The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 46,867 confirmed cases.

On the 10th of August 2020, 290 new confirmed cases and 5 deaths were recorded in Nigeria, having carried out a total daily test of 2,355 samples across the country.

To date, 46867 cases have been confirmed, 33346 cases have been discharged and 950 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 319,851 tests have been carried out as of August 10th, 2020 compared to 317,496 tests a day earlier.

COVID-19 Case Updates- 10th August 2020,

• Total Number of Cases – 46,867
• Total Number Discharged – 33,346
• Total Deaths – 950
• Total Tests Carried out – 319,851

According to the NCDC, the 290 new cases were reported from 16 states- Lagos (82), Plateau (82), Oyo (19), FCT (18), Edo (16), Kaduna (15), Enugu (9), Ogun (9), Kano (8), Kwara (8), Cross River (5), Ondo (5), Rivers (5), Ekiti (4), Imo (3) and Borno (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,957, followed by Abuja (4,485), Oyo (2,887), Edo (2,398), Rivers (1,944), Kano (1,634), Kaduna (1,613), Delta (1,596), Plateau (1,584), Ogun (1,478), Ondo (1,289), Enugu (914), Ebonyi (870), Kwara (865), Katsina (746), Borno (690), Abia (644), Gombe (631),  Osun (628), and Bauchi (577).

Imo State has recorded 479 cases, Benue (409), Nasarawa (370), Bayelsa (346),  Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (182), Sokoto (154), Anambra (142),  Kebbi (90), Zamfara (77), Taraba (75), Cross River (73), Yobe (67), while Kogi state has recorded 5 cases only.

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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, 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.

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The National Union of Petroleum and Natural Gas Workers (NUPENG), has called off the strike action of the Petroleum Tanker Drivers (PTD) in Lagos State which started earlier today.

This is contained in the communique which was signed by the Lagos State Commissioner for Energy and Mineral Resources, Olateru Odusote and the Deputy National President of NUPENG, Solomon Kilanko, on Monday, August 10, 2020.

The disclosure was made in a series of tweet posts by the Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, through his official twitter handle.

Jubril disclosed that the state will set up a standing committee to discuss with the union on an ongoing basis to resolve the various issues as they arise. The state government will also review the timing restriction on movement of petroleum tankers within the next week.

FLASH: The National Union of Petroleum and Natural Gas Workers (NUPENG) has called off its strike which commenced earlier today. pic.twitter.com/U7jearXLgx

— Gawat Jubril A. (@Mr_JAGss) August 10, 2020

Details later…

FMDQ Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by President Muhammadu Buhari, would reposition Nigeria as a powerful destination of capital.

The newly signed Companies and Allied Matters Act. 2020 bill, repeals and replaces the extant Companies and Allied Matters Act, 1990.

While making the disclosure in Lagos on Monday, August 10, 2020, the Group Chief Executive Officer of FMDQ, Bola Onadele, said the country’s financial market and the economy as a whole would receive the long-awaited boost to encourage economic development with the new CAMA.

READ MORE: President Buhari signs amended Companies Allied Matters bill

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business in the country. Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises, provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.

According to a report from News Agency of Nigeria (NAN), FMDQ’s Onadele pointed out that the implementation of the new CAMA, would lead to a new wave of innovative developments in the Nigerian financial market and as well as improve the ease of doing business in the country.

Onadele said, ‘’With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.’’

“Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.’’

“The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” he said.

Going further, he said noted that these game-changing provisions would provide the remedy to critical legal deficiencies that were affecting the development of the financial markets.

Onadele disclosed that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.

He said the derivatives market would enhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.

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Nairametrics had 3 days ago reported that President Muhammadu Buhari signed the new Company and Allied Matters Bill 2020, which was recently passed by the National Assembly. The newly signed bill replaces the extant Companies and Allied Matters Act, 1990 and introduced several corporate legal innovations geared toward enhancing the ease of doing business in the country.