Morning Beats

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 abundant natural gas resources.The Nation

Dangote Cement to raise N150b new capital

Dangote Cement Plc-Nigeria’s most capitalised quoted company and Africa’s largest cement producer, plans to raise N150 billion in new debt capital to finance its business operations.The Nation

Shell set to deliver 624MW to national grid

Afam VI power plant in Rivers State is ready to deliver its net dependable capacity of 624MW into the Nigerian national grid barring any regulator’s restrictions, even at a time power generation has suffered a deep plunge following reported outage of some thermal power stations.The Nation

BudgIT berates state govts for hiding budgets details

BudgIT, a civic tech transparency organization has berated state governments for not disclosing details of their 2018 budget.Vanguard

Reject meters without NEMSA’s seal, agency tells consumers

The Nigeria Electricity Management Service Agency has urged power users not to accept meters that come without the agency’s seal.Punch

Obasanjo seeks $90bn Chinese support for Africa’s infrastructure

Former President Olusegun Obasanjo has asked the Asian giant, China, to support Africa’s infrastructure development with $90bn over a nine-year period as such a gesture will be impactful on the continent.Punch

Again, revenue underpayment stalls allocation to states

For the fourth time this year, the Federation Account Allocation Committee meeting, which was convened on Wednesday to consider and approve statutory allocation for the month of May, was postponed as a result of revenue discrepancies.Punch