Nigeria in 1min: Economic, Business and Financial Headlines - 280420

Tuesday, April 28, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: Proshare

COVID-19 Health Updates

• On the 27th of April 2020, 64 new confirmed cases and no deaths were recorded in Nigeria
• No new state has reported a case in the last 24 hours.
• Till date, 1337 cases have been confirmed, 255 cases have been discharged and 40 deaths have been recorded in 32 states and the Federal Capital Territory
• The 64 new cases are reported from five states- Lagos (34), FCT (15), Borno (11), Taraba (2), Gombe (2).
• A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

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A Surprising Boost to the FAAC Payout; April Payment Amount to N781bn - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N781bn (US$2.04bn) in April (from March revenue). This was an increase of N199bn on the previous month's payment, which had been delayed due to finance commissioners' initial rejection of the offer. It should support the payment of April salaries. Source FBNQuest Research Read More 

Ahead of Tomorrow on WebTV: Discussions on COVID-19; Tax Measures to reposition Nigeria's Economy - TAIWO OYEDELE is the Head of Tax and Corporate Advisory Services at PwC Nigeria. He has been in the forefront as a thought leader and prominent speaker on key accounting and tax issues including the tax implications of IFRS Adoption and Transfer Pricing. Taiwo writes articles in leading national newspapers, professional journals, international magazines and newsletters. Source WebTV Read More 

FG Takes 84% Of N850bn Credit to The Economy in February - Credit to the economy rose by N850 billion in February with lending to government accounting for 84 percent valued at N720 billion. This was the highlight of the Depository Corporation Survey for February released by the Central Bank of Nigeria (CBN) last week. Source Vanguard Read More

US Oil Slips Below $15 Per Barrel - US oil prices fell heavily on Monday and slipped below $15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets. American benchmark West Texas Intermediate dropped 15 percent to $14.39 a barrel in Asian afternoon trade, reversing direction after several days of gains last week.Source Punch Read More 

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April 2020 FGN Bond Auction Oversubscribed - The Debt Management Office (DMO) conducted the FGN Bond Auction for April 2020 on Wednesday, April 22, 2020. As has been the trend this year, the Auction was oversubscribed. Source DMO Read More 

Polaris Bank Releases 2019 Financial Results, Records Impressive 2019 Improvements - RTC - Polaris Bank Limited (Polaris) has released its 2019 financial results after securing the approval of the Central Bank of Nigeria (CBN) to its Annual Financial Statements for its first full financial year of operation. By all objective standards, the results are impressive especially given the legacy constraints under which the institution was birthed. Source Read More 

Stanbic IBTC Q1 2020 Unaudited Results - Trading Gains and Provision Reversals Bolster Earnings - Stanbic IBTC Holdings Plc (STANBIC) recorded a 7.6% YoY increase in earnings to N20.6 billion in its unaudited Q1'20 result. The growth in earnings largely reflected a 47.1% YoY improvement in trading revenue during the review period. Source CardinalStone Research Read More 

Investors Gain N8.81bn as NSEASI Inches Up by 0.07% to Open the Week Positive - Equities market closed today on positive note, as NSEASI appreciated by +0.07% to close at 22,616.28 points as against +0.57% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.74%. Source Proshare Markets Read More 

STANBIC Declares N20.6bn PAT in Q1 2020 Result; (SP:N28.50k) -  Stanbic IBTC Holdings Plc, financial institutions in Financial Services sector announced 4.6% gross earnings growth in Q1'20 Result. Source NSE Read More 

COVID-19 Induced Lockdown Triggers Sustained Decline in Commodities Market Activities - The AFEX Commodities Index composite closed at 163.65 points in the week under review. The index performance remained stable across all commodities covered by the index.  Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

Average Yield Settled at 2.7% on High Liquidity; The CBN Debits Banks N1.4trn in Special CRR - Last week, demand in the Nigerian Treasury Bills ("NT-Bills") secondary market strengthened as robust system liquidity levels (c. N668.0bn long at the start of the week) continued to bolster market sentiments despite the release of March's inflation data which rose 6bps to 12.3% Y-o-Y. Source Afrinvest Research Read More 

