Category: ARM Securities

Naira depreciates to 365/dollar despite CBN interventions

The naira depreciated marginally by 0.55 per cent at the parallel market week-on-week to close at N365 on Friday.

Banks borrow N671bn from CBN in five days

Deposit Money Banks in the country borrowed the sum of N671.47bn from the Central Bank of Nigeria in the past five working days, data from the CBN have revealed.

Nigeria, others need commodity-price surge to avert debt crunch–IMF

The sub-Saharan Africa faces a potential debt crunch unless commodity prices improve and boost the pace of economic growth, the International Monetary Fund has said.

Fuel queues return to Lagos, persist in Abuja, others …as oil workers begin strike today

The lingering petrol scarcity in many parts of the country grew worse on Sunday in Lagos, Abuja, Nasarawa, Kaduna and Niger states as many filling stations were shut.

NSE weekly equities’ turnover hits N51.5bn

A total turnover of 1.852 billion shares worth N51.523bn in 23,863 deals, were traded last week by investors on the floor of the Nigerian Stock Exchange.

$2.8bn pipeline contract will change Nigeria’s energy landscape – Presidency

The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.

This Day

Dangote Accuses BUA of Stealing and Illegally Mining Limestone

The management of Dangote Group has accused BUA of engaging in illegal mining of limestone deposited in its Mining Lease No. 2541 located in a boundary town of Oguda/Ubo in Okene, Kogi State.

Banking Industry Fraud Drops by 38% in Two Years

The Central Bank of Nigeria (CBN) at the weekend disclosed that despite the increase in the value and volume of electronic payment transactions this year, there have been decline in fraud cases.

DMO to List Green Bond for Easy Trading and Liquidity

Investors staking their funds in the Federal Government maiden N10.69 billion Green Bond have been assured of liquidity as the Debt Management Office (DMO) said the bond would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange.

Guardian

Multiplicity of taxes discourages investments, says Adeosun

The Minister of Finance, Kemi Adeosun has stressed the need for salary earners operating other businesses to also pay tax from their profits in order to help grow the economy.

No intentions to undermine SEC’s authority, Oando insists

In response to the decision by the Securities and Exchange Commission (SEC) to commence a forensic audit into the affairs of the company, Oando Plc has reiterated that its management has not taken any action to undermine the authority of the Commission.

The Nation

NSE places 44 companies on red alert

The Nigerian Stock Exchange (NSE) authorities have placed 44 companies on red alert, raising a caution to investors to beware of underlying corporate governance abuse.

Lafarge Africa closes application for N132b rights issue

Lafarge Africa Plc at the weekend closed application list for its N131.65 billion rights issue, rounding off the subscription to its major capital raising aimed at deleveraging its balance sheet and rebuilding a more supportive capital base.

Reuters

Nigerian oil union calls for strike after talks hit deadlock

A major Nigerian oil union said on Saturday it would launch a strike from Monday after talks aimed at resolving a dispute with domestic oil and gas companies reached a deadlock.

Investors Stake N27bn on Equities as Dangote Cement Lifts Market

High trading in the shares of Dangote Cement Plc on Tuesday lifted the overall value of transactions at the equities market by 445.4 per cent to N26.809 billion.

IMF Harps on Economic Diversification for Nigeria, Others

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks.

Bonds Lead Capital Market Issuances, Account for N1.4trn

Bonds continued to dominate new issuances accounting for N1.364 trillion or 88 per cent of the total issuances in the capital market between January and September 2017.

CBN: Local Rice Production Records 70% Increase

The Central Bank of Nigeria (CBN) has stated that the production of rice locally has increased to 70per cent following the introduction of the Anchor Borrowers Programme by the federal government.

Bharti Airtel Denies Report of Its Planned Exit from African Operations

Bharti Airtel has denied recent report that it is exiting its operations from three African markets that were said to be unprofitable.

Kachikwu: 2019 Target to End Petrol Imports

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that the federal government’s target to end importation of petroleum products in 2019 is non-negotiable.

The Nation

Senate kicks against tariff increase by DisCos

The Senate Committee on Privatisation yesterday in Kano, said there was no need for the proposed increase in electricity tariff.

Union Bank sells N291m shares to employees

Union Bank of Nigeria (UBN) Plc has listed 51.299 million ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE), pushing its total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares.

Nigeria plans to boost oil output as price hits $65

Less than two weeks after the Organization of Petroleum Exporting Countries (OPEC)’s decision to extend oil production cuts, Nigeria and Libya are planning to raise output next year. Oil price has hit $65, the highest in 30 months.

