29 Jan

The week ahead – Kidnapping and the naira will dominate discussion

The menace of kidnapping in Nigeria was put into focus following the brutal manner in which a traditional ruler in Aniocha North Local Government of Delta state, the Obi of Ubulu-Uku, was abducted and held for a few weeks, and was then murdered and his body dumped on the busy Asaba-Onitsha Road. The traditional stool had been in contention with some other parties laying claim to the throne until the recent gruesome event. The Police claims that they are on the trail of the suspects.

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29 Jan

Daily Watch – Buhari “yet to be convinced” about Naira devaluation, GE brings $200 million to power sector

GE is currently investing $200 million in Nigeria to build two facilities to assemble oil and gas and power generation equipment that the company hopes to export to other West African nations. A senior official of the company, Jay Ireland, believes that Nigeria’s current economic woes, including lower prices for oil that produces 80% of government revenue and the slump in the value of the naira, are positives for investors. The company currently has a staff

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28 Jan

Daily Watch – Road tax on the way, Lassa fever claims more people

A Bill seeking to make citizens begin to pay some road user-related charges like fuel levies and road licence fees, is currently on the floor of the Senate. The National Road Funds Bill 2015,which also intends to get citizens to pay road tolls, axle load fines, international transit fees is sponsored by Kabiru Gaya (APC, Kano South), and is seen by some analysts as a desperate move to shore up already low revenues. Nigeria recently introduced a N50

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27 Jan

Daily Watch – CBN refuses to devalue, States slowing down on pension contributions

The Central Bank has announced that it sticking with 11% for Monetary Policy Rates (rates at which it lends money to banks), Cash reserve requirement (CRR) at 20% (amount of deposits banks cannot lend out) and liquidity ratio of 30%. The CBN has all but fixed the naira at N197-N199 per dollar since early March last year. Nigeria’s foreign exchange reserves are down

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26 Jan

Daily Watch – Shell, Eni, may lose OPL 245, iROKO hits the big time

The Islamic Movement of Nigeria has released 705 names, and pictures of people it said are its members who have been missing since December 12 and 13, 2015, when soldiers from the Nigerian Army carried out raids on the sect’s bases in Zaria, Kaduna State. The raids took place after members of the sect barricaded a road, stopping the convoy of the Chief of Army Staff, Tukur Buratai. The Army said it used force as the blockade was an attempt on Buratai’s life

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25 Jan

Daily Watch – Dollar scarcity worsens, 30 killed in Adamawa violence

Bank customers have been unable to withdraw American dollars from their domiciliary accounts amid worsened scarcity of the currency in the financial services sector. The CBN had only recently lifted its ban on the deposit and withdrawal of foreign currency by bank customers. Meanwhile, the naira has continued to depreciate at the parallel market amid mixed reactions to the recent foreign exchange policy of the Central Bank of Nigeria to

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22 Jan

The week ahead – Lassa fever is also a security issue

The Federal Minister of Health, Prof Adewole, has promised that the government is going to stamp out Lassa fever by April this year. This is coming on the heels of over forty deaths and attempt by the National Medical Council to evolve strategy towards eradicating the virus.

The Minister of Defence, Manir Dan-Ali, and Chief of Defence Staff, General Olonoshakin, paid a visit to the scene of the militant attack on the oil and gas platforms in the Niger Delta, and assessed

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22 Jan

Daily Watch – Budget divides Senate along party lines, Azura raises $876 million for power plant

The Senate is divided, along party lines, on the feasibility of the 2016 Budget. The biggest cause of division is the oil price benchmark of $38 per barrel. These divisions became apparent as Senators began debate on the Appropriation Bill presented to them by President Buhari. APC Senators for the most part hailed the budget proposal and said it could put Nigeria on the path to growth. At the plenary, some PDP Senators described the budget proposal as dead on arrival and asked that it be

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21 Jan

Daily Watch – Kaduna and Warri refineries shut down, FG to declare former AGF, Adoke, wanted

An NNPC spokesman, Ohi Alegbe, has confirmed that the NNPC has shut down crude oil flows to the two pipelines due to the recent attacks on the facilities. Militants had bombed some oil and gas facilities in Gbaramatu last week, allegedly in protest over the reported arrest warrant issued on the former militant leader, Tompolo. No group has claimed responsibility for the attack. The shutdown affects both the Kaduna and Warri refineries, as well as gas supplies the various generating companies. The

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20 Jan

Daily Watch – Nigeria food prices rise amidst global drop, IPOB takes complaints to ICC

Prices of food commodities in Nigeria have been on an increase whereas global food prices have dropped for the fourth consecutive year. The Food and Agricultural Organisation (FAO) of the UN  at the end of 2015 revealed an “averaged 164.1 points over 2015 and ended the year even lower, at 154.1 points during the month of December. In December, the index declined a further 1.0 percent from its revised November value, as falling prices for meat, dairy and cereals

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