Nigeria in 1min: Economic, Business and Financial Headlines - 281021


Thursday, October 28, 2021 / 5:59 AM / By News Aggregator / Header Image Credit: Facebook; Babajide Sanwo-Olu


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COVID-19 Health Updates

  • 27th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 211,496 cases (New: 166)
  • Discharged: 202,930
  • Deaths: 2,886 (New: 2)

Source: NCDC Read More


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What Does International Oil Companies Divestiture Mean for Africa and for Climate Initiatives? - Giving indigenous companies a chance to step up their game in the African energy market is critical. For years, the leaders of the African Energy Chamber have been calling for this and working to give local companies every opportunity to participate in and prosper in the oil and gas industry. Source  NJ Ayuk, African Energy Chamber Read More

The Subsidy Debate: Between the Devil and Deep Blue Sea - Earlier in the week, the World Bank's Country Director for Nigeria, Shubham Chaudhuri, condemned the Federal Government's (FG) sustained spending on petrol subsidy which is expected to hit N2.9tn by the end of the year. Source United Capital Research Read More 

$418m Deductions Suspended as FG, States Meet for FAAC Today - There were strong indications on Wednesday that the federal and state governments had agreed to the suspension of the deduction of $418m Paris Club refunds from states and local governments' accounts pending the determination of court cases on the issue. Source Punch Read More

World Bank Disagrees with CBN on Multiple Exchange Rates, Others - The World Bank has said it disagrees with the Central Bank of Nigeria on how it is going about to achieve its price stabilisation objective. Source Punch Read More

Adesina Faults Nigeria's Imports Substitution Policy - The president of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has faulted Nigeria's 'imports substitution' economic model that tends to focus more on replacing imports and saving the naira rather than deliberately pursuing value-added manufacturing. Source Vanguard Read More

Senate Panel Queries FG's Request to Borrow $200m to Curb Spread of Malaria in 13 States - The senate committee on local and foreign debts has expressed worry over the decision of the federal government to borrow $200 million for the purchase of mosquito nets and other commodities to prevent malaria in the country. Source TheCable Read More

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Investors Lose N12.88bn as NGXASI Dips by 0.06% Amid Positive Market Breadth - Equities market closed on a negative note, as NGXASI depreciated by -0.06% to close at 41,789.59 basis points as against a flat performance recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.77%. Source Proshare Markets Read More 


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How I-invest Is Creating Investors from Everyday Nigerians - In line with the Central Bank of Nigeria's financial inclusion target as well as to promote an efficient savings culture among Nigerians, I-invest, a first-of-its-kind mobile application has provided a secure and safe platform for millions of Nigerians at home and in the diaspora to invest in and secure their future. Source i-invest Read More

Ngozi Okonjo-Iweala, Kingsley Obiora, Olufemi Awoyemi to be Awarded 2021 CIBN Honorary Fellowships - The Chartered Institute of Bankers of Nigeria (CIBN) has concluded activities to admit 250 qualified and experienced members who have distinguished themselves in the banking industry into the Fellowship cadre of the Institute on Saturday, October 30, 2021 by 11.00am at Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos. Source CIBN Read More

Ecobank Pan African Centre (EPAC) Opens in Lagos - Ecobank Nigeria has concluded arrangement to commission its new head office building, the Ecobank Pan-African Centre ("EPAC"). The ultra-modern edifice situated along Ozumba Mbadiwe Road on the highbrow Victoria Island, Lagos will be commissioned by the Executive Governor of Lagos State. Source Ecobank Read More

Workers Press for Power in Rare Advance for U.S Labor Movement - U.S. workers are facing what could be the biggest opportunity for unemployment reform in generations.  But will anything change?. Private sector union members are authorizing strikes at a rarely seen in modern America, with more than 100,000 workers recently threatening or mounting work stoppages in health care. Source Bloomberg Read More

MultiChoice Africa Rejects Tribunal Ruling, Plans Appeal - MultiChoice Africa Holdings, the parent company of MultiChoice Nigeria, has rejected the ruling of the Tax Appeal Tribunal, which dismissed its appeal against the $342m Value Added Tax bill imposed on it by the Federal Inland Revenue Service. Source Punch Read More

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Proshare Unveils the Confirmed Speakers for the Virtual Online Trading Webinar - The webinar sponsored by the Central Securities Clearing System (CSCS) Plc and eTranzact International Plc, and themed "Online Trading beyond Nigeria: The Case for a Unified Exchange" promises to be remarkable and filled with insights for today and the future. Source Proshare Read More

2021 Nigeria Fintech Week: $321m Raised in 47 Deals in H1, 2021 - About $321m was raised by Nigerian fintech firms in 47 deals for the first quarter of 2021 across the entire industry. The President of the Fintech Association of Nigeria, Mr. Adeolu Bajomo, disclosed this at the opening session of the 5th edition of Fintech Nigeria Week. Source Ottoabasi Abasiekong for WebTV Read More

CBN Flags-off Digital Financial Inclusion for Women, Youth - In its drive to ensure the digital financial inclusion of women and youth across Nigeria, the Central Bank of Nigeria (CBN) and its stakeholders are billed to engage target groups in selected States in order to facilitate their economic empowerment and inclusion. Source CBN Read More

eNaira: CBN Warns Nigerians of Fraud, Denies Disbursing 50 Billion - The Central Bank of Nigeria on Wednesday warned the public against a Twitter handle suggesting that it is disbursing 50 billion eNaira. The bank said some fraudulent individuals have been posting messages relating to the currency wooing Nigerians in their criminal and illegal activities. Source Premium Times Read More

eNaira Speed Wallet Disappears from Google Play Store After 100k Downloads - The eNaira speed wallet has disappeared from the Google Play Store barely 48 hours after its launch, The PUNCH has observed. However, our correspondent learnt that the eNaira merchant wallet, which is designed for businesses, is still running and has over 10,000 downloads on the Google Play Store made available to Android users. Source Punch Read More

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PFA Portfolio Analysis in August 2021: Net Asset Value Grew by 0.9% MoM - In the recently released monthly report of the National Pension Commission (PENCOM) for the month of August 2021, Net Asset Value grew 0.9% m/m. There were however some re-arrangements in the portfolio of assets held by Pension Fund Administrators in August. Source CSL Research Read More

Reinsurance Price Rises Will Support Improving Sector Outlook - Reinsurers' plans to continue raising premium rates should contribute to stronger profitability and an improving sector outlook, Fitch Ratings says. Several reinsurers said at September's Monte Carlo Rendez-Vous and this month's Baden-Baden Reinsurance Meeting that they expected further price rises when contracts are renewed in January. Source Fitch Ratings Read More


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