Morning Beats

Anxieties over 2019 election will slow capital inflows, pressure forex market — Salami

An economic analysts and former member of the Central Bank of Nigeria, CBN Monetary Policy Committee, Dr. Doyin Salami,    has said that anxieties over the 2019 elections will likely slow down    capital inflows into the economy and increase demand    pressure on the foreign exchange market.Vanguard

Business registration: CAC unveils portal for name search

The Corporate Affairs Commission (CAC) has opened a portal to enable members of the public to personally conduct company or business name search free of    charge    in a bid to make the process of registering businesses in Nigeria cheaper, easier and fasterVanguard

Naira appreciates to N360.15/$ in I&E window

THE naira yesterday appreciated to N360.15 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

Equities market extends losses as 26 stocks record decline

The equities market extended its losses for a second day in arow after the Easter break on the back of losses sustained by 26 companies.Vanguard

Update: Why CBN retained Monetary Policy Rate at 14%

The Central Bank of Nigeria (CBN), Wednesday, retained the Monetary Policy Rate at 14 % following the maiden meeting of the re-constituted Monetary Policy Committee (MPC), in Abuja.Vanguard

MPC retains monetary policy rate at 14%, CRR at 22.5

The Central Bank of Nigeria (CBN), Wednesday, retained the Monetary Policy Rate at 14 %, following the maiden meeting of the re-constituted Monetary Policy Committee (MPC), in Abuja.Vanguard

FG receives N263.28bn from FAAC allocation in Feb – NBS

The National Bureau of Statistics (NBS), says the Federal Government received a total of N263. 28 billion from the N635.55 billion Federation Account Allocation Committee (FAAC) disbursed to three tiers of government in February.Vanguard

NNPC plans quality fuel

The Nigerian National Petroleum Corporation (NNPC) is working to ensure that only quality fuel is imported and produced in the country, NNPC’s Group General Manager, Public Affairs Division, Ndu Ughamadu, has said.The Nation

Baru advises PIB Consultant to address multiple taxation

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has challenged the consultant to the National Assembly on Petroleum Industry Reform Bill (PIGB) to address multiple taxes. The Nation

‘Why nobody was indicted for alleged missing $49.8b’

The former Chairman, Senate Committee on Finance, Alhaji Ahmed Makarfi yesterday told reporters in Abuja  why the immediate past Minister of Petroleum Resources, Diezani Alison-Madueke was not indicted by the committee that investigated the unremitted $49.8billion revenue by the Nigerian National Petroleum Corporation (NNPC).The Nation

New import duty threatens 30% renewable energy target by 2030

The Federal Government’s goal of achieving 30 per cent renewable energy by 2030 may be threatened by the new import duties introduced by the Nigerian Customs Service (NCS), the President Renewable Energy Association of Energy (REAN), Mr SegunAdaju, has said.THe Nation

LEKOIL sues Petroleum Ministry over OPL 310

LEKOIL Limited, an oil exploration and production company, has commenced legal proceedings against the Ministry of Petroleum Resources over government’s failure to grant consent to its (LEKOIL’ s) investment in  Oil Prospecting  Lease (OPL) 310, offshore Nigeria, following acquisition of interests previously held by Afren Plc in the oil block.The Nation

Credit reporting vital to bad loan management–CBAN

The Chairman, Credit Bureau Association of Nigeria, Mr. Tunde Popoola, says proper and timely credit reporting plays a significant role in managing or mitigating credit or operational risk in the economy as a whole.Punch

NIPPs: Preferred investors rework investments over forex

Preferred investors with successful bids for Nigeria’s Integrated Power Projects are currently reworking the amount of investments to put in the assets following the sharp rise in the exchange rate of the United States dollar to the nairaPunch

FBNH, Diamond Bank, others miss annual results deadline

FBN Holdings Plc, Diamond Bank Plc, Linkage Assurance Plc and International Breweries Plc on Wednesday gave the reasons for the delay in filing their annual financial statements with the Nigerian Stock Exchange.Punch

ASCSN alleges plots to reinstate suspended SEC DG

The Association of Senior Civil Servants of Nigeria has alleged plans by the Federal Government to reinstate the suspended Director-General of the Securities and Exchange Commission, Mounir Gwarzo, just as it did for the Executive Secretary of National Health Insurance Scheme, Prof. Usman Yusuf.Punch

Nigeria’s active oil rigs hit three-year high

From a record low of 23 in December 2016, the number of the nation’s active oil rigs rose to 35 in February this year, a level last seen in early 2015.Punch

OPEC March oil output dropped to 11-month low

Crude oil production by the Organisation of Petroleum Exporting Countries fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters’ survey found, sending compliance with a supply-cutting deal to another record.Punch

MPC wants reduced allocations to FG, states, LGs

The Monetary Policy Committee of the Central Bank of Nigeria on Wednesday expressed concern over the increase in allocations to the three tiers of government, stating that there was a need for strong stabilisation programmes to freeze the growth in aggregate expenditure.Punch

Domestic debt servicing gulps N3.72tn in three years

The Federal Government has spent a total of N3.72tn to service local debts in the past three years, statistics available from the Debt Management Office have shown.Punch

PenCom clears over 4000 firms to bid for FG contracts

The National Pension Commission ( PenCom ), on Wednesday issued compliance certificates to more than 4,000 firms to enable them bid for Federal Government contracts. Dr Amino Farouk, the Head, Research and Corporate Strategy Department, PenCom made this known in an interview with our correspondent in Lagos.The Nation

Equities set for rebound as bargain-hunting picks up

Nigerian equities appeared set for a rebound in the next trading sessions as investors seemed to be shifting from profit-taking to bargain-hunting. Nigerian equities had traded in recent weeks largely on the downtrend, depressed by profit-taking transactions that sought to monetise gains made in the early weeks of the year.The Nation

Debts: Nestoil to offload shares in Neconde’s OML 42 asset

The management of Nestoil, the oil service arm of the  Obijackson Group, owned by Nigerian business mogul Dr. Ernest Azudialu, is to offload part of its shares in oil mining lease (OML) 42 in the Western Niger Delta, which is operated by Neconde Energy Limited, to pay its debts to banksThe Nation

UBS Says Emerging-Market Appeal Bolstered by Trade Tit-for-Tat

Escalating trade threats between the U.S. and China, the world’s two biggest economies, are creating opportunities to buy emerging-market assets, according to some of the world’s largest money managers.Bloomberg

Kenya rules out VAT rise to match East Africa neighbours

Kenya will not raise its value added tax (VAT) to match the uniform rate for the rest of the countries in the East African Community (EAC), the Treasury has said, offering relief to households and businessesBusiness Daily

NSE reviews list of firms on share indices to reflect performance

The Nairobi Securities Exchange (NSE)  board on Tuesday reviewed lists of floated companies appearing on its NSE-20 and 25-Share indices, for the first time excluding the little-traded agriculture sector.Business Daily

More independent power producer deals possible, says energy minister

The government is still considering more agreements with renewable energy independent power producers amounting to R64bn, Energy Minister Jeff Radebe says.Business Day