Nigeria in 1min: Economic, Business and Financial Headlines - 251121


Thursday, November 25, 2021 / 5:30 AM / By News Aggregator / Header Image Credit:Babajide Sanwo-Olu

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COVID-19 Health Updates

  • 23rd of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,677 cases (New: 52)
  • Discharged: 206,797
  • Deaths: 2,974 (New: 0)

Source: NCDC Read More


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CBN Communique No. 139 of the MPC Meeting - Nov 22-23, 2021 - The Monetary Policy Committee (MPC) met on 22nd and 23rd November 2021, in light of the continued recovery of the global economy and improving output growth in the domestic economy. Source CBN Read More

GCR Upgrades Leadway Assurance's Financial Strength Rating to "AA" - GCR Ratings, a leading African rating agency, has upgraded Leadway Assurance Company Limited's national scale financial strength rating to AA(NG) from AA-(NG), the second-highest financial credit rating, in their October 2021 Report. Source Leadway Assurance Read More

Fuel Subsidy: A Far Too Enduring Legacy - Recently, the Nigerian Petroleum Industry Act (PIA) was enacted. The act provides for the complete deregulation of the downstream sector - a provision which should ordinarily imply an end to the subsidy regime in Nigeria. Contrary to the provisions of the act however, the Federal Government of Nigeria has continued to subsidize the pump price of premium motor spirit in the country. Source CSL Research Read More

Buhari Laments Oil Spill in Bayelsa, Says Problem Will Be Speedily Addressed - Minister of State Petroleum Resources Chief Timipre Sylva, on Wednesday undertook an on the spots assessment of the oil spill site of Aiteo Eastern Exploration Company, in Basambri, Bayelsa State. The minister who was joined on the inspection by Engr Gbenga Komolafe Chief Executive Officer (CEO) of Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Source Vanguard Read More

Govs Say Subsidy'll Hamper Salaries In 2022, Back N5,000 Grant - Governors of the 36 states of the federation have agreed to back the Federal Government's plan to give poor Nigerians N5,000 transport palliative, arguing  that if the fuel subsidy regime continues, state government will be unable to pay salaries in 2022. SOurce Punch Read More

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Investors Lose N11.36bn, NGXASI Dips Further by -0.02%, YTD Returns Hits 7.39% - Equities market closed on a negative note, as NGXASI depreciated by -0.02% to close at 43,245.02 basis points as against  -0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.39%. Source Proshare Markets Read More

InfraCredit's Guarantee Supports GPC's Issuance of N20bn 10-Year Series I Infrastructure Bond - InfraCredit, a 'AAA' rated specialized infrastructure credit guarantee institution, is pleased to announce its guarantee of GPC SPV Company Plc's ("GPC-SPV") NGN20.0 billion 10-Year Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2031 (the "GPC Series 1 Bond") under the NGN50 billion Debt Issuance Programme. Source InfraCredit Read More

Access Bank Q3 2021 Results Review: Solid Upside Potential; Maintaining Outperform Rating - Access Bank's Q3 2021 PBT of NGN38bn was in line with our forecast. However, Q3 EPS missed by -8% because of a negative result of -NGN888m in other comprehensive income (OCI). On an annualised basis, Access' 9M PAT (ex-OCI) of NGN122bn implies an ROAE of 21.3%, above the bank's 20% guidance. Source FBQuest Read More

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Unilever Nigeria Earnings Missed Despite Strong Topline Growth in Q3 2021 Results Review - We have lowered our EPS forecasts over the 21-23f period by 11.4% on average and our price target by 12.7% to NGN14.2 (from NGN16.3 previously) post Unilever's disappointing results in Q3 '21. While Q3 '21 earnings were ahead of losses after tax in Q3 '20, they were significantly behind our estimate due to higher-than-expected opex. Source FBQuest Read More


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CIBN Raises Concern Over Rising Cyber-Attacks on Nigerian Banks - The Chartered Institute of Bankers of Nigeria (CIBN) decried rising cyber-attacks on banks and other financial institutions, which it fears could undermine the industry's gains. Dr. Bayo Olugbemi, the President of the CIBN, said that innovation in the administration of justice and banking operations had become topical. SOurce CIBN Read More

President Obasanjo Advocates for Made-In-Africa Brand to Instill Pride in African Products - The third day of the Intra-African Trade Fair 2021 (IATF2021) ended with a clarion call by former Nigerian President Olusegun Obasanjo for the creation of an emblematic Made-in-Africa brand that will promote intra-African trade and boost the international export of African products. Source AfreximBank Read More

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Ecobank Nigeria Warns Flour Mills Against Honeywell Deal - Punch Newspaper is reporting that Ecobank Nigeria Limited has warned Flour Mills of Nigeria Plc against the proposed acquisition of equity stake in Honeywell Flour Mills Plc, alleging that Honeywell Group Limited, the parent firm, had not been paying up its loans from the bank. Source Dayo Adenubi of Punch Newspaper Read More

NACCIMA Commences Collection of Data on Nigerian Insolvent Industries - The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has announced its decision to commence the collection of data that would provide empirical report on insolvent industries in Nigeria. Source THISDAY Read More

FG Hopeful PIA Will Improve Oil Industry's Concerns, Outlook - The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has said that the operationalisation of the Petroleum Industry Act will revolutionise the oil and gas industry. Source Guardian Read More

Osun Produces First Gold Bar, Raises Team On Illegal Mining - The governor, who was represented by his deputy, Benedict Alabi, explained that the strategies adopted included setting up a committee to handle mining issues and regulating mining activities by registering miners to guide against quackery, and illegal mining. Source Punch Read More

Transport Palliative Will Gulp N600bn For 20 Million Nigerians - W'Bank - Governors of the 36 states of the federation have agreed to back the Federal Government's plan to give poor Nigerians N5,000 transport palliative, arguing  that if the fuel subsidy regime continues, state government will be unable to pay salaries in 2022. Source Punch Read More


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How Blockchain Technology Can Shape the Future of Africa's Digital Economy - Many have asked and will continue to ask questions around what the future holds in a digital economy, as we continue to witness increased digital connection among people, businesses, governments, devices, data, and processes, with the global internet of things (IoT) market projected to reach USD$1,463.19 billion by 2027. Source Business & Market Unit Read More

5G Spectrum: NCC Extends Deadline for Submission Of Bids Over Flight Delays - The Nigerian Communications Commission (NCC) has extended the deadline for the submission of bids and initial bid deposits (IBDs) for the upcoming auction of the 3.5GHz spectrum. Source Thecable Read More 

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FSDH Forum Explores Prospects for Future-Focused Women - The FSDH Merchant Bank recently hosted a forum to launch its Women In Business Initiative. The initiative was to build a community of empowered women in Nigeria by providing access for women to grow their wealth and benefit from investment opportunities. Source  Ayomide Oguntoye for WebTV Read More


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