₦airaland Forum

We Won’t Accept Buying Stocks With Fake Names—SEC
https://businesspost.ng/economy/we-wont-accept-buying-stocks-with-fake-names-sec/

CSCS ‘Resurrects’ Unlisted Securities Market Thursday
https://businesspost.ng/economy/cscs-resurrects-unlisted-securities-market-thursday/

First Bank, United Capital, Others Enter Closed Period for Q1
https://businesspost.ng/economy/first-bank-united-capital-others-enter-closed-period-for-q1/

Oil Falls After OPEC+ Okays 10mbpd Production Cut
https://businesspost.ng/economy/oil-falls-after-opec-okays-10mbpd-production-cut/

Naira Stable Despite Rise in Demand for Dollar for Easter
https://businesspost.ng/economy/naira-stable-despite-rise-in-demand-for-dollar-for-easter/

Market Gains N162bn as Traders Cherry-Pick Stocks
https://businesspost.ng/economy/market-gains-n162bn-as-traders-cherry-pick-stocks/

12 Ways to Make Lockdown Productive
https://businesspost.ng/featureoped/12-ways-to-make-lockdown-productive/

Former Access Bank Chairman Joins Lafarge Africa Board
https://businesspost.ng/jobs/former-access-bank-chairman-joins-lafarge-africa-board/

Flour Mills Contributes N2bn to Fight COVID-19
https://businesspost.ng/general/flour-mills-contributes-n2bn-to-fight-covid-19/

Flour Mills Lists N20bn Bonds on NSE
https://businesspost.ng/economy/flour-mills-lists-n20bn-bonds-on-nse/

Market Gains N77bn as GTBank Stocks Attract Investors
https://businesspost.ng/economy/market-gains-n77bn-as-gtbank-stocks-attract-investors/

Treasury Bills Yields Drop 0.05% to 2.87%
https://businesspost.ng/economy/treasury-bills-yields-drop-0-05-to-2-87/

Treasury Bills Yields Drop 0.05% to 2.87%
https://businesspost.ng/economy/treasury-bills-yields-drop-0-05-to-2-87/

Wike Chases Caverton Away from Rivers
https://businesspost.ng/travel/wike-chases-caverton-away-from-rivers/

SUNU Assurances Share Price to Hit N1 After Reconstruction
https://businesspost.ng/economy/sunu-assurances-share-price-to-hit-n1-after-reconstruction/

Identity Theft: SEC Introduces Investor’s Data & Consent Form
https://businesspost.ng/economy/identity-theft-sec-introduces-investors-data-consent-form/

Nigeria Not Taking $3.4bn Loan from IMF—FG
https://businesspost.ng/economy/nigeria-not-taking-3-4bn-loan-from-imf-fg/

We Never Spent N2trn on Social Investment Programme—Presidency
https://businesspost.ng/general/we-never-spent-n2trn-on-social-investment-programme-presidency/

NNPC to Transfer Refineries to Private Firms
https://businesspost.ng/economy/nnpc-to-transfer-refineries-to-private-firm/

Updated List of Dividends Declared So Far in 2020 on NSE
https://businesspost.ng/economy/updated-list-of-dividends-declared-so-far-in-2020-on-nse/

Investors Rush United Capital's N5.3bn Commercial Paper
https://businesspost.ng/economy/investors-rush-united-capitals-n5-3bn-commercial-paper/

Oil Falls on Inventory Build, Demand Worries
https://businesspost.ng/economy/oil-falls-on-inventory-build-demand-worries/

Unlisted Stocks' Traders Gain N50m Tuesday
https://businesspost.ng/economy/unlisted-stocks-traders-gain-n50m-tuesday/

MTN Nigeria, Lafarge Africa Put NSE on Cloud 9
https://businesspost.ng/economy/mtn-nigeria-lafarge-africa-put-nse-on-cloud-9/

IMF Looks into Nigeria’s Request for Financial Help
https://businesspost.ng/economy/imf-looks-into-nigerias-request-for-financial-help/

Nigeria's External Reserves Now $34.7bn
https://businesspost.ng/economy/nigerias-external-reserves-now-34-7bn/

Caverton Says Pilots Unduly Punished by Wike, Seeks FG’s Help
https://businesspost.ng/travel/caverton-says-pilots-unduly-punished-by-wike-seeks-fgs-help/

By Dipo Olowookere

The external reserves of Nigeria have now fallen to the $34 billion region, data sourced by Business Post from the Central Bank of Nigeria (CBN) has revealed.

According to the data, the nation’s foreign reserves depleted to $34.67 billion on Monday, April 6, 2020 from $34.98 billion on Thursday, April 2, 2020.

It was observed that on Monday, March 30, 2020, what was left in the buffers was $35.26 billion and the next day, Tuesday, March 31, 2020, it depleted to $35.16 billion, before declining to $35.01 billion on Wednesday, April 1, 2020.

From the analysis, the country's FX reserves have decreased by about $491 million this month alone.

ALSO READ IMF Looks into Nigeria’s Request for Financial Help
https://businesspost.ng/economy/imf-looks-into-nigerias-request-for-financial-help/

Last month, the nation's reserves depleted by $1.14 billion and the hope of getting it quickly shored up is very dim due to the decline in the price of crude oil at the global market.

