
Pensioners’ walk-in-verification exercise postponed indefinitely by PTAD

Covid-19: Lagos further extends work-from-home-order for civil servants

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

Polkadot fast-rising Crypto, jumps past XRP

We want to tell Africa’s story the animated way – Nissi Ogulu, Founder, Creele Animation Studios

COVID-19 Update in Nigeria

Okonjo-Iweala speaks on Twitter’s suspension of Donald Trump

DEAL: Heirs Holdings acquires 45% of OML 17 from Shell, Total and Eni

Access Bank shares gain N44.4 billion in first 10 days of trading

Flour Mills Nigeria gain N28 billion on NSE in 10 trading days
Business News
Royal Exchange, two others announce their closed period ahead of Q3 financial results
Companies are beginning to announce their close periods as they prepare to release their financial statements for the third quarter.

Published
1 year agoon

Companies are beginning to announce their close periods as they prepare to release their financial statements for the third quarter ended September 30, 2019. These companies have also disclosed the dates of the meetings of their boards of directors.
The following companies disclosed their close periods in the notifications sent to the Nigerian Stock Exchange (NSE).
Royal Exchange: In a statement sent to the NSE and seen by Nairametrics, the company said, “Notice is hereby given that the Board Meeting of the above-named Company will be held at the Boardroom, Royal Exchange House, 26E, Abdul-Rahaman Okene Close, Victoria Island, Lagos on Thursday, October 16, 2019, by 10:00 am to receive and consider the following business:
“Agenda:
- To receive and consider the Unaudited Financial Statements of the Company for the period ended September 30, 2019;
- Any other business.
“Consequently and in accordance with the provisions of Rule 17.18(b) of The Nigerian Stock Exchange Rule Book (the Rules), the Company wishes to announce the commencement of a closed period from October 2, 2019 until 24 hours after the release of the Financial Statements of the Company to the Nigerian Stock Exchange and the general public.
“Members of the board and all relevant insiders have equally been notified of the closed period.”
Continental Reinsurance Plc: Continental Reinsurance has also revealed when it would be having its Board of Directors’ meeting ahead of the release of Q3 financial statements.
In its notification to NSE, the company said, “The Nigerian Stock Exchange is hereby notified that the meeting of the Board of Directors of Continental Reinsurance Plc (“the Company”) to consider, amongst other items, the 3rd Quarter Unaudited Financial Statements of the Company and of the Group for the period ended September 30, 2019, will hold on October 29, 2019.”
The Company also declared a closed period in respect of transactions on its securities from October 03, 2019 until 24 hours after the filing of the 3rd Quarter Unaudited Financial Statements or as will be subsequently announced in compliance with the Rules of the Nigerian Stock Exchange.
“Accordingly, no director, employee, person discharging managerial responsibility, advisers of the Company and their connected persons may directly or indirectly, deal in the securities of the Company in any manner during the closed period.”
Africa Prudential Plc: The registration service provider has also announced its close period. The notification read:
“Notice is hereby given to The Nigerian Stock Exchange (The Exchange), our stakeholders and the investing public that a meeting of the Board of Directors of Africa Prudential Plc (the Company) is scheduled to hold on Monday, October 21, 2019 to consider amongst other things, the Unaudited Financial Statements for the period ended September 30, 2019.
“In compliance with the Post Listing Rules of The Exchange, there will be a closed period commencing from October 6, 2019, until 24 hours after the Unaudited Financial Statements have been filed with The Exchange.
“During the closed period, no Director, person discharging managerial responsibility and Adviser of Africa Prudential Plc shall deal directly or indirectly in the shares of the Company in any manner howsoever.”
Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]


Coronavirus
Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021
COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

Published
2 hours agoon
January 16, 2021
Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.
This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled “Bracing for a different future.”
According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.
The report states,
- “The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”
According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows: CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.
What you should know
- The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
- Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
- 2 doses of the vaccines are required for each person for immunity.
- It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
- From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
- To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.
Coronavirus
Covid-19: Global deaths surpass 2 million
Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

Published
9 hours agoon
January 16, 2021
The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.
This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.
After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.
The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.
United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”
- “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.
The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.
- “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.
Analysts expect the global death toll to surpass 3 million by April 2021.
What you should know
- Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
- The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
- The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.
Debt Securities
Interest rates will remain low until the end of H1 2021 – Meristem Securities
Meristem Securities has argued that interest rates will remain low until, at least, the end of H1 2021.

Published
9 hours agoon
January 16, 2021
Meristem Securities has asserted that interest rates will remain low until, at least, the end of H1 2021.
This statement was made at the recently held webinar on Global Economy and Outlook, which the company themed: Bracing for a Different Future.
Although the company acknowledged that there is mounting pressure for upward movement in yields from several stakeholders, it appears the company concurs nothing concrete is in sight.
This line of reasoning seems to have influenced their decision to advise investors to move away from Treasury instruments.
What they are saying
Meristem advises that:
- “Buy and hold strategy investors seeking to generate above average returns should move away from risk free Treasury instruments and focus on investment grade commercial papers and bonds which satisfy investment objectives.”
- “Active traders with higher risk appetite are advised to focus on high-yield short duration instruments, which would be re-invested into a higher yield environment should rate reversals occur.”
The advice regarding shunning Treasury instruments appears to be in order, considering that treasury bill rate has been declining, with the latest figure — November 2020 — 0.03% as per the CBN monthly interest rate data.
Further checks from the Debt Management Office website, indicates that the latest figures for Eurobonds and Diaspora bond fall short of the fixed yield at issue for all the different categories of bonds in issue.
What you should know
Latest figures from the CBN’s monthly interest rate indicate that:
- Treasury bill rate has been on a steady decline for six months, down to 0.03% since the last rise (2.47%) in May 2020.
- Fixed deposit rates (one, three, six and twelve months) have also been declining – the latest figures for these indicate that in November 2020, one-month deposit rate was 1.92%, 2.9% for three months, 2.84% for six months, and 4.89% for 12 months.
- Compared with the corresponding period in 2019, the figures indicate that these rates fell by 75%, 66%, 71% and 49% respectively.
-
Get the scoops and market intelligence that can help
you make better investment decisions right in your
mailbox.