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Financial services stocks worsen equities’ losses Nigerian equities continued on the downtrend for the second consecutive trading session yesterday at the Nigerian Stock Exchange (NSE) with nearly three of every four deals closed at discount. The Nation Buhari intervenes in FAAC, NNPC feud President Muhammadu Buhari has offered to intervene in the disagreement between the Federation Account Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC). The Nation Fed Govt eyes $2.8b foreign loan to fund budget The Federal Government plans to raise $2.8 billion loan abroad   to fund 2018 budget and explore all options to lower costs, Debt Management Office (DMO) Director-General Patience Oniha has said. The Nation Nigeria eyes 10% of global LNG market The Federal Government is targeting 10 per cent of the world’s market share in traded Liquefied Natural Gas (LNG) as part of its strategic aspirations to derive maximum value from the country’s

NCC stops MTN from acquiring Visafone The Nigerian Communications Commission (NCC) yesterday halted moves by South African mobile giant MTN to acquire the only surviving Code Division Multiple Access (CDMA) operator, Visafone. The Nation Taxes, other charges killing us, say telcos Telecoms operators have lamented the crippling effect of multiple taxation, arbitrary charges and other challenges besetting the industry. The Nation $1.4b cash coming for FMBN The Federal Government plans to inject N500 billion ($1.4 billion) into its low-cost mortgage lender over the next five years in an effort to spur home ownership. The Nation ‘Uncertain time for equities over election risks’ Preparations for the 2019 general elections would have pronounced impact on the Nigerian equities market, Vetiva Research has said. The Nation SEC assures foreign investors The Securities and Exchange Commission (SEC) has assured foreign investors of the safety of their investments in t

Lotus Capital lists N1.49b fixed income fund on NSE Lotus Capital Halal Investments Limited has listed its N1.49 billion fixed income fund on the memorandum board of the Nigerian Stock Exchange (NSE), paving the way for the trading of the units on the Exchange. The Nation About N1.6tr pension fund underutilized About N1.6 trillion pension fund, representing 20 per cent of the total N7.94trillion   available for investment in infrastructure and instruments has remained untapped, The Nation Banks face tough margins as yields dip Profit rises to N256b ABOUT two-thirds of banks witnessed a contraction in their profitability in the first quarter (Q1) of this year,   struggling between relatively steady income lines and declining yields on transactions. The Nation Stock Exchange improves equities efficiency with new trading structure The Nigerian Stock Exchange (NSE) will next week launch a new market structure aimed at creating an optimal market design, which facil

Ibadan DisCo to NERC: we’ve made all outstanding payments Seeks directors suspension reversed The management of Ibadan Electricity Distribution Company (IBEDC), said it has made all outstanding payment on the N6billion loan that instigated the suspension of its directors by the Nigerian Electricity Regulatory Commission (NERC) The Nation Dangote invests N121b on domestic sugar production Pays N21b dividend to shareholders Dangote Sugar Refinery (DSR) Plc, a subsidiary of Dangote Industries Limited, has so far invested N121 billion on its ambitious Sugar for Nigeria Backward Integration Project Plan, which is aimed at developing domestic sugar production capacity through home-grown sugarcane. The Nation Nigeria may lose over $561.2m, N334.2m to petrol import rebate Nigeria is to lose     $561.2million, as well as N334.2million in   revenue due to indiscriminate approval of 50 per cent rebate approved by Federal Government on imported petrol this year, it was learnt

Gains, pains of multiple exchange rates, by IMF The exchange rate regime to be adopted by a country is dependent on many factors. They include the economic policy being implemented and the International Monetary Fund (IMF). FG directs MDAs to authenticate Tax Certificates before payment The Federal Government has mandated all Ministries, Departments and Agencies (MDAs) of government and the Federal Inland Revenue Service (FIRS) to authenticate all Tax Clearance Certificates (TCCs) presented by companies and individuals engaged in public procurement processes. Vanguard PenCom approves N1.8bn for enbloc, foreigners’ pension The National Pension Commission, PenCom, has granted approval for the enbloc payment of N1.81 billion to 3,403 retirees being the entire balances in their Retirement Savings Account, RSA, in the fourth quarter of 2017. Vanguard N1.6 trillion released for capital projects in 2017 budget – Adeosun THE Federal Government has announced that a total o

Thai rice poisonous, Ogbeh warns The Federal Government has issued stern warning against consumption of Thailand rice, saying it is poisonous. The Nation Customs seizes over N1.3b contraband Contraband worth over N1.3 billion were impounded between the middle of last month and early this month by the Federal Operations Unit (FOU) Zone ‘A’ of the Nigerian Customs Service (NCS), its Area Controller, Mohammed Uba has told The Nation. The Nation Firm obtains judgment in loan dispute A firm, Austin Laz and Company has obtained   judgment against the Bank of Industry (BoI) in a loan dispute. The Nation Afreximbank plans $1b for trade, infrastructure The African Export-Import Bank (Afreximbank) has expressed its readiness to work with the Federal Government arrange about $1 billion financing for government’s investments in trade-enabling infrastructure. The Nation Crypto-currency mining malware wreaks havoc in Africa Crypto-currency mining malware is wreaking havo

