Morning Beats

MTN’s shares drop 23% after CBN’s $8.1bn sanction

The shares of the MTN Group dropped as much as 23 per cent to a nine-year low, yesterday, a day after the Central Bank of Nigeria (CBN) ordered the telecoms firm to repatriate $8.1 billion alleged to have been sent abroad illegally.Guardian

AfCFTA ratification deadline suffers setback with only seven signatories

The African Continental Free Trade Agreement (AfCFTA), may not come into force anytime soon as only seven of the 22 countries needed to ratify it, have signed the deal.Guardian

How Nigeria Airways ex-workers’ N45b benefit got stuck again

Rumour of the Senate’s approval of N45 billion brought a huge sigh of relief to the retirees.Guardian

‘Capital importation may fall further in telecoms sector’

Capital importation of telecommunications companies, which fell by 94 per cent in second quarter, may fall further, if the economy continues its steep fall.Guardian

Partnering for growth in Africa

Many African economies offer huge growth opportunities for local companies and global players alike.Guardian

DisCos’ debts to NBET, market operator hit N103 billion

The Electricity Distribution Companies (Discos) in Nigeria are indebted to the Nigerian Bulk Electricity Trader (NBET), and Market Operator (MO) to the tune of N103billion, according to the Nigerian Electricity Regulatory Commission recent (NERC) report released this week.Guardian

Nigeria, UK yearly trade hits £4.2b

Nigeria’s bilateral trade relationship with the United Kingdom (UK) is said to be worth £4.2 billion per annumThe Nation

Lesotho workers get $138 as new minimum wage

THE government of Lesotho has finally agreed to a minimum wage of LSL2,000 ($138) for factory workers.The Nation

Awolowo: zero oil plan’ll grow export to $25b

The Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, said it plans to grow non-oil exports from $1.20 billion to $8billion in 2019 and eventually $25 billion by 2025, the Executive Director/CEO,  Segun Awolowo, has said. Awolowo, who spoke yesterday in Abuja, said the goal will be actualised under the NEPC’s zero oil plan, saying it is a step to practically and realistically diversify the economy.The Nation

PTAD assures Nigeria Airways’ pensioners of payment

Following renewed threats yesterday by the Nigeria Union of Pensioners to shut the airspace over non payment of pension dues to pensioners of the defunct Nigeria Airways, the Pension Transitional Arrangement Directorate (PTAD), has appealed for calm for it to pay the pension duesThe Nation

Emefiele: CBN, FCA to regulate FinTechs

Regulation of the Financial Technology (FinTech) firms operating in Nigeria will soon commence, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said.The Nation

Minister: Nigeria spends $22b yearly on food import

The Minister of Agriculture and Rural Development, Mr. Audu Ogbeh, has lamented the huge funds spent on importation of food.The Nation

Workers insist on Sept deadline for new minimum wage

As  the countdown to the deadline for the passage of a new minimum wage approaches, the Nigeria Civil Service Union (NCSU) has urged the Federal Government to match its words with actions and ensure that the new minimum wage is implemented on or before September.The Nation

Hanging funds: CBN assures Savannah Bank’s customers of resolution

The Central Bank of Nigeria (CBN), yesterday, assured bank customers who were victims of the Savannah Bank crisis that it would ensure that they get their hanging funds.Vanguard

Naira appreciates to N362.32/$ in I&E window

By Elizabeth Adegbesan The Naira yesterday appreciated to N362.32 per dollar in the Investors and Exporters (I&E) window as the volume of dollars traded rose marginally by 92 percent.Vanguard

Manufacturing key to economic growth, says Dangote

The Executive Director of the Dangote Group,  Halima Aliko-Dangote, has urged millennials in Nigeria and across Africa to diversify from service-oriented enterprises to manufacturing and agriculture in a bid to fast-track the development of the continent and create better life for its nationals.Punch