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Nigerian Newspaper: BusinessDay Headlines Today, Thursday 8th November, 2018

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Passenger dies at Lagos airport as power outage cripples flight activities
Thu, 08 Nov 2018
An unchecked-in passenger with Etihad Airways, Ademola Adekele early yesterday morning slumped and died at the Murtala Muhammed International Airport (MMIA), Lagos. This is as power outage yesterday evening temporarily crippled flight activities at the airport when ‘a certain airline arrived for disembarking of passengers.’ The diseased passenger was supposed to be checked-in on flight…
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Debt servicing cost rise 37.04% in six months
Thu, 08 Nov 2018
Nigeria’s cost of servicing debt grew by 37.04 per cent to N941.99 billion at the end of June 2018, compared to N687.37 billion in the corresponding period of 2017, according to the Central Bank of Nigeria (CBN). The half year activity report released on Wednesday by the CBN revealed that total domestic debt outstanding at…
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Senate takes N242bn from thirty ministries to fund 2019 elections
Thu, 08 Nov 2018
Three months to the 2019 General Elections, Nigeria is still battling with the funds to be used in conducting the exercise. Although both chambers of the National Assembly approved the Virement/ Supplementary budget for the Independent National Electoral Commission (INEC) and Security agencies for the INEC budget on October 17, 2018, lawmakers rescinded their approval…
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Inside details of NNPC’s struggles to keep Nigerians hooked on cheap petrol
Thu, 08 Nov 2018
Recent decisions by the Nigerian National Petroleum Corporation (NNPC) to extend the Direct Sale, Direct Purchase (DSDP) contracts of oil firms have exposed the extent the corporation is going to ensure Nigerians remain hooked on cheap fuel, documents seen by BusinessDay show. Under the DSDP contracts, introduced by the NNPC in 2015 as a replacement…
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Telcos to form subsidiary platform for agent banking
Thu, 08 Nov 2018
The ongoing push for financial inclusion in the country has led to the formulation of a policy guideline by the Central Bank of Nigeria (CBN), which recommends that telecommunications operators who have a wider reach and more robust technology infrastructure should form a subsidiary platform, funded by the telcos to run agent banking services in…
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Insurers Q3 underwriting profit up 34% on appropriate pricing
Thu, 08 Nov 2018
Underwriting profit of listed insurance firms surged by 34 percent in the third quarter (Q3) of 2018 as a reduction in combined ratios and appropriate pricing policy boosted returns. Also helping to drive the turnaround is growth in premium income- supported by the introduction of innovative and market moving product, and ability of management and…
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Investors said eyeing stake acquisition in Diamond Bank
Thu, 08 Nov 2018
Investors are said to be making offers to Nigerian lender, Diamond bank, for a possible stake acquisition, in what would help the tier-two bank keep its capital adequacy ratio comfortably above the required regulatory threshold. Seyi Bickersteth, the outgoing chairman of the Carlyle-backed bank, is said to have confirmed the offers made but did not…
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Lafarge Africa drops to 2009 low on rights-issue burden
Thu, 08 Nov 2018
Lafarge Africa Plc fell by 9.8 percent on Wednesday to the lowest since May 2009, with trading volume about double the three-month daily average. The impact of the N90bn rights issue announced last month will be negative for minority shareholders, Moses Waireri Njuguna, an analyst at EFG-Hermes, said. ‘The rights are not beneficial to minorities…
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Senate takes N242bn from three ministries to fund 2019 budget
Thu, 08 Nov 2018
Three months to the 2019 General Elections, Nigeria is still battling with the funds to be used in conducting the exercise. Although both chambers of the National Assembly approved the Virement/ Supplementary budget for the Independent National Electoral Commission (INEC) and Security agencies for the INEC budget on October 17, 2018, lawmakers rescinded their approval…
read more…