Recall that some days ago, Fitch Ratings said the FX reserves will likely decrease to around $32 billion due to uncertainty around oil.

Nigeria was forced to cut the 2020 oil benchmark to $30 per barrel from the initial $57 per barrel in the budget signed by President Muhammadu Buhari last December.

Much of Nigeria’s foreign exchange earnings come from crude oil and a problem in that sector always spells doom for the country.

In 2016, when prices were down and production disrupted in the oil-rich Niger Delta region of the country by agitators, Nigeria went into recession.

This time, the crash in the price of the commodity coupled with the coronavirus pandemic is hitting hard on the country’s economy and there are fears that another recession is just knocking at the door.

At a programme monitored by Business Post on Channels TV recently, the Minister of Finance, Mrs Zainab Ahmed, had warned that if things remain at their current level in the next six to 12 months, Nigeria may be hit by another recession in five years under this present administration.

She had said the country was not broke, but was also not buoyant to meet its needs especially due to the challenges posed by COVID-19.

On Monday, she said federal government was planning to get $6.9 billion from the trio of the International Monetary Fund (IMF), World Bank and the African Development Bank (AfDB).

She had said while the sum of $3.4 billion would be borrowed from the IMF, $2.5 billion will come from the World Bank and $1 billion from AfDB.

https://businesspost.ng/economy/nigerias-external-reserves-now-34-7bn/

COVID-19 Disrupts NAHCO FY19 Earnings Audit
https://businesspost.ng/economy/covid-19-disrupts-nahco-fy19-earnings-audit/

Fitch Downgrades Nigeria to 'B' on Lack of Fiscal Buffers
https://businesspost.ng/economy/fitch-downgrades-nigeria-to-b-on-weak-fiscal-buffers/

Crude Oil Can Never Go Below $20—NNPC
https://businesspost.ng/economy/crude-oil-can-never-go-below-20-nnpc/

Court Remands Two Carveton Helicopters’ Pilots
https://businesspost.ng/general/court-remands-two-carveton-helicopters-pilots/

FBN Holdings Earnings Hit N627bn, to Pay 38 Kobo Dividend
https://businesspost.ng/economy/fbn-holdings-earnings-hit-n627bn-to-pay-38-kobo-dividend/

Lafarge Africa Offers N1 Dividend as Net Sales Drop 2.2%
https://businesspost.ng/economy/lafarge-africa-offers-n1-dividend-as-net-sales-drop-2-2/

Nigerian Banks Have 45,350 Contract Staff—Report
https://businesspost.ng/banking/nigerian-banks-have-45350-contract-staff-report/

OPEC+ Decision to Influence Crude Oil Prices This Week
https://businesspost.ng/economy/opec-decision-to-influence-crude-oil-prices-this-week/

Sterling Bank, Zenith Bank, Meyer Trade 752m Shares in 5 Days
https://businesspost.ng/economy/sterling-bank-zenith-bank-meyer-trade-752m-shares-in-5-days/

Rates to Ease as N131bn Treasury Bills Mature via OMO
https://businesspost.ng/economy/rates-to-ease-as-n131bn-treasury-bills-mature-via-omo/

By Modupe Gbadeyanka

A report recently released by the National Bureau of Statistics (NBS) has showed that the number of contract staff in the Nigerian banking industry stood at 45,350 as at December 31, 2019.

According to the report, the number increased 5.03 percent from the figures realized in the third quarter of last year and marginally rose by 0.25 percent year-on-year.

Business Post gathered that in Q3 2019, the total number of contract staff in the sector stood at 43,180, and 45,238 in the fourth quarter of 2018.

In the period under review, according to the data released by the stats office last week, the total number of persons employed by banks in the country were 103,610.

Of these figures, 184 are in the executive cadre, 18,180 in the senior cadre, while 39,896 are in the junior cadre.

When Business Post put these categories of the workforce in percentage, it was discovered that contract staff accounted for 43.77 percent of the total employees in the nation’s banking sector, 38.51 percent accounted for the junior level, 17.55 percent accounted for the senior cadre, while 0.18 percent accounted for the executive category in Q4 2019.

In the preceding quarter, Q3 of 2019, the total workforce of the banking sector was 101,435, comprising 186 executive staff, 17,671 senior staff, 40,398 junior staff and 43,180 contract staff.

In the fourth quarter of 2018, the total workforce of the industry stood at 104,669 consisting of 201 in the executive level, 18,119 in the senior level, 41,111 in the junior level and 45,238 in the contract category.

Meanwhile, the NBS said in the last quarter of 2019, data on Electronic Payment Channels in the Nigeria banking space revealed that a total volume of 893,681,888 transactions valued at N48.54 trillion were recorded and it was discovered that NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded, pulling 342,636,006 valued at N29.69 trillion.

Cheques pulled 1,936,030 worth N1.111 trillion, ATM recorded 202,373,808 transactions worth N1.651 trillion, POS recorded 129,574,015 transactions valued at N964.3 billion, Web had 28,827,240 transactions valued at N133.7 billion, mobile payments had 159,423,943 transactions worth N1.687 trillion, REMITA recorded 13,757,571 transactions valued at N5.908 trillion, while Central Pay had 153,370 transactions worth N1.4 billion.

Also, in the report, it was stated that in terms of credit to private sector, the total value of credit allocated by the bank stood at N17.19 trillion as at Q4 2019.

