Nigeria in 1min: Economic, Business and Financial Headlines - 290421

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Thursday, April 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu


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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: 164,993 cases (New: 81)
  • Discharged: 155,021 
  • Deaths: : 2063 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

Dissecting the Financial Results of Companies in Nigeria's Hospitality Sector - All the hotels listed on the Nigeria Stock Exchange (NSE) had a turbulent 2020 as they all recorded a significant decline in their profits and revenues. Amongst the listed companies on the NSE, Transcorp Hotel Plc recorded the highest percentage decline in its profits by -1,122.80% while Ikeja Hotel plc recorded a decline in its profit by -905.8%, Capital Hotels Plc -160.2%. Source Proshare Research Read More

OPECplus Buoys Oil Despite India Concerns - 270421 - Oil prices posted some modest gains on Tuesday, despite the worsening conditions in India. "If the grim trend continues, the oil demand loss India will experience could be the single largest reduction in absolute terms that any country has suffered since the beginning of the pandemic," Rystad Energy said in a note. Source Tom Kool of Oilprice Read More

The Strange Yield Curve - The past month has seen a rout in the bond market, with prices of Federal Government of Nigeria (FGN) bonds falling heavily. The average yield of 10 FGN bonds which we track, with durations of between two and 15 years, has increased by 216 basis points (bps) over the past month, and by 561bps since the beginning of the year. Source Coronation Research Read More

NNPC Set to Deliver Zero FAAC Remittance in May as Subsidy Payment Bites Harder - The revenue drama that dominated the public space in the past weeks does not look like it will end anytime soon. This is because the Nigerian National Petroleum Corporation (NNPC) has disclosed that its projected monthly remittance to the federation accounts allocation committee (FAAC) for May will be zero. Source Fikayo Owoeye of TheCable  Read More

Personal Statements by The MPC Members At The 135 MPC Meeting of Mar 22-23, 2021 - The global economy continues to show prospects of recovery underpinned by progress with COVID-19 vaccination which has been ramped up especially in advanced economies in the last 3 months. Mass vaccination is expected to reduce disease transmission and result in herd immunity. Source CBN Read More 

Osinbajo Chairs Panel to Address Worsening Poverty - The Federal Executive Council on Wednesday approved the National Poverty Reduction with Growth Strategy submitted by the Presidential Economic Advisory Council. The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja. Source Punch Read More

DMO, World Bank Push States' Debt Management Laws - DMO, World Bank push states' debt management laws - The Debt Management Office (DMO) and the World Bank have presented Guidelines for the Legal Framework for state governments' debt management operations, in a push to make their debts more sustainable. Source Vanguard Read More


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PROSHARE MARKETS

Investors Lose N274.23bn as NSEASI Dips by -1.33%, Closes Below 39,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -1.33% to close at 38,781.48 basis points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.70%. Source Proshare Markets Read More

Setting Africa up for a Post-Mao China Type Economic Revolution, the Zedcrest Perspective - The People's Republic of China was officially founded in 1949, but the economy didn't really find its feet until the start of economic reforms in 1978, after the topsy turvy turbulence of the two periods of "The Great Leap Forward" 1958-1960 and the "Cultural Revolution 1966-1976." Source Adedayo Amzat, GMD, Zedcrest Group Read More

Transcorp Hotels Plc Holds 7th AGM, Notifies Shareholders of Its New Initiatives - Transcorp Hotels Plc., Africa's leading hospitality brand and owners of the award-winning Transcorp Hilton Abuja and the iconic Transcorp Hotels Calabar, on Monday held its 7th Annual General Meeting (AGM) at the Transcorp Hilton Abuja following a year where the global hospitality sector was hit by the coronavirus pandemic. Source Transcorp Hotel Read More

CBN Maintains Iron Grip on Local Banks, as Interbank Liquidity Drops to Tightest Level in 2 Years - The FGN bond market continued to trade on a bearish note, as yields rose across the benchmark bond curve for another consecutive trading session. We noted sellers mostly at the short to mid-dated papers, as tight system liquidity continues to squeeze banks out of holding positions. Source Zedcrest Capital Read More