Banks, insurance firms owe NHF N6.7 trillion

The two sectors have failed to remit N6.7 trillion to the Fund since its inception contrary to the law setting it up.

NNPC threatens to shut stations hoarding fuel

The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC) Dr. Maikanti Baru, yesterday said the Federal Government would adopt an “aggressive measure” to tackle the artificial scarcity of petroleum products in parts of the country.

Punch

CBN injects $210m into forex market

The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria.

GE, Mainstream sign N8.3bn Kainji power plant rehabilitation contract

Mainstream Energy Solutions Limited has injected a fresh $26m (N8.3bn) investment into the Kainji Hydro Power Plant to rehabilitate its Hydro Turbine Generator unit.

TSA: Reps query Buhari’s exemption of N50bn NNPC accounts

The House of Representatives, on Tuesday, raised questions over a “purported” presidential approval exempting some special Nigerian National Petroleum Corporation accounts from the Treasury Single Account.

Vanguard

Alternative securities market records a decline

The Alternative Securities Market, ASeM, of the Nigerian Stock Exchange, NSE, closed the 12 months period to December 12, 2017, in the negative region, recording -3.62 percent Return-on-Investment, RoI.

DMO deploys Eurobond proceeds to repay N198bn TBs

The Debt Management Office, DMO, yesterday commenced the process of refinancing domestic debt with proceeds of $500 million Eurobond as it announced its intention to repay in full the N198 billion treasury bills (TBs) scheduled to mature this month.

Reuters

W. Africa Crude-Differentials underpinned by Forties outage

Differentials for West African grades were stable to firmer, traders said, after a North Sea Forties crude pipeline outage that is expected to lead to a rise in European refining demand.

Nigerian court drops most corruption charges against Senate president

Nigeria’s court of appeal on Tuesday dismissed 15 corruption charges against the Senate president related to alleged false declarations of assets, but it upheld three other charges against him.

CBN’ll use BVN to blacklist loan defaulters –Emefiele

The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system.

FG reviewing non-performing privatised firms’ operations — BPE

The Bureau of Public Enterprises says it has started reviewing privatised public enterprises that have failed to live up to expectation.

577 firms bid for NNPC insurance renewal contract

The Nigerian National Petroleum Corporation on Sunday said it had opened 577 bids submitted by firms seeking to secure the insurance renewal contract for the corporation’s oil and non-oil assets.

Capital market operators seek single licence from CBN, SEC

Capital market operators on Sunday called on the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to grant them single dealing licence to access discount window.

FG plans N110bn bond auction this month

The Federal Government, through the Debt Management Office, is scheduled to hold the last bond auction for the year on December 13, 2017.

Discos installing substandard prepaid meters, says TCN

According to the Market Operator, a department in the TCN, many substandard meters are being given out by Discos to electricity consumers, a development that will attract sanctions if not stopped.

This Day

FG Earned $7bn from Addax Petroleum Since 2009, Says Oil Firm

Addax Petroleum Development (Nigeria) Limited, which operates Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) PSC has produced 425 million barrels of crude oil and generated over $7 billion in revenue to the Nigerian government since 2009 when SINOPEC took over the company.

Flour Mills Applies to Raise N40 Billion via Rights Issue

Flour Mills of Nigeria Plc (FMN) has applied to the Nigerian Stock Exchange (NSE) to raise about N39.856 billion from the existing shareholders.

Equities Market Sustains Rally on Strong Investor Sentiment

The bulls remained in control of the equities market as the market recorded its third consecutive gain on sustained strong investors’ sentiments.

FX Window Records $1.11bn Transactions in One Week

The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week.

CBN Mulls Reducing CRR for SME-friendly Banks

As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.

Banks Urged to Enhance Private Sector Credit

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has advised commercial banks in the country to increase credit to the private sector to grow the economy.

Guardian

Forex market gets $514m boost ahead of Yuletide

The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.

Probe reveals N30b oil revenue ‘hidden’ by NNPC

Full disclosure in the administration of crude sales remains an issue at the Nigerian National Petroleum Corporation (NNPC) despite current efforts at enthroning transparency in the conduct of government business.

Senate urges caution on review of privatised firms

The Senate has advised the Federal Government to exercise caution in the review of privatised enterprises by the past governments so as not to scare away foreign investors from the country.

The Nation

Nigerian capital market issuances hit N1.55trn in September – SEC

The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.