A breakdown showed that Oil & Gas and Manufacturing sectors got credit allocation of N3.42 trillion and N2.62 trillion respectively to record the highest credit allocation as at the period under review.

https://businesspost.ng/banking/nigerian-banks-have-45350-contract-staff-report/

Rates to Ease as N131bn Treasury Bills Mature via OMO
https://businesspost.ng/economy/rates-to-ease-as-n131bn-treasury-bills-mature-via-omo/

By Emeka Oparah

One would ordinarily have dismissed the “controversy” around 5G technology and the strange connection with COVID-19 being stridently pursued by some people as ignorant rants occasioned by the morbid fear of the rampaging Coronavirus, but with the prevailing circumstances of fear and tension, I have elected, as one familiar with the workings of the telecommunications industry, to say something.

Several years ago, I was part of a global campaign by mobile telecommunications operators to debunk a widely held belief that telecommunications base stations emitted radiations that led to Cancer. As an organization, my employers then spent a lot of money on an awareness campaign to explain that the radiations from telecommunications base stations were within the safe limits and definitely not injurious to health.  It worked then and saved the operators a lot of trouble. I hope I succeed this time in helping to clarify this particular issue and stop these manipulative charlatans in their tracks. It has to be stated,though, that times like these are fertile moments for mischief-makers and conspiracy theorists to peddle their virulent wares taking undue advantage of the fears and vulnerability of the people, especially the ignorant and the illiterate. So, while we are keeping safe, we must remain vigilant and ever ready to challenge Fake News and outright lies wherever and whenever.

5G Network Defined

First, let’s discuss 5G. What is it? To understand 5G, we must first understand G. G stands for generation. So, 5G means 5th Generation Mobile Technology. Most mobile telecommunications operations are currently running on 4G (4th Generation LTE and high-speed mobile internet). Before now, we have had 3G (voice and mobile data) and 2G (digital voice) and 1G (analogue voice), of course. It must be admitted that the mobile telecommunications industry is probably one of the most innovative and fastest developing of all. Perhaps, the other will be television and aviation. Lest I digress, 5G is the next level, after 4G, and will “elevate the mobile network to not only interconnect people, but also interconnect and control machines, objects, and devices”, according to Qualcomm. Continuing, the technology research and development company says “5G will deliver new levels of performance and efficiency that will empower new user experiences and connect new industries. 5G will deliver multi-Gbps peak rates, ultra-low latency, massive capacity, and more uniform user experience.”

5G is similar to 4G but it has much better speed, low latency and has capacity to take more users. It has the capability to enhance the broadband we know today to do more, connect more people and devices and generate more revenue.it is indeed super-fast and has a much smaller cell site than what we already know. And that is no surprise as the world seems to be going smaller, especially in the world of technology. Comparably, 5G is a unified platform that is more capable than 4G.

Here’s how Qualcomm classified the advantages of 5G:
Enhanced Mobile Broadband: 5G will not only make our smartphones better, but it will also usher in new immersive experiences, such as VR and AR, with faster, more uniform data rates, lower latency, and cost-per-bit.
Mission-Critical communications: 5G will enable new services that can transform industries with ultra-reliable/available, low latency links—such as remote control of critical infrastructure, vehicles, and medical procedures.
Massive Internet of Things: 5G will seamlessly connect a massive number of embedded sensors in virtually everything through the ability to scale down in data rates, power and mobility to provide extremely lean/low-cost solutions.
A defining capability of 5G is also the design for forward compatibility—the ability to flexibly support future services that are unknown today.

In essence, this is technology that will redefine the way we communicate, entertain, shop, and generally live our lives. If you think 3G and 4G changed the aforementioned, 5G will transform them. By the way, there isn’t much more you really need as a user to know about how 5G is delivered to your device, your device or your home, except that you should get ready for new realities-devices, content, apps, lifestyle. Medical scans and other results will also be delivered much faster than ever before. I still treasure the video of the Esophagoscopy test I did 5 years ago! I know Tito and Muna, my twins will forever cherish the video of their first steps and first words! I’m keeping them safely in iCloud! Now to the conspiracies around 5G and the untenable and fallacious connections to the Coronavirus pandemic.

The Conspiracy Theory

It is customary in times of strife and great difficulties for bad guys with a proclivity for mischief to take undue advantage of the emotions, the fears and the vulnerabilities of others to peddle all sorts of nonsense including Conspiracy Theories. I must say here that people in that business are usually clever, but they are more often than not clever by half. On the issue of the relationship between 5G and Coronavirus, nothing can be more ludicrously deceptive. The choice of this moment to change the narrative against 5G makes it all too obvious. There has been a strategic campaign against the 5G technology driven by business and diplomacy and propagated by an orchestrated campaign to discredit the innovation. How it got twisted to establish a link to Coronavirus is perhaps the most important argument to debunk the fables.

I would rather not rehash the claims and allegations by those who are behind the fallacious pretensions to intellectualism, so we do not lend further currency and even credence to them, but suffice it to say that the Conspirators refer to two theories to support the claim that 5G accelerates the new coronavirus. Firstly, that 5G might suppress the immune system and, secondly, that viruses can communicate through radio waves. Of course, neither of these theories is backed up by evidence and indeed the new coronavirus is also affecting countries and regions where no 5G is currently present. So, what are we even talking about?

