Nigeria in 1min: Economic, Business and Financial Headlines - 130521


Thursday, May 13, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

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COVID-19 Health Updates 

  • 12th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,559 cases (New: 44)
  • Discharged: 156,374 
  • Deaths: : 2066 (New: 1)

Source: NCDC Read More

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CBN-Directed Board Changes At First Bank of Nigeria and FBN Holdings Plc Address Governance Issues - S&P Global Ratings said that changes to the boards of First Bank of Nigeria Ltd. (FBN; B-/Stable/B) and FBN Holdings PLC (FBNH; B-/Stable/B), directed by Central Bank of Nigeria (CBN), address the banking group's corporate governance challenges and ensure the Nigerian banking sector's financial stability. Source S&P Global Ratings Read More

N392.77bn Generated as CIT in Q1 2021 - NBS - Data on Company Income Tax breakdown by sectors for Q1 2021 reflected that the sum of N392.77bn was generated as CIT as against N295.72bn generated in Q4 2020 and N295.68bn generated in Q1 2020 representing 32.82% increase Quarter-on-Quarter and 32.84% increase Year-on-Year. Source NBS Read More

TCN Notifies of System Collapse as a Result of Voltage Collapse and Grid Recovery - The Transmission Company of Nigeria hereby states that at about 11.01 am today, 12th of May, 2021, there was a total system collapse of the grid, as a result of voltage collapse at some parts of the grid. Source TCN Read More

Nigeria's Diaspora Remittances to Hit $22bn - Report - Nigeria's diaspora remittances have been projected to rise by five per cent to $22bn by the end of 2021. Agusto Consulting Limited, a wholly owned subsidiary of a rating agency, Agusto & Co. Limited, disclosed this in its report titled '2021 Nigeria diaspora remittance report & survey' for May 2021. Source Punch Read More

FG's Investment Authority Grows Revenue by 343% to N160bn - The Nigeria Sovereign Investment Authority, manager of Nigeria's sovereign wealth fund, on Tuesday announced its audited results for 2020 financial year, reflecting a 343 per cent growth in income to N160bn. Source Punch Read More

FG Commends MAN on Job Creation - The federal government has commended the Manufacturers Association of Nigeria (MAN) for providing seven million jobs and contributing about $40 billion to national output. Source THISDAYLIVE Read More

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Zenith Bank Q1 2021 Unaudited Results: Significant Improvement in Liquidity Position - The Q1 2021 financial result of Zenith Bank showed a decline in top-line earnings and a marginal improvement in the lender's bottom-line. However, the result also showed a noticeable improvement in its liquidity. Source Adaeze Nwachukwu, Proshare Research Read More

Dangote Cement Q1 2021 Result: Revving up Revenues but Growing Debt - The Q1 2021 audited result from Dangote Cement Plc showed significant growth in earnings as the clinker makers debt ratio surged. The statement of financial position of Nigeria's dominant cement producer also showed a rise in liquidity year-on-year (Y-o-Y). The company's earnings growth was despite COVID-19-induced business challenges. Source Adaeze Nwachukwu Proshare Research Read More

Banks Taking Security Over Shares - A Review of the Consent Requirements Under the BOFIA 2020 - Section 20 of the Banks and Other Financial Institutions Act (BOFIA), 2020 provides two ways banks may acquire or hold shares in other entities. It provides that banks may hold shares in small and medium scale enterprises for business purposes, and banks may also hold shares acquired in satisfaction of a debt. Source Aelex Read More


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FG Hopeful of Improved Earnings from Floating LNG - The Federal Government has expressed optimism about improved earnings from its gas monetisation scheme, following the signing of the Pre-Front End Engineering Design (Pre-FEED) contract by the licensee to commence the development of 176 million cubic feet per day Liquefied Natural Gas (LNG) floating plant. Source The Guardian Read More

Oil Spill: Agip Shuts Down Idu Well 11 in Bayelsa - The Nigerian Agip Oil Company (NAOC) on Wednesday confirmed an oil leak from its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, resulting in its shutdown. Source The Nation Read More 


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Branch Announces Free Unlimited Money Transfers for Nigerians with 20% Return on Investments - These new offerings complement instant loans up to N500,000, free bill pay, airtime top ups, and other existing services found within the app.  Taken together, customers can now enjoy a single app to manage their money with unmatched value. Source Branch Read More

NCC to Balance Competition with Disruptive Technologies for Sustainable Telecoms Growth - The Nigerian Communications Commission (NCC) has emphasised that in light of disruption in the technology world, it is keen on balancing healthy competition with entry of disruptive technologies to ensure sustainable telecoms industry growth and development in Nigeria. Source NCC Read More 

FintechNGR Launches Nigeria FinTech Census 2020 Report - The Fintech Association of Nigeria, FintecNGR, recently hosted the general public and stakeholders to the launch of its Nigeria Fintech Census 2020 Report, on Wednesday, April 28, 2021. The event which was titled; 'Nigeria FinTech Census 2020: Industry - Growth, Collaboration and Policy' also featured a mini-symposium. Source FintechNGR Read More

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AfDB Invites Business Enablers to Apply for Funding to Support Women Entrepreneurs - This May, the African Development Bank Group is launching a call for proposals for projects enhancing the viability and sustainability of women entrepreneurship enablers. Source AfDB Read More

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