What You Must Know About Online Currency Trading - The prevalence of the internet and smartphones have opened different avenues for people to make investments around the world & also speculate on different market instruments. Source Rahul Sharma Read More

DLM Capital Group Unveils 5,000,000 Units Of Fixed Income Fund - The Fund, called the DLM Fixed Income Fund is classified as an Open-ended Unit Trust Scheme and will invest at least 70% of its assets in high quality fixed income securities with a term to maturity not less than 365 days, while a maximum of 30% will be invested in quality money market instruments. Source DLM Capital Group Read More 

 

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PROSHARE BUSINESS

FBN's Change of Guards; Adeduntan Passes Baton to Shobo - The erstwhile managing director of First Bank of Nigeria (FBN), Dr. Adesola Adeduntan, has stepped down as the chief executive of Nigeria's oldest bank and handed it over to his former deputy, Mr. Gbenga Shobo. Source The Analyst, Proshare Research Read More

FBN's New Board Appointments, CBN Reacts - In a swift reaction to the appointment of new directors by the board of First Bank of Nigeria (FBN) earlier on Wednesday, April 28, 2021, the regulator stated that it found it difficult to accept the new Board appointments of the deposit money bank (DMB) while the term of its purported outgoing managing director, Dr. Adesola Adedutan, was yet to end. Source The Analyst, Proshare Research Read More

Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal - The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill. This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday. Source ThePoint Read More 

Nigeria, Six Others Account for 65% Global Gas Flaring - World Bank - The World Bank on Wednesday said Nigeria and six other countries were responsible for two-thirds of global gas flaring. It said this in a statement titled 'Seven countries account for two-thirds of global gas flaring'. Source Punch Read More

Nigeria's Bitumen Reserves Hit 42 Billion Barrels - Bitumen reserves in the country have grown to about 42 billion barrels out of which 43 industrial chemicals, including heavy crude petroleum, can be obtained, the Minister of Science and Technology, Dr Ogbonnaya Onu, said on Tuesday. Source The Nation Read More


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PROSHARE TECHNOLOGY   

Digital Economy: FG Urged to Involve Indigenous IT Professionals - The federal government has been urged to involve information technology (IT) professionals in its digital economy drive in order to achieve the desired results. President, Nigeria Computer Society (NCS), Prof. Adesina Sodiya, said the federal government would achieve faster and better results when indigenous IT professionals are involved. Source THISDAYLIVE Read More

 

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PROSHARE FINANCE

FCMB's Priceless Gift of Sight: Over 300,000 Nigerians with Eye Defects Benefit - First City Monument Bank (www.fcmb.com), in partnership with Tulsi Chanrai Foundation (TCF) of India, has so far carried out free eye surgeries, correctional testing services and provided glasses to over 300,000 Nigerians under the Bank's Corporate Social Responsibility (CSR) programme, tagged Priceless Gift of Sight. Source FCMB Read More

 

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PROSHARE MSME

Role of SMEs in Driving Economic Recovery in Nigeria Through Markets and Intellectual Property - Let me start by congratulating the World Intellectual Property Organization (WIPO) on celebrating the World IP Day and utilizing this medium to promote awareness of Intellectual Property. Source Federal Ministry of Industry, Trade and Investment Read More

NEPZA Moves to Integrate SMEs Into Economic Zones - The Managing Director of Nigerian Export Processing Zones, Prof. Adesoji Adesugba, has canvassed for the adoption of the export business accelerator programme by the Federal Government. Source Punch Read More

Huawei First-Quarter Sales Drop 16.5% as US Sanctions Bite - Chinese telecoms giant Huawei said Wednesday that first-quarter revenue tumbled after harsh US sanctions ripped into its phone business. Huawei has been at the centre of intense US-China trade and technological rivalry in recent years and the Trump administration accused it of potential espionage on behalf of Beijing without providing hard evidence. Source The Guardian Nigeria Read More


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