The most important point here is that those who should know have come out strongly to debunk them.

What the UK Government Said

The UK government yesterday came out with perhaps the strongest rebuttal of these figments of the fertile imagination of some self-styled scientists. “There is absolutely no credible evidence of a link between 5G and coronavirus,” the UK’s department of Digital, Culture, Media, and Sport (DCMS) tweeted, noting that “inaccurate information” was being spread online about 5G. The DCMS pointed to research debunking the supposed link between 5G and the coronavirus, as well as links discussing the actual cause of the infection — direct exposure to COVID-19 particles spread through physical contact, not radio waves.

Trade association Mobile UK, a group which represents all of the major UK carriers, issued a statement, calling the conspiracy theory “baseless” and “not grounded in accepted scientific theory’, and noting that “some people are also abusing our key workers and making threats to damage infrastructure.” The statement read in part: “During this challenging situation, it is concerning that certain groups are using the COVID-19 pandemic to spread false rumours and theories about the safety of 5G technologies. The mobile industry is putting 100% of its effort into ensuring that the UK remains connected and the Government has rightly recognised our workers and the mobile operators as critical to the national effort.”

Continuing, it said: “The theories that are being spread about 5G on social media are baseless and are not grounded in accepted scientific theory. Research into the safety of radio signals including 5G, which has been conducted for more than 50 years, has led to the establishment of human exposure standards including safety factors that protect against all established health risks.”

Categorically speaking, there is no evidence that 5G networks are harmful to health.

Networks Before 5G

Like the previous generations of wireless network technology (4G, 3G and 2G), 5G mobile data is transmitted over radio waves. Other types of technology that use radio waves include smart meters, TV and radio transmitters, and radar and satellite communications. Most modern medical laboratory equipment use radio waves, some use nuclear radiation, but they are used within the guidelines. By the way, every medication has recommended dosage. Even too much food and drinks can become injurious to health. This is basically the same principle on which radio waves operate. There are acceptable safe limits, which are determined, specified, regulated and supervised by International Technology Regulatory bodies. That is a universal truth in international best practice. practice.

According to Kate Lewis of Full Facts, “Radio waves are a small part of a wider electromagnetic spectrum of waves, which all emit energy called electromagnetic radiation. Radio waves are found at the low-frequency end of the spectrum and—alongside microwaves, visible light and heat—only produce non-ionising radiation. This means that these waves cannot damage the DNA inside cells, which is how waves with higher frequencies (such as x-rays, gamma rays and ultraviolet light) are thought to cause cancer. To improve the speed and capacity of our wireless technology, 5G uses a higher frequency of radio waves compared to its older generations. The frequency of this new wireless technology remains very low: the maximum levels of electromagnetic radiation measured by Ofcom were about 66 times smaller than the safety limits set by international guidelines. Public Health England states that “the overall exposure is expected to remain low relative to guidelines and, as such, there should be no consequences for public health.”

Continuing, Lewis wrote: “The Daily Star quotes an “activist and philosophy lecturer at the Isle of Wight College” saying that electromagnetic radiation from 5G suppresses the immune system, helping the virus to thrive. As mentioned above, the level of radiation from 5G is far below levels of electromagnetic radiation thought to cause damage to cells in the human body. The second theory appears to be that “viruses "talk to each other" when making decisions about infecting a host”. This is not true. The Daily Star article links to a 2011 research paper which suggested that bacteria may produce electromagnetic signals to communicate with other bacteria. This hypothesis is disputed, and refers to bacteria and not viruses like the new coronavirus.

“The new coronavirus is also spreading in places without 5G networks. There are many parts of the UK that do not have 5G coverage yet, but are still affected by the virus (for example, Milton Keynes and Portsmouth). There are no 5G networks at all in Iran, yet this country has been severely affected by Covid-19 (at the time of writing, Iran had the sixth-highest number of reported Covid-19 cases and fourth-highest number of deaths of 177 countries and regions in the world).”

It is regrettable and highly unfortunate that people should prey on the vulnerability and fears of others in a critical time like this. One would even begin to wonder which generation of mobile technology facilitated the spread of the Spanish Flu aka Influenza, which ravaged the world between 1918 and 1920 and killed over 50 million people worldwide including 500,000 Nigerians! What is even more regrettable is the tendency of otherwise educated, enlightened and widely travelled even influential people to lend credence to these fallacies and flights of academic fantasies by either sharing them without commentary or propagating them as truths and facts.

In the long run we are all dead, so said the fatalistic Social Economist Thomas Keynes. We are already surrounded by televisions, refrigerators, microwaves cookers and ovens, wireless electronics, computers and all sorts of mobile devices in addition to the radiations we experience during visits to medical laboratories for one health-related investigation or the other. Why cause panic with 5G? The law of unity and conflict of opposites presupposes that everything we eat to stay alive ultimately contributes to killing us, one way or the other. It is preposterous to single out 5G technology particularly at this time. I will NOT forget that the United States is not particularly pleased that China beat her to the race for 5G, the reason Huawei Technologies has suffered tremendous (apologies to President Donald Trump) persecution in the hands of the US government. In the end, facts are facts, fiction is fiction. Science is fact not fiction. Stay woke! Be safe! Thank you!

