Morning Beats

We won’t spend money on Ajaokuta again – FG

The Federal Government on Thursday said it would not repeat the mistake of the former President Olusegun Obasanjo’s administration on the Ajaokuta Steel Complex in Kogi State.Punch

FG set to resell Yola Disco, Afam Power

The Federal Government is set to offer two key power firms, Yola Electricity Distribution Company and Afam Power Plc, for sale to new core investors, investigation has shown.Punch

FG to complete N16bn road projects in Kwara

The Federal Government has promised to complete three major road projects in Kwara State, estimated to cost a total of N16.1bn before end of May 2019.Punch

Vitafoam eyes higher earnings, to leverage subsidiaries

Foams and allied products manufacturer, Vitafoam Nigeria Plc, is looking at growing future earnings by leveraging its various subsidiaries.Punch

Flour Mills subsidiary to unveil N50bn sugar estate

Leading agro-allied firm, Flour Mills of Nigeria Plc, has announced plans to open its N50bn sugar estate, the Sunti Golden Sugar Estate.Punch

CAC aims to register companies in two hours

The Corporate Affairs Commission has said it is working to ensure the completion of company registration in two hours starting from December this year.Punch

GTBank, Unilever, Stanbic IBTC drive stocks’ rebound

The Nigerian equities market returned to a N50bn gain on Thursday, spurred by upticks in Guaranty Trust Bank Plc, Unilever Nigeria Plc and Stanbic IBTC Holdings Plc’s shares.Punch

Piracy: PFSO urges FG to increase security for Egina

Port Facility Security Officers, PFSO , yesterday, called on the Federal Government to re-enforce security at the ‘M. T. Egina’ with a   view to protecting the investments in the facility, against the backdrop of porous state of security on the nation’s coastal and territorial waters.Vanguard

ERGP Focus Labs to boost economic diversification — FG

The Federal government says the proposed Economic Recovery and Growth Plan (ERGP) Focus Labs will focus on moving the economy away from an oil-dependent and fragile economy to a strong, diversified and inclusive one.Vanguard

Glut looms as buyers reject Nigerian crude

Nigeria’s oil supply to the international market is facing glut as ample supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude, traders said. This is coming as Angola launches big oil block.Vanguard

FIIRO eyes five million jobs yearly

The Federal Institute of Industrial Research Oshodi (FIIRO) has unveiled an action plan to fight unemployment. It aims to create over five million jobs yearly. Its Director-General, Prof Gloria Elemo told The Nation that the package was designed to stimulate economic activities through processing and value addition to raw materials of relative advantage in each of the 774 Local Government Areas (LGAs).The Nation

CBN grants payment solution service approval to Cellulant

The Central Bank of Nigeria (CBN) has issued an approval in principle to Cellulant Nigeria Limited to operate as a Payment Solution Service Provider in Nigeria having satisfied the stringent requirements of the CBN.The Nation

NECA: budget passage delay is dangerous

The Nigeria Employers’ Consultative Association (NECA) has expressed displeasure over the National Assembly’s delay in the passing  the 2018 budget. Its President, Mr. Larry Ettah, said at the end of its Governing Council meeting in Lagos, that the development could drag the nation into a state of inertaia.The Nation

Cautious optimism over proposed ban on palm oil import

Prompted by the need to boost local production and halt the huge import bill for palm oil, valued  at N116.3 billion in 2017, the National Assembly has renewed the push to ban the importation of palm oil and its allied products.The Nation

Govt, stakeholders to deliberate on banking reform

Top government officials and stakeholders in the economy will on Monday, March 12, converge at the International Conference Centre, Abuja, to unveil a book meant to chart the way forward to revamp the banking sector.The Nation

NAICOM takes over UNIC Insurance

The National Insurance Commission (NAICOM) on Thursday took over UNIC Insurance Plc. The take over is coming on the heels of the Commission’s drive to sanitise the sector and ensure safety of policyholders investment in the sector.The Nation

Finance, retail sectors churn out new millionaires

Kenya’s retail and finance sectors braved a turbulent political season and tough economic times arising from prolonged drought to produce the highest number of new dollar millionaires, a newly released wealth report says.Business Day Africa

MTN to revisit financial services in SA

After pulling the plug on its mobile money business in SA in 2016, MTN wanted to have another crack at financial services in its home market, CEO Rob Shuter said on ThursdayBusiness Day

Deal with IMF set to raise cost of loans

The government has promised the IMF a repeal of the interest rate capping lawBusiness Day Africa

Ghana Wants to Shake Up the Way It Collects Taxes

Ghana wants to shake up the way it collects tax with the International Monetary Fund telling the government that it’s not raising sufficient income.Bloomberg