Supply Of The Greenback Dwindles, Causing Value Of The Naira To Drop 6% In The Streets - The Bond Market opened the week on a muted note, as yields ticked higher at the head of the curve amid tight system liquidity. The 'auction bonds' (i.e. 2023s, 2035s, and 2050s) bucked the trend with some demand witnessed on those papers. Yields expanded by c.22bps on the average across the benchmark bond curve. Source Zedcrest Capital Read More 

Access Bank CEO's Statement on 1 Year Anniversary of Merger With Diamond Bank - Inspite of current macro economic issues , we have made solid progress in the first quarter of 2020 in line with our 2018-2022 five year strategy. This is based on a sustainable and resilient business model; as we continue to invest in our people, technology and product offerings to better serve our customers. Press Release by Access Bank Plc Source Read More

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NBCC Donates N4 Million Naira to Support the Federal Government's COVID-19 Relief Efforts - In support of the Federal Government's efforts to alleviate the effects of COVID-19 in Nigeria, the Nigerian-British Chamber of Commerce (NBCC) has donated the sum of N4,000,000 (Four Million Naira) to the Relief Fund. The sum was realised through donations from some member companies and individuals responding to the NBCC COVID-19 Relief Campaign. Source NBCC Read More 

Ahead of Tomorrow on WebTV: Discussions on COVID-19; Institutions, Governance and the Economy - SOJI APAMPA is the C0-founder & CEO of the Convention on Business Integrity and also serves as a Consultant on CBi projects. Mr. Apampa has served as a Senior Advisor to the UN Global Compact on the 10th Principle (anti-corruption) and consultant to the Inter-Agency Task Team of the Federal Republic of Nigeria tasked with the responsibility of developing a National Strategy to Combat Corruption. Source WebTV Read More 

Despite Gencos N200bn Fund, Gas Shortage Stalls 23,081MW - The Federal Government's recent N200bn payment to the power sector has yet to address the most severe challenge in the industry - gas shortage, OKECHUKWU NNODIM reports. The dearth of gas stalled the generation of 23,081.5 megawatts of electricity in eight days despite the N200bn that was paid by the Federal Government recently to the power sector, particularly for settling gas debts. Source Punch Read More 

Recapitalise Discos Or Risk Complete Power Sector Collapse -TCN - The Transmission Company of Nigeria has said the nation's power sector will collapse completely if urgent steps are not taken to capitalise the distribution companies. The government-owned TCN stated this while announcing a drop in the amount of electricity taken by Abuja Electricity Distribution Company on Saturday night. Source Punch Read More 

FG Complies with FAO's Directive on Agro-product Movement - The federal government has advised security agencies to work within the framework of the Federal COVID-19 Emergency Action Response Plan to ensuring easy movement of foodstuff, livestock and farm inputs. Source Thisday Read More 

Banks to Resume Cheque Clearance after Lockdown - Deposit money banks in the country are expected to resume clearing of cheques once the lockdown imposed by President Muhammadu Buhari in two states and the Federal Capital Territory (FCT) is either lifted or relaxed. Source Thisday Read More 

NACCIMA Calls for Gradual Relaxation of Lockdown - The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has called for a review and gradual relaxation of the lockdown imposed by the federal government as well as some states, to contain the spread of COVID-19 pandemic in Nigeria. Source Thisday Read More 

U.S. Stocks Advance As Some States Reopen For Business - Wall Street gained more than 1% on Monday at the onset of a hectic earnings week, as investors turned a hopeful eye toward several U.S. states that are relaxing shutdown restrictions put in place to curb the spread of the COVID-19 pandemic.  Source Reuters Read More 

British Airways Considers Slashing About 800 Pilot Jobs: Sky News Reporter - British Airways (ICAG.L) is planning to launch a consultation that could result in cutting about 800 of its 4,500 pilot jobs, a Sky News reporter tweeted here on Monday. The company said earlier this month that it had struck a deal with its unions to suspend more than 30,000 cabin crew and ground staff. Source Reuters Read More

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Pres. Buhari Approves Gradual Easing of Lockdown Measures Effective From May 4th 2020 - New nationwide measures are to be introduced as follows; There will be an overnight curfew from 8pm to 6am. This means all movements will be prohibited during this period except for essential services; There will be a ban on non-essential inter-state passenger travel until further notice… Source State House Press Release Read More

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