Morning Beats

GTB posts N200b profit, to pay N79.5b dividend

Nigeria’s most capitalised financial institution and leading tier one commercial bank- Guaranty Trust Bank (GTB) Plc recorded a pre-tax profit of N200 billion in 2017, prompting the board of the bank to recommend distribution of N79.5 billion as cash dividend to shareholders.The Nation

Paris Agreement: ’Nigeria moving in right direction’

A group, Climate Scorecard, has given Nigeria a pass mark, saying that the West African nation “is moving in the right direction, although it still needs to do more” towards the realisation of the Paris AgreementThe Nation

Fed Govt to redeem N482b T-bills in Q2

Federal Government plans to repay N482 billion of treasury bills (T-Bills) in the second quarter of this year.The NAtion

NNPC to reduce daily losses in fuel supply to N516m

The Nigerian National Petroleum Corporation (NNPC) is to reduce daily losses from N774 million to N516 million, Group General Manager, Public Affairs Division, Ndu Ughamadu, has saidThe NAtion

Eni, ADNOC seal $875m deal on two UAE field

Italian oil firm, Eni, has signed, in Abu Dhabi, United Arab Emirates (UAE),  two concession agreements with Abu Dhabi National Oil Company (ADNOC) for the acquisition of five per cent stake in the Lower Zakum offshore oil field and 10 per cent stake in the oil, condensate and gas offshore fields of Umm Shaif and Nasr, for a participation fee of about $875 million for 40 years.sThe Nation

Access Bank unveils credit card for Unilag students

Access Bank Plc yesterday unveiled credit card for the  University of Lagos (Unilag) students. The lender introduced credit card that is loaded with N20,000 to the students, with the fund reloaded, on exhaustion.The NAtion

ICAN, others disagree over Forensic Bills

The Institute of Chartered Accountants of Nigeria (ICAN) and other groups yesterday disagreed over two bills -Bill for Chartered Institute of Forensic and Investigative Auditors (CIFIA),The Nation

Modular refineries can’t meet petrol supply deficit’

The proposed modular refineries in the Delta region cannot bridge the petrol supply deficit in the country, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. Kachikwu, who briefed State House correspondents at the end of the Federal Executive Council (FEC) chaired by Vice-President Yemi Osinbajo,The Nation

NERC to enforce new metering rule from April

The Nigerian Electricity Regulatory Commission will on April 3, 2018 commence the enforcement of its recently unveiled Meter Asset Provider Regulations, 2018, a policy that seeks to bridge the widening metering gap in the electricity supply industry.Punch

Stanbic IBTC Holdings grows profit by 64% to N61.2b

Stanbic IBTC Holdings Plc recorded a well-rounded performance in 2017 as pre-tax profit rose by 64 per cent to N61.2 billion. Key extracts of the audited report and accounts of Stanbic IBTC Holdings for the year ended December 31, 2017 showedThe NAtion

Inflation dips further to 14.3%

Inflation slowed for a 13th consecutive month in February, but may still be too high for the Central Bank to start cutting rates from a record. Consumer-price growth in Africa’s most populous nation decelerated to 14.3 per cent from 15.1 per cent in January, the  National Bureau of Statistics (NBS) said in an emailed statement.The Nation

Naira appreciates further to N360.25/$

The Naira, Wednesday, appreciated further marginallyby 2 kobo to N360.25 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

LASACO, Japaul, Diamond Bank top losers, equities shed N83bn

The Nigerian equities market recorded a loss of N83bn at the close of trading on Wednesday after LASACO Assurance Plc, Japaul Oil & Maritime Services Plc and Diamond Bank Plc emerged as the worst-performing stocks, shedding 9.5 per cent, 9.1 per cent and 7.3 per cent, respectively.Punch

Nigeria’s oil reserves drop by 961 million barrels

Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies.Punch

IMF gives Kenya 6-month standby loan extension

The International Monetary Fund (IMF) has approved Kenya’s request for a six- month extension of a Sh150 billion ($1.5 billion) standby credit facility that was due to expire Wednesday.Business Day

Empty-Chair Crisis at Nigerian Central Bank Goes Down to Wire

For the second time this year, Nigeria’s central bank finds itself in suspense on whether it’ll have enough policy makers to be allowed make an interest-rate decision.Bloomberg