Morning Beats

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 billion within five years, driven by new members, including Ghana and NigeriaThe Nation

SEC takes financial literacy to grassroots

Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with various grassroots groups in its financial literacy campaign in a bid to ensure that Nigerians in the rural areas are effectively sensitised on the benefits of investing in the capital market.The Nation

Afreximbank commits N17b to Nigeria

ABOUT $17 billion has been approved by African Export Import Bank (Afreximbank) for Nigerian entities since its commencement of operations in 1994 and last December, its President, Benedict Oramah, has said.The Nation

MTN Nigeria may sell 30% equity to retail investors

Nigeria’s largest telecommunication company, MTN Nigeria, may sell some 30 per cent of its ordinary shares to Nigerian retail investors under its much-awaited initial public offering (IPO).The Nation

CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) yesterday injected  $210 million  into various segments of the foreign exchange market to meet customers’ requests.The Nation

Equities sustain rally with N117b gain

Nigerian equities remained on the upswing yesterday as widespread bargain-hunting for large-cap stocks rallied the market to a net capital gain of N117 billion.The Nation

PenCom educates prospective retirees

The National Pension Commission (PenCom) has sensitised and enlightened prospective retirees (due to retire in 2019), on sundry steps, procedures and documentations required for a stress-free retirement.The Nation

Ariaria market gets 9.5mw NERC licenses

The Nigerian Electricity Regulatory Commission (NERC) in pursuit of overriding public interest has granted a 9.5megawatts embedded electricity generation licence to Ariaria Market Independent Power Plant LimitedThe Nation

Adequate infrastructure critical to insurance growth — NEM CEO

Chief Executive Officer of NEM Insurance plc, Mr. Tope Smart, has said that more investment was required to stimulate the development of Nigeria’s insurance sector. Vanguard

NNPC raises kerosene price thrice in two months

The Nigerian National Petroleum Corporation has increased the price of kerosene three times between May and so far this month, raising the cost of the commodity by about N40 per litre, an investigation by our correspondent has revealed.Punch

Stakeholders canvass efficient commodity exchange to support non-oil sector 

Capital market stakeholders have called for concerted efforts towards establishing a functional commodities exchange in Nigeria, stating that this would support the non-oilGuardian

‘Nigeria has lost fortunes to collapse of national shipping line’

Nigeria as a maritime nation has lost fortunes to the collapse of the Nigerian National Shipping Line (NNSL) about 13 years ago.Guardian

CBN, FMDQ boost market confidence with fixed income settlement solution

Securities Exchange, through the Central Bank of Nigeria (CBN), and the Financial Markets Dealers’ Association (FMDA), have established Straight-Through-Processing (STP) for the settlement of fixed income trades.Guardian