Forex restriction on 41 items good for economy, says CBN

The Central Bank of Nigeria (CBN) has said that restriction of access to foreign exchange (forex) on the 41 items has had a positive impact on the economy.

Vanguard

CBN unveils new measures to create jobs

Central Bank of Nigeria (CBN) has unveiled two-policy measures designed to accelerate the growth of the nation’s Gross Domestic Product (GDP), boost non-oil export revenue    and facilitate job creation.

Reuters

Nigerian finance minister says gave no order to halt Oando inquiry

Nigeria’s finance ministry has not interfered in an inquiry by the country’s market regulator into oil company Oando, the finance minister, who last week suspended the Securities and Exchange Commission’s head, said.

Helios, others bid for Nigerian telecoms firm 9mobile

Private equity firm Helios Investment Partners has submitted a bid to acquire Nigeria’s 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm.

CBN Intervenes in Forex Market with Fresh $210m

The Central Bank of Nigeria (CBN) on Monday injected another $210 million into the interbank foreign exchange market in its bid to boost liquidity in the market.

Year-to-date Growth Hits 39.6% as Stock Market Rebounds

The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week.

Saraki Accuses Anti-graft Agencies of Looting Recovered Funds, Property

The Senate President, Dr. Bukola Saraki, Tuesday accused anti-graft agencies of looting funds and property recovered from corrupt persons.

FIRS Hits 79.35% of 2017 Collection Target in 10 Months, Says Fowler

The Federal Inland Revenue Service (FIRS) has said in Abuja that it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.

NNPC Targets 15% Downstream Market Share, Builds Three New Mega Stations

The Managing Director of the Nigerian National Petroleum Corporation (NNPC) Retail Limited, Mr. Yemi Adetunji, on Tuesday disclosed that the downstream retail subsidiary of the corporation has set its sights on taking and satisfying about 15 per cent of Nigeria’s downstream petroleum market share in the next one year.

Imo Assembly Boycott 2018 Budget Presentation

For the first time in the life of the Imo State House of Assembly since the current administration of Governor Rochas Okorocha, the Assembly would in unison raise issues of concern to the governance of the state and wellbeing of the people as members yesterday boycotted the presentation of the 2018 budget proposal scheduled for 10a.m. at the Assembly Complex.

Punch

FG opts against $550m Chinese loan for communications satellites

The Federal Government has backed out of a plan to take a loan of $550m from the Chinese Export and Import Bank for the construction of two new communications satellites.

Discos’ force majeure notice jeopardizing power generation

The force majeure notice recently issued by power distribution companies and their disapproval of the eligible customer regulation of the Nigerian Electricity Regulatory Commission are jeopardizing power production in the country.

Senators, Reps pick holes in 2018 budget proposal

Both chambers of the National Assembly have berated the Federal Government’s 2018 budget proposal, saying its assumptions are unrealistic.

Amnesty wants Shell probed for alleged abuses in Ogoniland

Amnesty International on Tuesday said Royal Dutch Shell Plc should face investigations in three countries for alleged complicity in human rights abuses, including murder and rape, committed by the Nigerian military government in the oil-producing Ogoniland region in the 1990s.

The Nation

Import prohibition attracts $10b investment, says CBN

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said the import prohibition policy of the apex bank has attracted investment valued at $10billion into the country.

Pension fund hits N7.2tr

Nigeria’s pension fund assets under the  Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September  from the N7.094 trillion recorded in August.

Adeosun: only 40m Nigerians pay tax

Out of 70 million taxable adults in Nigeria, only 40 million pay taxes, the Minister of Finance, Mrs. Kemi Adeosun has said.

UACN eyes mergers, acquisitions with new equity capital: With 10 subsidiaries in key sectors of the Nigerian economy, Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc will consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.

Guardian

Foreign capital inflow hits $4.145b in Q3, says NBS

The National Bureau of Statistics (NBS) has said that the capital importation into the county recorded an increase to $4.145 billion in the third quarter of 2017.

Continued importation of dirty fuel raises fears

Experts warn of health and economic consequences following Federal Government’s failure to meet deadline on importation of high sulphur (dirty) fuels.

Vanguard

Interbank money market resists N90bn liquidity mop up

Efforts by the Central Bank of Nigeria (CBN) to mop-up liquidity from the interbank money market proved abortive as the N90 billion treasury bills (TBs) issued on Monday was undersubscribed by 47 percent.

Reuters

OPEC heading for oil cut extension with a caveat

OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June.

