Morning Digest

U.S. firms in Nigeria generate N2.6tr

United States’ companies operating in Nigeria generated revenue worth more than N2.6 trillion in 2017, a survey conducted by the American Business Council, in collaboration withGuardian

Allianz Group acquires Ensure Insurance with 99% complete shareholding

Allianz Group said it has completed the acquisition of 99.03 per cent of the shares in a Nigerian insurer- Ensure Insurance Plc, from its core shareholder- Greenoaks Global Holdings Limited (GGH)Guardian

ARM Life pays N412m claims, restrategises life business

ARM Life Insurance said it paid a total of N412 million claims to policyholders to further underscore the company’s commitment to prompt settlement of payments and efficient customer services.Guardian

‘Anchor borrower fund not for defaulting farmers’

The Central Bank of Nigeria (CBN) has restated its resolve not to fund defaulting farmers under its pet-project- Anchor Borrowers Programme (ABP).Guardian

NIA to firms: participate in energy pool

The Nigerian Insurers Association (NIA) has urged insurance companies transacting oil and gas business that are yet to subscribe to the Energy & Allied Insurance Pool of Nigeria (EAIPN) to do so.The Nation

NSE opens market to non-interest debt securities

The Nigerian Stock Exchange (NSE) will today begin the implementation of a regulatory framework for listing of non-interest debt securities on the stock market.The Nation

NECA: monetary policy too weak to tame spiraling inflation

The Nigerian Employers’ Consultative Association (NECA) has said the Central Bank of Nigeria’s (CBN’s) monetary policy is too weak to significantly reduce inflation.The Nation

CIIN: insurance stocks viable

Chartered Insurance Institute of Nigeria (CIIN) President and Chairman of Council, Mrs. Funmi Babington-Ashaye, has assured players in the capital market of the industry’s ability to deliver value to the investment community.The Nation

$350m BUA Plant: Osinbajo charges cement manufacturers on pricing

VICE PRESIDENT, Yemi Osinbajo has urged major cement manufacturers to drive towards reduction in cement price as a means of boosting infrastructure development in the country.Vanguard

Where, how to invest in equities in H1: 2018, by investment analysts (Concluding)

WE are now concluding the series on second half 2018, H2’18, prognosis for equity investment decisions with the outlook on election year.Vanguard

FG 2016 financial statement full of undisclosed, unremitted revenues — AuGF Report

Auditor-General of the Federation, Mr. Anthony Ayine, has faulted the 2016 Financial Statement of the Federal Government as having several undisclosed revenues and poorly disclosed expenditureVanguard

Dangote Cement invests $3bn in plants, terminals

The Group Chief Executive Officer, Dangote Cement Plc, Joe Makoju, has said the company has invested a sum of $3bn to build manufacturing plants and import/grinding terminals across Africa.Punch

Fashola spending taxpayers’ funds on misguided projects – Discos

The confrontation between the power distribution companies and the Minister of Power, Works and Housing, Babatunde Fashola, continued on Sunday, with the Discos firing back at the minister, accusing him of spending taxpayers’ money on misguided projectsPunch

Fashola, power firms’ row renews calls for privatisation review

Electricity consumers and other stakeholders have expressed concerns about the nation’s power sector following the disagreement between the Minister of Power, Works and Housing, Mr Babatunde Fashola, and the distribution companies.Punch

Kaduna, Port Harcourt refineries dormant – NNPC

The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt have been dormant.Punch

Nine banks earned N25.9bn from electronic products in Q1

Nine Nigerian banks made about N25.9bn in the first three months of the year from electronic transactions, the first quarter unaudited annual reports of the banks showed.Punch

Prepare for new challenges, experts tell insurers

Operators in the financial sector have urged the insurance industry to prepare for the next generation of consumers and talents by embracing change and responding to the economic, social and technological needs of the insurance space.Punch