Blog | BusinessMetricsNg

#EndSARS Crisis: Investors count losses as stock market sheds N113bn

Oct 22, 2020 Omobayo Azeez

The Nigerian bourse on Wednesday closed lower to reverse the previous day’s gain on the back of what market analysts called fear of insecurity arising from #EndSARS protest that degenerated into mayhem across the country. In the last two days, the country has witnessed spate of attacks on some public and private properties and infrastructure while more sadly, many Nigerians and security officials, especially in the country’s economic capital, have lost their lives to the crisis As the situation degenerates, there is panic in the capital market, and this contributed…

Why you experience poor network now, ALTON explains

Oct 22, 2020 Omobayo Azeez

The Association of Licensed Telecom Operators of Nigeria (ALTON) has explained that the ongoing #EndSARS protest and crisis has caused the noticeable breakdown in telecoms services being experienced in some locations in the country. As the association explained the linkage between the two scenarios, it regretted the reports of recent incidents of violence across the country. “The wanton destruction of lives and properties is disheartening. As service providers and employers of labour, our immediate priority is the safety of our staff across the country,” it said in a communiqué delivered…

Volatility, as investors opt for cash amidst Q3 earnings, mounting risks

Oct 22, 2020Oct 22, 2020 Ambrose Omordion

Amid Positive NGSE Outlook, Time For Short, Medium-term Positions

Market Update for October 21 By Investdata Analysts Equity prices on the Nigerian Stock Exchange (NSE) suffered huge loss at the midweek, halting the previous session’s gains and market rebound from its March-lows as it hits a major speed bump on a very high volatility. This followed panic selloffs in the midst of ongoing earnings reporting season, as investors reacted to events of what has now been tagged Black Tuesday, when soldiers fired live bullets at #EndSARS protesters, resulting in alleged fatalities. The Lagos State Governor, Babajide Sanwo-Olu, however says…

Minister inaugurates more digital economy projects by NCC, USPF, NITDA

Oct 22, 2020 Omobayo Azeez

NCC. Danbatta, Pantami, Broadband, Digital Economy

Minister of Communications and Digital Economy, Isa Pantami, has commissioned more projects executed by the Nigerian Communications Commission (NCC) and the Universal Service Provision Fund (USPF) towards advancing the digital economy vision of the government. The projects include the NCC’s Emergency Communications Centre ((ECC), Ado –Ekiti; the Digital Awareness Programme (DAP) for Secondary Schools, whose beneficiaries are Methodist Girls’ High School, Yaba, Lagos State and Bishop Okoye Girls’ Secondary School, Ukpor, Anambra State; as well as the School Knowledge Center (SKC) at Ijaloke Grammar School, Ado-Ekiti, Ekiti State, executed by…

Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

Oct 21, 2020 Banjo Olaniran

The Nigeria National Petroleum Corporation (NNPC) says the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

SEC sets January 2021 for Corporate Governance Guidelines enforcement

Oct 20, 2020Oct 22, 2020 Omobayo Azeez

The management of the Securities and Exchange Commission (SEC), on Tuesday, issued a Corporate Governance Guidelines and a template (revised Form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline, (SCGG) which becomes mandatory from January 1, 2021. From that date, the commission advised public companies to comply with the Nigerian Code of Corporate Governance (NCCG) of 2018 issued by the Financial Reporting Council (FRC) of Nigeria, just as compliance with the SCGG/revised reporting template. Recall that the NCCG effectively replaced the Code of Corporate Governance for…

Pantami highlights four drivers of digital economy

Oct 20, 2020 Omobayo Azeez

NCC to facilitate new target of 70% – Danbatta __________________________ Isa Pantami, the minister of communications and digital economy has highlighted four factors that will drive the digital economy agenda in Nigeria. According to the minister, broadband penetration, access to smartphones, development of digital identity ecosystem and biometric verification of bank accounts are four key elements that can drive the digital economy. Pantami made this known as he has engaged relevant industry players and agencies under the ministry to discuss ways for achieving accelerated implementation of the new Nigerian National…

Nigerian economy lost N700bn in 12 days to #EndSARS protests – LCCI

Oct 20, 2020Oct 20, 2020 Business Metrics

With EndSars protests hindering the movement of people and goods across the country due to the numerous roadblocks, the Lagos Chamber of Commerce and Industry (LCCI) has put the economy’s estimated loss to the action at N700billion in the past 12 days. According to the Chamber, while citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents are in consonance with democratic norms and also form vital ingredients for good governance, the disruptions, blockades and barricades around our major cities and interstate highways have far-reaching effect on…

Surprising facts about Nokia’s 4G network on the moon

Oct 20, 2020Oct 20, 2020 Banjo Olaniran

Surprising facts about Nokia’s planned 4G network on the moon

Nokia will build the first cellular network on the moon as part of a NASA project intended to establish a sustainable human presence on the lunar surface. The network will be 4G, which the company says is a more robust and reliable technology given its longer track record, though the company does say it will “pursue” space applications of 5G in the future. Nokia says the network will provide connectivity “for any activity that astronauts need to carry out,” including using the network for transmitting biometric data, controlling lunar rovers, streaming high-definition…

JUST IN: Sanwo-Olu imposes 24-hour curfew in Lagos

Oct 20, 2020 Omobayo Azeez

As #EndSARS protest turns violent __________________________ The ongoing #EndSARS protest is taking new twists and turns in Lagos State as the state have started witnessing spate of violence purportedly perpetrated by hoodlums. Consequently, the state governor, Mr Babajide Sanwo-Olu has imposed a 24-hour curfew in the state to curtail further degeneration of the situation. In a message via his official Twitter handle announcing the restriction in movement across the state, Sanwo-Olu said: “Dear Lagosians, I have watched with shock how what began as a peaceful #EndSARS protest has degenerated into…