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Nigeria's leading finance and market intelligence news report.

News Roundup: Oil price slip, CBN sacks board of First Bank, Dogecoin, India’s crisis…

Nigeria to receive 29.8m doses of Johnson & Johnson COVID-19 vaccine from AU
Coming after South Africa declared the vaccine safe, Nigeria’s Presidential Steering Committee (PSC) on COVID-19 says that the federal government has signed off to receive up to 29.8 million doses of the Johnson & Johnson COVID-19 vaccine through the African Union (AU). With this Nigeria could get up to 70 million doses of the Johnson & Johnson this year. The committee also mentioned that the country was also expecting deliveries of vaccines through the COVAX facility by the end of May or early June.

Buhari ask for US support to tackle insecurity

Following the series of killings and kidnappings in Nigeria in recent times, President Muhammadu Buhari has asked the U.S. to support Africa’s efforts in tackling growing insecurity in the region. Specifically, Buhari requested the United States (U.S) to relocate its Africa Command (AFRICOM) headquarters from Stuttgart in Germany to its theatre of operation, which is Africa. The President made the plea during a virtual meeting with U.S Secretary of State, Anthony Blinken.

Outrages as bandits kill two more Greenfield students
The local authorities have reported that two more Greenfield students kidnapped last have been killed bringing the death toll from the attack to six. Gunmen attacked the private Greenfield University last Tuesday in what was the fifth known attack on a school or college since December. A member of the school staff was killed during the assault and the bodies of three students were later discovered in a nearby village. Kidnappers have ramped up attacks in recent months hoping to squeeze officials for ransom payments. But local authorities have vowed not to pay them.

Read Also: COVID-19: Delta orders workers below level 12 to resume work

US To Share Up To 60 Million AstraZeneca Vaccine Doses Globally
The United States has announced plans to share its stock of AstraZeneca COVID-19 vaccines with other countries, amid growing pressure on President Joe Biden’s administration to support global vaccine equity. The White House said on Monday that as many as 60 million AstraZeneca vaccine doses could be available for export in the coming months but it did not say where exactly those vaccines would be distributed. The announcement comes as the US is facing growing pressure to share its COVID-19 vaccines, especially with hard-hit nations such as India, as well as waive US intellectual property rules to allow more countries to manufacture jabs.

Fully vaccinated people can step out maskless

The Centers for Disease Control and Prevention said fully vaccinated people can exercise outdoors or with members of their household without a mask. Also, the CDC added that these people can hold small gatherings outdoors with others who are inoculated, or with a mix of unvaccinated people, without face coverings. However, the agency still recommends that fully vaccinated people wear a mask at outdoor spaces where the risk of Covid-19 is less clear. Those include sporting events, concerts, parades and other crowded places.

Dogecoin spikes on Elon Musk’s tweet
Dogecoin spiked in value after Elon Musk teased his Twitter followers about the possibility of (DOGE) featuring in his “Saturday Night Live” hosting debut. Musk’s tweeted “The Dogefather SNL May 8” referring to his hosting spot on “Saturday Night Live,” which was announced last week. The tweet seemingly prompted excitement among dogecoin traders that the meme-based crypto would see further attention in front of a large television audience. Having trended downwards toward $0.25 over the previous 24 hours, dogecoin spiked more than 20 percent to over $0.31 after the announcement.

CBN sacks all board members of First Bank Holding and First Bank Nigeria Ltd
The governor of the Central Bank of Nigeria, Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. Emefiele, in his speech broadcasted on national television cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move. Prior to that, the CBN queried the Board of the First Bank of Nigeria Plc for removing Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The CBN governor further announced the reinstatement of Adeduntan who was sacked as the MD of the interim Board and was replaced with Gbenga Shobo who was the former Deputy Managing Director of the Bank.

India COVID cases cross 18 million

India’s total COVID-19 cases passed 18 million as gravediggers worked around the clock to bury victims and hundreds more were cremated in makeshift pyres in parks and parking lots. India reported 379,257 new infections and 3,645 new deaths on Thursday, health ministry data showed, the highest number of fatalities in a single day since the start of the pandemic. The world’s second most populous nation is in deep crisis, with hospitals and morgues overwhelmed. Each day, thousands of Indians search frantically for hospital beds and life-saving oxygen for sick relatives, using social media apps and personal contacts. Hospital beds that become available, especially in intensive care units (ICUs), are snapped up in minutes.

Oil price slips as India’s demand worries weigh
Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery. Brent crude fell 31 cents, or 0.5 percent, to $68.25 a barrel, the last day’s trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $64.59 a barrel, down 42 cents, or 0.7 percent. Prices also came under pressure after China’s factory activity growth slowed and missed forecasts in April, although a private sector survey showed that Japan’s factory activity expanded in April at the fastest pace since early 2018. The world’s third largest oil consumer, India is in deep crisis, with hospitals and morgues overwhelmed, as the number of COVID-19 cases topped 18 million.

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