CBN sacked bank directors over non-performing loans – NDIC

A number of bank directors have been fired by the Central Bank of Nigeria following cases of insider abuse relating to non-performing loans, it has been learnt.

FG reviewing companies’ tax profiles, says Adeosun

The Federal Government has said it is reviewing the tax profiles of companies that received major payments from it in the last five years.

Global Spectrum set to list shares on NSE

Energy firm, Global Spectrum Energy Services Plc, is set to list its shares on the Nigerian Stock Exchange.

FCMB grows profit by 64% in three months

FCMB Group Plc has recorded a 64 per cent  rise in its profit before tax for the third quarter of 2017 compared to the second quarter ended June 30, 2017.

FG targets N62.5bn from luxury cars, cigarettes, alcohol’s duties

The Federal Government has proposed to generate additional N1tn non-oil revenue to reduce the deficit and loans in the 2018 budget.

This Day

UAC Shops for N15.4 Billion from Existing Shareholders

UAC of Nigeria Plc is currently shopping for N15.37 billion fresh capital from existing shareholders to boost its operations so as the record improved performance and deliver competitive returns to shareholders in the years ahead.

CBN Injects $498m in Forex Market in One Week

The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million.

Equities Market Rebounds on Bargain Hunting

The Nigerian stock market rebounded last week following improved sentiments as more investors embarked on bargain hunting.

FG Defends Plan to Engage Malaysian Consultants for ERGP

The Senior Special Assistant to the President on the Economic Recovery Growth Plan Implementation (ERGP), Dr. Effiong Essien has defended the move by the federal government to engage Malaysian experts to drive the implementation of the ERGP.

IEA: Lower Supply from Nigeria, Algeria, Iraq Dipped October OPEC Output by 80,000bpd

Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed.

CBN Calls for Enhanced Collaboration against e-Fraud

The Central Bank of Nigeria (CBN) has stressed the need for increased collaboration and industry engagements in order to tackle cases of electronic fraud in the economy.

Guardian

Stockbrokers call for forex discount window

For the capital market to witness improved liquidity that would spur activities in the nation’s bourse and attract more investments, operators unanimously stressed the need for the Central Bank of Nigeria (CBN) to grant stockbrokers access to foreign exchange discount window.

BoI plans increased lending to food sector for enhanced production

The Bank of Industry (BoI) has concluded plans to increase lending to stakeholders in the food industry, as part of measures to boost food production in the country and help the Federal Government achieve the 3.5 per cent Gross Domestic Product (GDP) target in 2018.

Why CBN retains rates, by Godwin Emefiele

Contrary to speculations that the Central Bank of Nigeria (CBN) is afraid of taking risks by retaining monetary policy rates (MPR) at the same level for the eighth time consecutively, the apex financial sector regulator has said its actions are based on researches that it conducted.

500 prominent Nigerians get tax status letters today

Tax status letters will be issued to no fewer than 500 high net-worth Nigerians by the Ministry of Finance today.

Finance ministry alleges blackmail over import duty waivers

The Minister of Finance, Mrs. Kemi Adeosun, has accused some importers and Non-Governmental Organisations (NGO) of planning to blackmail the ministry over import duty waivers.

FG, firm sign power purchase agreement on 40mw

The Federal Government has signed Power Purchase Agreement (PPA) with Mabon Nigeria Limited, which is currently executing 40 megawatts hydro-power project.

The Nation

Only 18 states have complied with TSA, says NGF

No fewer than 18 of the 36 states of the federation and the Federal Capital Territory, FCT, Abuja, may have fully complied with the Treasury Single Account (TSA) mandate of the federal government.

NNPC fails to remit N1.7tr into Federation Account

The Federation Account Allocation Committee (FAAC) meeting was called off last Thursday over the non-remittance of about N1.78 trillion into the government’s coffers by the Nigerian National Petroleum Corporation (NNPC).

$9b interventions strengthen naira, forex market

Dollar injections into the economy estimated at $9 billion since February have helped the Central Bank of Nigeria (CBN) to achieve long-term naira stability and curb volatility in the foreign exchange (forex) market.

Vanguard

FG targets $1bn from tax amnesty scheme

The Federal Government is targeting to rake in about $1 billion from the on-going Voluntary Income and Asset Declaration Scheme, VAIDS, before the deadline on March 31, 2018.

