Summary of the top business, economic and political news in Nigeria today.
- President Muhammadu Buhari has signed nine agreements, including the Extradition Treaty, with United Arab Emirates (UAE). The treaty is designed to strengthen Nigeria’s anti-corruption campaign. Link
- The Centre of Democracy Development, CDD, has urged Nigeria to rise up to the occasion and ensure that the application of Morocco to join the Economic Community of West African States, ECOWAS, is rejected. The Director of CDD, Idayat Hassan, said on Thursday, that since its formal request on February 24, to join ECOWAS has relentlessly pursued the agenda by designating an ambassador to ECOWAS on March 2. She said the move by Morocco to join the ECOWAS is a direct challenge to the leadership of Nigeria in the sub-region. Link
- Following the Federal Executive Council’s recent approval of a plan to issue $3bn worth of foreign bonds of up to three years’ maturity to refinance maturing naira-denominated treasury bills, consultancy firm, PwC Nigeria, says the impact of the action on debt sustainability is likely to be modest. The firm, in its Economic Alert released on Wednesday, said the decision was in line with the Federal Government’s debt management strategy to rebalance its debt portfolio for domestic and foreign debts, from the current 69 per cent: 31 per cent to a targeted 60 per cent: 40 per cent. Link
- Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country. Emefiele identified the current challenges facing Nigeria as falling Gross Domestic Products (GDP) growth rate, rising inflation, persistently high interest rates, falling foreign exchange reserves and depreciating exchange rate. He said the CBN could not tackle these challenges with the tool available to it with the objective of changing the outcomes for the better. Link
- Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. Link
- Nigeria will by 2021 join the International Civil Aviation Organisation in the implementation of the pilot phase of the Carbon Offsetting Reduction Scheme for International Aviation, the Nigerian Civil Aviation Authority has said. Link
Nigeria’s central bank said on Thursday it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling. Link
- The Federal Government will inaugurate the $200m (about N61bn at the official exchange rate of N305 to a dollar) local content intervention fund today (Thursday). It was gathered that the $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector. Link
- The China National Electric Engineering Company has disclosed that the Zungeru 700mw hydroelectric power plant in Niger State is at 47 per cent completion stage. The Deputy Project Manager, Mr. Xiao Nie, said the project on Wednesday that the $1.29bn (about N473bn) project was expected to be completed in 2020. Link
- The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country. Link
- A major downstream player in the oil industry, Nipco Plc, has bought another 3.23 per cent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for N4.84bn to increase its holding to 70 per cent. Nipco’s investment subsidiary bought 60 per cent of Mobil Oil Nigeria from Exxon Mobil Corporation in October, when the United States oil giant pulled out of downstream fuel distribution in Nigeria. Link
- The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country. Link
- The African Export-Import Bank (Afreximbank) on Thursday in Lagos has met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering. Link
- The management of the Bank of Industry (BoI) may soon consider an option of working in partnership with credible micro finance banks to make credit more easily accessible to Small and Medium Enterprises (SMEs) in Nigeria. Link
- Former Vice-Chairman of Arik Air, Senator Anietie Okon, yesterday alleged that some interests in government initially planned to take over Arik Air and sell it cheaply to their cronies. However, he said the plot was frustrated following the takeover of the airline by the Asset Management Corporation of Nigeria (AMCON). Link
- The World Bank and French Development Bank will partner the Federal Government and the Oyo State Government in the construction of 70 roads in the agrarian communities of the state to aid agriculture. Link
- The President of the Senate, Bukola Saraki, has said that the Senate will accelerate the passage of a bill that will curb the rate of illegal recruitment in government agencies. Link
COVID-19 Update in Nigeria
On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,844.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,844 confirmed cases.
On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria.
To date, 11844 cases have been confirmed, 3696 cases have been discharged and 333 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 73,064 tests.
COVID-19 Case Updates- 5th June 2020
- Total Number of Cases – 11,844
- Total Number Discharged – 3,696
- Total Deaths – 333
- Total Tests Carried out – 73,064
The 328 new cases were reported from 14 states- Lagos (121), FCT (70), Bauchi (25), Rivers (18), Oyo (16), Kaduna (15), Gombe (14), Edo (13), Ogun (13), Jigawa (8), Enugu (6), Kano (5), Osun (2), Ondo (2).
