Morning Beats
T he Egmont Group may expel the Nigerian Financial Intelligence Unit (NFIU),it was learnt yesterday. The group comprises of 153 countries which mandates its members to establish a financial intelligence unit that serves as a national centre for the receipt and analysis. This is because although the NFIU has been separated from the Economic and Financial Crimes Commission (EFCC) but the move has to be approved by the Senate. The Nation
The Nigerian Incentive-Based Risk Sharing System for Agricultural lending (NIRSAL) has said it will finance farmers and agric-value chain operators to boost commercial agriculture.The Nation
The management of Dangote Oil Refinery Company (DORC) yesterday said 150 young local engineers have been trained in refining and refinery operations in preparation for the take-off of its 650,000 barrels per day (bpd) refinery and petrochemical plant.The Nation
The Comptroller-General, Nigeria Customs Service (NCS) Col. Hameed Ali, has set up a strike force to combat smuggling.The Nation
The Central Bank of Nigeria (CBN) has injected $210 million into the inter-bank Foreign Exchange Market.The Nation
The Nigerian Export-Import Bank (NEXIM) is collaborating with the Development Bank of the Central African States (BDEAC) to promote regional trade and investment.The Nation
Low-priced stocks, otherwise known as penny stocks, dominated the top chart at the Nigerian Stock Exchange (NSE) as the equities market reopened yesterday to a streak of profit-taking. Low-priced stocks in the banking, insurance and conglomerate sectors topped activities’ chart as investors appeared to be shifting to low-priced value stocks with prospects of good dividend yields. The Nation
CBN to increase minimum capital requirement for MfBs
The Central Bank of Nigeria, CBN, is set to increase the minimum capital requirement for Microfinance Banks, MfBs with a view to enhancing their performance.Vanguard
The Central Bank of Nigeria, CBN, is set to increase the minimum capital requirement for Microfinance Banks, MfBs with a view to enhancing their performance.Vanguard
More insurance firms record price losses as investors lose N135bn
Shares of insurance companies have continued to shed weight following the implementation of the new pricing rule by the Nigerian Stock Exchange, NSE, resulting in loss of N135 billion in investors’ investment.Vanguard
Shares of insurance companies have continued to shed weight following the implementation of the new pricing rule by the Nigerian Stock Exchange, NSE, resulting in loss of N135 billion in investors’ investment.Vanguard
Oil prices extend declines
Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.. Brent was down 57 cents, or 0.8 percent, at $68.01 a barrel at 0716 GMT, after falling 1.5 percent on Friday.Vanguard
Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.. Brent was down 57 cents, or 0.8 percent, at $68.01 a barrel at 0716 GMT, after falling 1.5 percent on Friday.Vanguard
FG to introduce new products to commodity exchange market
Ifeanyi Onuba, Abuja The Federal Government will soon introduce new products into the Nigeria Commodity Exchange market as part of efforts to boost non-oil exports. The Managing Director, Nigeria Commodity Exchange, Mrs. Zaheera Baba-Ari, who said this on Monday, noted that the new products would comprise of various contracts in the solid minerals sector. Punch
Nigeria, China trade hit $2.7bn in 2017 – ACCI
The President of the Abuja Chamber of Commerce and Industry, Adetokunbo Kayode, on Monday put the value of merchandise trade between Nigeria and China in the 2017 fiscal period at $2.7bn.Punch
Africa, home of the continent’s biggest financial markets. Here’s an explanation of their foreign-exchange regimes and what’s in store for the rest of the year Bloomberg
Global Stock Sell-Off Deepens, Yen Gains Haven Bid: Markets Wrap
Asian stocks plunged for a second day and U.S. stock futures continued to decline after a frantic sell-off in equity markets. Investors fled to havens, lifting the yen and Treasuries.Bloomberg
U.S. Stocks Sink Most Since 2011 as Rout Deepens: Markets Wrap
UBA Bank sues Indian firm in Sh267m Ketraco deal row
UBA Kenya Bank has sued an Indian firm Jyoti Structures, which is in liquidation, seeking to recover more than Sh267 million ($2.6 million) it advanced the company which built the Isinya-Suswa electricity transmission line.Business Daily Kenya
Abraaj Group on the spot over use of investor funds in Kenya
The independently run health care fund of Dubai-based private equity fund Abraaj Group is in the spotlight over its claims of irregular use of funds in Kenya and two other countries.Business Daily Kenya
Viceroy not backing down on Capitec report
Shortseller Viceroy Research has insisted the Reserve Bank should not rely on Capitec’s financial statements and should place it into curatorship.Business Day SouthAfrica
JSE likely to join global rout on Tuesday
The JSE is likely to join a global rout on Tuesday. Asian stock exchanges took their cue from Wall Street where the S&P 500 and Nasdaq indices both fell 4% on Monday.Business Day South Africa
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