Morning Beats

Nigeria’s foreign reserves hit $46.2b

Nigeria's foreign exchange reserves gained 8.8 per cent as of March 28, to $46.2 billion compared to same period in February 2018, according to data from the Central Bank of Nigeria (CBN).The Nation

More burdens for telcos

Despite persistent hues and cries of telcos in Nigeria, there appears to be no end in sight to their woes. The Nation

Fix rates for banks, expert advises as MPC meets

A financial expert has advised the Central Bank of Nigeria (CBN) on how to manage interest rates as the Monetary Policy Committee (MPC) holds it first meeting this year.The Nation

Capital market: Stockbrokers lament impact of delay in MPC meeting

As the much-delayed meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) gets underway today, stockbrokers have assessed the negative impacts of the delay on the activities in the Nigerian capital market. Vanguard

Nigeria to get 25% of $194bn upcoming oil, gas projects in Africa — GlobalData

DEARTH of investments in the oil industry may soon be a thing of the past if the report of GlobalData, London-based data and analytics company is anything to go byVanguard

Shareholders approve Med-View Airline recapitalisation plan

Shareholders of Med-View Airline Plc, have approved proposed plan by its Board of Directors to recapitalise the company. Consequently, the shareholders unanimously ratified all resolutions presented by the Board at the Annual General Meeting, AGM, in Lagos last week.Vanguard

‘NPA generated over $160m at Rivers port in two years’

The Nigerian Ports Authority (NPA) generated over $160 million and N2.5 billion from the Rivers port between 2016 and last year, it was learnt. A senior official of the Federal Ministry of Finance (FMoF) told The Nation that the revenue excludes terminal operators’ “huge debts” to the NPA.The Nation

Paystack,Truecaller deepen online payments

Paystack has partnered with Truecaller to allow more merchants across Africa accept payments online in secure mannerThe Nation

Hyundai to build 15 LPG tanks for Dangote refinery

Hyundai Heavy Industries is set to construct 15 bullet tanks for the storage of liquefied petroleum gas (LPG) at Dangote Oil Refining Company, Africa’s largest refinery.Vanguard

Delayed Budget: Don’t expect much in Q2, says Economist

An economist, Prof. Sheriffdeen Tella, on Monday advised Nigerians not to expect much from the nation’s economy in the second quarter following continue delayed in the passage of 2018 budget.Vanguard

Four power plants begin operations in two months

About four power generation plants that are capable of adding 1,262MW of electricity to the power grid are primed to commence operations in the next two months, operators of the facilities have disclosed.Punch

Couples can use pension savings for joint mortgage loans – PenCom

Married partners, who have Retirement Savings Accounts with Pension Fund Administrators, will be allowed to use their savings to apply for joint mortgage loans under the Contributory Pension Scheme.Punch

FG makes N1.27tn from operating surpluses in 10 years

The Federal Government has made a total of N1.27tn from the payment of operating surpluses by its agencies in the 10 years of operation of the Fiscal Responsibility Act, investigation has shown.Punch

Nigeria to export 1,540MW of electricity in 2025

Export of electricity to two neighbouring countries, Niger and Benin Republics, from Nigeria is expected to increase to 1,540 megawatts by 2025 from 387MW in 2020, according to a document seen by our correspondent.Punch

Financial services industry contributes 66.44% to equity volumes

The financial services industry (measured by volume) led the activity chart of the Nigerian Stock Exchange last week with 1.024 billion shares valued at N10.946bn traded in 11,019 deals.Punch

Failed Bank Buyout Deal Shows Perils of Investing in Nigeria

It looked like a done deal between a Nigerian bank in need of funding and a U.S. private-equity firm keen to stump up the cash. But even after contracts were signed it fell apart, showing how tough the African nation can be for investors.Bloomberg

UK financial firm BlockBank to open office in Nairobi

A United Kingdom-based block chain financial institution, that partly uses bitcoin in transactions, is set to open an office in Nairobi.Business Daily

Nigeria, others to spend over $811 billion on oil, gas fields

Nigeria and other countries across the world will spend about $811 billion on 615 upcoming oil and gas fields in the next eight years, a research conducted by data and analytics firm- Globaldata, has revealed.Guardian

CBN, banks, MMOs roll out agent network for financial inclusion

The Central Bank of Nigeria (CBN), Deposit Money Banks (DMB), and licensed Mobile Money Operators (MMOs) and Super Agents have reached agreement to fund an initiative-Shared Agent Network Expansion (SANE).Guardian

Afriland Properties posts 233 per cent increase in profit

Shareholders approve N137m dividend

Afriland Properties Plc has posted a profit after tax of N1.02 billion for the year ended, December 31, 2017, representing 233 per cent increase over N307 million achieved in the corresponding period of 2016.Guardian

Ghana leads Nigeria in resource governance ranking

Nigeria scored 42 out of 100 points and ranks 55 among 89 assessments in the 2017 Resource Governance Index (RGI), while Ghana’s oil and gas sector scored a satisfactory 67 of 100 points, making it the best performer in sub-Sahran Africa.Guardian

NBET’s January indebtedness to Gencos tops N42 billion

The indebtedness of the Nigerian Bulk Electricity Trading Plc (NBET) to electricity Generation Companies (Gencos), has reached N42.15 billion as at January 2018.Guardian

NNRC: NNPC’s Input to Economy Hampered by Operational Secrecy

The capacity of the Nigerian National Petroleum Corporation (NNPC) to contribute to Nigeria’s economic development is still being hampered by the level of operational secrecy it practices, the Nigerian Natural Resource Charter (NNRC) has said.This Day