Power grid loses 1,087.6MW, eight stations shut Nigeria’s electricity grid witnessed a sharp drop in power generation, losing 1,087.6 megawatts as about eight power stations were forced to shut down operations on Friday and Saturday due to the rupturing of a major gas pipeline. Punch LASG screens 140 new waste collectors…distributes two million waste bags The Lagos State Government has screened 140 intending private sector waste managers who will soon join the existing PSP operators to evacuate waste and ensure a cleaner metropolis. Punch ‘Currency swap deal with China’ll expand BDCs’ capacity’ The President of the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said the currency swap deal between Nigeria and China will expand BDCs’ capacity to handle new business transactions in Chinese currency. Punch Investors weigh impact of US rate hike Investors are weighing the possible impact of the increase in the United States’ benchmark

It was a four-day trading session this week as the Federal Government of Nigeria declared Friday June 15th and Monday June 18th 2018 public holidays to mark the end of the Holy Month of Ramadan and commemorate the Eid-al-Fitr celebrations. The Market could not maintain the momentum of last week, thereby slowed down however gained Marginally.   The All Share index gained0.67% to close the week at 38,928.02. This brought the year to date return of the ASI to 1.79% still on the borderline. EQUITY A total turnover of 1.738 billion shares worth N18.462 billion in 14,790 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.749 billion shares valued at N31.183 billion that exchanged hands last week in 24,604 deals. ETPs Also traded during the week were a total of 62,392 units of Exchange Traded Products (ETPs) valued at N1.004 million executed in 13 deals, compared with a total of 202,916 units valued at N1.168 million that was

Nigeria’s agric export earnings N5b, says Ogbeh The Minister of Agriculture Audu Ogbeh yesterday said Nigeria’s agricultural export earnings have increased by 180 per cent, hitting over N5 billion in the last one year. The Nation AfDB Board approves $15m equity deal in Africa The African Development Bank (AfDB) Board has approved a $15 million equity investment in Africa Food Security Fund (AFSF), to support enterprises in agri-business SMEs and enhance food security in Africa The Nation Forex: CBN boosts retail SMIS with $343.06m The Central Bank of Nigeria (CBN) yesterday intervened in the Retail Secondary Market Intervention Sales (SMIS) $343.06 million injection. The Nation MAN: manufacturing value rises The Manufacturers Association of Nigeria (MAN) has given a pass mark to some government policies relating to the real sector. The Nation ‘ Abuja Light Rail will create over 20,000 jobs’ Federal Capital Territory (FCT) Permanent Secretary   Chinyeaka

How govt plans to end estimated billing, by Fashola The Federal Government is putting measures in place to stamp out the controversial estimated billing system in the power sector. The Nation Nigeria inflation dips to 11.61% Nigeria’s yearly inflation rate has dropped to 11.61 per cent in May. This is the 16th straight month of steady decline in inflation. The latest slump is below Federal Government’s projection of 12.42 per cent set in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper. The Nation International customers pay $17.730m for Nigeria’s electricity Nigeria’s international electricity customers remitted   $17,739,042.09 to the Federal Government last month, it was learnt yesterday. The Nation Marketers target synergy with foreign crude refiners Oil marketers are fashioning out modalities to partner foreign crude oil refiners by December this year with a view to resume importation and further improve product supply in the count

AfDB okays $120m to boost cassava, others The African Development Bank (AfDB) yesterday said it will invest $120 million between the next two and three years to boost the productivity and transform cassava and other eight other commodities on the continent. The nine commodities are cassava, rice, maize, sorghum/millet, wheat, livestock, aquaculture, high iron beans and orange fleshed sweet potatoes. The Nation Lotus Capital to list N1.49b fixed income fund Lotus Capital Halal Investments Limited has been given regulatory nod to list its N1.49 billion fixed income fund on the memorandum board of the Nigerian Stock Exchange (NSE). A total of 1.487 million units of Lotus Capital Fixed Income Fund of N1, 000 each will be listed by way of introduction on the memorandum board of the Exchange. The Nation African insurer sees Nigeria’s $500m push portfolio to $7b African Trade Insurance (ATI) expects its annual insured trade and investment portfolio to double to $7 billi

Fed Govt okays N37b cash for prepaid meters The Federal Government has taken advantage of the new Meter Asset Provider (MAP) regulations to give a grant of N37 billion to a private sector operator to supply meters to interested Distribution Companies (DisCos). The Nation CBN okays operations of 4,106 BDCs, 76 Finance Houses The Central Bank of Nigeria (CBN) yesterday confirmed operations of 4,106 bureaux de change (BDCs) and 76 finance houses. The Nation Equities reopen with N63b gain The Nigerian equities market reopened yesterday with a strong rally as bargain-hunters shifted demand to financial services and fast moving consumer goods stocks. The Nation Airlines plan fare hike as fuel price rises Domestic carriers, under the aegis of the Airline Operators of Nigeria (AON), are planning to increase fares due to soaring aviation fuel price. The Nation Ghana, others to import fuel from Dangote’s refinery Ahead of the completion of the Dangote Oil Refinery,