Morning Beats

CBN must contain rising banking sector risks, says IMF …seeks more ambitious tax reforms, increase in excise duties

The International Monetary Fund on Wednesday called on the Central Bank of Nigeria to contain rising banking risks in the country, while also commending the regulator for its recent decision to stop weak banks from paying dividends to shareholders.Punch

VAIDS: 262 Nigerians paid N20bn in eight months, says Fowler

A total of N20bn has so far been realised from 262 taxpayers who have declared their assets under the Voluntary Assets and Income Declaration Scheme by the Federal Government.Punch

External reserves hit $43.2bn, says CBN

The nation’s external reserves hit $43.2bn on March 6, 2018, data obtained from the Central Bank of Nigeria showed on Wednesday.Punch

Govt eyes N300bn revenue from dairy sector

The Federal Government said it would put in place the right infrastructure and technology to enable the diary sector generated an annual revenue of N300bn.Punch

Indonesia eyes more Nigerian crude oil

Indonesia had expressed its desire to buy more crude oil from Nigeria, the Nigerian National Petroleum Corporation announced on WednesdayPunch

EKEDC seeks payment of security agencies’ power debts

The Managing Director/Chief Executive Officer, Eko Electricity Distribution Companies, Mr. Adeoye Fadeyibi, has said the huge outstanding electricity bills of the police, armed forces, other security agencies and Ministries, Departments and Agencies have made it difficult for the company to meet all the demands of customers.Punch

PENGASSAN tackles indigenous oil firms on local content

The Petroleum and Natural Gas Senior Staff Association of Nigeria has alleged that Nigerian indigenous companies operating in the oil and gas industry violating established global labour laws and, in particular, the laws of the country.Punch

‘Oil price rise’ll boost logistics business’

The Managing Director/Chief Executive Officer, Fortune Global Shipping & Logistics, Mr. Eric Opah, has said the oil and gas logistics subsector in Nigeria will receive a boost from the recent rally in global oil prices.Punch

NESF investors to get 100% rise in coupon

Noteholders in the Nigeria Energy Sector Fund, a closed-end investment vehicle quoted on the Nigerian Stock Exchange, are to receive a coupon payment of N102 per note for the financial year ended March 31, 2017.Punch

Africa raises $9.1bn from IPOs in five years –PwC

The African continent through its capital markets raised a total of $9.1bn from Initial Public Offerings of companies on its stock exchanges between 2013 and 2017. For 2017 alone, its IPO proceeds stood at $2.9bn.Punch

SEC extends e-dividend registration deadline to March 31

The Securities and Exchange Commission has extended its free e-dividend registration deadline to March 31, the News Agency of Nigeria learnt on Wednesday.Punch

African Guarantee Fund, GuarantCo plan $74m guarantee for SMEs

The African Guarantee Fund for small and medium-sized enterprises (AGF) said it has entered into a re-guarantee transaction of an amount of up to $74 million with GuarantCo, to increase its guarantee capacity for SME financing in Africa.Vanguard

DPR sanctions 31 filling stations selling above N145/L in Lagos

THE Department of Petroleum Resources, DPR, in Lagos and Oyo State chapter, went tough on some independent marketers who were selling fuel above approved pump price of N145, sealing up 31 outlets in February 2018.Vanguard

Nigeria’s economic recovery still fragile – IMF

At the backdrop of several  statistical releases by the National Bureau of Statistics, NBS, in recent times indicating a sustained recovery of the economy from recession, the International Monetary Fund, IMF, has warned that the recovery path was fragile while the banking sector is threatened by increasing Non-Performing Loans, NPLVanguard

CIS confirms stockbrokers’ readiness to trade in commodity, futures contract

The Chartered   Institute of Stockbrokers, CIS, has said that stockbrokers have the skills and competencies required to trade in commodity and futures contracts. Vanguard

Naira appreciates to N360.17/$ in I&E

The Naira Wednesday appreciated for the first time this week by 28 kobo to N360.17 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

Eni, FAO seal deal on access to water

Italian oil firm Eni and the Food and Agriculture Organisation (FAO) have signed an agreement to foster access to safe and clean water in Nigeria. The two organisations have started drilling boreholes for domestic use and irrigation.The Nation

Energy Centre deploys over 20,000 solar systems

Renewable Energy Centre, Asteven Group, has deployed over 20,000 solar home systems to some communities, the Managing Director/Chief Executive Officer, Sunny Akpoyibo, has said.The Nation

Sub-Sahara Africa oil, gas’ll complement industry value

Group Managing Consultant and Chief Executive Officer, Sub-Sahara Africa Upstream Oil and Gas Summit and Exhibition and Invest Africa Energy, Dapo Ayoola, said the Sub-Sahara Africa Upstream Oil and Gas Summit and Exhibition was created as a clearing house for oil and gas practitioners, investors and all who support the value chain process.The Nation

NNPC eyes $15 per barrel crude production

The Nigerian National Petroleum Corporation (NNPC) is  expecting the cost of producing crude oil to drop from $20 to $15 per barrel soon.The Nation

American equity firm stakes N77b on Resort Savings

Milost Global Inc-an American private equity firm is staking $250 million, about N76.5 billion, on Resort Savings & Loans Plc in another major acquisition after the American firm entered into a binding commitment to invest $350 million in Japaul Oil & Maritime Services.The Nation

Nigeria gas reserves up by 4.067tcf, says report

Nigeria‘s natural gas re-serves have risen by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the Nigerian Natural Resource Charter (NNRC) has said.The Nation

Equities relapse with N236b loss

After three consecutive positive trading sessions, Nigerian equities witnessed a major contraction yesterday as investors sought to monetise gains on large-cap stocks. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 1.51 per cent, equivalent to net capital loss of N236 billion.The Nation

Coca-Cola to launch alcoholic drink

soft drinks giant Coca-Cola says it is planning to produce an alcoholic drink for the first time in the 125 years of its existence. In September, the West African arm of the company had announced plans of spending $600 million on expanding its production lines. The president of the West Africa operation at Coca-Cola, Peter Njonjo, had said the company wants to be a total beverage company and reduce reliance on carbonated soft drinks.The Nation

Nigeria loses $380b to capital flight

Before the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, most fabrications, engineering, and procurements in the oil and gas industry were done abroad, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote, has said.The Nation

BAT share price tumbles to lowest since 2015 after profit fall

BAT Kenya’s  share price has fallen to a two-and-a-half year low at the NSE following the announcement of a decline in profit and dividend for the full year ended December 2017.Business Day Kenya

CMA on the spot again as Express Kenya ban lifted

The Nairobi Securities Exchange (NSE)  has lifted its suspension of Express Kenya  after the company became the subject of a buyout bid, leaving investors at a crossroads.Business Day Kenya

Standard Bank’s earnings growth puts it in first place among big four

The JSE’s second-largest bank by market capitalisation also beat its peers in terms of dividend growth, its payout to shareholders increased 17% from the previous yearBusiness Day

Kenya Says French Companies to Invest $10 Billion in 12 Projects

French companies plan to invest more than $10 billion in 12 Kenyan projects spanning the manufacturing, energy, agriculture and technology industries, President Uhuru Kenyatta said.Bloomberg