Morning Beats

BoI disburses N362m to 75 MSMEs in Benue

The Bank of Industry (BoI) has presented N362 million cheque to the first batch of beneficiaries of the N2billion-Micro Small and Medium Enterprises (MSMEs) development fund in Benue State. It has also granted N1.5billion direct funding to 28 businesses.The Nation

AMCON lauded for reviving Delta Steel Company

The Governor of Delta State, Ifeanyi Okowa and the Minister of Solid Minerals, Kayode Fayemi on Friday commended the role Asset Management Corporation of Nigeria (AMCON) played in the resuscitation of Delta Steel Company Limited, now Premium Steel and Mines Limited.The Nation

Diversification will bring more benefits, says Guinness MD

The ongoing efforts to diversify the economy from dependence on crude oil will enhance national development and create more opportunities for Nigerians, Guinness Nigeria Plc Managing Director, Mr Peter Ndegwa, has said.The Nation

NAICOM: insurance firms must consolidate

There is an urgent need for insurance firms in the country to consolidate, the National Insurance Commission (NAICOM) has said. Commissioner for Insurance, Mohammed Kari who spoke while addressing insurance operators at the Nigerian Council of Registered Insurance Brokers (NCRIB) Members Evening in Lagos yesterday, said aside from the underwriters, all other insurance operators especially brokers would also need to consolidate.The Nation

Nestle Nigeria declares N33.7b dividend as profit rises by 326%

The board of directors of Nestle Nigeria Plc at the weekend announced that the food giant have earmarked N33.7 billion for distribution to shareholders as cash dividend for the 2017 business year.The Nation

High-cap stocks sustain equities’ rally with N35b gain

There were more losers than gainers yesterday at the Nigerian Stock Exchange (NSE) but gains recorded by highly capitalised stocks moderated the losses and rallied the overall market position to a net capital gain of about N35 billion.The Nation

PenCom yet to implement transfer window law

Contributors cry out Fourteen years after the commencement of the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) is yet to open the transfer window platform that will enable pension contributors and retirees change their Pension Fund Administrator (PFA) when they feel dissatisfied with service rendered.The Nation

Smile seeks process review of 9mobile’s sale

Reserve bidder for the acquisition of 9mobile, Smile Telecoms Holdings Limited, has described as tardy, the manner in which Barclays Africa, the financial advisor handling the sale of the telco,  handled the transaction.The Nation

Foreign, local firms intensify competition for hair relaxer market

The battle for market share in the relaxer segment of the haircare market has pitched local and foreign products with local presence alongside imported brands for competition for top position in the market.Vanguard

Pensioners beg CBN governor for upward review of benefits

CENTRAL Bank of Nigeria, CBN, pensioners have petitioned Governor of CBN, Mr. Godwin Emefiele, pleading with him to expedite action on payment of their benefits, as contained in the two-point agreement reached on March 1, 2017 between management and pensioners.Vanguard

Cargo traffic up by 1.5% in 2017— NBS

The volume of economic activity through the nation’s sea ports improved marginally in 2017 as a total of 71.9 million metric tonnes of cargoes was recorded during the year as against 70.82 metric tonnes in 2016, representing an increase of 1.5 percent.Vanguard

Viathan Funding lists N10bn power bond at FMDQ platform

Viathan Funding Plc, yesterday listed its Series 1 ¦ 10.00 billion 16.00% 10-year Senior Guaranteed Fixed Rate Bond (the Viathan Bond or the Power Bond) under its ¦ 50.00 billion  Bond Issuance Programme, on the Financial Market Derivative Quote, FMDQ OTC Securities Exchange.Vanguard

FG ‘agrees’ to pay oil marketers N650bn subsidy arrears

Oil marketers have said that they have reached an agreement with the federal government on the payment of an outstanding N650 billion subsidy.Vanguard

FG to prosecute tax offenders through special courts … identifies 130,000 high profile tax evaders

The Federal Government will from April 1 this year start the prosecution of tax defaulters who fail to take advantage of the nine-month amnesty window provided by the Voluntary Assets and Income Declaration Scheme.Punch

Power firms sue FG over alleged discriminatory practices

Power generation companies in the country have dragged the Federal Government before the Federal High Court in Abuja over what they termed discriminatory practices against their interest and that of their gas suppliers.Punch

Nigeria can access £750m infrastructure funding – UK agency

The United Kingdom’s Department for International Trade has said it has the ability to support infrastructure projects in African countries, including Nigeria, with lending and guarantees.Punch

Nigeria can’t regain lost US oil export market –Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigeria has forever lost the United States as a significant crude export market.Punch

NNPC’s crude, gas export receipts rise by N84.46bn

The crude oil and gas export receipts of the Nigerian National Petroleum Corporation increased by $275.14m (N84.46bn at N307 to a dollar) in December 2017, the oil firm announced in its latest monthly financial and operations report released on Tuesday.Punch

SEC directs forensic auditors to resume Oando probe

The Securities and Exchange Commission on Tuesday directed the forensic auditors it appointed to resume the probe of Oando Plc based on petitions from shareholders of the company.Punch

Seplat scales up to NSE’s premium board

Seplat Petroleum Development Company Plc will become the seventh company on the premium board of Nigerian Stock Exchange (NSE). Authorities at the Exchange at the weekend indicated that they have approved the migration of Seplat-Nigeria’s only quoted oil exploration company- from the main board to the top-rated premium board.The Nation

Analysts see February inflation rate declining to 14.75%

February inflation figure is likely to drop to 14.75 per cent from 15.13 per cent in January, analysts at Financial Derivatives Company Limited said yesterday. The analysts said they are expecting a sharp fall in year-on-year headline inflation to 14.75 per cent for February 2018, after a steep decline from January’s inflation of 15.13 per cent.The Nation

UACN lists 960.4m rights shares

UAC of Nigeria (UACN) Plc at the weekend listed a total of 960.43 million ordinary shares of 50 kobo each, adding about N16.4 billion to the market capitalisation of the conglomerate.The Nation

Airtel steps up price war with post-paid tariff plan

Airtel Kenya has announced new post-paid tariff plans, stepping up the battle for customers in the telecommunications market.Business Day Kenya

EABL eyes 4,000 new bars for Kisumu plant

Beer maker EABL  says its Sh15 billion Senator Keg brewery in Kisumu will require at least 4,000 new bars to be opened in western Kenya for it to operate at optimal capacity.Business Day Kenya

Regulator warns on fake fuel additives

Dubious businesspeople are cheating consumers of millions of shilling through the sale of suspect technology they claim to be energy saving but do not meet the set quality standards, the competitions regulator has warned.Business Day Kenya

Strict new rules cut Kenyan tea sales to Pakistan by half

Kenya’s tea exports to top buyer Pakistan dropped by half or Sh3.7 billion in January compared to the same month last year as stringent rules on aflatoxin tests depressed sales.Business Day Kenya

No interim dividend from MMI, which elects to buy back shares instead

Shareholders of insurance group MMI will not receive an interim dividend for the six months to end-December.Business Day

SA’s economy ended the year on a strong note — and the recession never happened

Economic growth accelerated for the first time in four years in 2017, with continued strong recovery in agriculture, giving weight to Finance Minister Nhlanhla Nene’s statements that growth forecasts will probably be revised upwards.Business Day

Senegal Attracts Almost $10 Billion in Eurobond Bids

Senegal attracted almost $10 billion of bids in an issuance of more than $2.2 billion of Eurobonds as African governments continue to attract a lot of demand for their debt, according to a person familiar with the matter.Bloomberg