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All the major economic news from Nigeria in 5 minutes-19/7/2017

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Summary of the top business, economic and political news in Nigeria today.

  1. Corporate Affairs Commission (CAC), in Abuja on Tuesday shut down business activities at the commission’s headquarters as the members began warning strike over alleged non-payment of salary arrears. Link
  2. The Federal Inland Revenue Service,(FIRS), said on Tuesday that it had collected N1.782 trillion as tax between January and July 2017. Link
  3. In a renewed effort to raise the country’s oil reserves and production, the Nigerian National Petroleum Corporation (NNPC) has entered into partnership with Halliburton , a global service providing company in the oil and gas sector, to realise its search for oil in the Chad Basin.Link
  4. The Central Bank of Nigeria (CBN) hinted yesterday that it has disbursed more than N473 billion under its commercial agricultural credit scheme.Link
  5. Apparently desired to improve ease of doing business in Nigeria the acting President had signed Executive Order compelling a 24-hours port operations in the nation’s seaports. The Executive order was also to enhance ease of doing business in land borders and also to facilitate trade. But, the managing director of the Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman has been at the forefront front of implementation may hit as the rock over absence of some infrastructure at the seaport.Link
  6. In order to increase tax collection and reduce over-dependency on oil revenue, the Federal Inland Revenue Service (FIRS) has disclosed that it was targetting a N1.8 trillion Value Added Tax (VAT) collection for the 2017 fiscal year.Link
  7. The Federal Government has released a state-by-state breakdown of another tranche of refund amounting to N243.8 billion being over-deductions on Paris Club, London Club Loans.Link
  8. The House of Representatives’ Public Accounts Committee has set up a six man panel to further investigate an alleged disbursement of N1.47 billion loan to unspecified beneficiaries by the Nigeria Directorate of Employment (NDE).Link
  9. Nigeria’s Federal Government on Tuesday announced the award of a licence to Ondo State Government to mine its rich deposit of bitumen, said to be one of the largest in the world.Link
  10. The Speaker of House of Representatives, Mr Yakubu Dogara, said it was unacceptable that Nigerians spent five billion dollars on generators annually. He said the house would support the Executive to find a permanent solution to the power problem in the country. Link
  11. The Central Bank of Nigeria has extended guarantees to Skye Bank Plc for another year, while it considers the bank’s recapitalisation proposal, the mid-tier lender has said.The CBN had last year shored up Skye Bank with N100 billion capital injection, after sacking its top management for failing to meet minimum capital requirements.Link
  12. The Nigeria Extractive Industries Transparency Initiative (NEITI), on Tuesday, warned that Nigeria might continue to experience deep economic challenges unless urgent steps are taken to halt her propensity to generate and spend almost all her revenue from oil and gas with very little left for savings.Link
  13. The Department of Petroleum Resources (DPR) has denied the claims by the Nigerian exploration and production (E & P) operators that the federal government lost an estimated $6 billion as a result of its poor administration of the licenses of the oil blocks sold by the international oil companies (IOCs) between 2010 and 2015.Link
  14. In a bid to fast-track jobs and wealth creation through entrepreneurship, the Bank of Industry (BoI) and the Ebonyi State Government have signed a N4billion memorandum of understanding (MoU) to promote agriculture and the setting up of industries in the state.Link
  15. The Nigeria Communications Commission (NCC), yesterday gave regualory approval to to Emerging Markets Telecommunication Services Limited (EMTS), to officially rebrand from Etislat Nigeria to 9mobile.Link
  16. The Standards Organisation of Nigeria (SON) has sealed Samsung Lagos office for non-compliance with regulatory and standard procedures in product quality and standardisation.Link
  17. An international organisation, German International Cooperation (GIZ), is giving agro entrepreneurs the tools they need to turn cocoa production into a viable business.Link
  18. The Bank of Industry (BoI) has empowered the National Council for Women Societies (NCWS) Abuja chapter with N1 billion as a starter pack for different types of business under the watch of the Presidency.Link
  19. Four of Nigeria’s five largest banks have indicated they might pay interim cash dividends to shareholders as investors await the half-year corporate earnings of major quoted companies on the Nigerian Stock Exchange (NSE).Link
  20. The Nigerian Stock Exchange (NSE) has launched a new market surveillance platform being operated by SMARTS, Nasdaq’s flagship surveillance solution.Link
  21. The future  seems uncertain for two insurers–  Guinea Insurance Plc and African Alliance Insurance–who are operating below the minimum regulatory capital requirements.Link

 

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Coronavirus

COVID-19 Update in Nigeria

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.

On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.

To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577  tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.

COVID-19 Case Updates- 25th September 2020,

  • Total Number of Cases – 58,062
  • Total Number Discharged – 49,606
  • Total Deaths – 1,103
  • Total Tests Carried out – 494,577

According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826),  Borno (741), and Bauchi (692).

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Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397),  Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Coronavirus

Lagos launches N5 billion support fund for 2,000 low-cost private schools

The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.

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Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.

This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.

According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.

He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”

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He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.

“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.

The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”

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Business News

Paga Group relocates to the UK

Oviosu announced that he is very excited about moving to and working with the UK government.

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Paga records over $2 billion worth of transactions in 2019 , Paga acquires Ethiopian-based startup, Apposit, announces Paga subsidiaries

Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.

This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.

Why it matters: The company took the decision due to bureaucratic challenges it faced last year.

He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.

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“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.

“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”

Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.

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The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.

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