Insurers seek additional capital in preparation for RBS

Insurance firms with inadequate shareholders’ funds have commenced moves to raise additional capital in preparation for the next phase of implementation of the Risk Based Supervision (RBS) by the National Insurance Commission, NAICOM.

Business Day

Nigeria IPO drought leave banks as only major capital source

Nigerian companies have largely snubbed the capital market as a source of funding over the past two decades, a situation which is increasing risks in the banking system and wider economy.

NERC rejects force majeure notice by power firms

The Nigerian Electricity Regulatory Commission on Tuesday rejected the notice of declaration of force majeure that was recently issued to the Federal Government by the 10 electricity distribution companies in the country.

Reps query bid to spend $1.8bn on refineries

The House of Representatives on Tuesday queried the viability of further expenditure on the country’s four refineries and the daily allocation of 445,000 barrels of crude to the facilities.me.

NNPC completes 539km of gas pipelines

The Nigerian National Petroleum Corporation on Tuesday said it had so far completed 500 kilometres of gas pipelines between 2010 to date as part of measures to expand gas pipeline infrastructure across the country.

Nigeria, US, Japan seal investment, social development pacts

Nigeria and Japan on Tuesday signed a grant aid project on economic and social development worth N642m. The amount will be provided by the Japanese government.

9mobile to get new investor by year-end — Emefiele

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company.

This Day

FMDQ OTC Exchange Records N115trn Transactions in 10 Months

Trading in the secondary segment of the fixed income and currency markets operated by the FMDQ OTC Securities Exchange remained upbeat, recording transactions worth N115 trillion from January to October 2017.

Lagos Pays N141bn to Bond Subscribers

The Lagos State Government tuesday disclosed that it had paid a total sum of N141.59 billion to bond holders in its various fixed rate bond programmes.

FCMB Group Completes 88.2% Acquisition of Legacy Pension Managers

FCMB Group Plc has successfully completed the acquisition of additional 60 percent equity stake in Legacy Pension Managers Limited (Legacy).

Guardian

NERC extends Shell JV’s Afam VI power licence by 10 years

The Nigeria Electricity Regulatory Commission (NERC), has renewed the power generation licence for Afam VI Power Plant, a 650MW-capacity facility that has delivered over 24.16 million Megawatt-hour (MWh) of electricity into the national grid between inception in 2008 and 2016.

NSEs market capitalisation plunges by N61 billion

Price losses outweighed gains on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as most blue chip stocks depreciated in price, causing market capitalisation to plunge by N67billion.

The Nation

Fed Govt submits revised MTEF to Senate

The Federal Government yesterday submitted a revised version of the 2018 to 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.

Reps to govt: stop sale of PHCN assets

The House of Representatives has urged the Federal government to stop further sale of some assets of the Power Holding Company of Nigeria (PHCN).

NBS to release Q3 growth data as MPC meets today

The Central Bank of Nigeria’s Monetary Policy Committee will on Monday (today) and Tuesday hold its final meeting for the year, to deliberate on key issues affecting the economy.

Development bank to release more funds for MSMEs

The Development Bank of Nigeria has said it will enter into a strategic partnership with Deposit Money Banks and microfinance banks to enable it to release more funds to the Micro, Small and Medium Enterprises sector.

‘Nigeria earned N69.2bn from solid minerals in one year’

Nigeria earned N69.2bn from solid minerals in 2015, representing an increase of 24 per cent on the N55.8bn generated from the sector in 2014, the Nigeria Extractive Industries Transparency Initiative announced on Sunday.

NNPC, Chevron sign final phase of $1.7bn deal

The Nigerian National Petroleum Corporation and Chevron Nigeria Limited have executed the second and final phase of an alternative financing agreement expected to increase crude oil production in the country by about 39,000 barrels per day from the Sonam and Okan fields located in the OML 90 and 91 of the Niger Delta.

This Day

Market Turns Bearish on MSCI’s Reclassification

The Nigerian equities market reversed the gains recorded last week as foreign investors and domestic institutional adopted cautious trading and profit taking following the decision of Morgan Stanley Capital International (MSCI) to delete FBN Holdings, Forte Oil Plc, Guinness Nigeria Plc and PZ Cussons Nigeria Plc from its Main Frontier Markets Indexes.

Glo, Airtel, Dangote, Seven Others Advance to Final Stage in 9mobile Bid

The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, has advanced to the next stage, with 10 out of the 16 firms that submitted expressions of interest (EoIs) for the telecoms firm, prequalified by Barclays – the financial adviser to the deal – to proceed to the financial bid stage of the exercise.

