Nigeria in 1min: Economic, Business and Financial Headlines - 261121

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Friday, November 26, 2021 / 5:30 AM / By News Aggregator / Header Image Credit: Nigerian Economic Summit Group


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COVID-19 Health Updates

  • 25th of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,883 cases (New: 65)
  • Discharged: 207,094
  • Deaths: 2,975 (New: 1)

Source: NCDC Read More

 

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PROSHARE ECONOMY

282 MPC Policy Meeting Lukewarm as CBN Takes Time to Monitor Global Developments - The CBN MPC expectedly decided to hold all policy parameters after its two-day meeting between 22-23 November 2021. Analysts had correctly predicted the outcome given that the inflation rate has continued to decline, falling most recently to 15.99% in October. Source AbdulQudus Isiaka, Proshare Research Read More

Lights Out, Addressing the Fundamentals? - As part of President Muhammadu Buhari's administrations move to bridge the wide gap of unmetered population in Nigeria, efforts are ongoing to commence the second phase of the National Mass Metering program (NMMP). Source CSL Research Read More

TAT Nullifies Taxpayer's Claim of Downstream Gas Utilization Incentives - On Friday, 12 November 2021, the Tax Appeal Tribunal (TAT or "the Tribunal") Lagos Zone decided in Seplat Petroleum Development Company Plc (Seplat or "the Company" or "the Appellant") vs the Federal Inland Revenue Service (FIRS or "the Respondent"), that the Appellant's claim of five (5) years tax holiday (granted under Section 39 of the Companies Income Tax (CIT) Act Cap. Source Wole Obayomi Read More

2021 Nigerian Banking Sector Report: Resilience Amidst Endemic and Pandemic Constraints - Potential For over six years, Nigeria's economic managers have remained puzzled on the appropriate policy mix that would deliver strong and all-inclusive growth. Since 2014, Africa's biggest economy has continued to grapple with weak growth, sandwiched with recession in 2016 (GDP: -1.6%) and 2020 (GDP: -1.9%). Source Afrinvest Read More

The Rate of Inflation and the Limitations of Monetary Policy - The monetary policy committee held its last meeting for 2021 yesterday and maintained status quo on all parameters. In the last 4 years, the MPC maintained status quo 89.29% of the time. Even though the market anticipated this outcome, this time more than ever, the decision was considered a prudent and wise move.  SOurce FDC Ltd Read More

NLC Rejects Proposed N5,000 Stipend To Replace Petrol Subsidy -The Nigeria Labour Congress (NLC) has rejected the proposed N5,000 for 40 million poor Nigerians when the subsidy on Petroleum Motor Spirit (PMS) is removed. Source Guardian Read More


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 PROSHARE MARKETS 

UBA 9M 2021 Result: A Delicate Balance between Debt and Growth - United Bank for Africa (UBA) posted its 9months 2021 result, which showed resilience in a harsh business environment. Bottom-line earnings grew on the back of a significant decline in impairment charges and a rise in interest income. Source Adaeze Nwachukwu, Proshare Research Read More

Total Nigeria Q3 2021 Results Review: Outperform Rating Retained - Total's Q3 results came in stronger than expected. Sales of NGN90.9bn beat our forecast by 19%. On a y/y basis, Total's sales doubled, driven by strong numbers from both white products (+98% y/y) and lubricants segments (+88% y/y). Source FBNQuest Research Read More

Dangote Sugar Refinery Outlook is Less Bullish in Q3 2021 Results Review - DSR's earnings disappointed in Q3 '21 due to topline miss, raw material costs pressure and higher-than-anticipated net interest expenses during the quarter. As such, we have lowered our EPS forecasts over the '21-23f period by 15.3% and cut the company's price target by 15.9% to NGN15.8. Source FBNQuest Research Read More


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Investors Lose N71.09bn, NGXASI Dips by -0.32% Amid Increased Sell Pressure - Equities market closed on a negative note, as NGXASI depreciated by -0.02% to close at 43,108.77 basis points as against  -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.05%. Source Proshare Markets Read More

Honeywell and FMN: Acquisition of Majority Stake in Honeywell Not in Breach of Any Court Order - The managements of both Honeywell Flour Mills and Flour Mills of Nigeria Plc have both issued official statements assuring stakeholders that the recent announcement to acquire majority stake in Honeywell Flour Mills Plc ("HFMP") on Monday 22nd of November, 2021, was made after carrying out necessary due diligence and obtaining appropriate legal guidance.  Source Proshare Markets Read More

FG Urges Investors to Take Advantage of Capital Market Master Plan Initiatives - The federal government has urged investors in the capital market to take advantage of initiatives introduced in the market aimed primarily at strengthening the market and accelerating development. Source Thisday Read More


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PROSHARE BUSINESS

NEITI To Begin Oil Bunkering, Illegal Mining Monitoring - The Executive Secretary of the Nigeria Extractive Industry Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji yesterday revealed that the agency would soon commence the monitoring of oil bunkering and illegal mining activities in the country to determine how much revenue is being lost to the criminal ventures. Source Vanguard Read More


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PROSHARE TECHNOLOGY  

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 

NCC To Review Telcos Licence Framework For Better Performance - The executive vice chairman of the commission, Prof Umar Danbatta flagging off a two-day 'Talk with the Regulator' forum holding in Lagos, said NCC is very much aware that not all licensees are doing as well as they ought to be doing, promising it is working on regulatory initiatives to provide market opportunities for all its licensees. Source Leadership Read More


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PROSHARE MSME

Ecobank Group Secures 100m Euros Credit Facility from European Investment Bank to Fund SMEs - Ecobank Group, the leading pan-African banking group, has signed an agreement for a 100 million Euros long-term credit facility over 9 years with the European Investment Bank (EIB). The facility affirms joint Ecobank Group and EIB targeted support for business investment across Africa, with particular support for the sectors most impacted by the COVID-19 pandemic. Source  European Investment Bank Read More

 

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