Morning Beats

Nestle’s stock limps between depreciation, recovery

Investors’ adverse sentiment in the stock of Nestle Nigeria Plc, the most expensive in the Nigerian Stock Exchange, NSE, seemed to have bottomed out, if the significant up-turn last weekend is anything to go by.Vanguard

Umuchinemere MfB grants N300mn agric loan to farmers

Umuchinemere Pro-credit Microfinance Bank, UPMFB, has granted about N300 million credit facilities to micro, small and medium scale farmers in Enugu State to enhance agricultural output.Vanguard

9 banks battle decline in interest income

NINE banks are battling with the risk of N300 billion decline in their interest income in the 2018 financial year, due to declining yield on government securitiesVanguard

Shareholders seek recapitalisation of Vitafoam

SHAREHOLDERS of Vitafoam Nigeria Plc have admonished its Board of Directors to commence the recapitalisation of the company to enhance operations that will result to higher profitability.Vanguard

Shareholders take position on Consolidated Hallmark as share price gains 48%

SHAREHOLDERS seem to be taking position in Consolidated Hallmark Insurance Plc as the share price of the company went up by 40 percent in nine days trading on the Nigerian Stock Exchange, NSE.Vanguard

N453bn inflow to stabilise cost of funds in interbank

THE interbank money market will, this week, receive liquidity boost of N453 billion hence expectation of stability in cost of funds.Vanguard

Operators bullish on equities outlook as investors gain N105bn

STOCKBROKERS in the nation’s capital market and other investment analysts have said that the market will sustain its positive momentum this week riding on the back of more earning reports expected to be released by listed firms.Vanguard

Manufacturing expo attracts 3,000 foreign, local participants

Over 3000 international and local equipment manufacturers from Germany, Turkey, Indonesia, Italy and China including member-companies from multinationals, large, Small and Medium Industries, SMIs, have confirmed participation for the 2018 edition of the Nigeria Manufacturing Equipment, NME, Expo.Vanguard

AMCON advocates special market to enhance asset valuation, disposal

ASSET Management Corporation of Nigeria (AMCON) has called for the creation of ‘AMCON Market,’ to enable it dispose several billions of naira worth of assets that are tied down in its books due to inappropriate valuation, strange market forces among other vices.Vanguard

New Lagos Land Use Charge: All you need to know

THE re-enacted Lagos State Land Use Charge Law that has replaced the one enacted in 2001, has been greeted with public outcry because of misunderstanding of its provisions.Vanguard

Nigeria’s external reserves hit $46bn

Nigeria’s External Reserves are steadily heading towards the $50 billion mark, berthing at $46 billion as at the close of business on Friday, March 9, 2018.Vanguard

Fraud cases by bank staff rises – NDIC

Fraud cases by bank staff rises – NDIC ON MARCH 11, 2018IN BUSINESS, NEWS Nigeria Deposit Insurance Corporation (NDIC) says the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017.Vanguard

Consumers to pay more for cigarettes, alcohol …as FG raises excise duties

The Federal Government has approved an amendment to the excise duty rates for alcoholic beverages and tobacco products.Punch

Nigeria losing revenue to IOCs over delayed PSC review

International oil companies, which entered into Production Sharing Contracts with the Federal Government more than two decades ago, are still enjoying the generous terms they got as talks of re-negotiation over the past few years have yet to materialisePunch

NSE recorded N39.99bn turnover last week

The Nigerian Stock Exchange, in the whole of last week, recorded a total turnover of 3.079 billion shares worth N39.99bn in 23,086 deals undertaken by investors on the floor of the Exchange.Punch

CBN stress test reveals weak capital signs in banks

A Central Bank of Nigeria stress test has shown that only large banks will stay above the regulator’s capital adequacy ratio threshold if the non-performing loans levels of the Deposit Money Banks should rise by 50 per cent.Punch

IMF: Rewane, others advise CBN on banking sector risk containment

The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, and other local economic experts have joined the International Monetary Fund to advise the Central Bank of Nigeria “to contain rising banking sector risks.”Punch

NSE settles dispute with Okereke-Onyiuke, Elakama, others

After years of bickering, the Nigerian Stock Exchange (NSE) has finally settled the lingering employment dispute with its former Director-General, Professor Ndi Okereke-Onyiuke, Lance Elakama and other executive staff members,The Nation

Royal Exchange restructures for market dominance

After 100 years of existence, Royal Exchange Plc has announced plans to restructure its key operations, to enable the group and its various subsidiaries respond to the demands and needs of its clientele across the country.The Nation

Russian, Afreximbank to develop aviation

The Russian Export Centre Group (REC) will collaborate with the African Export-Import Bank (Afreximbank) to explore opportunities to develop Africa’s aviation industry and to support other sectors, such as mining, agro-processing, railways and the metals industry, the two institutions have announced in Cairo, EgyptThe Nation

International Women’s Day: AXA Mansard offers free one-year insurance

AXA Mansard, a member of the AXA Group, the global leader in insurance and asset management, is celebrating International Women’s Day by launching its AXAMansardPressProgress  campaign on its various social media platformsThe Nation

Fed Govt earns N658.6b from oil, non-oil receipts, says CBN

About N658.56 billion was recieved by the Federal Government from oil  and  non-oil sectors, the Central Bank of Nigeria (CBN) Economic report released has said. The figure, which is for November, showed that oil receipts stood at N417.74 billion  and while non-oil receipts stood at N240.85 billion, and constituted 63.4 per  cent  and 36.6 per  cent,  respectively,  of  total  revenue.The Nation

WorldRemit targets 40,000 Nigerian community abroad

WorldRemit has launched in New York, connecting the state’s 42,000-strong Nigerian diaspora to its fast, low cost service.  Nigerians make up the largest African diaspora group in the United States, and New York City is home to the largest Nigerian population, followed by Houston and Washington.The Nation

FIRS to address double taxation in insurance sector

The Federal Inland Revenue Service has promised to address controversial tax issues in the insurance industry.Punch

Nigeria faces expulsion as global financial body meets today

Today is D-Day as Nigerians wait with bated breath for the outcome of the Egmont Group meeting which kicks off in Argentina to decide the nation’s fate.The Nation

Power: FG closes verification of MDAs’ debts

The Federal Government has closed the verification of electricity debts allegedly being owed power distribution companies by its Ministries, Departments and Agencies.Punch

FG inaugurates NAICOM board

The Federal Government has inaugurated the governing board of the National Insurance Commission with Chief Emmanuel Nwosu as its chairman.Punch

Nigeria's State Oil Company Hasn't Explained Missing Billions

An agency tasked with cleaning up Nigeria’s murky oil industry says even though financial accountability has improved the state oil company still hasn’t explained billions of dollars of missing revenue.Bloomberg

South Africa's VBS Mutual Bank Fails Amid ‘Severe Liquidity Crisis

VBS Mutual Bank, one of South Africa’s smallest lenders, has been put into administration after it was unable to repay money owed to municipalities, according to the country’s central bank.Bloomberg

U.S. Oil Export Surge Means OPEC's Production Cuts May Be Doomed

Oil risks sliding back under $60 a barrel as a surge in U.S. shipments to Asia threatens to undermine a deal between OPEC and its allies, according to ING Groep NV.Bloomberg