Emeka Oparah, leading Corporate and Crisis Communication Expert, writes from Lagos.

https://businesspost.ng/featureoped/5g-and-covid-19-the-technology-conspiracy-and-ignorance/

EFG Hermes Emerges Most Active Stockbroker for March
https://businesspost.ng/economy/efg-hermes-emerges-most-active-stockbroker-for-march/

AIICO, Others Agree N5bn COVID-19 Insurance Cover for Health Workers
https://businesspost.ng/health/aiico-others-agree-n5bn-covid-19-insurance-cover-for-health-workers/

Speaker of the House of Representatives, Mr Femi Gbajabiamila, has disclosed that the lower chamber of the parliament is considering a fresh Stimulus Bill that will ensure that Nigerians get free electricity supply for two months to mitigate the effects of the COVID-19 pandemic.

According to him, the proposed bill is to help in boosting the economy through the informal sector as the country prepares for the aftermath of the coronavirus.

He said the bill, which will be the second Stimulus Bill by the Green Chamber, is to be considered immediately the House reconvenes from its ongoing break, declared due to the pandemic.

It has, however, been agreed by the leadership of the National Assembly that the resumption date, initially slated for April 7, will be extended by one week in compliance with government's 2-week stay-at-home policy.

Speaking on Saturday during a meeting between the National Assembly leadership and the Minister of Finance, Mrs Zainab Ahmad; the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, among others, Mr Gbajabiamila said the country could not afford to be unprepared for the effect of Covid-19 on its economy.

Explaining the necessity for the proposed stimulus bill for the electricity sector, the Speaker said electricity, being a commodity consumed by every household, has a greater effect on the people and that since more Nigerians are in the informal sector, the effects would be more felt by the economy.

“The issue of electricity, you'll agree, because the Minister did say that she has been inundated by the public, just as we are, on several suggestions and ideas and I am almost a hundred percent sure that, from those ideas will be the issue of some kind of shelter, as far as electricity is concerned.

“It is one thing that will touch every household. As I said earlier, when we engaged, I discussed with the electricity Distribution Companies (DisCos) that packaged whatever they would require, if the government can give them, for us to allow for two months free electricity for Nigerians, they would be able to guarantee it.

“We have the figures. I think we should look very seriously into that as part of our package for economic stimulus, because stimulus means something that will stimulate the economy. When you are stimulating the economy, most of it will come from the informal sector.

“When you are saving people their electricity and the fact that they now have stable electricity for two months, you are also saving the monies that would go into the payment of those bills at least for two months,” he said.

On the need by the executive arm to source for funds in the fight against coronavirus and its socio-economic effects, the lawmaker restated the determination of the National Assembly to partner the Executive in efforts aimed at mitigating the effects of the disease on Nigerians and the economy.

He, however, noted that all government funds and private donations must be transparently accounted for.

“Definitely, you will be taking loans from the Special Accounts, and as the Senate President said, it has to be backed by law, which again emphasizes the need to collaborate as earlier stated by the Minister.

“There has to be a collaboration. It cannot be a unilateral decision from the National Assembly; it can't be a unilateral decision from the Executive; there has to be a collaboration. I'm glad that we are on that trajectory.

“I'm glad that my earlier discussion with the Honourable Minister on food and other items seized by the Nigerian Customs Service (NCS) has been taken care of, as stated by the Minister.

“We need to, as soon as possible, and let the public know. On the issue of Presidential Task Force (PTF), none of us here, I don't think any legislator can point to, who exactly is in charge. Where does the buck stop?

“Who is in charge of the disbursement? Who is in charge of the distribution of cash? Who decides what money goes where?

“Now, it is incumbent on the National Assembly to follow the money. Constitutionally, any money that comes into Nigeria, there has to be oversight.

“That is why, we in the House have directed our Committees on Health, Disaster Management and Preparedness and Donor Agencies to talk to the PTF, talk to the Minister of Health and the Central Bank of Nigeria.

“I wrote letters to all these people, but I wasn't sure where exactly the buck stops. We need to clearly define exactly who is handling the money, who is handling what?” he said at the meeting.

Mr Gbajabiamila also urged the Finance Minister and her team to consider all options put forward by experts on preparation against the economic effects of coronavirus outbreak.

On his part, the Senate President, Mr Ahmad Lawan, noted that the meeting, the second in about 10 days, was a testimony of the commitment of both arms of government at addressing the issues holistically.

He assured that the Nigerian parliament would perform its constitutional roles towards ensuring that Nigerians benefit from all efforts aimed at mitigating the effects of the disease.

While noting that Nigerians must be assisted to weather the storm of the virus, Mr Lawan added that critical decisions needed to be taken but must be legal, which makes it important that the legislature is part of the entire process.

Earlier, the Minister for Finance said among other measures, the establishment of a N500 billion COVID-19 Crisis Intervention Fund is on the table.

She said the money is expected to be raised from various Special Funds and Accounts in consultation with and with the approval of the National Assembly.

The intervention fund will be utilized to finance the federal government's support to state in improving their healthcare facilities and also finance the creation of a Special Public Works Programme

She also explained the need to revisit the 2020 national budget has become imperative, saying, “It has been established that Nigeria is currently facing significant fiscal risks due to the worsening global economic outlook.

