn in 149 MDAs' - Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari "over his failure to probe allegations that N106bn of public funds are missing from 149 ministries, departments and agencies (MDAs), and to ensure the prosecution of those suspected to be responsible, and the recovery of any missing public funds." Source Vanguard Read More 

 

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PROSHARE REGULATORS

Crowdyvest Promises Maximum Compliance with Regulators; Assures Members of Safe Funds - Crowdyvest's CEO, Temitope Omotolani will be live on Instagram (@crowdyvestng) on Tuesday, 24th August 2021 by 1 pm to share latest updates and answer any questions you may have. Source by Release by Crowdyvest Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 230821 - According to NBS data released on Tuesday, Headline inflation dipped to 17.38% Y-o-Y in July from 17.75% in June 2021. On a month-on-month basis, the general CPI index rose by 0.93% in the month of July. Source Proshare Content Read More

More Work for the DMO to Meet Funding Target - At this month's FGN bond auction, the DMO offered NGN150bn across the 10 (re-issue), 20 (re-issue) and 30-year (re-issue) benchmarks. The auction was more successful compared with that of the previous month. Source FBNQuest Research Read More

 

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PROSHARE BUSINESS

Kagame, Buhari to Grace 14th Annual Banking and Finance Conference - All is set as Rwandan President Paul Kagame, other African leaders, prominent bankers, major economic players, captains of industries, regulators, policymakers, members of the academic community and other stakeholders in the banking and finance as well as the fintech industry... Source by The Chartered Institute of Bankers of Nigeria Read More


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PROSHARE TECHNOLOGY   

Techstars London Accelerator Program Accepts Pension Digital Platform AWABAH - Awabah, a digital platform providing pension access to Africa's self-employed, announced its acceptance into the Techstars London accelerator program. The startup makes micro-pension services available to those in the informal sector and those whose employers are not legally required to deduct and remit pension. Source AWABAH Read More

Global Fintech Investment Hit $98bn in H1 2021 - KPMG - Total fintech investment reached $98bn from 2,456 deals in the first half of 2021, according to KPMG. The company, in its 'Pulse of Fintech H1'21' report, said this was more than the $87bn raised in H2 2020. Source Punch Read More

FG Patents Zaria Academy's Solar-powered Electric Car - Nigeria's drive towards renewable energy as substitute to the environmentally harmful fossil fuel has received a remarkable boost following the design and construction of a solar-powered electric vehicle by Zaria Academy Center for Innovation and Renewable Energy (ZACIRE). Source THISDAYLIVE Read More

Nigeria to Deploy 5G Network Soon - Pantami - The Federal Ministry of Communications and Digital Economy says it will soon deploy the Five Generation network (5G) in Nigeria for increased connectivity. The Minister of Communication and Digital Economy, Dr Isa Pantami, disclosed this in Abuja when he featured on FORUM, a special News Agency of Nigeria (NAN) interview programme. Source Vanguard Read More

 

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PROSHARE FINANCE

How Sukuk Can Catalyze Nigeria's Development - Sukuk remains a significant source of funding for addressing Nigeria's infrastructure deficit and supporting its socio-economic development. Mr. Maruf Onike Abdul-Azeez, who is currently the Chief Missioner of Nasrul-Lahi -il Fatih society of Nigeria, NASFAT made this point while providing his perspective on "Sukuk as a Catalyst for National Development". Source by Bukola Akinyele-Yisau for WebTV Read More

IsDB Institute's Global Forum to Discuss Prospects of Islamic Finance in Economic Recovery - The Islamic Development Bank (IsDB) Institute is organizing the forum as a virtual side event holding on August 28 2021. Senior development practitioners and experts will participate in the 15th IsDB Global Forum on Islamic Finance to discuss unleashing the potentials of Islamic finance to spur economic recovery post-COVID-19 pandemic. Source Islamic Development Bank Group Read More 

 

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