Nigeria in 1min: Economic, Business and Financial Headlines - 280421


Wednesday, April 28, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NGRPresident

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COVID-19 Health Updates 

  • 26th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,912  cases (New: 156)
  • Discharged: 155,012
  • Deaths: : 2063 (New: 1)

Source: NCDC Read More

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Hotels - A Peep into Performance - Most sectors of the Nigerian economy struggled and recorded slow growth in 2020 because of the coronavirus. Nigeria's hospitality sector struggled in 2020 due to the imposition of lockdowns and social distancing rules. Service sectors and activities such as tourism, hotels, restaurants, event centers, clubs, etc. Source Proshare Research Read More

FIRS Issues Guidelines on the Applicability of VAT on Financial Services - The Federal Inland Revenue Service (FIRS) recently issued Information Circular No.: 2021/04 ("the Circular") to provide clarification on what will constitute a supply of taxable services by financial institutions (FIs), in line with the provisions of the VAT Act, Cap. V1, LFN, 2004 (VATA). Source Wole Obayomi Read More

PIB, New Electoral Law to Be Ready May, June - Lawan - The Senate President, Senator Ahmad Lawan, has said that the National Assembly would pass the Petroleum Industry Bill (PIB) into law by next month while the Electoral Act Ammendment Bill would be passed into law by June. Source Leadership NG Read More

Nigeria's Rig Count Drops by 55.34% in Q1 '21 - The rig count of Nigeria has dropped by 55.34 per cent in the first quarter, January-March, 2021 to 19, according to data collated from recent reports of the Organisation of Petroleum Exporting Countries, OPEC. Source Vanguard Read More

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Investors Lose N6.82bn as NSEASI Dips by -0.03% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 39,305.48 basis points as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.40%. Source Proshare Markets Read More

Demutualization will bring the NGX under Increased Scrutiny of Shareholders - The recent demutualization of the Nigeria Stock Exchange now the "Nigeria Exchange Group" (NGX) with the creation of three subsidiaries has received reactions across the country, since approval by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC). Source Ottoabasi Abasiekong for WebTV Read More

GTBank Q1 2021 Results Review: Q1 '21f Annualised ROAE Tracking Below Guidance - GT Bank's Q1 '21 PBT missed our forecast by c.7% mainly because of a negative surprise in funding income. The negative surprise was underscored by lower asset yields derived from rolled-over investments, particularly those on investment securities classified as fair value through other comprehensive income (FVOCI). Source FBNQuest Research Read More

Domestic and Foreign Portfolio Participation in Equity Trading - March 2021 - On a monthly basis, Nigerian Exchange Limited ("NGX") polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 March 2021, total transactions at the nation's bourse increased by 5.99% from N215.58 billion (about $525.21million) in February 20215 to N228.49billion (about $560.55million) in March 20216. Source Nigerian Exchange Limited Read More 


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Aigboje Aig-Imoukhuede Launches a 12-month Internship and Mentoring Programme for Young Nigerians - As part of the global launch of Leaving the Tarmac: Buying a Bank in Africa, Mr Aigboje Aig-Imoukhuede has announced a golden opportunity for five young Nigerians to join his ecosystem of businesses and philanthropic ventures for a year as mentored interns. Source Aig-Imoukhuede Foundation Read More

Institute of Directors Commences Process of Building N10billion Corporate Headquarters - The Institute of Directors (IOD), Nigeria on Monday commenced process for the construction of its N10billion corporate headquarters located on Temple road, Ikoyi Lagos with the groundbreaking ceremony. Source PenPushing Read More 

Stop Hidden Charges, Exploitative Marketing, Gbajabiamila Tells Banks - The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from known charges, there appeared to be other 'hidden' charges that banks imposed on their customers. Source Punch Read More

Commercial Banks' Loan Exposure to Government Hits N1.8 trillion - The total commercial loans to the government, at all levels, rose to N1.77 trillion at the close of last year, about 18 per cent increase from the N1.5 trillion reported in December 2019. Source The Guardian Nigeria Read More

FG Grants Approval for $2.9bn Escravos Seaport - The Federal Government has granted approval for the establishment of the Escravos Seaport Industrial Complex, ESIC, to Mercury Marine Concession Company, MMCC. Source Vanguard Read More

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Broadband Penetration Still in Need of a Leg-up, Internet Subscription Stood At 148.1m in Feb 2021 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 148.1 million in February representing y/y growth of 13%. The figure implies density of 75% in a population estimated at 198 million, placing Nigeria well above the African average of around 16% as indicated by McKinsey. Source FBNQuest Research Read More

Q4 2020 Banking Data Report: Gross Loans Trend Higher Amidst Improving Asset Quality - Earlier, the National Bureau of Statistics released the Selected Banking Data Report for Q4-2020. In the report, banking sector Gross loans reportedly grew 16.6% y/y as well as 5.3% q/q to N20.5tn. Source United Capital Research Read More 

Banks Electronic Transfers Hit N356.47tr - The National Bureau of Statistics (NBS) yesterday said in the Fourth Quarter (Q4) 2020, total transactions recorded through Electronic Payment Channels reached N356.47 trillion. According to its data titled: "Selected Banking Sector Data - Q4 2020", the value was recorded from a total volume of 3,464,811,083 transactions in the period under review. Source The Nation Read More

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Could We Have Saved UNIC Insurance? - On April 21, 2021 the National Insurance Commission (NAICOM) announced, quite awkwardly, that with effect from March 25, 2021 it had cancelled the operational licence of Unic Insurance and appointed a Receiver/Liquidator who will be responsible for winding up the Company. Source OpEd By Ekerete Ola Gam-Ikon Read More


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