Nigeria in 1min: Economic, Business and Financial Headlines - 070521


Friday, May 07, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

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COVID-19 Health Updates 

  • 7th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,301 cases (New: 28)
  • Discharged: 155,424 
  • Deaths: : 2065 (New: 0)

Source: NCDC Read More

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Emefiele Woos Youths to Embrace Agriculture - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has urged youths in Nigeria to embrace agriculture, declaring the Bank's readiness to support youths that are willing to engage in agriculture. Source CBN Read More

Moody's Places First Bank's Ratings on Review for Downgrade Following Central Bank Actions - Moody's Investors Service, ("Moody's") has placed all long-term ratings and assessments of First Bank of Nigeria Limited (First Bank) on review for downgrade. Source Moody's Investors Service Read More

Fitch Affirms Ecobank Transnational Inc at ''B-''; Outlook Stable - Fitch Ratings has affirmed Togo-based Ecobank Transnational Incorporated's (ETI) Long-Term Issuer Default Rating (IDR) and Viability Rating (VR) at 'B-' and 'b-' respectively. The Outlook is Stable. A full list of rating actions is below. Source Fitch Ratings Read More

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SEC Proposes New Rules on Robo-Advisory Services And Sundry Amendments - The Securities and Exchange Commission has proposed the following new rules and amendments to its existing rules stated below. Source SECNigeria Read More


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11 Plc FY 2020 Report: Wrestling A Pandemic and Battling A Bottom line - 11 Plc (pronounced: Double one) had its fair share of challenges at the heart of the 2020 global COVID-19 pandemic. The company recognized that it could not fully determine the impact of the pandemic given the continuous resurgence of the virus across the world. Source Proshare Research Read More

Dangote Cement Q1 2021 Results Review: Bullish Sentiments Remain Following Strong Q1 Performance - DangCem's Q1'21 earnings beat our forecast by around 6%. However, a higher effective tax rate of 31% vs. the 20% we were modelling masks the significant y/y growth delivered by the firm during the quarter. Source FBNQuest Read More

CBN Extends the Naira 4 Dollar Scheme for Diaspora Remittances Until Further Notice - Further to the CBN Circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice. Source Forex Read More

Transcorp Hotels Plc Targets 60% Occupancy Rate and N17bn Revenue in FY2021 - Transcorp Hotels Plc a leading Hospitality group in Sub-Saharan Africa has targeted an occupancy rate of 60% and a revenue of N17bn in 2021. Source WebTV Read More

International Breweries Q1 2021 Results Review: Strengthening Fundamentals But Challenges Persist - Following Intbrew's mixed Q1 '21 results, we have adjusted our loss per share (LPS) forecasts for Intbrew over '21-22f by 26% to an average of -NGN0.38 (from -NGN0.51 previously). Source FBNQuest Read More

AFEX Restates Commitment To Food Security in Nigeria - AFEX Commodities Exchange has restated its commitment to food security in Nigeria, with a renewed focus on promoting responsible consumption and production, through the prevention of post-harvest loss as well as a reduction in food wastage along the domestic production value chain. Source WebTV Read More

Investors Lose N167.10bn as NSEASI Dips Further by -0.81% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.81% to close at 39,114.73 basis points as against -0.92% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.88%. Source Proshare Markets Read More


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Trademark Licensing in Nigeria - One of the key success indicators of many businesses around the world, is the ability of the business to grow, expand and remain viable, even after the life of its founder/founders. Source Banwo & Ighodalo Read More

$470m Investment: Operators Lament Revocation Of 11 Marginal Field Licences - Operators of marginal fields have lamented that the revocation of eleven marginal oil field licences by the Department of Petroleum Resources, DPR may have imperiled investments valued in excess of $470 million. The operators, in a letter to President Muhammadu Buhari, also said the action has exposed them to litigation both at home and abroad. Source Leadership Read More

N600bn Lekki Deep Sea Port Nears 50% Completion - The effort by Nigeria to have a new seaport with better facilities is gathering momentum as the Core of Main Breakwater at the Lekki Deep Sea Port has been completed and construction 50 per cent completed. Source Thisday Read More

Reps Summon NNPC, CBN, FIRS, EFCC, Probe Illicit Financial Flows - At the plenary on Thursday, the House specifically mandated its committees on Finance; Anti-Corruption; Financial Crimes; Banking and Currency; and Insurance and Actuarial Matters to 'investigate the phenomenon of illicit financial flows and appraise the Federal Governments current policy framework to curb the continuous loss of Nigeria's' revenues to illicit financial flows'. Source Punch Read More

Cautious Optimism As Contractor Takes Over PH Refinery For $1.5b Rehab - Stakeholders in the energy industry, yesterday, called for cautious optimism and a public policy document as the Nigerian National Petroleum Corporation (NNPC) in Port Harcourt handed over the Port Harcourt Refinery to Tecnimont SPA for the commencement of the $1.5 billion rehabilitation project. Source Guardian Read More

FG to Raise $250m for National Carrier - The federal government has said it expects to raise about $250 million from the private sector to float it proposed national carrier, which is now at the stage of procurement phase. Source Thisday Read More

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Rwanda President Seeks to Bring First mRNA Vaccine Plant to Africa - Rwandan President Paul Kagame said his country is in talks to establish the first mRNA vaccine plant in Africa as the continent battles the coronavirus pandemic. Source Bloomberg Read More

FG Reviews Provisional Protocol for Travellers Arriving from Brazil, India and Turkey - The Federal Government of Nigeria, on 02 May 2021, announced that travellers arriving from Brazil, India and Turkey (BIT countries) will be denied entry into Nigeria with effect from Tuesday, 4 May 2021. Source Deloitte Read More

FBNQuest Weighs in on the Dynamics of Islamic Wills, Trusts and Opportunities for Investments - As the Islamic Finance industry evolves in Nigeria, one area that shows immense prospects for deepening the market is the wealth management sector. Source WebTV Read More

NAICOM Chief Tasks Insurers, Banks On Collaboration, Deeper Penetration - Mr Sunday Thomas, Commissioner for Insurance, National Insurance Commission (NAICOM), says the insurance and banking sectors can deepen their penetration in Nigeria by looking beyond the traditional distribution channels. Source Vanguard Read More

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