Morning Beats

How dairy industry can thrive

Nigeria consumes an estimated 1.7 million tonnes of milk yearly, but produces only 34 per cent to meet demand. The over 1 million tonnes deficit is imported, and this costs $480.3 million (N173.3 billion). Although a private sector-led initiative, through backward integration, to raise the level of local milk production and create jobs is on-going, the consensus is that Nigeria must learn from global dairy giants which owe their growth to government support and a conducive environment.The Nation

Life annuity retirees under CPS hit 48,539

PenCom implements pension increase in Programme Withdrawal The number of retirees, who chose Life Annuity retirement plan, under the Contributory Pension Scheme (CPS), has risen to 48,539. These are the retirees who applied to the National Pension Commission (PenCom) to get their retirement benefits through the annuity plan as at last December.The Nation

Jaiz Bank grows profit by 161% to N894m

Jaiz Bank Plc-Nigeria’s pioneer non-interest commercial bank recorded significant growths in key performance indicators in 2017 with the Islamic bank making an average of a double of previous profit on every unit of transaction during the period.The Nation

Stock Exchange expels three brokers over shares ‘fraud’

The Nigerian Stock Exchange (NSE) Council has expelled three stockbrokers for alleged misappropriation and fraudulent sale of client’s shares. A March 28 circular obtained by The Nation stated that the registration of Mr. Victor Ogiemwonyi, Mr Joel Okafor and Mrs Ladi Barbara Onwordi had been revoked as authorised  dealing clerks of the Exchange.The Nation

Chinese, European investors to invest $450m in industrial park

SOME foreigners are planning to invest $450million in the Tomaro Industrial Park in Lagos, The Nation learnt at the weekend. The investors, mostly from Asia and Europe, are leveraging the trade between Nigeria and some countries.The Nation

Lagos releases over N1b to retirees

Lagos State Government has released over N1.24 billion for paying pension entitlements of 183 Public Service retirees under the Contributory Pension Scheme (CPS0 for last March.The Nation

Technology would eradicate categorisation of MfBS

There are some MfBs who play on the same field with the commercial banks because they are doing agency banking and doing some sort of partnershipsVanguard

PenCom certifies 4,000 firms for federal contracts

NATIONAL Pension Commission, PenCom, has certified about 4,000 firms to bid for Federal Government contracts.Vanguard

FG pledges transparency in sales of Afam Power plant and Yola DISCO

The Federal Government has appointed transaction advisers for the privatization of Afam Power Generation Plant and Yola Power Distribution Company. Vanguard

NSE: Bargain hunting to prevail ahead of QI‘18 earnings release

As the first quarter 2018, Q1’18, draws close, investment bankers and financial analysts have said that bargain hunters will rule the equities market pending the commencement of release of Q1’18 results by quoted companies.Vanguard

CBN to intensify liquidity mop-up as inter-bank battles N1.2trn excess liquidity

The Central Bank of Nigeria (CBN) is expected to intensify its liquidity mop-up operations this week to address the build up in excess liquidity in the interbank money market which rose to N1.2 trillion last week.Vanguard

Corporate Performance Update: Earnings of 96 firms hit N7.6trn, profit up 40%

The full year 2017 (FY’17)  corporate results of 96 major companies quoted on the Nigerian Stock Exchange, NSE have shown a significant impact of the recovery of the economy which started mid last year, with their gross earnings surging by over 22.3 percent to hit N7.6 trillion from 6.2 trillion in 2016.Vanguard

Dangote to complete Obajana-Kabba concrete road by December

The Managing Director, AG-Dangote Construction Company, Mr. Ashif Juma, has said the firm will deliver the Obajana-Kabba Road in Kogi State by December.Punch

Operators kick as Nigeria opens skies to more African airlines

More airlines from African countries are expected to begin frequent flights into Nigeria in the coming months following the inauguration of the Single African Air Transport in Addis Ababa, Ethiopia.Punch

NNPC completes group financial audit for five years

The Nigerian National Petroleum Corporation on Sunday announced the completion of the outstanding audit of its group financial statements from 2011 to 2016.Punch

Pending lawsuit’ll determine payment to electricity producers –CBN

The outcome of the recent lawsuit that was filled against the Federal Government by power generation companies will determine the November 2017 payment, which the Gencos are meant to get from the N701bn Payment Assurance Guarantee, the Central Bank of Nigeria has said.Punch

Regulators move to implement new pension guidelines

Regulators of the Contributory Pension Scheme in Lagos State and federal level are working together to implement new guidelines that have been introduced since the amended of the Pension Reform Act in 2014, investigation has revealed.Punch

PenCom reviews voluntary contribution to tackle money laundering

The National Pension Commission said that it had reviewed the provision for voluntary contribution under the Contributory Pension Scheme to address some concerns which include combating money laundering.Punch

Naira to remain stable on back of MPC meeting

The naira is expected to remain stable, following the decision of the Central Bank of Nigeria’s Monetary Policy Committee to retain the Monetary Policy Rate at 14 per cent.Punch

May & Baker posts N605.6m full-year pre-tax profit

May & Baker Nigeria Plc has reported a profit before tax of N605.6m for the full-year ended December 31, 2017.Punch

Mixed trading seen as investors await more results

Trading at the nation’s stock market is expected to be mixed this week, as investors expect the filing of annual financial statements by companies that missed the March 31, 2018 deadline.Punch

Zambia’s ‘Unknown’ Debts Face Scrutiny After Mozambique Scandal

Zambia is facing tough questions over its foreign-debt levels from investors who think the real number may be more than double what the government says it is.Bloomberg

A $250 Billion Nordic Wealth Manager Looks Beyond Trade Wars

The wealth management unit of Danske Bank A/S, which looks after about $250 billion in assets, is operating on the assumption that a potential trade war between the U.S. and China won’t derail the global economic upswing.Bloomberg

Barclays’ looming change of name to ABSA challenged

Barclays Bank of Kenya’s  looming change of trade name to ABSA has run into strong headwinds after a Kenyan company moved to court for orders stopping the shift on grounds that it reserved and has been using the name for more than a decade.Business Daily

Wiese selling off stake in underperforming fund

Christo Wiese is exiting Texton Property Fund, a real estate investment trust that has underperformed the market amid numerous management changes and has lost the interest of various fund managers.Business Day

Only 25pc of Kenya adults insured, new survey shows

Uptake of insurance products among Kenyans remains low with a survey dubbed Wakenya quoting only 25 per cent of adult respondents saying they were insured. Another 66 per cent said they had no form of insurance.Business Daily

Investors lose N239 billion in four trading days

Analysts optimistic on positive market outlook

At the end of last week’s transactions on the equity sector of the Nigerian Stock Exchange (NSE), the bearish performance in the local bourse was sustained as the NSE’s market capitalisation dipped by N239 billion in four trading days.Guardian

‘How Nigeria can stimulate stock market investment, boost liquidity’

Investors have urged government to promote national savings culture through the provision of appropriate incentives that would ensure more patronage by retail investors’ and increase investment in the market, As liquidity constraints persist in the stock market.Guardian