18 July 2018 ( Lagos)

Osinbajo inaugurates N107bn BUA’s Sokoto cement plant: Vice-President Yemi Osinbajo on Tuesday in Sokoto State inaugurated the BUA cement and coal power plants built at the cost of $350m (N107bn). (Source: Punch)

CITN wants constitutional amendment to tackle budget delays: The Chartered Institute of Taxation of Nigeria on Tuesday called on the executive and the legislature to amend the constitution to capture the actual date for the passage and signing of the budget document. (Source: Punch)      

Auctioneers seek transparency in FG’s auction processes: Auctioneers on Tuesday condemned alleged underhand dealings in the auctioning of recovered public assets by Ministries, Departments and Agencies of the Federal Government and called for transparency in the processes. (Source: Punch)

FG, states agree on harmonised right of way charges: The federal government and the 36 states of the federation as well as the Federal Capital Territory administration have agreed on harmonised right of way charges across the country, the Executive Vice Chairman, Nigerian Communications Commission, Umar Danbatta, has said. He also said that telecom operators will now be required to pay N145 (US$0.40) per metre to lay fibre cable anywhere in the country. (Source: Punch)

NASD to deepen capital market’s contribution to economy: The Managing Director/Chief Executive Officer, NASD Plc, Bola Ajomale, has said the full operation of the NASD Enterprise Portal this year will significantly deepen the reach and contribution of the capital market to the nation’s growth. (Source: Punch)

Transcorp grows net profit by 161% to N10.9b: Transnational Corporation of Nigeria (Transcorp) Plc recorded impressive growths in turnover and profitability in the first half with net profit rising by 161 per cent to about N10.9 billion.(Source: The Nation)

NSE lifts Eterna to medium-price stock:  Authorities at the Nigerian Stock Exchange (NSE) have reclassified Eterna Plc from low-priced stock to a medium-price, providing additional liquidity that will enhance price discovery for the downstream oil and gas company.(Source: The Nation)

PTAD pays N1.7b arrears to 5,382 new pensioners: The Pension Transitional Arrangement Directorate (PTAD) has paid N1.7 billion outstanding pension arrears to 5,382 civil service pensioners.(Source: The Nation)

IMF: rising risks constrain lending by banks: The International Monetary Fund (IMF) has said the risk associated with lending is limiting the volume of loans being granted by banks.(Source: The Nation)

Great Nigeria Insurance pushes for immediate delisting:  The board of directors of Great Nigeria Insurance (GNI) Plc has convened an extraordinary general meeting of the insurance company to seek approval for immediate delisting of the company from the Nigerian Stock Exchange (NSE). (Source: The Nation)

Power sector loss rises by 13% in 1week as inadequate gas persists: The nation’s power sector lost a total of N10.7 billion in the first week of July 2018, showing an increase of 13 per cent compared with N9.3 billion recorded in the last week of June 2018. (Source: Vanguard)

Negative investors’ sentiment push down NSE Index by 0.81%: Activities in the equities market remained bearish, as the All Share Index dipped further, by 0.81 percent, to 36,963.70 points, amidst still negative sentiments. (Source: Vanguard)

Naira depreciates to N358.7/$ as CBN injects $210m: The Naira, yesterday, depreciated by 70 kobo to N358.7 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected $210 million into the inter-bank forex market. (Source: Vanguard)

NSC charges terminal operators to automate operations: The Nigerian Shippers’ Council, NSC, has charged terminal operators to automate their cargo clearance operations to enhance efficiency at the ports and reduce the current traffic gridlock in and around Apapa. (Source: Vanguard)

FG recovers US$2 trillion assets in 18 years - Dogara: The Speaker of the House of Representatives, Yakubu Dogara, on Tuesday disclosed that the total value of recovered funds and assets by the Federal Government since 1999 is estimated at US$2 trillion dollars. (Source: Daily Trust)

World Bank spent $300m on community projects in Nigeria: The World Bank says it has spent $300 million out of the $415 million earmarked to support Community and Social Development Projects (CSDP) across 30 states of the federation and the FCT. (Source: Daily Trust)

AFC Grants Waltersmith $35m Facility for Refinery Project: The Africa Finance Corporation, (AFC) has signed a $35 million debt facility agreement with Waltersmith Refining and Petrochemical Company Limited, for a proposed 5,000 barrel per day (bpd) refinery project to be situated in Imo state. (Source: Thisday)

FG Will Reconsider Tariff on Local Beverages, Says Ngige: The Minister of Labour and Employment, Sen. Chris Ngige has assured members of the National Union of Food, Beverage and Tobacco Joint Employers and Workers Association (NUFBTJEWA) that the federal government will review the newly introduced 500 per cent excise duty on locally produced alcoholic beverages. (Source: Thisday)

CBN injects US$210m into forex market: The Central Bank of Nigeria (CBN) on Tuesday injected the sum of US$210m into the interbank foreign exchange market. The bank offered US$100m to authorised dealers in the wholesale segment of the market, while US$55m was allocated to the SME and invisibles segments. (Source: Thisday)

DBN to provide credit guarantees, targets N60bn loans: The Development Bank of Nigeria Plc (DBN) plans to set up a subsidiary that will provide partial credit guarantees to lenders, while targeting as much as N60bn (US$166m) of loans this year. Reports quoting the Chief Executive Officer, Tony Okpanachi, stated that the unit will have US$35m of start-up funding, and would become operational in a year. (Source: Punch)

Nigeria's Buhari sends N228.9bn supplementary budget to lawmakers: Nigerian President Muhammadu Buhari submitted a N228.9bn (US$632.7m) supplementary budget for 2018 to parliament on Tuesday. The new supplementary budget includes N164bn to prepare for the 2019 elections and N64.7bn to reinstate projects cut by lawmakers from the main 2018 budget signed into law last month. (Source: Reuters)

Reporting for EasyKobo on Wednesday, 18 July 2018 in Lagos, Nigeria