Morning Beats

‘Trade wars could stifle inflows to Nigeria, global growth’

An economist and Senior Lecturer, Lagos Business School, Dr. Adedoyin Salami, has warned that tariff impositionsGuardian

NERC’s new regulation to eliminate metering gap

The Meter Asset Provider (MAP) regulation is aimed at closing the metering gap and its attendant challenges in the Nigerian Electricity Supply Industry, the Nigerian Electricity Regulatory Commission (NERC) has said.Guardian

African Prudential’s profit rises to N1.7 billion

Amid harsh operating environment, African Prudential Plc has achieved a Profit After Tax (PAT) of N1.7 billion in its 2017 operations, against N1 billion recorded in the corresponding period in 2016.Guardian

Neconde: ‘no kickback with Shell VP in OML42 acquisition’

Neconde Energy Limited, the operator of oil mining lease (OML) 42, has denied any kickback deal with a former Vice President for sub-Saharan Africa, Shell, Peter Robinson, during the acquisition of the oil field divested by Shell Petroleum Development Company (SPDC). In a statement denying the allegation, Neconde management accused Shell of malicious intention.The Nation

CBN Deputy Governors, MPC members resume

The Central Bank of Nigeria (CBN’s) new Deputy Governors, Edward Lametek Adamu and Mrs. Aisha Ahmad have formally assumed duty following their confirmation by the Senate.The Nation

FAAC: Fed Govt, states, local govts share N647.39b

The federal, state and local governments shared the sum of N647.39 billion from the Federation AccountThe Nation

OPS, oil marketers fault PIGB on single regulator for petroleum industry

The Organised Private Sector (OPS) and oil marketers have faulted the provision of a single regulator, the Nigerian Petroleum Regulatory Commission (NPRC), in the Petroleum Industry Governance Bill (PIGB) by the National Assembly.The Nation

NNPC plans to provide quality fuel

The Nigerian National Petroleum Corporation (NNPC) is working to ensure that only quality fuel is imported and produced in the country, NNPC’s Group General Manager, Public Affairs Division, Ndu Ughamadu, has said.The Nation

‘Nigeria’s oil output, others to hit 12m bpd’

Daily oil production from African countries, including Nigeria, has been projected to reach 12 million barrels per day (bpd) in the next few years.The Nation

Shareholders demand suspension of Oando management team

Shareholders of Oando Plc on Wednesday staged a peaceful protest in Abuja to demand the suspension of the management team of the company.Punch

27 states adopt Contributory Pension Scheme

Twenty-seven states have enacted statutory laws to adopt the Contributory Pension Scheme for their workers.Punch

FMDQ OTC admits N3.15bn LAPO MFB SPV bond

FMDQ OTC Securities Exchange has admitted on its platform, the first ever microfinance bank bond in Nigeria – the LAPO MFB SPV Plc Series 1 N3.15bn 17.75 per cent five-year Fixed Rate Senior Unsecured Bond under a N20bn bond issuance programme.Punch

240MW Afam III plant for inauguration next month

The Managing Director/Chief Executive Officer, Afam Power Plc, Olumide Obademi, has announced that the $186m Afam III Fast Power project will be ready for inauguration next month.Punch

Afriland Properties reports N1.02bn profit

Afriland Properties Plc has reported a profit after tax of N1.02bn for the year ended, December 31, 2017, representing 233 per cent increase compared to N307m reported in the corresponding period of 2016.Punch

BDCs partner NIBSS to automate operations

Bureau de change operators under the aegis of the Association of Bureaux De Change Operators of Nigeria are collaborating with the Nigeria Inter-bank Settlement System Plc to automate their operations for online real time returns rendition.Punch

Debts: Nestoil to sell some shares in Neconde’s OML 42 asset

The management of Nestoil, the oil service arm of the Obijackson Group, owned by Nigerian business mogul Dr. Ernest Azudialu, is to offload part of its shares in oil mining lease (OML) 42 in the Western Niger Delta, which is operated by Neconde Energy Limited, to pay its debts to banks.The Nation

Stakeholders move to ameliorate risk assest

Experts and stakeholders have converged on Lagos to find a solution to the problem of non-performing collaterised risk assets in banks, especially the mortgage. The meeting held under the aegis of the Chartered Institute of Bankers of Nigeria (CIBN),  in collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV).The Nation

FG grants LADOL port status

THE Federal Government through the Nigeria Customs Service, NCS, has granted the Lagos Deep Off Logistics, LADOL base a full port status with a view to generating more revenue.Vanguard

Naira depreciates further to N361/$ in I&E

The naira yesterday depreciated for the third time this week by 77 kobo to N361 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

State plans to pay farmers monthly for coffee deliveries

Coffee sector regulator has embarked on a plan that will pay farmers monthly for bean deliveries instead of the current six-month cycle that has left many producers struggling to meet their financial obligations.Business Daily

SA argues for exemption from Trump’s steel and aluminium tariffs

SA submits that its steel and aluminium exports to the US are such a small proportion of its total imports they do not pose a threat to US national securityBusiness Day

Orange Seeking Partnerships Rather Than Acquisitions in Africa

Orange SA is seeking to build partnerships in Africa rather than making major acquisitions or entering new markets as the French phone carrier focuses on its existing businesses in 21 countries on the continent.Bloomberg

Moody's Downgrades South Africa's Eskom Citing Lack of Clear Plan

Eskom Holdings SOC Ltd. had its credit rating downgraded by Moody’s Investors Service, which cited a lack of clarity regarding the South African power utility’s plans to stabilize its finances.Bloomberg

South Africa Central Bank's Rate Cut to 6.5% May Be It for Now

The South African Reserve Bank’s move to cut its benchmark lending rate to a two-year low may be the last loosening of monetary policy for a while.Bloomberg

Dirty Money in U.K. Property to Be Investigated by Lawmakers

British lawmakers opened an investigation into economic crime, citing estimates that more than 4 billion pounds ($5.6 billion) of property in the U.K. has been purchased with “suspicious wealth.”Bloomberg

GSK buys out Novartis in $13 billion consumer healthcare shake-up

GlaxoSmithKline is buying Novartis out of their consumer healthcare joint venture for $13 billion, taking full control of products including Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches.Business Daily