“Specifically, Nigeria is highly vulnerable to the current global economic disruption caused by the COVID-19 crisis; and exposed to the risks of both a pronounced decline in oil prices and spikes in risk aversion in the global capital markets.”

https://businesspost.ng/general/covid-19-reps-propose-free-2-month-electricity-for-nigerians/

Fitch Fears Another Naira Devaluation, Downgrades 3 Banks
https://businesspost.ng/economy/fitch-fears-another-naira-devaluation-downgrades-3-banks/

Consolidated Hallmark Insurance Extends Rights Issue
https://businesspost.ng/economy/consolidated-hallmark-insurance-extends-rights-issue/

Ikeja Hotel Fixes August 7 for Dividend Payment
https://businesspost.ng/economy/ikeja-hotel-fixes-august-7-for-dividend-payment/

Value of Stocks at NASD Exchange Remains at N509bn
https://businesspost.ng/economy/value-of-stocks-at-nasd-exchange-remains-at-n509bn/

Renewed Output Cut Talks Push Brent Closer to $35
https://businesspost.ng/economy/renewed-output-cut-talks-push-brent-closer-to-35/

Nigeria Tests 3,000 Persons for Coronavirus
https://businesspost.ng/general/nigeria-tests-3000-persons-for-coronavirus/

By Modupe Gbadeyanka

About 3,000 people have been tested in Nigeria for coronavirus disease since it’s the first case was reported in the country on February 27, 2020. Out of these samples, 209 have tested positive for the virus.

This disclosure was made by the Minister of Health, Mr Osagie Ehanire, during a Presidential Task Force Press Briefing held in Abuja on Friday.

The Minister stated that 30 percent of the cases may be indications of sustained community transmission that have incomplete epidemiological information, while 51 percent are imported cases and 19 are contacts of known cases.

“We have tested 3,000 samples so far in Nigeria, and working hard to scale up our capacity in a targeted approach,” Mr Ehanire was quoted as saying in a press statement issued by his ministry yesterday.

The Minister reiterated that the purposes for which the President locked down two states and the FCT was to ensure that incidence of positive cases could be controlled, while intensified investigations by speeding up activities to identify and isolate COVID-19 patients in these areas.

Due to looming global shortages of medical supplies for response and the high demand by all countries, Mr Ehanire revealed that Directors of the Federal Ministry of Health had discussed with the Federal Ministry of industry, Trade and Investments and Manufacturers Association of Nigeria to explore potentials for local production of medical consumables, such as face mask, gloves, sanitizers and ventilators.

He applauded the Chinese government for the gifts of medical supplies from China courtesy of a group of Chinese Companies working here in Nigeria.

He also praised the health workers who he said are doing a great job in case identification and management while reminding them also that routine healthcare services must continue in all hospitals,

“It is important that we do not drop but continue to provide routine health services, including maternal and child health and immunization,” adding that only a wing of tertiary centres need to be put to use for infected patients control.

The Minister also used the occasion to disclose that a Coronavirus Treatment Centre Accreditation Committee was inaugurated on Thursday by the Minister of State for Health, Mr Olorunnimbe Mamora, and had begun an accreditation checklist, as well as a protocol for management of isolation centres.

He added that a list of trained health care workers had been complied to man these centres as they become operational.

https://businesspost.ng/general/nigeria-tests-3000-persons-for-coronavirus/

CBN OMO Bills Receive COVID-19 Treatment as Traders 'Stay Home'
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Naira Remains Stable at Most FX Market Segments
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Dangote Cement Lifts Stock Market by 0.10%
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NASD Records Single Deal Day After Investors Snubbed Market
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OPEC Calls Nigeria, Others for Emergency Meeting
https://businesspost.ng/world/opec-calls-nigeria-others-for-emergency-meeting/

CBN OMO Bills Receive COVID-19 Treatment as Traders 'Stay Home'
https://businesspost.ng/economy/cbns-omo-bills-get-covid-19-treatment-as-traders-stay-home/

Nigerian Breweries Targets N48bn from Paper Sale
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FCMB Follows GTBank's Footstep, to Hold AGM by Proxy
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Atedo Peterside Leaves Unilever, Nigerian Breweries
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President Trump's Twitter Post Lifts Oil by 25%
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IMF Foresees Nigeria’s Foreign Reserves Falling to $32bn
https://businesspost.ng/economy/imf-foresees-nigerias-foreign-reserves-falling-to-32bn/

Nigeria Raises Daily COVID-19 Testing Capacity to 1500
https://businesspost.ng/health/nigeria-raises-daily-covid-19-testing-capacity-to-1500/

By Dipo Olowookere

Minister of Health, Mr Osagie Ehanire, has disclosed that Nigeria has increased its testing capacity for Coronavirus (COVID-19) to 1,500 a day, noting that more samples can now be tested and quickly too with a turn-around time of 12-48 hours from when the samples are received.

He made this disclosure on Thursday at a ministerial press briefing on COVID-19, where he said 174 persons have tested positive for the virus as of today.

He said 91 are in Lagos, 35 in FCT, 14 in Osun, 8 in Oyo, 5 in Akwa-Ibom, 4 each in Ogun, Edo, and Kaduna, 3 in Bauchi, 2 each in Enugu and Ekiti and one each in Rivers and Benue States.
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He revealed that nine persons had been discharged till date while two deaths had occurred due to severe underlying illnesses aggravated by their COVID-19 infection.

