Nigeria in 1min: Economic, Business and Financial Headlines - 270921

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Monday, September 27, 2021 / 5:50 AM / By News Aggregator / Header Image Credit: Twitter; African Development Bank Group

 

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COVID-19 Health Updates

  • 26th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 204,456 cases (New: 255)
  • Discharged: 192,620
  • Deaths: 2,677 (New: 9)

Source: NCDC Read More

 

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PROSHARE ECONOMY

$4bn Eurobond: Implications for the Currency and Fiscal Position - Nigeria successfully accessed the international capital market on Tuesday, issuing $4.0 billion in Eurobonds. The issuance was spread across three tenors, $1.25 billion on the 7-year, $1.5 billion on the 12-year and $1.25 billion on the 30-year instrument, with respective yields at 6.125%, 7.7375% and 8.250%. Source CardinalStone Research Read More

Domestic Production of Energy in 2015 Stood at 8986 Peta Joules - NBS - The performance of the economy is measured using Gross Domestic Product (GDP). It accounts for all output generated within the borders of a country. Nevertheless, the GDP is limited in accounting for environmental losses in the course of undertaking economic activities. Source NBS Read More

Oil Prices Continue to Climb on Supply Disruptions - OIR 240921 - Oil prices are heading for a third straight week of gains despite a slight downward correction on Friday, buoyed by ongoing supply disruptions in the United States and several OPEC+ countries (such as Nigeria and Angola) failing to increase production according to their production targets. Source Tom Kool of Oilprice.com Read More

Administration of Stamp Duties in Nigeria Under The Finance Act - Part 3 - In the first and second parts of this article that were featured in the previous weeks, we had discussed the general basis for the administration of Stamp duties, dutiable instruments and how to stamp an instrument. Source CITN Read More

Osinbajo: FG Spent Over N8.9trn on Infrastructure Projects in Five Years - Vice-president Yemi Osinbajo says the present government has disbursed over N8.9 trillion funds for infrastructural developments across Nigeria as at 2020. Osinbajo said this during the inauguration of the 21-storey Dakkada Tower in Akwa Ibom state on Friday. Source TheCable Read More


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PROSHARE REGULATORS

Capital Market Can Help Bridge Infrastructure Gap - SEC - The Securities and Exchange Commission has again affirmed that the capital market has the potentials to bridge the infrastructure gap in the country as well as aid economic development. Source SEC Nigeria Read More 

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 270921 - The Senate on Wednesday passed the 2022-2024 Medium Term Expenditure and Fiscal Strategy Paper, earlier submitted by President Muhammadu Buhari in July 2021. Source Proshare Content Read More

EXCLUSIVE Nigeria's Dangote in Talks with Traders for Oil Refinery Loan - Africa's richest man Aliko Dangote is in talks with some of the world's biggest oil traders to help finance his mega refinery project outside of Nigeria's commercial centre Lagos, sources with knowledge of the matter said, although his company denied the discussions. Source Reuters Read More

ComX Convenes Webinar to Promote Inclusion of Women and Youths In Alternative Investment - ComX, an innovative digital commodities trading platform launched by AFEX, Nigeria's leading commodities market player, will hold a webinar to encourage the participation of women and youths in alternative investment opportunities. Source AFEX Nigeria Read More 

Osinbajo Seeks FMDQ Collaboration to Tackle Housing Deficit - Vice President Yemi Osinbajo has charged the nation's financial market dealers to collaborate with government with concerted efforts to tackling Nigeria's housing problem adding that this will see to develop a housing blueprint for the nation's teeming population. Source LeadershipNG Read More


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Of FBNH Numbers and Tables: The Trend of Cost and Profitability - Gross earnings have in the last four years fallen marginally. In 2016, the bank's top line had amounted to N581.83bn. In the following year, earnings rose to N595.44bn this was despite a fall in total loans and advances from N2.08bn in 2016 to N2bn in 2017. Source Proshare Research Read More

Of FBNH Numbers and Tables: The Statement of Financial Position - FBNH's Assets grew by +4.35% in H1 2021 in comparison to FY 2020. In 2016, the bank's assets grew by +13.70%, while growth slowed to +10.55% and +6.35% in the two years that followed, respectively. Source Proshare Research Read More

Of FBNH Numbers and Tables: A Look at the FBNH Ratios - The latest ratings from major rating agencies for both the Holdco business and the commercial bank as of December 2020 were B-/Stable/B or B-/Negative/B, except for Global Credit Rating, which rated the financial institution A-/Positive/A2 in the same period. Source Proshare Research Read More

Reps Amend Act, Empowers AMCON to Sell Debtors' Property - The House of Representatives has passed for third reading, an amendment to the Asset Management Corporation of Nigeria Act which empowers the corporation to trace and sell any property belonging to a bank debtor, including those not presented as security for the credit facility. Source Punch Read More

More Banks to Publish Lists of Forex Defaulters - There are indications on Saturday that more banks will publish names and account details of customers who purchased cheap forex from the banks for Business Travel Allowance and Personal Travel Allowance but did not embark on their foreign trips. Source Punch Read More


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PROSHARE FINANCE

Ethical Investments Rise as Market Capitalization of Shariah-Compliant Stocks in Nigeria Stand at N11.3trn - The Total market capitalization of Shariah-compliant stocks in the Nigerian Capital market stands at over N11.3trn. Mr. Ndako Mijindadi, Head, Investment and Research, Lotus Capital Limited, disclosed this in a conversation on "Investing Through Islamic Finance Products and Index". Source Bukola Akinyele-Yisau for WebTV Read More

Old Mutual Reiterates Commitment to Nigerian Market - Old Mutual Life Assurance and General Insurance, the Nigerian subsidiaries of Old Mutual Limited (OML), Africa's leading premium financial services group, has reiterated its commitment to the Nigerian market with intent to maximizing the opportunities in the country's insurance space. Source Old Mutual Read More

Planning Your Happily Ever After - Savings and Investments For Couples - Love is the foundation of the happily ever after theory but money is an important structure that sustains the happily ever after. A study of more than 4,500 couples published in the journal - Family Relationships by Wendy Middlemiss, shows that money can be a predictor of whether or not a couple will have a happy marriage. Source FBNQuest Read More

FIRS Insists CSOs Not Exempted from Tax Obligation - The Federal Inland Revenue Service (FIRS) has clarified that civil society organisations (CSOs) including nonprofits and cooperative societies have responsibilities under the tax laws to fulfil their tax obligations irrespective of the nature of their operations. Source The Nation Read More


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