Afreximbank Raises $150m in Samurai Syndicated Term Loan Facility

The African Export-Import Bank (Afreximbank) has successfully completed its first ever Samurai Syndicated Term Loan Facility, raising the equivalent of US$150 million, comprising two tranches of Japanese Yen 6.2 billion and US$100 million.

Alleged Tax Evasion: Lawmakers Threaten Arrest Warrant against Telecoms CEOs

The Chairman, House of Representatives Ad-hoc Committee investigating the activities of telcoms operators and vendors, Hon. Ahmed Abu (APC, Niger) has threatened to serve bench warrants against chief executives of major telecommunications companies over their failure to appear before it and defend allegations of tax evasion amounting to about N143 billion.

Vanguard

Cost of funds to fall as over N700bn inflow hit interbank

Cost of funds in the interbank money market will decline this week in response to inflow of over N700 billion from matured treasury bills and statutory allocation  to the three tiers of government.

Insurers groan as premium growth lags behind liabilities

The insurance industry, during the nine months period ended September 2017, witnessed marginal growth in gross premium written while claims expenses went up significantly. This development may have put the badly affected underwriters in financial stress.

Guardian

FG mulls reduced interest rate for local manufacturers in Q1 2018

The Federal Government’s commitment to support and encourage local manufacturing firms through access to cheap funds may soon be realised with the implementation of a reduced interest rate regime for local manufacturers in the first quarter of 2018.

Inflation drops for ninth consecutive month to 15.91%

The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October.

$5.5bn borrowing: FG meets global investors in US on Friday

The Federal Government is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet.

ERGP: FG to hire Malaysian economic experts for N458m

The Federal Executive Council on Wednesday approved the retention of Malaysian consultants to help conduct a study that would aid the implementation of the President Muhammadu Buhari administration’s Economic Recovery and Growth Plan.

TSA: $21.3m trapped in Heritage Bank, NPA tells Reps

About $21.3m of Federal Government’s funds held for the Nigerian Ports Authority by Heritage Bank had been trapped in the vault of the lender since 2016, the NPA told the House of Representatives in Abuja on Wednesday.

3,050MW plant: FG, Chinese bank negotiate $4.92bn loan

The Minister of Power, Works and Housing, Babatunde Fashola, announced on Wednesday that the Federal Government had commenced negotiations for a $4.92bn loan from the China Exim Bank for the construction of the 3,050 megawatts Mambilla Hydro Power Plant.

Discos ripping off consumers with new prepaid meters – Reps

The House of Representatives on Wednesday accused electricity distribution companies of ripping off power consumers in the country with their new Mojec prepaid meters and called for urgent investigation to be conducted into the development.

We’ll take a decision on Ajaokuta soon – FG

The Federal Government has said that it will take a decision on what happens to the Ajaokuta Steel Complex in due course.

This Day

Fitch Rates Nigeria’s Planned Dollar Notes ‘B+(EXP)’

Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD-denominated notes an expected rating of ‘B+(EXP)’.

Stanbic IBTC Grows Nine Months Gross Profit by 78% to N46Billion

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has recorded a growth of 77.7 per cent growth in profit before tax (PBT) for the nine months ended September 30, 2017.

Guardian

NSE’s All-share index plummets by 0.9%

The reign of the bears continued unabated on the trading floor of the Nigerian Stock Exchange (NSE), as major highly capitalised stocks depreciated in price, resulting to a further slide in the All-share index by 0.9 per cent.

Nigeria’s crude oil suffers setback as more traders opt for U.S. blend

Nigeria’s crude oil is under serious pressure at the international market, as Asian refiners have increasingly been moving away from their usual favourite, frequently opting for United State (U.S) crude oil, the Organisation of the Petroleum Exporting Countries (OPEC) has said.

Vanguard

African SMEs face $136bn financing gap annually—IFC

The International Finance Corporation, IFC, a member of the World Bank Group, has estimated that in Africa, small and medium enterprises, SMEs, face a financing gap of over $136 billion annually.

NNPC should be partially privatised — Moghalu

Despite effort by the current administration to diversify the nation’s economy, a former Deputy Governor of the Central Bank of Nigeria, CBN, Mr. Kingsley Moghalu, has urged the Federal Government to partially privatize the Nigerian National Petroleum Corporation, NNPC.

The Nation

Oil prices end gain streak, drop to $61

The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days.

McGrath: ExxonMobil adds 600,000bpd to Nigeria’s output

The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd.