20 August 2018

Nigeria yet to recover from economic recession – Kale: The Statistician-General of the Federation, Yemi Kale, has said Nigeria’s economy has not recovered from the 2016 recession.(Source:Punch)

13 states set to adopt new mortgage law: Following calls for the government to simplify the process of homeownership, more states are taking steps to reform mortgage and land administration.(Source:Punch)

Stocks fall further, market capitalisation drops to N12.87tn: The market capitalisation of equities listed on the Nigerian Stock Exchange fell further last week as 56 firms recorded price depreciation.(Source:Punch)

Power firms reject TCN as proposed N72bn fund manager: Operators in Nigeria’s power sector on Sunday rejected the Federal Government’s selection of the Transmission Company of Nigeria as the firm that will manage a N72bn investment fund expected to boost electricity distribution networks across the country.(Source:Punch)

PenCom gives reasons for reviewing voluntary contributions:  The National Pension Commission has said it reviewed the circular on voluntary contribution to allow workers to save more funds that will guarantee enhanced pensions.(Source:Punch)

SEC slashes costs of raising funds at capital market:  The Securities and Exchange Commission has approved the reduction in the transaction costs of raising funds from the capital market.(Source:Punch)

Kale Explains Delayed Unemployment Data: The Statistician General of the Federation, Dr. Yemi Kale, has attributed the delay in releasing the country’s unemployment figures to the late approval of the 2018 budget.(Source:Thisday)

Power Gencos Give FG Six Conditions to Avoid Shutdown of Operations: Power generation companies (Gencos) in Nigeria’s electricity industry have listed six conditions they said the federal government would have to fulfil quickly to avoid the likelihood of them shutting down their operations which they nevertheless said was imminent.(Source:Thisday)

Fixed Income, Currency Turnover Tumbles 24% in July: An unprecedented disruption was recorded in the activities of the Fixed Income and Currency (FIC) market in the month of July as month-on-month turnover plunged about 24 per cent.(Source:Thisday)

Afreximbank Records $343m Gross Revenue in Half-year: The African Export-Import Bank (Afreximbank) has released its unaudited financial statements for the half-year period ended 30 June 2018, showing gross revenue of $343 million.(Source:Thisday)

Ekiti LG Workers Begin Strike Thursday: Irked by Ekiti State Governor, Ayo Fayose’s alleged lukewarm attitude towards the payment of arrears of their salaries, local government workers in the state are proceeding on an indefinite strike.(Source:Thisday)

HI’18: Manufacturing firms’ incur more costs, up by 20.2%: Despite the steady decline in the inflation rate over the past 18 months, leading manufacturers quoted in the Nigerian Stock Exchange, NSE, which operate across sectors have recorded significant upsurge of 20.2 percent in their operating expenses, OPEX, in the first half of 2018, HI’18. The figure rose to N233.9 billion from N194.6 billion recorded in H1’17.(Source:Vanguard)

NAICOM should span 3-tier recapitalization policy into ten years – stakeholders:  Managing Director of Lancelot Ventures Limited, Mr. Adebayo Adeleke, has appealed to the National Insurance Commission, NAICOM, to span the 3-tier recapitalization policy into a 10 year period.(Source:Vanguard)

MTN denies Jumia stake sale, appoints new COO for Nigeria: Telecommunication giant, MTN, has denied a report that it is looking to sell shares in African online retailer, Jumia, or is considering an IPO of the business in the United States (US) as part of effort to reduce debt.(Source:Daily Trust)

Shareholders allege sabotage as Fortis crisis deepens:  The resignation of Mrs Bunmi Lawson as Managing Director of the Interim Management Committee set up by the Central Bank of Nigeria (CBN) to pilot the affairs of Fortis Micro Finance Bank may not be unconnected with the deep rooted controversy regarding how she run the affairs of the bank.(Source:Daily Trust)

Reporting for EasyKobo on Monday ,20 August 2018 in Lagos, Nigeria