Nigeria in 1min: Economic, Business and Financial Headlines - 270521


Thursday, May 27, 2021 / 5:50 AM / By News Aggregator / Header Image Credit: Nigerian Exchange Group

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COVID-19 Health Updates 

  • 26th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 166,146 cases (New: 48)
  • Discharged: 156,529 
  • Deaths: : 2071 (New: 4)

Source: NCDC Read More

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CBN Communique No. 136 of the MPC Meeting - May 24-25, 2021 - The Monetary Policy Committee (MPC) met on the 24th and 25th of May 2021 as the global economy gradually emerges from the six-quarter long COVID-19 pandemic with lingering uncertainties. The recovery is on account of widespread vaccinations, easing of restrictions, reopening of economies and gradual return to international travels. Source CBN Read More

#TheAnalystSpeaks: Implications of the 279th Central Bank of Nigeria MPC Meeting - Following the recent Monetary Policy Committee MPC quarterly meeting of the Central Bank of Nigeria to review the economic and the financial conditions of the economy, Proshare hosted a special edition of The Analyst Speaks which had as its theme, "What Nigerians Should Know about the Central Bank's MPC Decisions". Source Ayomide Oguntoye for WebTV Read More

Moody's Announces Completion of a Periodic Review of Ratings of Nigeria - Moody's Investors Service ("Moody's") reviews all of its ratings periodically in accordance with regulations either annually or, in the case of governments and certain EU-based supranational organisations, semi-annually. Source Moody's Investors Service Read More

Ecobank Set To Host 2nd AgriBusiness and Food Security Summit - All is now set for the 2nd edition of the Ecobank Agribusiness and Food Security Summit organized in association with Vanguard Economic Forum Series. The primary content objective of summit is to discuss the role of technology and digitization across the agricultural value chain. Source Ecobank Read More

Over N17 Billion Royalties Unremitted as Solid Minerals Export Policy Lingers - The Nigerian Government is losing huge revenue from the solid mineral sector in the country, due to the lack of standardized guideline procedure and requirements for exporters despite the need to attract investments in the sector. Source Guardian Nigeria Read More

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Lafarge Africa Assures Shareholders of Improved Business Performance at 62nd AGM - Lafarge Africa Plc at its 62nd Annual General Meeting assured shareholders of improved market performance in the 2021 financial year. The Chairman Prince Adebode Adefioye in his remarks at the event said despite the COVID-19 pandemic that disrupted global economic activities and the supply chain, Lafarge achieved an 8.3% growth in sales revenue to about N230.6bn. Source Ottoabasi Abasiekong for WebTV Read More

Investors Loses N12.03bn as NSEASI Dips Marginally by -0.06% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.06% to close at 38,233.68 basis points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.06%. Source Proshare Markets Read More

Shareholders of Dangote Cement Plc Approve N272.6bn Dividend for FY 2020 - Unanimously, the shareholders approved N272.6 billion as dividend, translating to N16 per share for the year ended December 31, 2020. The 16 percent increase in the company's revenue led to a 36 percent increase in its earnings per share of N16.14 as against N11.29 in 2019. Source Dangote Group Read More

Unification of Exchange Rate: A Step Closer? - On 14 May 2021, the Central Bank of Nigeria removed the previous exchange rate of N379//US$ from its portal while updating it to a new version. Yesterday, the updated platform confirmed that the CBN has now adopted the Nigerian Autonomous Foreign Exchange Rate (NAFEX), which stood at N410.25/US$ as of the close of business yesterday.  Source CSL Research Read More

NAFEX Now Unified Rate? - In what could be another step in the gradual harmonization of exchange rates, the Central Bank of Nigeria (CBN) has removed the official rate of N379/$ from its website. This follows the announcement by the Finance Minister (in March), that the official rate had been scrapped and the Nigerian Government had adopted the NAFEX exchange rate as the official rate of conversion for FAAC allocations. Source FDC Ltd Read More 


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Insider Connections Facilitate Most Banking Frauds - Mr. Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry. Source Guardian Nigeria Read More 

Power Revenue Improves, Customers Paying 78% Tariffs - NERC - Revenue to Nigeria's power sector has improved since the implementation of Service Based Tariffs that started in November 2020, the Nigerian Electricity Regulatory Commission said on Wednesday. Source Punch Read More

Experts Fault Naira Devaluation, Say prices'll Rise, Poverty Deepened - Against the backdrop of the recent devaluation of the naira by the Central Bank of Nigeria, economic and financial experts have said the poverty level in the country will increase. Source Punch Read More

Nigeria to Earn N320 Billion from NNPC, Bonga PSC Deal - The Nigerian National Petroleum Corporation (NNPC) and Bonga Production Sharing Contract (PSC) partners, have signed watershed agreements to unlock $700m (about N320bn) revenue to the federation. Source Guardian Nigeria Read More

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HP INC. Launches Digitally Advanced Schools Programme in Africa, Middle East - Today HP Inc. launched its new, comprehensive, digital teaching and learning programme, HP Digitally Advanced Schools, in key markets in Africa and the Middle East. The initiative brings together the complete education ecosystem by integrating three components: devices, solutions, and capabilities, all under the HP brand. Source HP Read More

NITDA Charges IT Stakeholders on Disruptive Technology - The Director-General, National Information Technology Development Agency (NITDA), Kashifu Abdullahi has urged Information Technology (IT) stakeholders to develop technology ideas that will disrupt the present status quo. Source THISDAYLIVE Read More

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Contributory Pension Assets Rise to N12.4tn, Says PenCom - The total assets under the Contributory Pension Scheme rose to N12.4tn as of the end of April, according to the latest data obtained from the National Pension Commission on Wednesday. Source Punch Read More 

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SEC Directs Existing Investment Crowdfunding Portals to Comply with Registration Requirements - This is to inform all stakeholders that as part of efforts to ensure investor protection while encouraging innovation in the conduct of securities business, the rules governing Crowdfunding business in Nigeria came into effect on the 21st day of January, 2021. Source SEC Nigeria Read More


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