Morning Beats

Nigeria, China sign MoU on minerals’ exploration

THE Federal Government has signed a Memorandum of Understanding (MoU) with the East China Meteorological Institute on solid minerals exploration.The Nation

‘DisCos need $80b to connect customers’

Electricity distribution companies (DisCos) require about $80 billion to connect their customers nationwide, including those powered by off-grid supply,  the Managing Director, Rubitec Africa (Rubitec Solar), Bolade A. Soremekun, has said.The Nation

Standard Bank Group stakes N61.3b to acquire higher shares in Stanbic IBTC Holdings

Now holds 64.44% majority stake Standard Bank Group-Africa’s largest financial institution, dug deep into its Nigerian business last week with the acquisition of additional shares worth N61.3 billion in Stanbic IBTC Holdings Plc to increase its majority equity stake in the Nigerian subsidiary to 64.44 per centThe Nation

SEC warns investors over banned firms

Securities and Exchange Commission (SEC) has warned investors to shun a proposed restructuring plan by Partnership Investment Company and its subsidiaries.The Nation

Investors in ‘danger zone’ as returns turn negative

From a huge gain of some N1.34 trillion 32 days ago, investors in equities for the first time this year have entered the 'danger zone' of negative average return. This is as a result of the losing streak at the Nigerian Stock Exchange (NSE), which has continued for the 11th consecutive trading session.The Nation

Buhari okays new excise duty rates for alcohol, tobacco, others

President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from today.The Nation

Conoil to pay N1.4b dividend

The board of Directors of Conoil Plc has recommended distribution of N1.4 billion to shareholders as cash dividend for the 2017 business year.

Budget minister harps on ERGP gains, 2020 growth target

The Minister of Budget and National Planning, Udoma Udo Udoma, has reiterated that Nigeria’s economic outlook for 2018, and over the medium term, is very positive.The Nation

May & Baker Nigeria concludes plan for new capital raising

May & Baker Nigeria Plc is finalising arrangements to raise new capital through a rights issue as the company seeks to recapitalise its operations to drive a new vision of being the dominant healthcare brand in the Sub-Saharan Africa region.The Nation

Currency swap: Naira will gain strength against dollar, says economist

An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect.The Nation

Expert projects N16trillion market capitalisation in few years

The Chief Executive officer, First Registrars Limited, Mr. Bayo Olugbemi has projected that the market capitalisation would increase from N13.7 trillion to N16trilioon in the next few years, if stakeholders continue to introduce and develop innovative measures, which include the use of electronic dividends among others.The Nation

We need to shrink the number of players in the industry — Salami

We have over fifty insurance companies for a buying population of just 37 million people that we have identified. There used to be very low entry barriers for operators if we go back in history, but it is not a good thing for the industry. Vanguard

Shareholders caution May & Baker over proposed Rights Issue

SHAREHOLDERS of May & Baker Nigeria Plc have cautioned its Board of Directors over its planned Rights Issue in order to prevent under-subscription of the offer.Vanguard

FMDQ, Dutch firm partner on clearing structure in Nigeria

FMDQ Clear Limited, a wholly-owned clearing and settlement subsidiary of FMDQ OTC Securities Exchange, and Frontclear, a Netherlands-based development finance company, are partnering to facilitate a clearing structure to strengthen the over-the-counter, OTC, market liquidity with the support of a settlement guarantee fund.Vanguard

Bargain hunters may re-enter equities market on low prices –Analysts predict

INVESTMENT analysts have said that the low equities prices that has resulted from the continuing bearish run in the market has presented an opportunity for bargain hunters, who may re-enter the market this week.Vanguard

N60bn unclaimed dividend: CSCS, shareholders lament cumbersome recovery process

CENTRAL Securities Clearing System, CSCS Plc and its shareholders have decried the cumbersome process involved in the recovery of unclaimed dividend associated with the death of shareholders from quoted companies in the Nigerian capital market.Vanguard

Delay in payment of accrued rights affecting CPS — Pension expert

LACK of prompt payment of pension accrued rights by the federal government is adversely affecting the smooth running of the Contributory Pension Scheme, CPS, a pension expert has said.Vanguard

‘Don’t panic over NSE’s bearish trend’

According to the News Agency of Nigeria, the Minister of Power, Works & Housing, Mr. Babatunde Fashola, gave this advice on Friday while speaking at the NSE-London Stock Exchange Dual Listing conference in Lagos.Punch

RMB to launch stockbroking arm in Nigeria

Rand Merchant Bank is set to launch its stockbroking arm in Nigeria, as part of its fifth anniversary celebration.Punch

CBN postpones USSD framework implementation

The Central Bank of Nigeria has extended the start date for the implementation of the regulatory framework for use of unstructured supplementary service data in the country’s financial system.Punch

Insurance sector begins rebranding project

Operators of the insurance sector have commenced the implementation of the industry’s N300m rebranding project aimed at giving it a facelift.Punch

Agriculture, others slow GDP growth to 1.95%

The nation’s growth in Gross Domestic Product slowed to 1.95 per cent between January and March of this year due to weaker output from agriculture and other parts of the non-oil economy.Punch

Reps panel wants N9bn recovered from Capital Oil

The House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9bn into the treasury of the Federal Government from Capital Oil and Gas Limited.Punch

Manufacturers suffer N30bn revenue decline in three months

The manufacturing sector recorded a decline of about N30bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed.Punch

Nigerians to pay more for cigarettes, alcohol from today

CONSUMERS of alcoholic beverages and tobacco will from today (Monday) pay more for the products as the new excise duty rates approved by President Muhammadu Buhari in March come into effect.Punch