Morning Beats

‘Micro pension, multi-fund structure to change industry dynamics’

StanbicIBTC Pension to capture informal sector The proposed Micro Pension Scheme aimed at capturing the informal sector, the self- employed and the multi-fund structure under the Contributory Pension Scheme (CPS), which categorises pension fund investment,The Nation

Pensioners accuse PFAs of sharp practices

Federal Government retirees have accused Pension Fund Administrators (PFAs) of sabotaging the 2004 Contributory Pension Scheme (CPS)The Nation

Pension manager invests N350b in equity market

Stanbic IBTC Pension Managers Ltd. (SIPML) says the company’s Assets Under Management (AUM) presently stands at N2.53 trillion with N350 billion invested in the equities market. Its Chief Executive Officer, Mr Eric Fajemisin, stated this at a media conference in Lagos.The Nation

Platform launches trade alert

NASD OTC Securities Exchange Plc, the over-the-counter platform for trading in unlisted securities, has launched a trade alert notification service that will enable investors to receive transaction alerts on deals consummated on the Exchange.The Nation

Firm unveils plan for N3b capital, asset sale

May & Baker Nigeria Plc plans to increase its authorised share capital to N3 billion through the creation of 2.2 billion ordinary shares of 50 kobo each.The Nation

$2.5b currency swap deal to boost foreign reserves

The $2.5 billion bilateral currency swap agreement between the Central Bank of Nigeria (CBN) and Peoples Bank of China (PBoC) is expected to boost foreign reserves, Chief Economist at Renaissance Capital (RenCap) Charles Robertson has said.The Nation

Afreximbank announces $2b financing deal

The African Export-Import Bank (Afreximbank) is arranging up to $2 billion in financing support to Angola, the bank’s President Benedict Oramah has said.The Nation

Clearing house completes conversion of shares, others to electronic deposits

CSCS achieves 100% dematerialisation All shares and other securities of quoted companies at the capital market have been converted to electronic deposits at the Central Securities Clearing System (CSCS) Plc, ending the era of paper share certificate.The Nation

BUSINESS ‘Greener’ environment battle by soda manufacturers shifts to recycling

initiatives towards combating climate change by means of water conservation, water recycling, Polyethylene Teraphthalate, PET, crown corks and cans recycling.Vanguard

Why claims, dividend payment are difficult — Insurers

Operators in the Nigerian insurance industry are demanding amendment of the country’s tax laws saying multiple taxation being imposed on their businesses are hindering prompt claims settlement.Vanguard

Shareholders approve Forte Oil’s restructuring plan

Shareholders of Forte Oil Plc have approved the plan to restructure the company, subject to the approval of all regulatory authorities.Punch

MTN Ghana to raise nearly $750m in IPO

MTN’s Ghana business is seeking to raise 3.47 billion cedis ($743m) in a 35 per cent initial public offering launched on Tuesday, sources involved in the IPO said.Punch

We’ll lessen budget delay’s impact on economy – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government will mitigate the negative impact of the delay in the implementation of the 2018 budget on the economy.Punch

Power: Discos fail to remit N112bn, says NERC

Power distribution companies failed to remit a total of N112bn to the Nigerian Bulk Electricity Trading Company and the Market Operator of the sector in the first quarter of this year.Punch

Naira comes under pressure, reserves drop to $47.75bn

The naira has come under pressure against the United States’ dollar in recent days, falling to 366 to the greenback on the parallel market.Punch

Economic growth rests on banking sector strength – FITC

The Financial Institutions Training Centre has said the growth of the Nigerian economy depends on the strength and success of the banking sector.Punch

Nigeria loses N2.7b daily to Trans Ramos pipeline shut-in

With the current price of Brent crude oil at N75 per barrel during the trading hours of Monday, Nigeria is losing about N2.7 billion daily, as the 100,000 barrels per day (bpd) Trans Ramos Pipeline in the swamps of Western Niger Delta remain shut.Guardian

NACCIMA wants govt to revisit single window payment system for trade facilitation

Worried by the nation’s neglect of the African Alliance for e-Commerce and Single Window Payment System, despite being a part of the system since 2012, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to re-visit the scheme for trade facilitation.Guardian