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.