Nigeria in 1min: Economic, Business and Financial Headlines - 240321

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Wednesday, March 24, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates 

  • 23rd of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 162,076 cases (New: 214)
  • Discharged:  148,530
  • Deaths: : 2031 (New: 1)

Source: NCDC Read More

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PROSHARE ECONOMY

National Information Technology Development (NITD) Levy: What You Should Know and Do About It - NITD levy ('the levy') is an income tax payable by certain categories of companies that have an annual turnover of at least NGN100million; it is calculated as 1% of the Profit Before Tax (PBT) of liable companies. Source Deloitte Read More

The Oil Bears Are Back - OIR 230321 - Oil prices resumed their slide on Tuesday after Covid-related restrictions in Europe multiplied. The price plunge was likely magnified by the rush by net-long investors to exit their positions. Long bets on futures had begun to look overstretched. WTI crashed as low as $58.60 on Tuesday morning. Source Tom Kool of Oilprice Read More

CBN Communique No. 135 of the MPC Meeting - Mar 22-23, 2021 - The Monetary Policy Committee (MPC) met on the 22nd and 23rd of March 2021 confronted with downside risks to the optimism for significant improvement in global output recovery in 2021. Source CBN Read More

BPE Prepares to Concession 700MW - The Bureau of Public Enterprises (BPE) plans to concession the 700 megawatts (MW) Zungeru hydropower station by the end of this year, a document detailing its plan for this has indicated. Source THISDAYLIVE Read More

Senate Okays Bill for Solid Mineral Development Agency - The Senate on Tuesday approved the establishment of an agency for the development of solid mineral resources in the country. The approval followed a debate on a bill sponsored by Senator Tanko Al-Makura, which sought to encourage investment and foreign exchange earnings for the country. Source Punch Read More


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PROSHARE MARKETS

Investors Lose N9.36bn as NSEASI Dips by -0.05% Amid Positive Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.05% to close at 38,704.97 basis points as against +0.89% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.89%. Source NSE Read More

CardinalStone Capital Advisers Announces Final Close of Maiden Private Equity Fund - CardinalStone Capital Advisers (CCA), a Lagos-based private equity fund manager, has announced the final close of its maiden private equity fund, the CardinalStone Capital Advisers Growth Fund LP (CCAGF or the Fund) at US$64 million. Source CardinalStone Capital Advisers Read More

ETI Declares N33.7bn PAT in 2020 Audited Results, (SP:N5.10k) - Ecobank Transnational Incorporated released its 2020 Audited results for the period ended December 31st, 2020. Gross Earnings declined by -0.2% to N841bn from N842bn in the previous quarter. Profit before tax declined by 54% to N67bn. Source NSE Read More

Domestic and Foreign Portfolio Participation in Equity Trading - February 2021 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 28 February 2021, total transactions at the nation's bourse decreased by 7.26% from N232.46 billion (about $590.82million) in January 2021 5 to N215.58billion (about $525.21million) in February 20216. Source NSE Read More

Asian Shares Slip, Dollar Rises on Flight to Safety - Asian shares hit a two-week low on Wednesday, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety. Source Reuters Read More

 

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PROSHARE BUSINESS

OPL 245: The Milan Prosecution and Lessons for Nigeria - I have written on this subject before now: the politics and drama of OPL 245 involving ENI, Royal Dutch Shell, Malabu Oil and Gas and the manner in which President Goodluck Jonathan's officials were dragged into the matter, particularly Emeritus Attorney General of the Federation, Mohammed Bello Adoke. Source OpEd by Dr. Reuben Abati Read More

Cost Optimization Through Organizational Effectiveness - It is not a myth; organisational effectiveness can be a reality. While it refers to how well a company is meeting its set goals and objectives, it also describes a company that produces desired results with minimum use of time, money, and human and material resources. Source By Tayo Afolabi, Senior Analyst and Joshua Ademuwagun, Managing Consultant, Phillips Consulting Read More

Oil Tumbles to $60 on Concerns Over Vaccine Rollouts - The international oil benchmark, Brent crude, fell more than six percent on Tuesday, tumbling as concerns over new pandemic curbs and slow vaccine rollouts in Europe compounded additional crude volumes. Source Punch Read More

Marginal Oilfields: FG Receives 50% of Signature Bonuses - The Federal Government said on Tuesday that it had received signature bonuses from 50 percent of the winners of marginal oilfields following the conclusion of the bid process. Source Punch Read More

Fed Govt eyes $50b from AfCFTA - Senior Special Assistant to the President on Public Sector Matters, Francis Anatogu has said the Federal Government hopes to grow Nigeria's intra-Africa export trade volume to $50billion by 2035 using African Continental Free Trade Area Agreement (AfCFTA). Source The Nation Read More

 

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PROSHARE TECHNOLOGY  

Airtel Africa Signs Agreement to Sell Its Telecoms Tower Companies to Helios Tower Plc - Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of agreements to sell its telecommunications tower companies in Madagascar and Malawi to Helios Towers plc. Source NSE Read More 

 

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