Nigeria in 1min: Economic, Business and Financial Headlines - 090821


Monday, August 9, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Babajide Sanwo-Olu

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COVID-19 Health Updates

  • 8th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 178,086 cases (New: 471)
  • Discharged: 165,763
  • Deaths: : 2,187 (New: 9)

Source: NCDC Read More

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HollyFrontier Buys Sinclair's Oil Refinery Assets for $2.6bn - HollyFrontier Corp (HFC.N) will pay $2.6 billion for almost all of Sinclair Oil's assets, adding new refining, pipeline and storage facilities in the U.S. Rocky Mountain region, the company's chief executive said on Tuesday. Source By Rithika Krishna of Reuters Read More

Caution Overtakes Oil Markets as COVID Cases Climb - OIR 060821 - Despite the Friday trading session recovering somewhat from this week's aggregate declines, the overarching sentiment on the oil markets is still that of caution, seeing China and the United States confronting COVID-19 case surges. Source Michael Kern of Oilprice Read More

Experts laud FEC approval of NNPC's acquisition of 20% stake in Dangote Refinery - Some economists and oil and gas expert have backed the Federal Executive Council's (FEC) approval of the acquisition of 20 per cent minority stakes by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petrochemical Refinery. Source Dangote Read More

It's Official - NNPC to Buy 20% Stake in Dangote's 650,000bpd Oil Refinery for $2.76bn - Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote's oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. The 650,000-barrel-per-day oil refinery, owned by Africa's richest man Aliko Dangote, is under construction in Lagos. Source By Felix Onuah of Reuters Read More

Wabba Decries High Cost of Gas to GENCOs, Mulls $1.50 per MMBtu - Miffed by what it described as deliberate ploy to strangulate local businesses, the Nigeria Labour Congress has impressed on the federal government the need to make gas readily available and affordable to electricity generation companies by reducing its cost. Source The Nation Read More


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What To Expect from The Markets This Week - 090821 - According to recent data from the Central Bank of Nigeria, external reserves gained $280m in two weeks. The reserves had successively dipped in the last couple of months, losing to $33.09bn as of July 12 from $33.28bn on July 1. Source Proshare Content Read More

Unity Bank H1 2021: Earnings Jump, But Shareholding Still A Worry - The H1 2021 unaudited result of Unity Bank reveals improvement both in the top and bottom-line earnings and the financial position of the bank both on a year-on-year Y-o-Y) and on a quarter-on-quarter (Q-o-Q) basis. Source Adaeze Nwachukwu, Proshare Research Read More 


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CEO Remuneration 2021 Report: Trading Board Bottom Half - The growth movement of revenue and CEO pay of the construction company has not been similar in the past two years. Between 2016 and 2018, revenue and CEO pay had Y-o-Y percentage growth, although not at the same degrees. Source Proshare Research Read More

CEO Remuneration 2021 Report: According to the Trading Board - The year 2020 was unusual, the severe impact on earnings of businesses was not forecasted, this could be seen in an increase in some CEO's pay or the remuneration remained flat. Source Proshare Research Read More

CEO Remuneration 2021 Report: The Many Sides of CEO Compensation - The year 2020 was a year like no other, summing it into one word would prove difficult. Although COVID-19 started at the tail end of 2019, the level of its impact on businesses and economic activities was not expected. Source Proshare Research Read More

What SMEs Must Know about AfCFTA: Six #TalkingTrade Takeaways - Being takeaways and thoughts put forth by Olufemi M. Awoyemi (FA), founder of Proshare, currently on study leave as a participant of the SEC43 NIPSS, Kuru, Jos during an Africa Online Radio Programme on Trade Investments in Africa called #TalkingTrade (TT); on Saturday August 7th, 2021 hosted by Mr. Femi BOYEDE with the theme "Strategising to Optimize Trading with AfCFTA: What SMEs Must Know". Source by Olufemi AWOYEMI with contributions from Tosin Ige and Ola Gam-Ikon Read More

Strategising to Optimize Trading with AfCFTA: What SMEs Must Know - The Africa International Trade & Commerce Research, GIGI, and NOIPolls (2018) conducted a survey on Potential Benefits of the African Continental Free Trade Area (AfCFTA) in Nigeria. Source Olufemi AWOYEMI with inputs from Proshare Research Read More