The latest numbers bring Lagos state total confirmed cases to 5663, followed by Kano (985), Abuja at 862, Katsina (385), Edo (364), Kaduna (335), Oyo (334), Ogun (329), Borno (322), Rivers (308), Jigawa (282), Bauchi (281), Gombe (184), Kwara (127).
Delta State has recorded 116 cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76), Yobe (52), Osun (49), Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (38), Kebbi (33), Bayelsa and Enugu (30), Ekiti (25), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.
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.
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, 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.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Dangote, BUA Cement drag Nigerian Stock market down, investors lose N154.28 billion
Investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion at the Nigerian Stock market.
Nigeria’s stock market finished the week on a poor note, extending its previous day’s loss. The ASI declined by -1.17% to 25,016.00 index points. Consequently, the Year to Date loss dipped to -6.88%. Also, investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion.
In terms of activity levels, market activity mirrored the broad index as total volumes and values declined by -20.61% and -52.51% to 214.49 million units and 2.51 billion respectively. ZENITH BANK was the most traded stock by volume at 22.2 million units, while NB topped by value at N666 million.
Market sentiment, measured by market breadth, was however positive with 22 gainers led by BOCGAS (10.00%), against 18 losers topped by CABDURY (-9.47%).
Across the major indexes we cover, four out of five indexes closed negative. The Industrial goods (-3.91%) index was the worst performer, due to BUACEM (-5.44%) and DANGCEMENT (-2.04%) price decline. The Consumer Goods (-1.23%) and Energy (-0.96%) indices followed, owing to sell-offs in CADBURY (-9.47%); NB (-4.55%); GUINNESS (-3.68%) and OANDO (-2.22%).
Also, the Banking (-0.28%) index lost points, as prices of GUARANTY (-2.45%) and FBNH(-1.82%) fell. The Insurance index was the lone gainer, up +0.06% on price appreciation in CHIPLC, CUSTODIAN & AIICO Insurance.
BOCGAS up 10.00% to close at N4.4; SKYAVN up 9.64% to close at N2.73; NASCON up 1.77% to close at N11.5; CUSTODIAN up 3.42% to close at N6.05; and NEIMETH up 9.94% to close at N1.77.
CADBURY down 9.47% to close at N7.65; BUACEMENT down 5.44% to close at N40; NB down 4.55% to close at N42; GUINNESS down 3.68% to close at N18.3; and DANGCEM down 2.04% to close at N139.
Market dropped close to the N13 trillion market capitalization support level, as heavy selling was observed among blue-chip stocks. Nairametrics recommends caution as price swing momentum strengthens.
Buhari reappoints Danbatta as NCC Vice Chairman/CEO
With the reappointment, Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.
President Muhammadu Buhari has approved the reappointment of of Prof. Umar Garba Danbatta as Executive Vice Chairman, and Chief Executive Officer of the Nigerian Communications Commission (NCC).
This means that Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.
Personal assistant on New Media to President Muhammadu Buhari, Bashir Ahmad announced this via his twitter handle on Friday evening.
President @MBuhari has approved the reappointment of Prof. Umar Garba Danbatta as Executive Vice Chairman of the Nigerian Communications Commission (NCC). He will be serving another 5 years as the Chief Executive Officer of the Commission, a statement from @FMoCDENigeria.
— Bashir Ahmad (@BashirAhmaad) June 5, 2020
This reappointment was based on the recommendations of the Honourable Minister of Communications and Digital Economy, Dr Ali Ibrahim Pantami, and contained in a Press statement from the ministry.
While wishing him well in his second tenure, Pantami urged Professor Danbatta to consolidate on gains and achievements of his first term.
“The honourable minister directed him to significantly improve on the overall performance of the commission as well as ensure that adequate mechanisms are put in place to facilitate the implementation of all policies of the Federal Government through the ministry” the statement read.
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The professor of Telecommunications engineering had lectured for about three decades before his previous appointments. At different times, he also served as a member of the Implementation Committee of the Northwest University Kano, as well as served as the Acting Vice-Chancellor of the Kano University of Science & Technology, Wudil.