“Yesterday, we had the highest number of new confirmed COVID-19 cases and we are speedily ramping up testing capacity for the disease in Nigeria,” the Minister said.

He noted that two additional laboratories have been added to the Nigeria Centre for Disease Control (NCDC)’s network of molecular laboratories, the Virology Laboratory of University College Hospital Oyo State and Federal Teaching Hospital Abakaliki (FETHA), Ebonyi State.
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The Minister also informed that bedding space had also been expanded in University of Abuja Teaching Hospital, Gwagwalada and across the country and urged other states to prioritize identification of same within their states particularly tertiary hospitals.

Mr Ehanire, who is a trained medical doctor, noted that all facilities where isolation and treatment of coronavirus are to be conducted will be inspected for accreditation by a team from NCDC, Federal Teaching Hospital Irrua and headed by the Commissioner for Health of Lagos State including the Office of the National Security Adviser. He hinted that facilities in Abuja are currently been inspected.
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The Minister stated also that ad-hoc staff and Port Health Authority staff had been redeployed to support various areas of response at the airports and to key roads that serve as key entry and exit points.

Health Minister urged the public to stay at home as a lot of effort and structures had been put in place by government. This he encouraged will determine the success in slowing the spread of the infection in the country.

https://businesspost.ng/health/nigeria-raises-daily-covid-19-testing-capacity-to-1500/

FY19: N476m Tax Credit Lifts NEM Insurance's PAT to N2.4bn
https://businesspost.ng/economy/fy19-n476m-tax-credit-lifts-nem-insurances-pat-to-n2-4bn/

NSE Market Capitalisation Falls to N10.997trn
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CBN Sells Treasury Bills at 2.2% Amid Spike in Demand
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Naira Trades Flat at I&E FX Window on Low Dollar Demand
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Cabdury Nigeria Shareholders to Receive 49 Kobo Dividend
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CBN Sells Treasury Bills at 2.2% Amid Spike in Demand
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FCMB Keeps Dividend at 14 Kobo as Post-Tax Profit Hits N17bn
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7 Ways to Protect Yourself from Inflation
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CAP Plc Blames COVID-19 for Inability to Pay Dividend for FY19
**Says Financial Position May be Threatened
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Stock Trading to Continue at Normal Hours, Days—NSE
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Nigeria Raked $32.6bn from Oil/Gas in 2018—Audit
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Dollar Nears N400/$1 at I&E, Trades N415/$1 at Black Market
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Stock Market Loses N277bn as Investors Prepare for Lockdown
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Lockdown: List of GTBank ATMs to Remain Active Lagos, Ogun, Abuja
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LIRS Shifts Deadline for Filing of Annual Returns
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135 Test Positive for Coronavirus in Nigeria
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Financial System, Money Markets to do Skeletal Operations—FG
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NSE Approves Dangote Sugar, Savannah Sugar Merger
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Zenith Bank, GTBank, First Bank Shares Attract Investors
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Businessman Injects N1.2bn into Golden Guinea Breweries
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COVID-19: Union Bank Unveils 24-Hour Toll-Free Customer Service Line
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Nigerian Manufacturers Request Special Incentives from FG
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NASD Urges Investors to Diversify Investment Portfolio
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Nigerian Senators Donate 50% Of Salaries To Fight COVID-19
https://businesspost.ng/general/nigerian-senators-give-50-of-salaries-to-fight-covid-19/

By Modupe Gbadeyanka

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said President Muhammadu Buhari has agreed to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during the coronavirus pandemic.

This approval to exempt the financial system and money markets came after President Buhari announced on Sunday night during a nationwide broadcast that movements in Lagos, Ogun States and Abuja would be restricted for 2 weeks. Lagos remains the financial hub of Nigeria.

In a notice on Monday, the Minister said efforts were made to secure the exemption for the sectors to ensure that Nigerians can still perform online transactions and use ATMs whilst observing these restrictions.
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“In light of the devastating effects of the Novel Coronavirus (Covid-19) on many countries around the world, we applaud and appreciate the appropriate and proactive restrictions in personal and vehicular movement directed by President Muhammadu Buhari in his speech of Sunday 29 March 2020.

“These restrictions are critical to significantly reduce the transmission rate of the disease and make it much easier for health professional to trace, test and isolate patients.
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“To ensure that Nigerians can still perform online transactions and use ATMs whilst observing these restrictions, we will like to inform the general public and all affected stakeholders that we have obtained exemptions from the President to allow very skeletal operations in the Financial System and Money Markets in order to keep the system in light operations during this time,” the statement said.

The Minister said, “To this end, all relevant staff of affected outfits and agencies should look out for further instructions from their immediate bosses. We are mindful of the difficulties these restrictions would bring on ordinary Nigerians and are grateful to the President for approving these exemptions, which should help ease some of these burdens.”
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“We urge all Nigerians to be patient, cooperative and united as all hands are on deck to defeat this virus,” the Minister said in the statement jointly signed by Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

https://businesspost.ng/economy/financial-system-money-markets-to-do-skeletal-operations-fg/

By Modupe Gbadeyanka

The Nigerian Senate led by Mr Ahmad Lawan has announced the decision of its 109 members to contribute 50 percent of their salaries to the efforts to respond to the spread and treatment of Coronavirus in the country.