CAC Boss Threatens to Sanction Fraudulent Registration Processes - The Registrar General/Chief Executive, Corporate Affairs Commission (CAC), Mr Garba Abubakar has warned that he would take drastic measures against any erring professional who indulged in sharp practices while dealing with the commission. Source THISDAYLIVE Read More

Biden Aims for 50% Electric Vehicles by 2030 with Industry Support - U.S. President Joe Biden signed an executive order this week aimed at making half of all new vehicles sold in 2030 zero-emissions and proposed new vehicle-emission rules to cut pollution through 2026, the White House said. Source THISDAYLIVE Read More

Nigeria Still Imports Dirty Fuel Four Years After Ban - Nigeria is still importing petroleum products with high sulphur content as the ban imposed on the importation of such fuels by the Federal Government more than four years ago has not been enforced. Source Punch Read More

FG Lists Criteria to Access N250bn Gas Intervention Fund - The Federal Government says investors must meet seven criteria to access the N250 billion intervention fund for gas value chain businesses. The CBN launched the intervention fund last August. Source The Guardian Nigeria Read More


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Chaka and TradingView Partner to Enable Borderless Investments for African pro-traders - Following securing SEC's first Fintech license and a $1.5M pre-seed funding round, digital investment platform, Chaka, has partnered with TradingView, the world's leading online charting platform to spot investment opportunities in global markets. Source Chaka Technologies Read More

FirstBank Impacts its Firstmonie Agents With a 100 billion Naira Loan - Barely a year after the launch of its Agent Credit scheme, First Bank of Nigeria Limited, Nigeria's leading financial inclusion services provider, has announced that it has economically empowered its Firstmonie Agents with the sum of N100 billion. Source FirstBank Read More

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How Non-Interest Finance Institutions Support Corporate Governance in Nigeria - Non-Interest Finance can support improvement in corporate governance practices. Mrs. Ummahani Amin, Managing Partner, The Metropolitan Law Firm highlighted the point while making contributions to the discussion on strengthening corporate governance in Nigeria's non-interest finance market. Source by Bukola Akinyele-Yisau for WebTV Read More

Family Homes Fund Targets 40,000 Housing Units with N10bn Sukuk Bond - Family Homes Funds limited through Family Homes Sukuk issuance program Plc on Thursday successfully completed the issuance of N10billion 7year 13% series 1 Ijara Lease Sukuk due 2028 under the N30 billion Sukuk issuance program. Source Vanguard Read More

Exploring Family Offices and Charitable Trusts - FBNQuest - Wealth Management is an intricate process, and this is even more so for High-Net-Worth Individuals (HNIs) and families. individuals need to find creative ways to manage their finances to ensure their wealth grows and is properly transferred to their beneficiaries. Effective Wealth Management also serves as a tax efficient tool. Source FBNQuest Read More

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Sterling One Foundation Partners LEAP Africa, African Union on Youth Day of Service - Sterling One Foundation has announced partnership with LEAP Africa to provide funding opportunities for individuals and groups who are championing projects on the International Youth Day of Service via a series of over 300 community-based social impact projects. Source Sterling One Foundation Read More

Things to Consider before Collaborating in Business - In our article titled "Top 10 Financial Strategies to Help Grow Your Business" one of the strategies discussed was the need to explore barter opportunities which enables business owners leverage on the strength, network and resources of other businesses in order to save cost and build strong alliances that can facilitate increased growth for their business. Source FCMB Business Zone Read More

SMEDAN Boosts Over 1,000 Youths with Business Skills - The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, is set to begin the first batch of training and empowerment of youths under the entrepreneurship and vocational components of the National Business Skills Development Initiative (NBSDI) on Monday. Source The Nation Read More Partners Run Club Abuja to Support NFI School -, Africa's first and only free crowdfunding platform partnered with the Run Club Abuja (RCA) on a charity run to raise funds for The Not Forgotten Initiative School (NFI), a not-for- profit school based in Abuja, Nigeria. This was to celebrate the club's one-year anniversary. Source Sterling One Foundation Read More

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