Economy, Finance, Business News Headlines, and Insights, 15th October 2020

Business and Economy

External reserves drop by $50.84m in 10 days

The country’s external reserves dropped by $50.84m from $35.75bn as of October 2 to $35.69bn as of October 12, figures from the Central Bank of Nigeria have revealed. The CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, stood at $35.67bn as of September 1 and rose to $35.81bn as of September 17. The reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27… Read more

Lack of PenCom board stalls N14,400 minimum pension payment

Five years after the pension operators and the National Pension Commission drafted guidelines to commence N14,400 minimum pensions for retirees, the payment is yet to begin. A source at PenCom said the minimum pension could not commence because the commission had no board in the past five years… Read more

IMF projects $28tn COVID-19 losses in five years

The Managing Director, International Monetary Fund, Kristalina Georgieva, has said the crisis from COVID-19 can lead to a global loss of $28tn in the next five years. She said this during her opening remarks at the annual general meeting conference on Wednesday. Georgieva said, “The picture over the last few months has become less dire, yet we continue to project the worst global recession since the great depression… Read more

Nigeria commemorates World Investor Week

Nigeria, represented by the Securities and Exchange Commission and other stakeholders, will this month join the rest of the world to commemorate the fourth annual World Investor Week under the auspices of the International Organisation of Securities Commissions. A statement by SEC described the WIW as a week-long event aimed at raising awareness about the importance of investor education and protection, towards engendering the financial and overall wellbeing of the individual… Read more

COVID-19: IMF lists road map for recovery in Nigeria, other emerging economies

In order to save lives, reduce the impact of the recession, and revive growth and job creation, the International Monetary Fund, IMF has listed some recovery measures to be taken by emerging countries which include Nigeria and other low income economies to include reprioritizing spending and enhancing its efficiency for recovery… Read more

World Bank to provide over $50bn in grants to most fragile countries in 2021

World Bank, Wednesday, revealed that it will provide over $50 billion in grants by June 2021 to the most fragile countries and people to reduce the effect of the coronavirus, COVID-19 pandemic… Read more

How N3.85trn capital budget’ll be spent — Finance Minister

The Federal Government is to spend an aggregate sum of N3.85 trillion on capital projects in the 2021 budget which represents N1.15 trillion higher than the 2020 provision of N2.69 trillion. At 29 percent of aggregate expenditure, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the government was now close to its policy target of 30 percent capital vote… Read more

Energy and Power

Nigeria’s Sept oil production fell by 1.74 million barrels – OPEC

Crude oil production in Nigeria dropped by 1.74 million barrels in September, figures from the just-released oil market report of the Organisation of Petroleum Exporting Countries showed. In the OPEC report, dated October 13, the group outlined the crude oil production figures of its 13-member countries based on direct communication with the various nations… Read more

NSE set for oil and gas sector seminar

The Nigerian Stock Exchange will host an Oil and Gas sector webinar on October 20, 2020. With the theme, ‘Perspectives of Operators and Industry Experts Post-COVID-19,’ SEC said the webinar would bring together key players across the oil and gas value chain to discuss the impact of the COVID-19 pandemic on the sector as well as its reactions to global trends, government policies, funding dynamics, key challenges and potential shifts… Read more

OPEC raises 2020 demand forecast over China’s recovery

The Organization of the Petroleum Exporting Countries (OPEC), has raised its global oil demand forecast for 2020 by 60,000 barrels per day (b/d) from last month to 90.29 million b/d in October, as it sees an improvement in China’s demand for most oil products except for jet fuel… Read more

Bigger Than Expected Crude Inventory Draw Boosts Oil Prices

The American Petroleum Institute (API) reported on Wednesday a major draw in crude oil inventories of 5.421 million barrels for the week ending October 9. Analysts had predicted an inventory draw of 2.835-million barrels. In the previous week, the API reported a build in crude oil inventories of 951,000 barrels, after analysts had predicted a build of 400,000 barrels… Read more

China’s New Refineries Are Embarking On A Crude Buying Spree

New refinery start-ups in China are helping to absorb some of the crude oil from the Middle East amid an otherwise depressed market with stalled demand recovery. Large private Chinese refiner Zhejiang Petrochemical has been buying millions of barrels of crude from the United Arab Emirates, Qatar, and Iraq in recent days, for delivery in December and January, oil traders told Reuters and Bloomberg… Read more

Nigeria’s Bonny light oil currently trades at $42.02, gaining 2.04%.

Corporate Disclosure

Courteville Business Solutions Plc – Notification of Board Meeting and Closed Period
  • Board Meeting: The Board of Directors of Courteville Business Solutions Plc (the Company) is scheduled to hold on Thursday, October 29, 2020, to consider among other things, the unaudited Financial Statements for the period ended 30th September 2020.
  • Closed Period: the Company will commence a Closed Period for trading in the Company’s shares from Wednesday, October 14, 2020, until 24 hours after the unaudited Financial Statements for the period ended 30th September 2020 is released to the public… Read more
Ardova Plc – Notification of Board Meeting and Closed Period
  • Board Meeting: The meeting of the Board of Directors of the Company has been scheduled to hold on Thursday, October 29, 2020 to consider and approve the Unaudited Financial Statement for the period ended 30th September 2020, amongst other things.
  • Closed Period: The closed period shall commence on Wednesday, October 14, 2020. Consequently, no Director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the Bank and their connected persons may directly or indirectly deal in the shares of the Company until 24 hours after the Unaudited Financial Statement for the period ended 30th September 2020 are released on The Exchange… Read more

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