Morning Beats

Lafarge Africa lists N131b rights shares

Lafarge Africa Plc has listed about 3.1 billion ordinary shares of 50 kobo each, increasing the cement company’s market capitalisation to N278.79 billion at the weekend. The supplementary shares arose from the cement company’s recent rights issue.The Nation

NIPOST, Bics take banking to grassroots

Nigeria Postal Service (NIPOST) and Bics Enterprise are collaborating to bring financial services to the grassroots. The Software Group, a global technology firm, will provide the technological backbone needed to implement the partnership.The Nation

NSIA okays N1.8b for agric

The Nigeria Sovereign Investment Authority (NSIA) has approved about $5million (N1.8 billion) for Doreo Partners to train 50,000 farmers in the North through its Babangona Outgrower Farming Scheme. The agreement for the loan facility was signed in Lagos at the weekend between NSIA management and  Doreo Partners.The Nation

New metering plan brightens DisCos’ funding prospects

Electricity distribution companies (DisCos) seem to be making a headway in their bid to secure funds for capital projects.The Nation

Firms to raise N600b new capital

ABOUT 10 companies have launched pre-issuance processes to raise new capital from the capital market over the next nine months.The Nation

H. Pierson Associates partners Dutch firm on insurance

A leading Netherland-based company, Second Floor SA, is collaborating with one of Nigeria’s foremost management consulting firms, H. Pierson Associates, to leverage its risk practice to support the insurance sector on risk-based supervision compliance and initiation of solvency II.The Nation

Lloyd’s slumps to £2b loss

Lloyd’s has plummeted from a £2.1billion pre-tax profit in 2016 to a loss of £2billion in 2017. The net swing of more than £4billion came as the combined operating ratio worsened to 114 per cent in the past 12 months (2016: 97.9 per cent).The Nation

UBA grows pre-tax profit to N105b in 2017

Declares N29b dividend United Bank for Africa (UBA) Plc recorded a well-rounded performance in 2017 with considerable growths in the top-line and the bottom-line.The Nation

Bank customers fault NIN as single identifier for transactions

BANK customers have faulted the imposition of the National Identification Number (NIN) as single identifier for banking transactions, saying this could undermine achievement of the nation’s financial inclusion goal.Vanguard

Banks borrow N52tr from CBN as liquidity pressure intensifies

BANKS’ borrowing from the Central Bank of Nigeria (CBN) shot up by 80 percent to N52 trillion in 2017, from N29 trillion in 2016,  due to pressure to survive the impact of high interest rate regime and ceaseless liquidity mop-up, driven by the tight monetary policy of the apex bankVanguard

‘No premium, no cover’: NCRIB rules out insurance benefits for deceased civil servants

PRESIDENT of the Nigerian Council of Registered Insurance Brokers, (NCRIB), Mr. Sola Tinubu, has said that all civil servants that died last year will not get benefit from group life insurance cover as the federal government did not pay premium for the cover. Vanguard

Investors’ sentiment on stocks may improve amidst more firms’ earnings announcements

INVESTORS’ sentiment on stocks listed on the Nigerian Stock Exchange, NSE, may improve as more companies’ earnings for the full year 2017 are expected to be released this week.Vanguard

Draft Bill excites insurers

•Operators may pay interest on delayed claims INSURERS are upbeat about the Consolidated Insurance Draft Bill hoping that it may soon be passed into law by the National Assembly.The Nation

700 pipeline breaches disrupt petroleum supply – NNPC

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has lamented the incessant vandalism of the Aba-Enugu products’ pipeline, which has suffered about 700 breaches.Punch

PIGB: Oil marketers, MAN, others oppose single regulator

Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria and Depot and Petroleum Products Marketers Association of Nigeria and the Organised Private Sector have disagreed with the proposed single regulator for the nation’s oil and gas industry.Punch

Arbitrary charges: CPC threatens to sanction power firms

The Consumer Protection Council has warned the Abuja Electricity Distribution Company and other power firms in the country to stop imposing arbitrary charges on their customers or face severe sanctions and prosecution.Punch

Finance ministry, EFCC harmonising data on recovered funds – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that the letter that she wrote to the Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, was to improve control over recovered funds.Punch

Debt recovery: NASS to give more powers to AMCON

The Chairman of the House of Representatives Committee on Banking and Currency, Jones Onyereri, says the House is currently working at amending the Act establishing the Asset Management Corporation of Nigeria.Punch