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Fowler seeks autonomy for state tax agencies THE Chairman, Joint Tax Board (JTB), Mr. Tunde Fowler, yesterday, advised state governors to empower State Internal Revenue Services (SIRS) by making them autonomous. The Nation NCC warns telcos against sharp practices The Nigerian Communications Commission (NCC) has warned telcos against practices that inflict pains on their subscribers. The Nation Publish vehicles charges, importers urge Customs How much does it cost to clear a vehicle at the ports? This is the question terminal operators, importers and Nigerians in Diaspora are demanding an answer to from the Nigeria Customs Service (NCS). The Nation NPA MD seeks infrastructure development Nigeria can become a hub of maritime operations in West and Central Africa by developing port infrastructure and facilities, Nigerian Ports Authority (NPA) Managing Director, Ms Hadiza Bala Usman has said. The Nation Govt’s funding pushes transmission capacity to 10,000Mw Fol

Shareholders recapitalise Goldlink Insurance with N3.3b THE shareholders of Goldlink Insurance Plc has   approved the re-capitalisation of the firm. The approval to raise N3.3 billion capital through right issue was given during the 20th Annual General Meeting (AGM) of the company for   the financial year ended December 31, 2015, The Nation Flour Mills concludes N39.9b capital raising Flour Mills of Nigeria Plc recorded full subscription to its recent N39.9 billion rights issue, increasing the equity base of Nigeria’s largest flour-milling conglomerate. The Nation Foreign investors’ Q1 stakes on equities up by 80.9% Foreign investors almost doubled their stakes on equities in the first quarter. Foreign Portfolio Investors (FPIs) report for the first quarter ended March 31 showed that transactions by foreign investors grew by 80.9 per cent to N381.82 billion in first quarter compared with N211.06 billion recorded in corresponding period last year. The Nation Fuel pric

Diamond Bank sells UK subsidiary Diamond Bank Plc has signed a preliminary agreement to sell its United Kingdom (UK)’s banking operations, Diamond Bank UK, in another major divestiture aimed at narrowing down the commercial bank’s operations to its domestic Nigerian market. The Nation N216b subsidy: Senate seeks sanction against NNPC officials The Senate yesterday resolved to demand sanction against officials of the Nigerian National Petroleum Corporation (NNPC) involved in illegal payment of fuel subsidy in 2017. The upper chamber said over N216.9 billion was frittered away by NNPC officials under the guise of payment for oil subsidy The Nation FGN April bonds oversubscribed by 292% The Federal Government of Nigeria (FGN) April 2018 Bond issued to raise funds to implement the 2018 budget was oversubscribed. A statement from the Debt Management Office (DMO) said the bond was oversubscribed by 292 per cent. The Nation NCC remits N49.7b to govt in Q1 In complian

TCN: Power sector system collapse imminent The Transmission Company of Nigeria ((TCN), yesterday warned about the imminence of another system collapse as a result of the volume of idle power waiting for evacuation. The Nation SEC begins talks with MTN Group on $500m public offer The Securities and Exchange Commission (SEC) yesterday confirmed that MTN Group had commenced discussions with it on its proposed $500 million Initial Public Offering (IPO). The Nation FBN Holdings grows assets by 10.5% to N5.2tr FBN Holdings Plc yesterday announced its audited results for the full year ended December 31, 2017, which showed that its total assets grew by 10.5 per cent to N5.2 trillion. The Nation Shareholders approve N459b capital raising for Access Bank Shareholders of Access Bank Plc yesterday authorised the board of directors of the bank to raise up to $1.5 billion or N459 billion in new debt issue. The Nation FAAC postpones meeting again The Federation Account All

