27 August 2018

External reserves drop by $990m in three weeks: The nation’s foreign exchange reserves have fallen by $990.98m this month, latest data from the Central Bank of Nigeria showed on Sunday.(Source:Punch)

Cocoa processors groan under N50bn debt, huge losses: Cocoa processors are currently regretting sinking billions of naira into the cocoa value addition business with little or nothing to show for it even as they face constant harassment from creditors.(Source:Punch)

Brokers review NAICOM’s draft guidelines on operational fees: The President, Nigerian Council of Registered Insurance Brokers, Mr Shola Tinubu, has said the council will make its contribution to the zero draft guidelines issued by the National Insurance Commission, which aims to introduce a two-tier mode of operation and raise brokers’ operational licensing fees.(Source:Punch)

Power distributors owe NERC, NBET, TCN N205.51bn:  Power distribution companies are not only indebted to their counterparts in the electricity generation arm of the sector, they also owe service providers a total of N205.51bn.(Source:Punch)

NSE: Portfolio Investments Hit N1.6tn at Half Year, Records 70% Growth: A 2018 half- year performance review of portfolio investments in the equities segment of the Nigerian Stock Exchange (NSE) has shown that turnover value increased to about N1.6 trillion from about N935billion recorded in half year 2017.(Source:Thisday)

Apapa Port Records N57bn Export in Seven Months: The Apapa area command of the Nigeria Customs Service (NCS) has announced that a total of 343, 471 metric tons of agricultural products, mineral resources and other exportable products with Free on Board (FOB) value of N57 billion were exported out of Nigeria through the Apapa port between January and July 2018.(Source:Thisday)

Equities Market Rebounds on Bargain Hunting, Gains 0.45%: The equities market rebounded last week with the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) gaining 0.45 per cent after three weeks of decline.(Source:Thisday)

$3.3bn Egina FPSO Sails to 200,000bpd Offshore Field: Nigeria’s oil and gas sector is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) unit built by Samsung Heavy Industries of Korea (SHI) for the 200,000 barrels per day capacity Egina oilfield will sail away in the early hours of today (Sunday) from LADOL Free Zone in Lagos to the offshore field, investigation has revealed.(Source:Thisday)

Insurers’ underwriting expenses outpace premium: There are indications that insurers are committing more resources to meeting insurance claims and other underwriting expenses.  But this development may be eating into their earnings as expenses outpace gross premium written.(Source:Vanguard)

Kebbi State earned N150bn from rice sales in 2017 – GOV: The  Kebbi State government last year earned about N150 billion from the sale of its locally cultivated rice, the Governor,  Senator Abubakar Atiku Bagudu, has said.(Source:Vanguard)

Cost of funds decline to persist as N1tr inflow aggravates excess liquidity:  Cost of funds will decline further this week in the interbank money market as inflow of over N1 trillion from statutory allocation funds and maturing treasury bills (TBs) aggravates excess liquidity in the market.(Source:Vanguard)

Shareholders express support for Mutual Benefits’ Rights Issue: Some shareholders have expressed their support for the on-going N2 billion Rights Issue of Mutual Benefits Assurance Plc.(Source:Vanguard)

165.7m litres of LPG imported in Q2: The National Bureau of Statistics (NBS), said 165.71 million litres of Liquefied Petroleum Gas (LPG) was imported into the country in the second quarter.(Source:The Nation)

Cement, healthcare companies to raise N240b new capital:  The country’s largest cement and healthcare manufacturing companies are planning to raise N240 billion new capital to grow their businesses.(Source:The Nation)

Reporting for EasyKobo on Monday ,27 August 2018 in Lagos, Nigeria