Morning Beats

Lafarge Africa plans EGM, seeks shareholders’ nod to raise N90b fresh fund

The board of Lafarge Africa Plc, on Monday, wrote the Nigerian Stock Exchange (NSE), announcing plans for an Extra-Ordinary General Meeting (EGM), on September 25, 2018,Guardian

Uncertainties, political tensions may cripple investment in Nigeria’s oil sector

Stakeholders in the oil and gas, and investment sectors have said growing socio-economic uncertainties and political instability could further quash inflow of investment into the countryGuardian

Non-oil exporters advocate value-addition, revamped processes to check losses

To reduce losses suffered from long haulage and shipping cycles as a result of prolonged rehabilitation of access routes leading to the ports, non-oil exporters are urging members to embrace value-addition, and re-jig their export processes as well as value-chain operations.Guardian

Profit taking drags stock market indices by N57b

Hopes for a bulls’ run dimmed yesterday, following renewed profit-taking by investors at the Nigerian Stock Exchange (NSE), as the bears took centre stage again on equity transactions, reversing the Tuesday’s positive sentiment, as market capitalisation depreciated by N57billion.Guardian

‘UK, a great ally for Nigeria capital market development’

The Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar N. Onyema, has averred that the United Kingdom remains a key partner to Nigeria, particularly for its capital market development.Guardian

Fed Govt, states debts hit $22b

DMO lists who owes what The Debt Management Office (DMO), yesterday put Nigeria’s external debt stock at $22billion.The Nation

Ogbeh praises CBN’s 9% credit lending to farmers

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, yesterday applauded the Central Bank of Nigeria (CBN) and Committee of Bankers for pegging interest rate to farmers at nine per cent.The Nation

CBN maintains N15b T-Bills collateral for settlement banks

The Central Bank of Nigeria (CBN) has asked settlement banks to provide clearing collateral of not less than N15 billion worth of treasury bills for them to perform settlement roles.The Nation

Nigeria saves $800m from rice production

The Bank of Agriculture (BoA) on Wednesday disclosed that the Federal Government has saved about 800 million dollars by encouraging local production of rice in the country.The Nation

Why Buhari withheld assent to PIGB

The Presidency on Wednesday disclosed why President Muhammadu Buhari withheld his assent to the Petroleum Industry Governance Bill (PIGB).The Nation

Maritime to lead economic diversification — Buhari

PRESIDENT Muhammadu Buhari, yesterday said that the Federal Government is repositioning the Nigerian maritime sector to take a leading position as alternative source of revenue in growing the economy in with its economic diversification programme.Vanguard

GEEP: BoI disburses N15bn loans to 400,000 micro-enterprises

THE Bank of Industry (BoI) has so far disbursed N15 billion loans to about 400,000 micro-enterprises under the Government Enterprise and Empowerment Program (GEEP) of the federal governmentVanguard

May’s Visit: Nigeria’s business community expresses optimism on improved trade relationship

The business community in Lagos says the visit of British Prime Minister, Theresa May, will deepen existing bilateral relationship between the two countries.Vanguard

Oil price climbs back to $76, highest in recent time

THE price of crude oil yesterday rose to $76.62 from $74.17 to per barrel in the global market following limited inventories in the United States and Iran sanctions.Vanguard

Naira depreciates to N363.06/$ in I&E window

The Naira, yesterday, depreciated to N363.06 per dollar in the Investors and Exporters (I&E) window as the volume of dollars traded dropped to $131.82 millionVanguard

Illegal funds repatriation: CBN fines four banks N5.8bn, orders lenders, MTN to refund $8.1bn

The Central Bank of Nigeria has imposed heavy fines totalling N5.87bn on four banks under its regulatory purview for alleged illegal funds repatriation.Punch

We’ve paid $15bn dividends, $6.5bn taxes to FG – NLNG

The Nigerian Liquefied Natural Gas Limited said on Wednesday that it had so far paid to the Federal Government dividends in excess of $15bn.Punch

NIPOST set to begin electronic money transfer service

The Nigerian Postal Service is set to roll out a new product – electronic money order – that would enable customers in both rural and urban communities to transfer and receive money across the country.Punch

NNPC to establish 200,000bpd condensate refineries

The Nigerian National Petroleum Corporation has said it will establish two condensate refineries with a total refining capacity of 200,000 barrels per day at Western Forcados Area and Assa North/Ohaji South Areas of Delta and Imo states.Punch

Banks release N77.4bn for agric projects

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has facilitated the release of a total of N77.4bn from the Deposit Money Banks into agribusiness in Nigeria.Punch

SEC proposes new rule on derivatives trading

The Securities and Exchange Commission has proposed changes and new rules regarding derivatives trading and registration requirements for commodity brokers.Punch

TCN installs 220MVA transformers in Lagos, Ekiti, Niger

The Transmission Company of Nigeria said it has completed the installation of 100MVA, 60MVA and 60/66MVA, 132/33kV power transformers in three different transmission substations across the country.Punch

GDL launches N1bn low-risk money market fund

Growth and Development Asset Management Limited has launched a N1bn money market fund to corporate and private investors.Punch

Firm pushes ahead with 100,000bpd refinery in Port Harcourt

JIL-Amber Consortium has said that through its special purpose vehicle, African Refinery Port Harcourt Limited, it is advancing with its 100,000 barrels per day refinery relocation and colocation project near the Port Harcourt Refining Company.Punch