Morning Beats

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 subsidyThe 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 compliance with the Fiscal Responsibility Act of 2007 (FRA 2007), the Nigerian Communications Commission (NCC) yesterday said it has remitted N49,792,870,113.00 to the Federal Government Consolidated Revenue Fund (CRF) in first quarter (Q1) of this year.The Nation

FAAC’s April disbursements dip by N20b

Excess Crude Account slumps to $1.8b The three tiers of government yesterday lost N20 billion at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja.The Nation

BoI disburses N112.5b to customers

The Board Chairman, Bank of Industry (BOI), Aliyu Abdulrahman Dikko yesterday said the bank  disbursed  N112.5 billion to customers in 2017.The Nation

Niger rice cuts imports, says FADAMA

Niger State has contributed to the reduction of rice imports, the National Fadama Co-ordination Office has said. Nigeria has been listed among the 16 top producers of rice with its local production valued at N684 billion ($1.9 billion).The Nation

Govt revenue down by N77bn, ECA shrinks to $1.83bn

After two days of disagreement between the 36 states’ commissioners for finance and the Nigerian National Petroleum Corporation over alleged revenue underpayment, the Federation Account Allocation Committee finally distributed the sum of N626.82bn to the three tiers of government on Thursday.Punch

Two modular refineries for inauguration in December

The Federal Government has said that two of the 38 modular refineries granted licences to operate in the Niger Delta region will be completed and ready for inauguration by December this year.Punch

NIPOST generates N20.62bn in one year

The Nigerian Postal Service generated a total of N7.04bn from its core operations in 2017, data available to our correspondent have shown.Punch

Traders unveil N2bn Africa Tyre Village in Lagos

Tyre dealers under the aegis of Association of Tyre Marketers on Thursday inaugurated a N2bn Africa Tyre Village at the International Trade Fair Complex, Lagos.Punch

DMO raises N90bn for 2018 budget

The Debt Management Office on Thursday said it had raised N90bn towards the implementation of the 2018 budget.Punch

Another Week and Another Huge Diamond Is Found in Botswana

Lucara Diamond Corp. has found another huge diamond at its mine in Botswana.Bloomberg