Morning Beats

NDIC seeks collaboration, strong ethical banking standards

The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has stressed the need for effective collaboration between.Guardian

Investors chide judiciary for delaying market cases 

Dissatisfied by the delay in adjudicating capital market-related cases, investors have stressed the need for the judiciary to give priority to such cases, and stop granting unnecessary orders to perpetrators of fraudulent activities.Guardian

Telecoms operators need $450b for 1.5 billion offline users

The United Nations (UN) has estimated that to connect the next 1.5 billion that are yet to come online across the globe, telecoms operators would need over $450 billion.Guardian

NCC rallies telecoms consumers to quality service delivery

Nigerian telecoms regulatory agency, the Nigeria Communication Commission (NCC), has pledged to empower telecoms’ consumers with adequate information and education through constant engagements at various levels across the country.Guardian

NUPENG suspends strike in Delta, directs members to resume operations

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has directed its members who had withdrawn their services in Delta State to resume operations.Guardian

DisCos: we must speak for our $1.4b investment

The Association of Nigerian Electricity Distributors (ANED) yesterday told the  Nigeria Electricity Regulatory Commission (NERC ), that it has the legal backing to speak for the Electricity Distrubution Companies (DisCos) that invested $1.4 billion in the power assets.The Nation

$8.9b lost annually to post-harvest wastage, says NIRSAL

Nigeria loses $8.9 billion annually to agricultural post-harvest losses as a result of poor and unsecured haulage system.The Nation

Naira depreciates to N359.3/$ in parallel market

The Naira, yesterday, depreciated to N359.3 per dollar in the parallel market.Vanguard

NEW INCOME TAX LAW: Ernst &Young harps on documentation compliance

Ernst and Young, EY, has emphasized the need for corporate entities to abide by the new income tax regulations, 2018, released by the Federal Inland Revenue Service (FIRS), as non-compliance attracts heavy penalty.Vanguard

FIRS to reject tax return without CITN stamp

The Federal Inland Revenue Service, FIRS, will no longer accept all tax returns without the stamp and seal of the Chartered Institute of Taxation of Nigeria, CITN from the second of January 2019.Vanguard

FinTech: Regulations on tech application in capital market underway — SEC boss

In its bid for a technology-driven capital market as well as investor-protection, the Securities and Exchange Commission, SEC, has said that the Commission would soon come out with regulations that would guide technologically driven products in the capital market.Vanguard

Oil price nears $80, Nigeria’s output rises

International oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market.Punch

Nigeria’s rising debt profile worries Amina Mohammed

The Deputy Secretary-General of the United Nations, Amina Mohammed, has expressed worries over the rising level of Nigeria’s debt.Punch

Focus on N435.7bn under-recovery, Discos tell NERC

The Association of Nigerian Electricity Distributors has asked the Nigerian Electricity Regulatory Commission to focus on the N435.7bn under-recovery by electricity operators in the country rather than being distracted by the activities of the body.Punch

FIRS moves against multiple taxes in LGs

As part of its moves to curb multiple taxes, the Federal Inland Revenue Service has urged local government autorities to recognise stickers presented to them from other regions in the country.Punch

$10.1bn demand makes local listing challenging, says MTN

A $10.1bn demand by Nigerian authorities from South African telecoms group, MTN, makes its planned debut stock market listing in the country “pretty challenging and awkward,” the group’s chief financial officer said on Wednesday.Punch

IBEDC blames energy allocation for poor power supply

The Ibadan Electricity Distribution Company has attributed the poor power supply being experienced in some parts of Ogun State to the shortfall in energy allocated from the national grid.Punch

Stock market records highest daily loss in eight months

The nation’s equities market recorded its highest daily loss in eight months at the close of trading on the floor of the Nigerian Stock Exchange on Wednesday.Punch

India cuts Nigerian oil imports, turns to US

India imported less Nigerian crude oil last month on the back of outages in a couple of major streams such as Bonny Light and Forcados.Punch