Africa’s poor show at Web Summit shows why tech startups are struggling
Thu, 08 Nov 2018
In Lisbon, the capital of Portugal over 70,000 technology leaders, professionals, experts, investors, journalists, regulators and enthusiasts came from 159 countries to listen, dialogue, network and set new agendas for digital developments around the world. For some reason, while different governments from other continents saw the Web Summit as an platform to inform the world…
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Diamond bank gets cash injection offer to boost capital ratio
Thu, 08 Nov 2018
Diamond Bank Plc, has gotten an offer from a major investor who is willing to inject cash by increasing its stake that would enable the tier two lender boost its capital adequacy ratio above the Central bank threshold of 15 percent maximum, Seyi Bickersteth Outgoing chairman for the firm told Bloomberg. The proposal he said…
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Senate probes alleged corruption in NHIS
Thu, 08 Nov 2018
The Senate on Wednesday, directed its joint committees on Primary Health Care and Communicable Diseases to investigate allegations of corruption in the National Health Insurance Scheme (NHIS) and the National Primary Health Care Development Agency (NPHCDA). Specifically, it asked the panel to carry out thorough investigation into the matter and other infractions and report back…
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CBN reviews operations of indirect participants in payment system
Thu, 08 Nov 2018
The Central Bank of Nigeria (CBN) on Tuesday issued exposure draft on the regulation for the operations of indirect participants in the payments system. The aim is to standardize the operation of Indirect Parcipants in the Payments System, given their critical role in driving Financial Inclusion and in consideration of their operational risk. Indirect Participants…
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CBN issues exposure draft on revised standard on NUBAN for banks, OFIs
Thu, 08 Nov 2018
The Central Bank of Nigeria (CBN) on Tuesday issued exposure draft on revised standard on Nigerian Uniform Bank Account Number (NUBAN) for Deposit Money banks and Other Finance Institutions (OFIs). The standards are for the efficient operations of Electronic Funds Transfer and cheque clearing operations by Banks and Other Financial Institutions (OFIs). The guidelines on…
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Diamond bank gets Cash Injection Offer to boost capital ratio
Thu, 08 Nov 2018
Diamond Bank Plc, has gotten an offer from a major investor who is willing to inject cash by increasing its stake that would enable the tier two lender boost its capital adequacy ratio above the Central bank threshold of 15 percent maximum, Seyi Bickersteth Outgoing chairman for the firm told Bloomberg. The proposal he said…
read more…

GNI in letter to NSE faults House of Reps allegations
Thu, 08 Nov 2018
Great Nigeria Insurance Plc has faulted the House of Representatives Sub-Committee on Capital Market statement on Monday November 5, 2018 threatening to authorise the Securities and Exchange Commission (SEC) to take over the management of GNI Plc. In a letter sent to the Nigerian Stock Exchange (NSE) signed by the Managing Director/CEO of the company…
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SEC asks NEM Insurance to reconvene 48th AGM over aggrieved shareholders complaints
Thu, 08 Nov 2018
The Securities and Exchange Commission (SEC) has ordered NEM Insurance Plc (NEM) to reconvene the 48th Annual General Meeting of the company held in Ibadan on June 20, 2018. SEC directive follows ‘a thorough investigation by the commission due to complaints received from the aggrieved shareholders of the insurance company.’ SEC Nigeria has resolved not…
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CBN issues exposure draft on revised standard on NUBAN for banks, OFIs
Thu, 08 Nov 2018
The Central Bank of Nigeria (CBN) on Tuesday issued exposure draft on revised standard on Nigerian Uniform Bank Account Number (NUBAN) for Deposit Money banks and Other Finance Institutions (OFIs). The standards are for the efficient operations of Electronic Funds Transfer and cheque clearing operations by Banks and Other Financial Institutions (OFIs). The guidelines on…
read more…

CBN reviews operations of indirect participants in payment system
Thu, 08 Nov 2018
The Central Bank of Nigeria (CBN) on Tuesday issued exposure draft on the regulation for the operations of indirect participants in the payments system. The aim is to standardize the operation of Indirect Participants in the Payments System, given their critical role in driving Financial Inclusion and in consideration of their operational risk. Indirect Participants…
read more…

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