Morning Beats

NCC: MTN pays N165b out of N330b fine

The Nigerian Communications Commission (NCC) yesterday said telecoms giant, MTN, has paid N165billion out of the N330 billion fine slammed on it in 2015 for subscriber identity module (SIM) registration infractions.The Nation

PMI rises to 58.8 in March

The Purchasing Managers’ Index (PMI) report released by Stanbic IBTC Bank Nigeria has shown that private sector business conditions improved at an unparalleled rate in March. This was led by record growth in new orders, employment and stocks of purchases.The Nation

Shell’s divestments hit $22.3b in two years

Royal Dutch Shell said it has completed divestments worth around $22.3 billion over the period 2016-2017 out of its three-year (2016-2018) $30 billion divestment programme.The Nation

BOA, SunTrust Bank seal MoU agric deal

As part of efforts at revitalising agriculture as alternative mainstay of the economy, the Bank of Agriculture (BoA) and SunTrust Bank yesterday in Abuja sealed an e-banking agreement.The Nation

CBN to finalise N500b NEXIM cash for manufacturers

The Central Bank of Nigeria (CBN) said on Monday it is in the process of finalizing the creation of a N500 billion fund with the Nigeria Export-Import Bank (NEXIM) to assist local manufacturers interested in non-oil exports.The Nation

Shell paid N1.5trn to FG in 2017

Royal Dutch Shell paid a total of $4,322,742,582 (about N1.5 trillion) to the Federal Government in 2017, according to its annual payments report.Vanguard

Naira depreciates to N360.21/$ in I&E

The naira Monday commenced the week with a 32 kobo depreciation to N360.33 per dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

Lafarge Africa’s shares fall 7.42% over disappointing Q4’17 result

The shares of Lafarge Africa Plc fell by 7.42 percent today following announcement of an unimpressive full year financial result by the cement manufacturer.Vanguard

No govt will submit its legal tender to cryptocurrencies —Shonubi, NIBSS CEO

Will the banks be threatened by the Fintechs? Yes, I think there is even other business that is easier for the Fintechs to get involved inVanguard

Investors lose N149bn as stocks hit three-month low

The equities market of the Nigerian Stock Exchange extended its decline on Monday, dropping to a three-month low as 30 firms recorded price depreciation.Punch

Strong policy coordination needed to avoid another recession – Emefiele

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Monday said there was a need for strong policy coordination between the fiscal and monetary authorities to sustain the growth momentum following the country’s exit from recession.Punch

Air Namibia to commence flight to Nigeria in June

The national airline of the Republic of Namibia will inaugurate its flight to Nigeria in June.Punch

FAAN installs CCTV cameras at Lagos, Abuja airports’ airside

Federal Airport Authority of Nigeria (FAAN) has commenced the installation of Closed Circuit Television (CCTV) cameras at airports’ airsides.Guardian

Firm to fast-track CBN’s 80% financial inclusion target

Oradian, a financial inclusion company, is set to build its community of microfinance institutions, microfinance banks and Cooperative Societies in West Africa.Guardian

Experts hopeful inflation rate drops to single digit midyear

A report by FSDH Research team has predicted inflation rate to drop to single digit in July 2018, provided there is no adjustment to the price of Premium Motor Spirit (PMS) and electricity tariff, while government resolves to stop the rising crises in some parts of the country quickly.Guardian

GTBank foresees tougher operating year

Despite putting up a sterling performance in the 2017 financial year, with most of its key performance indices better than 2016, GTBank foresees tougher times in the current operating year, as it targets a five per cent growth in pre-tax profit to N205billion, compared with the N200billion realised last year.Guardian

Zambia's Bonds Sink on Concern It's Pulling a Mozambique on Debt

Investors fretting that Zambia may have more debt than it’s let on have sent the nation’s Eurobonds tumbling.Bloomberg

China’s Vast Intercontinental Building Plan Is Gaining Momentum

China’s massive build program to recreate trade routes stretching from Asia to Africa and Europe is gaining momentum.Bloomberg

Harder times ahead as maize acreage forecast to fall 40pc

Food and Agriculture Organisation (FAO) has warned that climate change will cut acreage under maize crop by 40 per cent, setting the stage for lost earnings and food shortage in a growing population.Business Daily

Adidas to close stores in online push – report

Adidas expects to close down stores in the coming years as part of a shift towards selling more goods online, its chief executive told a newspaper.Business Daily

GT Ferreira, farm workers lose R1bn in Steinhoff collapse

One of SA’s most respected bankers, GT Ferreira, who co-founded FirstRand with Paul Harris and Laurie Dippenaar, has seen more than R1bn of his wealth wiped out by the collapse of Steinhoff as his own direct investment in the retail group has collapsed to a fraction of its initial value.Business Day