Morning Beats

Banks not impacting Nigerians, says Osinbajo

Vice President Yemi Osinbajo yesterday decried the low impact of commercial banks on the citizenry with no fewer than 40 per cent of the people under-banked. He spoke at the public presentation of the book “Banking Reform in Nigeria: the Law, the Prospects and the Challenges’’ written by a member House of Representatives Bode Ayorinde, in Abuja. ”It is perhaps accurate to say that for most Nigerians, banks have not really significantly impacted their lives or livelihoods. First, the under-bankedThe Nation

Executive Order boosts service delivery at airports

The implementation of  the Executive Order on  the Ease of Doing Business has boosted service delivery at airports. The Order, which okays passengers screening through a single window by security personnel, has saved turnaround time for airlines and passengers, reports KELVIN OSA OKUNBOR. Passenger facilitation at airports has assumed new dimensions, thanks to the implementation of the Executive Order on  the  Ease of Doing Business signed last May 18 by Vice President  Yemi Osinbajo.The Nation

CBN boosts forex market with $210m intervention

The Central Bank of Nigeria (CBN) yesterday injected $210 million into the inter-bank Foreign Exchange Market.  The intervention is in line with the apex bank’s quest to guarantee the availability of forex for customers’ needs in various segments of the market. Figures obtained from the CBN showed that that the regulator offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiringThe Nation

FBN Holdings in N5b off-market shares deals

Two deals were struck yesterday for the transfer of 1.11 per cent equity stake in FBN Holdings Plc valued at N5 billion. Two deals were struck for the exchange of 400 million ordinary shares of 50 kobo each of FBN Holdings at N12.50 per share. Transaction report obtained by The Nation showed that the deals were negotiated off-market deals, implying that the deals were consummated by the buying and selling investors ahead of the formal transfer at the Exchange.The Nation

NSIA, UFF to invest $26mn in integrated farming

The Nigeria Sovereign Investment Authority (NSIA) and UFF Agri Investment, is making an initial invest of $26 million in a farm which comprises a broad acreage of Maize and Soya beans farms integrated into a system of feed mills and storage silos.The Nation

Zenith Bank declares N84.8b dividend

The board of directors of Zenith Bank Plc yesterday announced that the bank will be distributing N84.8 billion to shareholders as cash dividend for the 2017 business year. The recommended payout represents 33.7 per cent increase on N63.42 billion paid for the 2016 business year.The Nation

-Fed Govt eyes N141b from mining sector

The Federal Government is eyeing a sectoral contribution of N141 billion from Minerals and Metals to the gross domestic product (GDP). This will be an increased contribution to the GDP, from N103 billion in 2015 to N141 billion in 2020, at an average annual growth rate of 8.54 per cent,The Nation

ntel: Etisalat’s exit hampering FDI, local lending

The Managing/Chief Executive Officer, ntel, Ernest Akinlola has lamented that the exit of Etisalat from the country has compounded funding in the telecoms sector as both foreign direct investment (FDI) and local lending  are stalled.The Nation

LIRS targets N1bn monthly consumption tax with ePayment

The Lagos State Internal Revenue Service (LIRS) has deployed an electronic payment remittance platform aimed at increasing monthly consumption tax revenue to N1 billion. Vanguard

Nigeria earns N3.8trn from crude oil, gas export in 3 months

Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS.Vanguard

Power sector records 230 systems breakdown in 8 years

DESPITE the fact that the nation’s natural gas reserves rose by 4.067 trillion cubic feet (tcf) from 187.998tcf in 2014 to 192.065tcf in 2015, the power sector continues to suffer various setbacks as it recorded 230 systems breakdown or collapses in eight years.Vanguard

FG, RMI to cut cost of electricity delivery by 60%

THE Federal Government through the Rural Electrification Agency, has entered into a partnership with the Rocky Mountain Institute, RMI, to bring down the cost of mini-grid-delivered electricity across the country by over 60 per cent.Vanguard

Fuel distribution to worsen as leadership tussle emerges in NUPENG

THERE are indications that the fuel scarcity in the nation may worsen following the emergence of leadership tussle in the National Union of Petroleum and Natural Gas Workers, NUPENG, whose members, especially tanker drivers, are involved in the distribution of petroleum products nationwide.Vanguard

Trade wars to cost global economy $470bn – Experts

The U.S. decision to impose tariffs on steel and aluminium imports may trigger trade wars, which could cost the world economy 470 billion dollars by 2020, warned Bloomberg economists on Monday.Vanguard

Wood, Dorman Long sign MoA on maintenance delivery in Gulf of Guinea

Wood and Nigerian-headquartered, Dorman Long Engineering Limited (Dorman Long),  have signed a memorandum of agreement (MOA) to jointly provide their maintenance services in the Gulf of Guinea.Vanguard

Ghana May Struggle to Repay Lenders for $1.3 Billion Cocoa Loan

Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator.Bloomberg

Other firms can now provide meters to power consumers – NERC

Power distribution companies do not have the sole responsibility of providing meters to electricity consumers anymore, the Nigerian Electricity Regulatory Commission declared on Monday. According to NERC, a new regulation, unveiled on Monday, has now introduced another class of operators in the power sector called Meter Asset Providers. The Commissioner, Legal, LicensingPunch

VBS fallout: Vele chairman Tshifhiwa Matodzi quits

Vele is VBS’s largest shareholder at 53%, ahead of the Public Investment Corporation   and Dyambeu InvestmentsBusiness day

Gas flaring increased by 17.5% last year – NNPC

The total volume of natural gas flared by oil and gas companies in the country rose by 17.46 per cent year-on-year to 287.59 billion standard cubic feet in 2017. Latest data obtained from the Nigerian National Petroleum Corporation on Monday showed that gas supply last year only increased by 8.1 per cent to […]Punch

FG asks Lagos-Ibadan railway contractor to work day, night

The Federal Government has advised the contractor handling the 150-kilometre Lagos-Ibadan railway project, China Civil Engineering Construction Corporation, to work day and night to avoid extending its delivery date beyond December this year.Punch

Central Banks Are Looking for New Ways to Meet Inflation Targets

With so many central banks failing to hit their inflation targets, some are considering changes to the tool kits they use to steer their economies.Bloomberg

MTN Seeks to Cash In on IPO of Africa's Biggest Tower Company

MTN Group Ltd. could cash in from an initial public offering of Africa’s largest telecommunication-towers company by selling a stake valued by the wireless carrier at about 27 billion rand ($2.3 billion).Bloomberg