Morning Beats

FG pensioners yet to receive 33.3% pension arrears

Retirees across the country have confirmed that they are yet to receive complete payment of the 33.3 per cent pension arrears, meant for Federal Government pensioners under the Defined Benefit Scheme (DBS), by the Pension Transitional Arrangements Directorate (PTAD).Guardian

Why investors own 100% of mining projects, by Bwari

Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, has said that investors now own 100 per cent of mining projects in the country, as stipulated in the Minerals and Mining Act 2007.Guardian

AfDB, NEXIM, BoI support Lagos SMEs’ gathering

The African Development Bank (AfDB), Nigerian Export-Import Bank (NEXIM) and Bank of Industry (BoI) are identifying with a convention of small and medium-size enterprises (SMEs) holding in Lagos.Guardian

Oil demand to hit 100 mbpd sooner than projected, says Barkindo

The Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, predicts that world oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast.Guardian

Nigeria loses $50bn to illegal financial flows yearly, says CISLAC

igeria has been losing about $50 billion to illicit financial inflows (IFF) through money laundering, tax evasion and corruption yearly, the Civil Society Legislative Advocacy Centre (CISLAC), has said.Guardian

Profit-taking drags stock market All-share index down 1.5%

Bearish sentiments resurfaced on the trading floor of the Nigerian Stock Exchange (NSE) yesterday, following profit-taking by investors, resulting to a significant drop in the All-share index by 1.5 per cent.Guardian

MPC seeks 5% interest rate on loans to farmers

A member of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) Balami Hassan wants interest on loans borrowed under the Anchor Borrowers Programme (ABP) to be pegged at five per cent. In his personal note on the last MPC meeting released yesterday, he said the government lowered the treasury bills rate from 18 per cent to 10.5 per cent.The Nation

Govt seeks investors in insurance sector

After about decade ban on issuance of fresh operating licences to investors, the Federal Government  is set to issue new licences to interested investors that can operate only as a Tier 1 company.The Nation

Nigeria okays $6.7b plan for Northeast reconstruction

THE Federal Government says it has developed a N6.7 billion plan for the reconstruction, rehabilitation and resettlement of northeast devastated by Boko Haram.The Nation

Why deepwater fields produce 41% of Nigeria’s total oil output’

Oil production from deep-water acreages, carried out through the production sharing contract (PSC), accounts for 41 per cent of Nigeria’s total oil production, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said.The Nation

Saudi Arabia plots to push oil prices to $80

Despite pressure from the United States (U.S) to keep prices in check, Saudi Arabia is desperately attempting to push oil prices to $80 because the country "needs cash".. It is keen about avoiding oil prices dropping below $70 with a price aim at $80.The Nation

Private sector operators’ confidence in the economy grows to 61.6 points — CBN report

A Central Bank of Nigeria (CBN) survey has shown that the confidence of the Private Sector Operators, OPS, on the economy stood at 61.6 index points in September, 2018.Vanguard

May & Baker Nigeria to raise N2.45b new equity capital

May & Baker Nigeria Plc is seeking regulatory approval to raise about N2.45 billion new equity fund by offering new ordinary shares to existing shareholders. Regulatory document obtained yesterday by The Nation indicated that May & Baker Nigeria Plc plans to float a rights issue of 980 million ordinary shares of 50 kobo each at N2.50 per share.The Nation

Travelex, CBN, EFCC to improve BDCs’ operations

Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria and the Economic and Financial Crimes Commission has concluded plans to engage the Bureau De Change in international best practices.Punch

Nigeria-China trade hits $7.2bn in six months

The trade volume between Nigeria and China from January to June this year was $7.2bn (N2.6tn).Punch

Recapitalisation: Job losses loom in insurance industry

Many workers in the insurance sector may lose their jobs due to the loss of business by most of the underwriters.Punch

Buhari gets China’s support for 3,050MW Mambila hydropower project

President Muhammadu Buhari on Wednesday secured the support of the Chinese President, Xi Jinping, for the building of the 3,050 megawatts Mambila hydroelectric power project.Punch

FG seeks one-year extension of World Bank’s $160m job creation fund

Following its inability to disburse $160m job creation funding provided by the World Bank, the Federal Government has sought for 12 months extension to enable it to fully implement the project known as Growth and Employment in States.Punch