Morning Beats

Rep frowns at delay in clearing pension arrears

The Chairman of the House of Representatives Committee on Pensions, Hon. Hassan Adamu Shekarau has said part of the loan approved for President Muhammadu Buhari by the National Assembly was meant for the payment of pensions, saying the delay in clearing outstanding pension liabilities was unfortunate. Shekarau who spoke at the commissioning of the national secretariat complex of the Nigeria Union of Pensioners (NUP) in Abuja said he has directed the Acting Director-General, National Pension Commission (PenCom) and the ExecutiveThe Nation

Govt eyes N200b from electricity metering

The Nigeria Electricity Supply Industry (NESI) is eyeing over N200billion investments over the next three years from the implementation of the Meter Asset Provider (MAP) Regulation. Presenting the regulation at the 25th monthly Ministerial Power Sector Stakeholders meeting in Uyo, Akwa Ibom State,The Nation

Fed Govt to raise N70b via bond

The Federal Government plans to raise N70 billion ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said yesterday, less than it has sold at previous auctionsThe Nation

IOSCO seeks to protect aged investors from fraud, other risks

THE International Oragnisa- tion of Securities Commissions (IOSCO), the global securities regulator, has launched a new report that seeks to protect ageing investors from financial fraud, unsuitable investment and other risks as part of efforts to safeguard senior investors from losing their hard-earned nest eggs.The Nation

MPC quorum: Senate considers CBN nominees

The Senate has resolved to screen President Muhammadu Buhari’s nominees for the Central Bank of Nigeria (CBN). The resolution of the Senate followed a motion sponsored by Rafiu Ibrahim, senator representing Kwara south.The Nation

Equities record marginal recovery

After initial loss of N105 billion that started the week, Nigerian equities recovered yesterday with a marginal gain of N6 billion.The Nation

CBN boosts rice farming with N4b cash, input

The Central Bank of Nigeria (CBN) yesterday in Katsina, Katsina State,  disbursed over N4billion and farming inputs including fertilizer, Urea, water pumping machines, rice seeds and pesticides to rice farmers in the state, under the bank’s  ‘Anchor Borrower Scheme’’The Nation

No date for passage of 2018 budget yet – Senate

The Senate has said it is uncertain when the 2018 Appropriation Bill will be passed by the National Assembly. The legislature and the executive have been passing the buck on which arm of government is responsible for the delayed passage of the budget,Punch

MAN cautions FG on free trade agreements

The Manufacturers Association of Nigeria (MAN), yesterday, warned Federal Government over signing free trade agreements, saying that hasty implementation of such agreements could lead to dumping of products in the country.Vanguard

Seplat refinances $300m revolving credit facility, raises $350m notes

Seplat Petroleum Development Company Plc, yesterday announced that it has successfully refinanced its existing US$300 million Revolving Credit Facility (RCF) due December 2018 with a new four year US$300 million RCF due June 2022.Vanguard

Refineries’ overhaul to commence in second quarter — NNPC

The Nigerian National Petroleum Corporation, NNPC, Tuesday, disclosed that rehabilitation of the country’s refineries would commence in the second quarter of 2018.Vanguard

FG developing solar energy city, says Fashola

The Federal Government is currently developing a solar energy city, the Minister of Power, Works and Housing, Babatunde Fashola, has said.Punch

Malabu scam: Shell, Eni file probe findings with US authorities

Royal Dutch Shell and Eni have voluntarily filed to United States’ authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa.Punch

Nigeria’s excise duties on tobacco, alcohol very low – IMF

The International Monetary Fund has said that the excise duties being charged by the Federal Government on tobacco and alcohol are very low.Punch

Ogun targets N10bn IGR monthly, to host investors’ forum

The Ogun State Government has announced plans to increase its monthly Internally Generated Revenue from N7bn to N10bn.Punch

Steinhoff’s a Black Box Too Big to Ignore for Vulture Investors

Steinhoff International Holdings NV may look like a non-starter for most investors: its former chief executive is under investigation for fraud and the new managers still can’t explain what went wrong. Then there’s the matter of what happened to $5 billion in cash.Bloomberg