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Nigeria received capital inflows worth of $33.27 billion in 17 months

The Central Bank of Nigeria (CBN), has revealed that Nigeria attracted total capital inflows worth $33.27 billion in the past seventeen months.

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The CBN Building, Abuja - capital inflows

The Central Bank of Nigeria (CBN), has revealed that Nigeria attracted total capital inflows worth $33.27 billion in the past seventeen months. A breakdown shows that the country’s Foreign Direct Investment (FDI) constitutes 33% (about $10.65 billion) of the total capital inflow for the period under review.

The revelation was made by the apex bank’s Director in charge of Corporate Communications Department, Isaac Okoroafor, who dismissed media reports suggesting that Nigeria suffered a 40% decline in Foreign Direct Investment in 2018.

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The attention of the Central Bank of Nigeria, CBN, has been drawn to the news item on Reuters quoting World Investment Report, 2019, recently released by United Nations Conference on Trade and Development (UNCTAD) on Foreign Direct Investment (FDI) to African countries. The report alleges a decrease of over 40% in FDI inflows to Nigeria in 2018.

While the CBN is not privy to the methodology used in arriving at the figures, we wish to state that available records show a significant increase in FDI in Nigeria during the period 2018 contrary to the Reuters’ report.”

More Details: Mr Okorafor further explained that in 2018, the total capital inflows into Nigeria stood at $19.07 billion out of which the Foreign Direct Investment accounted for $7.78 billion. Meanwhile, between January and  May 2019, the total cash inflows into Nigeria stood at $14.2 billion. Of this amount,  the FDI accounted for 20.18% or $2.87 billion.

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Mr. Okoroafor stressed that Nigeria has continued to enjoy steady capital inflows which is due to a stable macroeconomic environment and a sustained investor’s confidence in the nation’s economy.

[READ FURTHER: Get latest insights on Nigeria’s capital inflows here]

Nigeria’s FDI trend: According to data released by the Central Bank of Nigeria, Foreign Direct Investment into Nigeria has relatively fluctuated over the years. This is such that in 2014, the FDI stood at $2.27 billion before it declined to $1.44 billion, $1.04 billion and $0.98 billion in 2015, 2016 and 2017 respectively. 2018, however, witnessed a lifeline boost when the FDI rose to $7.78 billion

Foreign Direct Investment is critical for national development. This is because when certain sectors of the economy attract private investments and foreign expertise, such investments help to develop the country and create jobs.

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Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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Tech News

Twitter shows interest in buying TikTok

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

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Twitter warns political figures to abstain from fake, misleading statements  

Twitter has now reached out to TikTok owner, ByteDance, showing interest in buying the US operations of the video-sharing app, private sources familiar with the matter told Reuters.

It, however, looks like a herculean task for Twitter in outbidding Microsoft, and concluding the megadeal deal in 45 days, as directed by US President, Donald Trump.

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The odds against Twitter:

Twitter has a market capitalization of around $30 billion, almost as much as the same valuation of TikTok’s US operation. What this means, therefore, is that Twitter will need to raise additional funds before the deal could see the light of day.

“Twitter will have a hard time putting together enough financing to acquire even the U.S. operations of TikTok. It doesn’t have enough borrowing capacity,” said Erik Gordon, a professor at the University of Michigan.

“If it (Twitter) tries to put together an investor group, the terms will be tough. Twitter’s own shareholders might prefer that management focus on its existing business,” he added.

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However, one of Twitter’s major shareholders, private equity firm Silver Lake, is interested in supporting Twitter in part for the required funds needed to pull the deal through, one of the sources to Reuters added.

“Twitter has also privately made a case that its bid would face less regulatory scrutiny than Microsoft’s, and will not face any pressure from China given that it is not active in that country,” the sources said.

ByteDance, Twitter, and TikTok declined to comment.

TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.

Some days ago, Nairametrics reported about Microsoft’s offer to acquire TikTok’s U.S operation, following the recent escalation of President Trump’s attacks on TikTok and other Chinese tech firms.

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Companies

AXA Mansard insurance divests from AXA Mansard pension as new owner emerges

This disclosure was made in a notification that was sent to the Nigerian Stock Exchange.

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AXA Mansard Insurance Plc

AXA Mansard Insurance Plc has announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.

This is part of the insurance firm’s plan to focus on and grow its insurance businesses across all parts of the country.

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This disclosure was made in a notification that was sent to the Nigerian Stock Exchange (NSE) on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi.

AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process. AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.

The statement from AXA Mansard Insurance reads, ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited. After obtaining the Shareholder’s approval at the Company’s Extra-Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.’’

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‘’Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder. The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.’’

The insurance firm, also in its statement said that the divestment has received letters of no objection from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM) and the Federal Competition & Consumer Protection Commission (FCCPC).

It should be noted that the completion of the divestment is, however, subject to the receipt of the final approval of the National Pension Commission.

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In his reaction, the CEO of AXA Mansard Insurance Plc, Kunle Ahmed, said that this transaction marks a new step in the insurance firm’s broader strategy to focus on and grow their life, property & casualty and health businesses across all its geographies. He said that the AXA Group sees great potential in the Nigerian insurance market and believes they are ideally placed to capture these opportunities due to its market leadership position.

On his part, the CEO of AXA Mansard Pension Limited said that they are confident about Verod’s strong commitment to providing the company with the requisite support to actualize their promise to its clients and stakeholders.

A partner at Verod Group, the new owners, Eric Idiahi, said, ‘’We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share.’’

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Nairametrics reported early this year that AXA Mansard Insurance Plc announced that its shareholders have approved the company’s plan to sell its pension management subsidiary, AXA Mansard Pensions Ltd and some undisclosed real estate investments.

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Coronavirus

COVID-19 Update in Nigeria

On the 8th of August 2020, 453 new confirmed cases and 6 deaths were recorded in Nigeria.

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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 46,140 confirmed cases.

On the 8th of August 2020, 453 new confirmed cases and 6 deaths were recorded in Nigeria, having carried out a total daily test of 3,903 samples across the country.

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To date, 46,140 cases have been confirmed, 33,044 cases have been discharged and 942 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 314,632 tests have been carried out as of August 8th, 2020 compared to 310,729 tests a day earlier.

COVID-19 Case Updates- 8th August 2020,

  • Total Number of Cases – 46,140
  • Total Number Discharged – 33,044
  • Total Deaths – 942
  • Total Tests Carried out – 314,632

According to the NCDC, the 453 new cases were reported from 20 states- FCT (75), Lagos (71), Benue (53), Delta (39), Borno (30), Enugu (25), Plateau (24), Osun (20), Abia (19), Oyo (17), Kaduna (16), Kano (13), Ebonyi (13), Ogun (9), Kwara (7), Ondo (6), Gombe (3), Ekiti (2), Akwa Ibom (1) and Rivers (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,768, followed by Abuja (4,376), Oyo (2,860), Edo (2,376), Rivers (1,939), Kano (1,622), Delta (1,596), Kaduna (1,566), Ogun (1,439), Plateau (1,421), Ondo (1,284), Enugu (905), Ebonyi (851), Kwara (833), Katsina (746), Borno (682), Abia (644), Gombe (629),  Osun (625), and Bauchi (576).

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Imo State has recorded 476 cases, Benue (409), Nasarawa (367), Bayelsa (346),  Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (161), Sokoto (154), Anambra (142),  Kebbi (90), Zamfara (77), Taraba (72), Cross River (68), Yobe (67), 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.

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

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 8, 202046140453942633044121547
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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