COVID-19 Infection Rises to 18,480 as NCDC Records 745 New Cases. Amidst gradual easing of the economic lockdown, Nigeria has recorded 745 new cases of COVID-19, bringing the total number of infections in the country to 18,480.

Compensation Plans for Oil Cut: OPEC+ sets Deadline for Nigeria, Others. For failure to comply fully with oil output cut, the Organisation of Petroleum Exporting Countries (OPEC+) has set June 22 as deadline for non-compliant member on the oil output cut to submit their compensation plans.

GSK: Analysts Upgrade Stock as Earnings Swing Despite Revenues Drop. GlaxoSmithKline Consumer Nigeria Plc (GSK) topline came weak, though the pharmaceutical company’s profit improves in the first quarter of 2020.

₦440 million Debt: AMCON Takes Over Doggi Group Limited. The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over an indebtedness of over ₦440 million.

Brent Crude Price Drops Ahead of OPEC Technical Meeting. Ahead of schedule meeting of the Oil cartel, the price of crude dropped this morning amidst fear of second wave of coronavirus in China.

Federation Accounts: Tiers of Government Share ₦547.309 billion for May. The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.

Fixed Income Market Records Mix Performance amid Rising Inflation Concern. Amidst rising inflation rate, the fixed income market recorded a mixed performance. Chapel Hill Denham said while average secondary T-bills rate remained unchanged at 3.02%, average discount rate on secondary OMO bills fell further by 5 basis points (bps) to 4.62%.

Equities Market Rebounds amidst Renew Bullish Activity. The Nigerian Stock Exchange rebounds amidst renewed bullish activities. This is coming just as the Bureau of Statistic data shows inflation rate increase to 12.40% in May.

OBU Mines: BUA Threatens Dangote Group with Contempt of Court Proceedings. BUA Group on Wednesday threatened to initiate contempt of court proceedings against Dangote in three days, if it fails to remove the excavators and trenches used in barricading the entrance of Obu Mines.

Battle for Supremacy: BUA, Dangote ‘Duel’ over Mining Lease. Battle for supremacy between two largest Cement companies is purely business and protection of self-interest taken to the peak, sentiment aside.