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 COVID-19 Health Updates

  • 17th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 209,298 cases (New: 125)
  • Discharged: 197,143
  • Deaths: 2,837 (New: 76)


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Oil Markets
Unfazed By Falling Imports From China – OIR 15102 –
Oil prices are continuing to climb despite fears
of demand destruction and falling imports from China. According to the IEA, oil
demand could increase to the tune of 500,000 bpd due to the energy crisis
driving gas-to-oil switching. Source Michael Kern of Oilprice
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Headline Inflation
Increases by 16.63% YoY in September 2021, 0.38% Lower Than August 2021 Rate –
The Consumer Price Index, (CPI) which measures
inflation increased by 16.63 percent (year-on-year) in September 2021. This is
0.38 percent points lower than the rate recorded in August 2021 (17.01)
percent. Source NBS
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Inflation Falls
Again to 16.63%, Raising Eyebrows –
headline inflation declined again in September to 16.63% from 17.01% in August.
This is the 6th consecutive monthly decline and the lowest inflation rate in
the last 8 months. Source FDC Ltd
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Tax Reliefs Deprive FG of N5.16tn in 12 Months – The Federal Government
lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income
Tax and Petroleum Profit Tax in 2020. This figure was arrived at after
analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal
Policy Strategy report. Source Punch Read

Nigeria’s Debt-to-GDP Ratio to Hit 42% by 2026
International Monetary Fund has projected that Nigeria’s government gross debt
to Gross Domestic Product ratio will rise to 42 per cent by 2026 from 35.7 percent in 2021. Source Punch Read

FG’ll Pay Foreign Debts Before Other Obligations
Emefiele –

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said the
Federal Government will ensure the payment of foreign debts before settling
other obligations. Source Punch Read

FG Orders Demolition of Globacom Masts Nationwide
Over N5.9b Debt –

The Presidency has sent a memo to the Nigerian Civil Aviation Authority (NCAA)
to begin demolition of certain masts belonging to Globacom Limited across the
country for  failure to pay N5.9 billion
renewal fees for height clearance to the agency. Source The Eagle Online Read

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What To Expect From The Markets This Week – 181021 – According to the recently released
CPI report for the month of September, by the National Bureau of Statistics,
the consumer price index rose by 16.63% year-on-year last month. This
represents a 38-basis point decrease compared to 17.01% recorded in August
2021. Source Proshare Content
Read More

FBNH Investors Chase Value – Understanding the Holdco’s
34.78% Share Price Rise in 2 Weeks
– October 2021 has become a talisman for FBN
Holding Company (FBNH) as the financial Holdco’s share price on the Nigerian
Stock Exchange (NGX) rose by 34.78% between the beginning and second week of
October 2021. Source Proshare Research
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NGX Group Announces Successful Listing on NGX
satisfied the Listing Requirements of The Exchange and obtained relevant
regulatory approvals, NGX Group is now listed in the Financial Services and
Capital Market Infrastructure sector of the Exchange, with the ticker “NGXGROUP”. Source NGX
Read More


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Access Bank Introduces Travel Debit Card to Ease
Concerns over Foreign Currency Use –
With cross border payments and settlements becoming increasingly
important given the African Continental Free Trade Area Agreement (AfCFTA)
commencing in January 2021, Access Bank recently introduced a travel debit card
that its customers could use in accessing foreign exchange outside Nigeria.
Source Adaeze Nwachukwu & Abdulqudus Isiaka, Proshare Research Read

UK, Nigeria Reiterate Commitment to Partner on
Mutual Economic Benefits –
The United Kingdom Prime Minister’s Envoy to Nigeria, Helen
Grant and Nigeria’s Minister of Industry Trade and Investment, Mr. Adeniyi
Adebayo, held the sixth bi-annual sitting of the UK-Nigeria Economic
Development Forum (EDF). Source THISDAYLIVE Read

CAC to Block Fraudulent Applications Imitating
Existing Companies –

Garba Abubakar, registrar-general of the Corporate Affairs Commission (CAC),
says the agency will block suspected fraudulent applications registering new
companies similar to existing ones. Source TheCable Read

CBN Supports Lagos Blue Line Rail Project with
N60b –

The Central Bank of Nigeria (CBN) has disclosed that it supported the Lagos
State Blue railway line project with N60 billion to facilitate ease of business
and passengers’ movement in the state. Source The Guardian NG Read


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and Fintech Valuations –
A Bloomberg report says Flutterwave Inc., a Nigerian
payments firm, is seeking fresh funding at a valuation of US$3bn or more, a
figure that would roughly triple its last valuation. Source CSL Research
Read More

ProShares Readies Bitcoin ETF for Launch – ProShares is ready to
roll out the first U.S.-listed bitcoin exchange-traded fund. The Bethesda, Md.,
firm filed paperwork Friday afternoon paving the way for the launch next week
of its Bitcoin Strategy ETF. The fund, which will go by the ticker BITO, and
will hold bitcoin futures contracts rather than the cryptocurrency itself, is
expected to start trading Tuesday. Source WSJ Read

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Islamic Estate
Planning: Protect your Family and Leave a Legacy –
Islamic Estate Planning involves the distribution
of your assets that serve to preserve, manage, and distribute them after death
according to the principles of the Shari’ah. Source FBNQuest Research
Read More

Finance should Support Economic Sectors that Have Major Social Impact –
Non-Interest Finance institutions have been asked
to support the real sector of the Nigerian economy, which has a more profound
impact on the lives of citizens. Dr. Mustapha Abubakar, Co-Founder,
Intellectical Consulting Limited, said this while discussing “Benchmarking
Non-Interest Finance Credit Product Prices”. Source Bukola Akinyele-Yisau
for WebTV
Read More

Towards Your Child’s Future – What You Need to Know About Education Trust –
Planning for your child’s future can be expensive.
Paying for necessities, school fees, hobbies, family vacations, and unexpected
events in life quickly adds up. If you are a parent, then these expenses are
either in your present or your future. Source FBNQuest Research
Read More

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