Nigeria in 1min: Economic, Business and Financial Headlines - 310720

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Friday, July 31, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • July 30th 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 42689 cases (New: 481)
  • Discharged:  19270
  • Deaths: 878: (New 5)

Source: NCDC Read More


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The African Continental Free Trade Area: Economic and Distributional Effects - The African Continental Free Trade Area (AfCFTA) agreement will create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. Source World Bank Read More

Partial Risk Guarantee Not An Issue In Azura-Edo IPP Contract - Presidency -  Over the past week, there has been an unnecessary controversy about the Azura-Edo Independent Power Project (IPP) especially the concerns about who signed the transaction documents and who did not sign, thus ignoring the consequences of backing out of the agreements by the Federal Government. Source Office of the Special Adviser to the President on Infrastructure Read More


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AFEX, Other Agriculture Sector Stakeholders to Operationalize Government's AFJP Program - The Federal Government has launched the Agriculture for Food and Jobs Plan (AFJP) at an event attended by various stakeholders on the 23rd of July 2020 in Funtua, Katsina State. Source AFEX Nigeria Read More

FBNH H1 2020 Unaudited Results - Asset Disposal Gain Bloats Quarterly Performance - H1'20 earnings surged by 56.3% YoY, supported by a 46.8% jump in non-interest income and a N13.8 billion gain in discontinued operations that was mostly influenced by the sale of the firm's 65.0% stake in FBN Insurance Ltd. Source CardinalStone Research Read More 

FCMB Group Plc H1'20 Unaudited Results - Stable Performance Despite Cloudy Business Climate - H1'20 earnings increased by 28.5% YoY supported by a 16.4% increase in operating income. On a quarterly basis, earnings improved 5.9% (QoQ), reflecting improving non-interest revenue (+3.5% QoQ) and moderating operating expenses (-5.1% QoQ). Source FBNQuest Research Read More

MTNN Declares N94.9bn PAT in Q2 2020 Results; Declares N3.50k Interim Dividend; (SP:N117.90k) - MTN Nigeria Communications Plc released its Q2 2020 Unaudited results for the period ended June 30th, 2020. Revenue grew by 12.5% to N638bn from N567bn in the previous quarter. Profit before tax declined by 2% to N140bn. Source NSE Read More

FCMB Declares N9.7bn PAT in Q2 2020 Results, (SP:N1.95k) - FCMB Group Plc released its Q2 2020 Unaudited results for the period ended June 30th, 2020. Gross Earnings grew by 9% to N98bn from N90bn in the previous quarter. Profit before tax grew by 26% to N11bn. Source NSE Read More

WEMABANK Declares N1.5bn PAT in Q2 2020 Results, (SP:N0.52k) - Wema Bank Plc released its Q2 2020 Unaudited results for the period ended June 30th, 2020. Gross Earnings declined by -6.6% to N38.2bn from N40.8bn in the previous quarter. Profit before tax declined by 34% to N1.7bn. Source NSE Read More

Amazon Posts Biggest Profit Ever at Height of Pandemic In U.S. - Amazon.com Inc (AMZN.O) on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic. Source Reuters Read More


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Accion MFB Konnect Series: Experts Call for Clarity On Regulations for MFIs Under the GSI Framework - Stakeholders in the Microfinance Banking segment of the Nigerian financial services industry have called for more clarity on the regulations and implementation of the GSI framework that is scheduled to take off from August 01, 2020. Source WebTV Read More

IMF Introduces New Transparency Code for Nigeria, Others - The executive board of the International Monetary Fund has approved the new IMF Central Bank Transparency code. It said in a statement on Thursday that the development of the CBT followed on the board's direction in April 2019 to update the 1999 Monetary and Financial Policies Transparency code. Source Punch Read More

AU Restates Support for Adesina's Second Term Bid as AfDB President - The African Union has congratulated Nigerian-born African Development Bank President, Akinwumi Adesina, on the clearing of all allegations levelled against him at the bank. Source Punch Read More

NNPC Set to Sue Mexican Firm for Alleging Diversion of 48m Barrels of Crude Oil - Lawyers to the Nigerian National Petroleum Corporation (NNPC), Afe Babalola and Co., Thursday said the corporation had concluded arrangements to drag an oil trading firm, Samano Sa De CV, before the courts for making several unsubstantiated claims against it. Source THISDAYLIVE Read More

FG to Check Temporary Import Permit Abuse - The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigeria Customs Service (NCS) have agreed to join forces to close loopholes in the Temporary Importation Permit (TIP) system that importers often exploit to avoid levies due to the government. Source THISDAYLIVE Read More

Apapa Gridlock: Customs Agents Petition FG over 500% Increase in Costs - Some Customs agents in the country have called on the federal government to immediately address the deficiency and high cost of clearing goods at the ports. Source THISDAYLIVE Read More

 

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