This disclosure was made in a statement signed on Monday by the Vice Chairman, Senate Committee on Media and Public Affairs, Mr Godiya Akwashiki.

Mr Akwashiki said, “After due consultations following a keen review of the national efforts to contain the Coronavirus pandemic in Nigeria, the Senate wishes to announce that from March, 2020, Senators will be donating 50 percent of their salaries to these efforts to stop the spread of the disease, otherwise known as COVID-19, in our country.”

He stated further that, “This monthly contribution from the upper legislative chamber will be sustained until Nigeria is declared safe from the ravages of this deadly disease.”

“The Senate commends the efforts of President Muhammadu Buhari and the administration towards the goal of securing our nation against this plague.

“The Senate is willing and ready to do whatever is required of the Legislature for the effectiveness of all the measures in place now or that may be required in the future to win the fight against this menace,” he added.

Continuing, he said, “The Senate commends all agencies of the federal and state levels for working in collaboration to protect public health across the country.

“It also acknowledges the patriotic response of public-spirited individuals and organisations who have contributed in one way or the other in support of this fight.”

“The Senate further appeals to the citizens to comply with the directives on social distancing and observance of basic rules of hygiene as explained by public health officials as the most effective way to protect ourselves, families and country against COVID-19.

“This is a global adversity that is testing the wit and resilience of mankind all over the world. By staying resolute and each of us responsibly playing their role, COVID-19 like all epidemics before it will soon be pushed into history,” he said.

https://businesspost.ng/general/nigerian-senators-give-50-of-salaries-to-fight-covid-19/

By Dipo Olowookere

The Gross Domestic Product (GDP) growth forecast for Nigeria in 2020 has been revised downward to 1.5 percent from 2.2 percent by Standard and Poors (S&P).

In a press statement issued on Thursday, the rating agency also announced lowering its long-term foreign and local currency sovereign credit ratings on Nigeria to ‘B-’ from ‘B’.

In addition, the renowned company said it has affirmed its ‘B’ short-term sovereign credit ratings on Nigeria, while downgrading its long-term Nigeria national scale rating to ‘ngBBB’ from ‘ngA-’ and affirming the ‘ngA-2’ short-term Nigeria national scale rating.

S&P explained that the economic growth projection was reduced to 1.5 percent “since the effects of lower oil revenue will filter through to the non-oil real sector” of the country.

“We forecast real GDP will expand by a modest 2 percent over 2020-2023.

“In per capita terms, this translates into economic contraction over our forecast horizon through 2023. Nigeria’s per capita GDP remains below that of several peers, with income levels below $2,000 in 2020,” it said in the statement.
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Early this month, the Organisation for the Oil Producing Exporting Countries (OPEC) failed to agree to a proposed reduction of 1.5 million barrels per day (mmbbl/d) to address an expected significant drop in global demand partly due to the spread of the coronavirus.

Shortly after the meetings, Saudi Arabia announced that it was immediately slashing its official selling price and would increase its production to over 12 mmbbl/d in April after the current production cut expires next Tuesday.

These actions possibly signal that, despite a collapse in global demand and shrinking physical markets, Russia and Saudi Arabia may engage in a price war to try and maintain market share and market relevance.

Oil markets are now heading into a period of severe supply-demand imbalance in second-quarter 2020.

Given that Nigeria’s reliance on oil revenue is still high, over 85 percent of goods exports and about half of fiscal revenues, lower oil prices in 2020 will significantly hurt its external and fiscal positions, S&P said.
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“We estimate the economy will grow about 1.5 percent in 2020 (our previous estimate was 2.2 percent) and average 2.0 percent in 2020-2023.

“Our forecast for a sharp decline in oil prices, and consequent lower export revenues, are likely to result in the current account deficit increasing to 3.3 percent of GDP this year before moderating over the medium term and averaging -1.1 percent in 2020-2023,” the agency said.

S&P had said in February 2020 that the Brent oil prices were expected to average $60 per barrel (/bbl) in 2020 and to gradually decline to $55/bbl from 2021.

However, based on recent development, it has now projected price of the Brent oil at $30/bbl in 2020, $50/bbl in 2021, and $55/bbl from 2022.

In the 2020 budget, Nigeria pegged the crude oil benchmark at $57/bbl, but the COVID-19 pandemic forced a downward review recently to $30/bbl, with the size of the budget cut by N1.5 trillion from just over N10 trillion.
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In its statement yesterday, S&P said on the fiscal side, lower oil-related revenue will keep general government in Nigeria (federal and state government combined) fiscal deficits elevated at about 5 percent of GDP this year, delaying planned gradual consolidation, before averaging 4.2 percent in 2020-2023.

The federal government has and will continue to make efforts to increase non-oil revenue, including the increase in value-added tax to 7.5 percent from 5.0 percent, reducing fuel subsidies, and raising electricity tariffs among other administrative measures, it said.

“In addition, adjustments to the exchange rate should also yield the federal government higher Naira revenues. Nevertheless, these measures are not expected to be enough to compensate for the forecast reduction in oil revenue. In addition, COVID-19-related spending is likely to affect expenditure,” the statement said.

https://businesspost.ng/economy/sp-cuts-nigerias-2020-gdp-growth-forecast-to-1-5/