29 Feb

Daily Watch – Fears over banks’ year end reports, 2.55GW to be added to grid

  • There are indications that as the global macro shocks continue to expose the structural imbalances in Nigeria, poor outings will be the order of the day when banks release their year end reports starting this week. In a report by BusinessDay, the disappointing results will be occasioned by foreign exchange related financial losses, which some analysts say constitute a major snag to their corporate earnings. Exposures to the oil and gas sector, which some analysts
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26 Feb

The week ahead – Job losses are tied to security

The Lagos State Government has confirmed an outbreak of measles in Otodo Gbame community in Eti-Osa LGA. The disease which claimed the lives of many children was first confirmed by the Eti Osa Local Government Medical Officer of Health on 9 February, 2016. The Lagos Health Ministry has notified the Federal Ministry of Health and the World Health Organisation and immediately constituted a team of epidemiologists to investigate the outbreak and institute appropriate................   read more

26 Feb

Daily watch – Power generation falls further, Housing construction hits 5- year high

  • Power generation has fallen to 3,697MW. The current power generation profile was against the peak of 5,074MW achieved earlier this month. Data obtained from the Presidential Task Force on Power yesterday put the power generation at 3,697 MW, while only 3,625MW was sent out. The daily operations report of the Transmission Company of Nigeria showed that several challenges were trailing the process of generation and evacuation of power in the country. The report,
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25 Feb

Daily Watch – MTN bends its knee, IMF warns Nigeria on economic trends

  • MTN has paid about $250 million out of the $3.9 billion fine imposed on it by the Nigerian Communications Commission. The South African company has also withdrawn its legal action against Nigeria. MTN had taken the government to court hoping to get the fine slashed through legal proceedings. The market yesterday widely welcomed steps by MTN to de-escalate tension in its relationship with the NCC. MTN shares rose 2 per cent on the Johannesburg stock exchange after
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24 Feb

Analysis – Forcados spill, economy or environment?

At about 11 pm on the night of 13 February, 2016, export operations were going on as normal at Shell?s export terminal in Forcados when the control room operators observed a dip in pressure and had to increase flow rates. Despite the increase, the pressure continued to go down, so they had to call the ship which was loading crude oil at the time to confirm if they were still receiving oil. The ship?s duty officer replied in the negative, so the control................   read more

24 Feb

Daily Watch – CBN to start enforcing collective agreements, Labour, NESG disagree over electricity tariff

  • The CBN has said it has received series of complaints from customers of Deposit Money Banks (DMBs), alleging excessive and in some cases, illegal charges from their respective banks. To this end, the regulator has ordered that the Commission on Turnover (CoT), being charged by banks in defiance of collective agreement between them and the CBN that the charges be phased out this year. Aside CoT charges, banks? other charges include SMS alerts, annual account
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23 Feb

Daily Watch – Naira firms on Buhari’s defiance, Number of dormant accounts rises

  • BusinessDay is reporting that the FG?s anti-corruption war is scoring a major success as some people with questionable wealth hidden in banks have deliberately ignored linking their Bank Verification Numbers (BVNs) to their accounts, for fear of the EFCC tracing stolen monies to their accounts. Another fear, according to the paper, is the increasing surveillance on taxable corporates/individuals by the FIRS, which has raised its ante on closing the widening
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19 Feb

The week ahead – Security threats are linked to the economy

A pipeline rupture in Forcados, Delta state has led to the stoppage of crude oil export, affecting 400,000 barrels of oil per day. A previously unknown group, the Niger Delta Avengers has claimed responsibility. This is coming as the Inspector-General of Police, Solomon Arase announced that the Nigerian Police are in possession of a court order to arrest ex-Niger Delta militant Government Ekpemupolo (aka Tompolo), declared wanted by the Economic and Financial Crimes................   read more

19 Feb

Daily Watch – Auditor-General contradicts President on Budget, Pipeline rupture hits crude oil exports

  • Nigeria’s crude oil export operation has suffered a serious setback following a major leak on an export pipeline at the Forcados export terminal. Following the incident, crude oil lifting h‎as now been suspended at that platform. A joint investigation by oilcos and the government determined that the cause of the leak was sabotage, but has yet to determine responsibility. At the moment, exports from the Forcados Oil Terminal are grounded. Nigeria is already
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