Dangote exports 211kt cement to three African countries Dangote Cement for the first quarter exported a total of 211 kilotons of cement to Ghana, Togo and Niger. The company’s volume in Nigeria also increased significantly by 5.3 per cent to nearly 4 million tons for the period under review The Nation Shareholders approve new name for Custodian and Allied Shareholders of Custodian and Allied Plc yesterday approved a change of the group’s name to Custodian Investment Plc in a strategic move to align the brand name with the enlarged business outlook of the group. The Nation Lagos Q1 IGR hits N103.4b Capital expenditure takes N93b The Lagos State government yesterday said its internally generated revenue (IGR) for the first quarter (Q1) of this year stood at N103.476billion, as against N96.7billion recorded in the previous year. The Nation Airtel’s profit falls by 78% India’s largest private telecom firm, Bharti Airtel, yesterday reported its lowest quarterly net

Nigeria, others lose $3.5b to cyber crime Nigeria, Tanzania, Ghana, Kenya and Uganda – together lost $3.5 billion to cyber crooks last year, a cyber security firm Serianu, has said. The Nation CWG eyes New York listing The Chief Executive Officer, CWG Plc, Mr. James Agada yesterday said the management of the firm has designed a roadmap that would eventually lead to its cross-listing in either New York, London or NASDAQ. The Nation UBA targets higher returns as shareholders get N29.1b dividend Directors of United Bank for Africa (UBA) Plc yesterday assured that the bank will continue to improve its performance as shareholders unanimously approved the distribution of N29.1 billion as cash dividend for the 2017 business year. The Nation World Bank Group’s shareholders back $13b capital package The World Bank Group’s shareholders yesterday endorsed a $13 billion paid-in capital increase and   a series of internal reforms. The Nation Crown Flour Mill set to boost

Portfolio Institute signs MoU with CISI Portfolio Management Institute (PMI) Nigeria, has signed an agreement with Chartered Institute for Securities and Investment (CISI), United Kingdom (UK). The Nation ‘Ability to support risk assets vital to banks’survival’ THE ability to support risk-as-set creation in the real sector will differentiate winners from losers in the banking industry over the next three years, a report by the leading research houses in Nigeria, Coronation Research has said The Nation Guinea grows shareholders’ fund by 16% Guinea Insurance Plc has achieved an increase in shareholders’ fund as it recorded N3.4 billion in its 2017   financial year end. The Nation Tripple Gee eyes growth with new anti-counterfeiting solution Tripple Gee & Company Plc will this week launch an anti-counterfeiting solution aimed at boosting the business of the security printing company. The Nation Fictitious investors get September 30 deadline to claim shares Inve

The Market lost three days out of the five days trading session third week in April. This was inevitable as a total of five companies were mark down for benefits earlier declared. The leader among them being Dangote Cement. However, the Market had started reacting to Q1 2018 results released so far to the public. We expect this to play a major role in the volatility of the Market as we expect  more to come in as we approach the deadline day. Gtbank, Zenith Bank, UCAP, Afriprude Transcorp Hotel and Guinea Insurance all made their Q1 result public during the week under review. The All Share index lost (0.28%) to close the week at 40,814.89. This brought the year to date return of the ASI to 6.72%. EQUITY A total turnover of 3.008 billion shares worth N30.296 billion in 24,036 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.415 billion shares valued at N19.644 billion that exchanged hands last week in 20,659 deals. ETPs Also tr

Move FIIRO to next level, DG tells new Board The dream of Federal Institute for Industrial Research Oshodi (FIIRO) to drive industrial and economic growth in the country received a boost recently in Lagos as the new Governing Board of Directors led by Ibrahim Gwarzo promises maximum support to grow the institution. The Nation Nigeria’s debt level under control – Adeosun tells IMF In spite of the warning by the International Monetary Fund (IMF) that debt levels in African economies were rising, Minister of Finance, Mrs Kemi Adeosun on Friday said Nigeria’s debt level was still sustainable and under control. The Nation Global Crude Oil outlook Oil prices rose Thursday to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, with reports that, top exporter, Saudi Arabia is seeking to push oil prices higher. Vanguard Trump’s Oil Rant Misses New Reality: High Prices Can Help, Too President Donald Trump may have a pro