Nigeria in 1min: Economic, Business and Financial Headlines - 300720


Thursday, July 30, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics


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COVID-19 Health Updates

  • July 29th 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 42208 cases (New: 404)
  • Discharged:  19004
  • Deaths: 873: (New 5)

Source: NCDC Read More

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Much Ado About the FIRS' 6% Stamp Duty on Leases - For the purpose of this brief communique, we would highlight the reference in the FIRS Public Notice to leases as being subject to ad valorem stamp duty rate of 6%. This was clearly an overstatement of the applicable law given that the SDA stipulates a graduated rate for agreement for a lease or any letting. Source KPMG Nigeria Read More 

Blended External Debt Service for the FGN - Total debt service on the FGN's external obligations amounted to US$473m in Q1 2020, consisting of US$263m and US$210m on market and non-market debt. This was US$116m above the comparable year-earlier period. Source FBNQuest Research Read More


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Airtel Africa Plc Underperforms Analysts Expectations; despite 11.8% Growth in Customer Base - The company's H1 2020 result bucked analysts' expectations as the underlying assumption that physical restriction of movement of people would translate into higher phone usage by way of increased patronage of voice and data platforms was only mildly correct for voice usage but accurate for data patronage. Source Adesola Borokinni, Proshare Research Read More

Investors Gain N138.76bn WoW as NSEASI Inches Up by 1.09% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 24,693.73 basis points as against -0.54% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.00%. Source Proshare Markets Read More

Heavy Demand at the NTB Auction as Rates Dropped Significantly On 91 days and 182 days Bills - The FGN Bond space closed the week on a rather sluggish note as the market seems to have dived into holiday mood from the earlier hours of the trading session. The market started slightly bearish as trading activities kicked off at the tail of the curve (34s, 35s, and 36s papers) with the 2035 maturity garnering most of the market love and its juicy offer easily matched with the available bids in the market at 9.10%. Source Zedcrest Capital Read More

FBNH Declares N49.5bn PAT in Q2 2020 Results, (SP:N5.00k) - FBN Holdings Plc, Banking company  in Financial Services  sector announced 5.7% Gross Earnings growth  in Q2'20 Results. Source NSE Read More

UNITYBNK Declares N1.03bn PAT in Q2 2020 Results, (SP:N0.61k) - Unity Bank Plc, company in Financial Services sector announced 11.3% Gross Income growth in Q2'20 Result. Source NSE Read More

International Breweries Q2 2020 Results Review: Underperform Rating Maintained Despite Upside - International Breweries' (IB) Q2 2020 results suggest that volumes declined by double-digits y/y, largely because of the lockdown during the quarter. This marks the biggest volume loss since the company's merger in 2017. Source FBNQuest Research Read More

SEPLAT Q2 2020 Unaudited Results - Earnings Weighed by Weaker Oil Prices and Higher Costs - Seplat Petroleum Development Company Plc (NGSE: SEPLAT) published its unaudited Q2'20 results and held an analysts' call today. The company announced a $3.62 million loss in Q2'20 (vs $85 million profit in Q2'19), driven by a steep decline in revenue (-47.3% YoY) due to weaker crude oil prices. Source CardinalStone Research Read More

Ecobank Transnational Incorporated H1'20 Unaudited Results - Loan Losses Drag Earnings - Credit-related impairments rose 28.6% QoQ to $74.5 million, reflecting the impact of the pandemic on credit quality. To this point, cost of risk rose to 1.7% (Q1'20: 1.5%). NPL ratio eased slightly to 9.8% (Q1'20: 9.9%) likely due to loan write-offs during the period. Source CardinalStone Research Read More 


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CEO-Remuneration 2019 (1) - Paying the CEO in a Pandemic; The Unanswered Questions - Chief Executive Officers (CEOs) of organizations have increasingly come under the hammer as corporate analysts continue to question the growing size of C-suite executive pay compared to the slower revenue performance of their respective organizations, analysts have fretted that top executive pay in Nigeria has not lined up with the recent growth rates reflected in corporate gross earnings and operating profit. Source Proshare Research Read More

Adesina: AfDB Board of Governors, Congo Laud Panel - The Bureau of the Board of Governors of the African Development Bank and the Republic of Congo have commended the high-level panel for its independent review report of AfDB's ethics committee report on Dr Akinwumi Adesina. Source Punch Read More

AfDB Approves $27 million to Boost AU's COVID-19 Response Initiative - The African Development Bank (AfDB), has approved about $27.4 million in grants to boost the African Union's (AU) efforts to mobilize a continental response to curb the COVID-19 pandemic. Source The Guardian Read More

New trade restrictions worth $423.1 billion, says WTO - The World Trade Organisation (WTO), has declared that new import restrictions covering traded merchandise between October 2019 and May 2020, was worth about $423.1 billion. Source The Guardian Read More

Siemens Begins Work on 25,000MW Project as FG Approves Pre-Engineering Contract - The Federal Government has approved Siemens' pre-engineering contract, thus enabling the company to start work on Nigeria's 25,000 megawatts expansion project. Source Vanguard Read More

Fed Chief Says Coronavirus Surge Slowing U.S. Economic Recovery - The surge in U.S. coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, and he promised the U.S. central bank would "do what we can, and for as long as it takes," to limit damage and boost growth. Source Reuters Read More

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FG Unveils Six ICT Projects - The Minister of Communications and Digital Economy, Dr. Isa Pantami, recently in Abuja, unveiled six Information and Communications Technology (ICT) projects. He assured Nigerians that the federal government projects were designed to drive the country's digital economy initiative. Source THISDAYLIVE Read More

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Adversity Teaches Us to Innovate - Jim Ovia, CON - Nigerian-British Chamber of Commerce (NBCC) on Tuesday, July 28, 2020, hosted the second edition in its Sharing Experiences Series. The President and Chairman of Council of the NBCC, Mr Kayode Falowo said during his welcome address that the series was designed to provide a platform for the world to learn from the experience of exemplary leaders and achievers in the organized private sector. Source NBCC Read More


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