Morning Beats

Delta to build 30,000bpd modular refineries

The Delta State Government on Monday announced that it would commence the construction of three modular refineries with total crude refining capacity of 30,000 barrels per day before the end of this year.Punch

Tax evasion: Adeosun seeks tougher sanctions against multinationals

The Minister of Finance, Mrs. Kemi Adeosun, on Monday called for tougher sanctions against multinational companies engaged in illicit financial flows and tax evasion.Punch

Unpaid debt: AMCON takes over Osigwe Foods

Justice Saliu Saidu of the Federal High Court, Lagos Division, has granted an injunction against Osigwe Foods and Agro Industrial Company Limited, owned by Chief Anselm Kayode Mohammed, on the application of Asset Management Corporation of NigeriaPunch

We’re expecting $40bn oil investments in five years – Kachikwu

Nigeria would be expecting about $40bn worth of oil investments in the next five years, the Minister of State for Petroleum Resources, Ibe Kachikwu, announced on Monday..Punch

NCDMB targets 3,000 jobs with $200m intervention fund

The Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, has said the recently launched $200m Nigerian Content Intervention Fund is targeted at deepening local content participation in the oil and gas industry in the country.Punch

Stock market loses N234bn in one session

Continuing last week’s bearish sentiment that dominated trading on the floor of the Nigerian Stock Exchange, the Nigerian stock marketing, on Monday, started the week on a negative note, losing N234bn.Punch

Mining grew by 2.24% in 2017 – Fayemi

he country’s mining sector grew by 2.24 per cent in 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.Punch

Audit of MDAs: We can’t effectively perform due to staff shortage – AuGF
THE Auditor General of the Federation, AuGF, Mr Anthony Ayine,  yesterday  said auditing 471 Ministries, Departments and Agencies, MDAs with 1500 workforce was herculean and made his agency not to perform optimally.Vanguard

Revenue from VAT rises by 19% to N968bn in 2017
Federally collected revenue from Value Added Tax (VAT) rose to N968 billion in 2017, up by N156.7 billion or 19 percent from N811 billion recorded in 2016.Vanguard

FG upgrades electricity distribution capacity
A total of 18 communities in the Federal Capital Territory, FCT, are to start enjoying improved electricity supply following the installation of two additional high capacity electricity transformers by the Federal Government.Vanguard

SON commences nationwide mop-up of substandard tyres
THE Standards Organisation of Nigeria has embarked on a nationwide mopping up of substandard tyres with the aim of destroying them in an operation code-named, ‘OperaVanguard

14 insurance companies, 5 others may face hostile take-overs
A TOTAL of 19 quoted companies may now be under threat   of   hostile take-over in the Nigerian Stock Exchange, NSE, following the crashing of their stock prices below par value in the last two weeks. The stocks were exposed to low valuation when NSE removed the decades-old par value price floor of 50 kobo below which stock prices could not go down.Vanguard

Air Peace lands in Freetown, Banjul, Dakar
The Chairman of Air Peace, Mr Allen Onyema, says seamless air connectivity is pivotal to the socio-economic development of countries within the Economic Community For West African States (ECOWAS) sub-region.Vanguard

Tourism to create 100,000 jobs in one year — Jones
As the nation strives toward becoming a leading hub for tourism in Africa, fresh indication emerged that over 100, 000 Nigerians can be employed in the sector in one year. Vanguard

Six banks meet CBN’s dividend payout rule

The Central Bank of Nigeria (CBN) circular on dividend payout by commercial banks and discount houses has been analysed based on the performances and balance sheet positions of all lenders.The Nation

NPA’s trade facilitation excites operators, stakeholders, importers

The Nigerian Ports Authority  (NPA) has embarked on trade facilitation programmes to boost trade at the ports, and the importers and clearing agents are happy for it, The Nation has learnt.The Nation

NCS: New platform for 48-hour cargo clearance coming

The Nigeria Customs Service (NCS), Tin Can Island Command, is set to introduce a new electronic information system, to ensure that cargoes are cleared from the port within 48 hours.The Nation

NCC hopeful on 30% broadband rollout

The Nigerian Communications Commission (NCC) has expressed optimism on achieving the 30 per cent penetration in the country targeted by the National Broadband Plan.The Nation

Unga buyout company Seaboard faces US probe

American authorities are investigating Seaboard Corporation, the multinational company that is planning to buy out Unga Group’s  minority shareholders, for alleged financial misconduct in multiple African countries including Kenya, reports indicate.Business Day Kenya

Safaricom fights back in Okoa Jahazi case

Two petitioners have sued Safaricom over the charges it imposes on Okoa Jahazi airtime services, claiming that they are illegal.Business Day Kenya

Cane growers grope in the dark on sale of millers

Sugarcane farmers are groping in the dark over what the future looks like amid raging war of words on privatisation of State owned mills.Business Day Kenya

Deals transacted on plastic cards down by Sh7bn

Payments through plastic cards fell by Sh7.14 billion in the 12 months ended December 2017 compared with a year earlier reflecting a rise in mobile transactions.Business Day Kenya

KCB says capital ratios strong despite Moody’s downgrade

East Africa’s largest bank, KCB Group , says any upgrade of Kenya’s sovereign rating by Moody’s will see an improvement of its rating in line with the criteria used in recent downgrade.Business Day Kenya