Top Financial News   

13 September 2018

Oil price nears $80, Nigeria’s output rises: International oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market.(Source:Punch)


$10.1bn demand makes local listing challenging, says MTN: A $10.1bn demand by Nigerian authorities from South African telecoms group, MTN, makes its planned debut stock market listing in the country “pretty challenging and awkward,” the group’s chief financial officer said on Wednesday.(Source:Punch)


Focus on N435.7bn under-recovery, Discos tell NERC: The Association of Nigerian Electricity Distributors has asked the Nigerian Electricity Regulatory Commission to focus on the N435.7bn under-recovery by electricity operators in the country rather than being distracted by the activities of the body.(Source:Punch)


FIRS moves against multiple taxes in LGs: As part of its moves to curb multiple taxes, the Federal Inland Revenue Service has urged local government authorities to recognize stickers presented to them from other regions in the country.(Source:Punch)


Stock market records highest daily loss in eight months:  The nation’s equities market recorded its highest daily loss in eight months at the close of trading on the floor of the Nigerian Stock Exchange on Wednesday.(Source:Punch)


India cuts Nigerian oil imports, turns to US: India imported less Nigerian crude oil last month on the back of outages in a couple of major streams such as Bonny Light and Forcados.(Source:Punch)


$8.1bn MTN proceeds: FG insists firm must play by rules: he Federal Government has said it doesn’t want MTN Nigeria to die but that it must abide by the rules and regulations guiding business transactions in the country.(Source:Daily Trust)


Nigeria loses $8.9bn agro produce to poor transportation: The Managing Director and Chief Executive of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhameed has said Nigeria loses the value of agro produce worth $8.9 billion annually due to poor transportation system.(Source:Daily Trust)


DisCos’ group chides NERC, protects members’ $1.4bn assets: The Association of Nigerian Electricity Distributors (ANED) has chided the Nigerian Electricity Regulatory Commission (NERC) for discouraging its activities, with a total of $1.4 billion investment of the Distribution Companies (DisCos).(Source:Daily Trust)


Afreximbank says $850m from Chinese banks to boost trade: The $850 million in financing facilities being made available to the African Export-Import Bank (Afreximbank) by two Chinese financial institutions will allow the African trade finance bank to greatly expand its support to African businesses seeking to diversify and expand their trade activities, Bank President Prof. Benedict Oramah has said in Cairo.(Source:Daily Trust)

FIRS to reject tax return without CITN stamp: The Federal Inland Revenue Service, FIRS, will no longer accept all tax returns without the stamp and seal of the Chartered Institute of Taxation of Nigeria, CITN from the second of January 2019.(Source:Vanguard)


Forbes names Nigeria best economy in Africa: A major research firm, Forbes Africa has rated Nigeria as the 2018 best economy in Africa.(Source:Vanguard)


Naira depreciates to N359.3/$ in parallel market: The Naira, yesterday, depreciated to N359.3 per dollar in the parallel market.(Source:Vanguard)

$8.9b lost annually to post-harvest wastage, says NIRSAL: Nigeria loses $8.9 billion annually to agricultural post-harvest losses as a result of poor and unsecured haulage system(Source:The Nation)

Reporting for EasyKobo on Thursday , 13 September 2018 in Lagos, Nigeria

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