Morning Beats

Stock Exchange delists two firms

African Paints, Afrik Pharmaceuticals fail governance test The Nigerian Stock Exchange (NSE) has delisted African Paints (Nigeria) Plc and Afrik Pharmaceuticals Plc from the secondary market, ending more than two decades of public quotation for the ailing firms.The Nation

MTN, Ecobank to deepen African mobile financial services

MTN Group and Ecobankhave come together in a partnership aimed at providing mobile financial services across the various African countries where they currently operate.The Nation

PenCom addressing pension delay, others

The National Pension Commission (PenCom) is addressing the challenges of delay in payment of retirement benefit to Federal Government retirees under the Contributory Pension Scheme (CPS), Director and Head, Corporate Communications Department, Peter Aghahowa has said.The Nation

Oil prices jump 2% on waning trade war

Crude prices rallied for the second day in a row yesterday, as appetite for riskier assets improved after a speech by Chinese President Xi Jinping eased concerns about a trade conflict between the United States and China.The Nation

‘Nigerian investment outlook remains promising’

Nigerian economy will maintain a positive growth trajectory that will enhance corporate performance and deliver better returns to investors in the next three quarters.The Nation

NCC, CBN sign MoU on payment system

The Nigerian Communication Commission ( NCC ) and the Central Bank of Nigeria ( CBN ) on Tuesday in Abuja signed a Memorandum of Understanding ( MoU ) on payment system.The Nation

DMO lists N100bn sovereign sukuk on NSE, FMDQ

The Debt Management Office, DMO, yesterday listed the N100 billion sovereign  sukuk  bonds, simultaneously on the Nigerian Stock Exchange, NSE and the FMDQ Securities Exchange Plc.Vanguard

GTBank shareholders move against AMCON’s continuity plan

Shareholders of Guaranty Trust Bank Plc, GTB, yesterday, moved against the proposed plan to elongate the existence of Asset Management   Corporation of Nigeria, AMCON, from the initial 10 years plan as stated by the Act establishing it, saying it has outlived its usefulness. Vanguard

Tin-can Customs records 24% increase in Q1’18 revenue collection

THE Tin-Can Island Customs Command of the Nigeria Customs Service, NCS, recorded a 24 percent increase in its revenue Vanguard

NSE: Activity revs up on renewed interest in industrial goods stocks

Activity revved up by marginal 0.17 percent on the Nigerian Stock Exchange, NSE, Tuesday following renewed interest in industrial goods stocks by investors.Vanguard

Preferred bidder makes $50m down payment for 9mobile

The preferred bidder for 9mobile, Teleology Holdings Limited, has paid the sum of $50m, being the non-fundable 10 per cent of the bid price required to keep its interest alive in taking over Nigeria’s fourth largest mobile operator.Punch

Abacha loot: FG confirms receipt of $322.5m from Switzerland

The Federal Government on Tuesday confirmed the repatriation of the sum of $322.5m to Nigeria by the Swiss Government as part of funds looted by the late former military Head of State, Gen. Sanni Abacha.Punch

14 rice mills to attract N250bn investment –FG

The 14 new rice mills being expected in Nigeria in few weeks’ time will attract N250bn worth of investments to the sector, the Federal Government has said.Punch

Committee report on 2018 budget ready next week – Saraki

President of the Senate, Bukola Saraki, has said the Committee on Appropriations is expected to present a harmonised report on the 2018 Appropriation Bill next week.Punch

MTN pushes ahead with listing in Nigeria

MTN Group Limited on Tuesday said plans for an initial public offering of its Nigerian business this year were well advanced.Punch

Private sector business conditions improved in March – Report

Private sector business conditions in Nigeria improved at an unparalleled rate in March, led by record growth in new orders, employment and stocks of purchases, a Stanbic IBTC Bank’s report said on Tuesday.Punch

Lafarge posts N34bn pre-tax loss for 2017

Lafarge Africa Plc posted a loss before tax of N34.03bn in the year ended December 31, 2017, compared to a N22.8bn loss in 2016.Punch

OPEC upstream oil, gas investment hits $156bn

About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in theGuardian

Nigeria, others to benefit from Japan’s $5.2m support for UNIDO projects

Nigeria and seven other countries are expected to benefit from $5.2 million contribution from the Government of Japan to support projects implemented by the United Nations Industrial Development Organization (UNIDO) in the selected countries.Specifically, other beneficiaries include Ethiopia, Iraq, Jordan, Lebanon, Liberia, Somalia and the Syrian Arab Republic.Guardian

NNPC, Shell, others to invest $25.3b in oil, gas upstream

Capital expenditure (capex) into oil and gas upstream in Nigeria will hit $25 billion in the next three years.A research body, Globaldata, revealed that the country would add at least $8.4 billion per year on 249 oil and gas fields from 2018 to 2020.Guardian

South Africa Growth Could Pick Up Faster Than Expected, Reserve Bank Says

South Africa’s economic growth could pick up faster than forecast if the right structural reforms are implemented, the Reserve Bank said.Bloomberg

Kenya Should Rethink Fiscal-Consolidation Plan, World Bank Says

Kenya may need to recalibrate its fiscal-consolidation plans if it’s to see economic growth rebound from a five-year low in 2017, the World Bank said.Bloomberg

Shelter Afrique seeks bondholders’ help to avoid default

Shelter Afrique will seek permission from the holders of a bond it issued in 2013 to reschedule payments as part of a planned restructuring of a Sh13 billion debt.Business Daily

Aton confirms cash bid but M&R resists R6.7bn valuation as too low

Aton has confirmed a cash bid for all of Murray & Roberts, but the JSE-listed engineering group is still urging its shareholders to reject the R15 a share offer from the German family investment company, saying it materially undervalues the firm.Business Day