Morning Beats

Fed Govt eyes more revenues from tax

Finance Minister, Mrs. Kemi Adeosun, yesterday said the Federal Government would mobilise more revenues to drive its growth plan for the economy.The Nation

CBN: commercial banks’re sabotaging efforts on new naira notes

The Central Bank of Nigeria (CBN) has accused commercial banks of sabotaging its efforts in replacing mutilated notes with new ones in the country.The Nation

Naira stable at official, parallel markets

The gap between banks’ bids to buy and sell the naira to investors is widening due to a tight supply of dollars in the market, traders told Reuters yesterday.The Nation

ExxonMobil plans N13b investment

ExxonMobil affiliate, Mobil Producing Nigeria Unlimited, operator of the Nigerian National Petroleum Corporation/Mobil Producing Nigeria Joint Venture, has unveiled plans to invest about N13 billion ($43 million) in three community health, economic empowerment and education projects in Akwa Ibom State in the next 18 months.The Nation

MTN mulls raising $1.1b in Nigeria

MTN Group limited has concluded plans to borrow as much as N400 billion ($1.1 billion) in Nigeria this year.The Nation

FAAC disbursed N1.94tn to FG, states, LGAs in Q1

The Federation Account Allocation Committee disbursed N1.938tn to the three tiers of government in the first quarter of this year.Punch

Honeywell expects profitable year, unveils 140,00MT pasta plant

HoneyWell Flour Mills Plc has expressed optimism about recording a profitable financial year despite the prevailing harsh conditions plaguing the nation’s industrial sector.Punch

Stock market extends losing streak to four days

The equities market of the Nigerian Stock Exchange extended its decline on Thursday, as 26 firms recorded price depreciation.Punch

Ethiopian, Air Cote D’Ivoire codeshare on U.S. route

Ethiopian Airlines (ET), and Air Côte d’Ivoire, the national flag carrier of Côte d’Ivoire, have entered into a codeshare agreement on the United States route.Guardian

Fashola commissions transmission substation in Lagos

In line with the Federal Government’s policy on incremental power to boost electricity supply in Nigeria, the Minister of Power, Works and Housing, Babatunde Raji Fashola, recently commissioned a 2x60MVA, 132/33KV Transmission Substation at Odogunyan, Lagos State, to boost supply at Ikorodu and its environs.Guardian

Moody’s cuts Nigerian banks’ risk outlook on rising oil prices

The outlook for the Nigerian banking system remains stable, as banks’ foreign currency liquidity risks moderate due to rising oil prices and a more liberal foreign exchange policy, says Moody’s Investors Service in a report published today.Guardian

Sh1bn tea exports stuck in Mombasa

Tea traders risk losing millions of shillings in a logistics crisis arising from the shipping lines’ rejection of their consignments in the wake of a persistent slowdown in the loading of vessels at the Mombasa port over the past two weeks.Business Daily

DRC Ebola outbreak hurts Lake Turkana fish traders

An outbreak of Ebola in the Democratic Republic of Congo, the main external fish market for most Kenyan traders, is threatening commercial business in Lake Turkana.Business Daily

Growth spoilers threaten Ramaphosa’s revival plans

A cloud hangs over President Cyril Ramaphosa’s ambitious plans to revive the economy.Business Day

Christo Wiese sticks to his guns as the Steinhoff mess gets bigger

As lawsuits pile up against Steinhoff International — with banker GT Ferreira and Tekkie Town’s vendors joining the fray – former chairman Christo Wiese insists that he has a strong case against the embattled retailer.Business Day