Morning Beats

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 Allocation Committee (FAAC) session was adjourned yesterday on account of Nigerian National Petroleum Corporation (NNPC) failure to remit accurate returns to Federation AccountThe Nation

‘Real sector funding to drive competition among banks’

The ability to support risk asset creation in the real sector will differentiate winners from losers in the Nigerian banking industry over the next three years, report Coronation Research (a part of Coronation Merchant Bank Group), has shown.The Nation

Telecom sector contributed N8.6tn to Nigeria’s economy in 2017 – BudgIT

The telecommunication sector contributed N8.6 trillion to the economy, a report released by a civic technology organization, BudgIT Nigeria, has revealed.The Nation

CBN rolls out new anti money laundering sanction regime

The Central Bank of Nigeria (CBN) has rolled out a tougher sanctions regime for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) which stipulates fines on    banks, their directors and other key officials for 48 money laundering infractions.Vanguard

Nigeria adopts, develops standards on Sugar, Glucose

Nigeria is set to adopt African standards on Sugar and sugar products as well as develop Nigeria Industrial Standards, NIS, for Glucose and Sucrose.Vanguard

ABCON projects further increase in crude oil price in Q2

Association of Bureaux De Change Operators of Nigeria (ABCON) has projected further increase in the price of crude oil in the second quarter of the year.Vanguard

Lagos-Ibadan road: FG okays N64bn for bridges, toll plazas

The Federal Executive Council on Wednesday approved N64.108bn for additional work on the Lagos-Ibadan Expressway.Punch

Rising oil price pushes petrol landing cost higher …NNPC to spend more on subsidy

The expected open market price of Premium Motor Spirit (petrol) being imported into Nigeria may have risen above N190 as crude oil price climbed towards a four-year high of $75 per barrel.Punch

Apapa gridlock delays N85m solid minerals export

The persistent difficulty in accessing the nation’s major seaport, Apapa, is taking its toll on movement of non-oil exports and may affect the earnings for this year, investigation by our correspondent has revealed.Punch

Trucks get ‘call up cards,’ NPA bars empty boxes

As part of measures to ease the perennial gridlock in Apapa, Lagos, the Nigerian Navy says it has introduced a “call up card system” for trucks that have business to do at the ports.Punch

OPAC refinery to start operation in third quarter

A modular refinery, currently under construction in Kwale, Delta State, is expected to come on stream in the third quarter of this year.Punch

State Firms' Debt May Threaten Financial Stability, South Africa’s Central Bank Says

The inability of South African state-owned companies to roll over debt could threaten the nation’s financial stability and ultimately result in more credit-rating downgrades, according to the central bank.Bloomberg

Bakers lament neglect of cassava bread policy, 15% wheat levy

With the abandonment of the cassava bread development programme, the  Association of Master Bakers and Caterers of Nigeria (AMBCN) has called on the Federal Government to immediately halt the collection of the 15% levy on wheat importation.Guardian

Total, Dangote Cement lead stock market’s N16b loss

Despite price gains that outweighed losses, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downward note yesterday, as most highly capitalised stocks, especially Total and Dangote Cement depreciated in price, causing market capitalisation to dip by N16 billion.Guardian

Inadequate capital weakening stockbroking firms, says Aig-Imoukhuede

Inadequate or outright lack of working capital has been described as a major hindrance to the performance of stockbroking firms in the country.Guardian