Africa to lose $37bn in GDP to troubled aviation sector

IATA: Global airline traffic to fall by 66% in 2020

4.5m jobs at risk due to COVID-19, travel restrictions _____________________________________ The African economy is set to lose an estimated sum of $37 billion to dwindling traffic and travel restrictions bedeviling the aviation sector of the region. The International Air Transport Association (IATA) warned that the damage being done to the African aviation industry and on economies by the shutdown of air traffic owing to the COVID-19 pandemic has deepened. According to new data published today (Thursday, October 1, 2020) by the Air Transport Action Group of which IATA is a…

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Investors little moved by the Presidential Debate

Stocks higher while acrimony rules

By Hussein Sayed ________________________ There is no doubt whoever becomes the next President of the United States of America will influence investor’s decisions, but it seems we are no clearer in knowing who that will be after the first presidential TV debate. After a chaotic and messy debate between President Donald Trump and Democratic nominee Joe Biden where both candidates spent most of their time trading personal insults, markets didn’t initially like what they were seeing. The American people too were left frustrated and stock market futures sold off. However,…

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FMDQ gets SEC’s approval as Nigeria’s premier Central Counterparty

The Nigerian financial markets recorded a novel and game-changing milestone following the successful registration of FMDQ Clear Limited (FMDQ Clear) by the Securities and Exchange Commission (SEC) on September 29, 2020 to become Nigeria’s premier Central Counterparty (CCP). As a critical and much needed Financial Market Infrastructure (FMI), this laudable achievement re-defines the landscape for financial transactions as we know it and introduces endless possibilities to the scope of permissible products that can be developed and deployed within the ecosystem towards delivering long-lasting prosperity to the Nigerian economy. The FMDQ…

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Merger: NSE admits additional shares of Dangote Sugar

dangote sugar refinery lists new shares

The Nigerian Stock Exchange (NSE) on Wednesday, admitted additional 146,878,241 ordinary shares of Dangote Sugar Refinery Plc on the daily official list of the local bourse. According to a statement from the NSE notifying dealing members, the additional shares listed on the Exchange arose from the scheme of merger between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited. With the listing of the additional 146,878,241 ordinary shares, the total issued and fully paid-up shares of Dangote Sugar Refinery Plc have now increased from 12,000,000,000 to 12,146,878,241 ordinary shares of…

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[Nigeria @60] Full Speech: Buhari’s Independence Day Address

nigeria at 60 president buhari's speech

INDEPENDENCE DAY ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF NIGERIA’S SIXTIETH INDEPENDENCE ANNIVERSARY, THURSDAY 1ST OCTOBER 2020 Fellow Nigerians I speak to you today as your President and fellow citizen on this epoch occasion of our country’s 60th independence Anniversary. As President, I wish to renew my appreciation to Nigerians for entrusting me with your hopes and aspirations for a better and greater Nigeria. Today, it is my unique privilege to re-commit myself to the service of this great country…

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Breaking: NCC resumes spectrum trading guidelines

base station

The Nigerian Communications Commission (NCC) has considered lifting the suspended Spectrum Trading Guidelines (STG), 2018, pending the conclusion of the ongoing review of the Guidelines. According to the commission in a statement signed Thursday by Ikechukwu Adinde, the lifting of the suspension followed deliberations on the subject by the Board of NCC at its Special Board Meeting, which held on Wednesday, September 16, 2020. The Meeting was preceded by the suspension of the STG by the Board at its 96th Board Meeting held in May 18, 2020. “The Board was…

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Relief as Fitch revises Nigeria’s outlook to stable

global reinsurance sector, fitch rating

Fitch Ratings has revised the outlook on Nigeria’s long-term foreign-currency Issuer Default Rating to stable from negative and affirmed the IDR at ‘B’. The international rating firm disclosed this in its report with the title “Fitch revises Nigeria’s outlook to stable, affirms at ‘B’” released on Wednesday. The revision of the outlook reflected a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy, it said. Fitch also noted that oil prices have stabilised, global funding conditions have eased and domestic restrictions…

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Global Halal market hits $2.3trn

Global halal market is now estimated to worth over $2.3 trillion and still growing at an annual rate of 20 per cent, Muhammad Tukur Arabi, the managing director of Abuja Enterprise Agency (AEA) has said. This was even as the management of TAJ Bank led by the Founder/Chief Operating Officer, Hamid Joda and the Managing Director, Norfadelizan AbdulRahman, vowed to continue creating awareness among Nigerians on the establishment of halal industry to further attract foreign investments, create jobs and reduce poverty in the country. They spoke yesterday at the opening…

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IATA: Global airline traffic to fall by 66% in 2020

IATA: Global airline traffic to fall by 66% in 2020

The fortune of airline operators across the globe is dwindling and any hope of quick recovery from the abyss is fading due to the lingering negative impact of conavirus movement restrictions that has continued to bite deep into their revenue. This became more pronounced in the latest outlook for airline patronage for the the rest of the year 2020 just released by  Airthe International Transport Association (AITA) which further downgrade prospects for the last quarter of the year. Global airlines have revised traffic forecasts lower, IATA, the sector federation said…

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Heritage Bank joins in celebration of Nigeria @60 In a bid

In a bid to commemorate the independence and inculcate patriotic spirit in the citizens on the importance to reflect on the past, what led them here and the bright future that awaits Nigerians, Heritage Bank has rolled out couple of activities in achieving this feat. The bank slated an online competition for customers to make videos recitation of them presenting the “National Pledge” in Pidgin English and the four best videos will be rewarded with total cash prize of N1million. Also, staff of the bank was not left out in…

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