07 Dec

Daily Watch – NSE flunks capitalisation target, NCC earns Lagos spectrum payday

  • The NCC has earned ₦55.5 million from the auction of two slots of 25MHz in the 5.4GHz spectrum. At the conclusion of the eight-hour bidding process in Abuja yesterday, Cobranet Limited and Swift Networks Limited, beat four other companies to emerge winners. Each of the two winners got one of the two slots at the 11th round at the cost of ₦27,659,347.10. The winners can only roll out wireless broadband services in Lagos as the spectrum only covers the state,
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06 Dec

The resurgence of Boko Haram

The Boko Haram insurgency entered its seventh year at the beginning of 2016, and a number of important factors have had a substantial effect on developments on this front. In May 2015, Muhammadu Buhari was sworn in as President of Nigeria on an electoral platform that included taking a tougher stance on security issues. Before the elections, a troop surge belatedly approved by the Goodluck Jonathan administration led to marked improvements on the ground in Nigeria’s................   read more

06 Dec

Daily Watch – FG bans land car imports, Lagos, Ogun, Oyo consume 57% of Nigeria’s diesel

  • Lagos, Oyo and Ogun states have emerged the highest users of diesel and petrol, the analysis of petroleum products consumption by BusinessDay Research and Intelligence Unit (BRIU) for the nine months ended September 2016 shows. The two products are used as proxies to measure the level of economic and industrial activity in Nigeria. Thus the high consumption of petrol and diesel in the three states reflects the high level of economic activity concentrated in the
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05 Dec

Daily Watch – Fuel subsidy “is back,” LSETF begins pilot scheme

  • Fuel subsidies are effectively back on the NNPC’s cards following the sharp rise in crude oil prices after OPEC agreed to cut production by 1.2 million barrels per day, on November 30. This effectively means that Nigeria’s current ₦145 per litre retail price template for petrol, set in May is obsolete. “We suspect that the importers, or at least the NNPC, are taking the hit on their books as a result,” analysts at FBN Quest said in a December 2
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02 Dec

The week ahead – Our regulators need to take a chill pill

The Senate says it will prosecute officials responsible for the negotiation of the concessioning of Murtala Mohammed Airport Terminal Two to Bi-Courtney Limited. Its Committee on Privatization led by Senator Ben Murray Bruce made the pledge when members of the committed toured facilities at the airport. The committee frowned at the failure of the federal government to implement the agreement reached with Bi-Courtney, saying it would summon the Minister of State for................   read more

02 Dec

Daily Watch – Exports were Q3’s feel good story, Sokoto test runs power plant

  • The Federal Executive Council on Wednesday approved the 2017 budget proposal preparatory to its transmission to the National Assembly for appropriation. Budget and National Planning minister, Udoma Udo Udoma while making the disclosure, did not offer details of the budget nor specify when the president would lay the document before lawmakers. “With regards to the date, the president will be communicating to the National Assembly and of course, it will be at
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01 Dec

Daily Watch – Nigeria-Niger pipeline may cost $1bn, Nipco acquires majority in Mobil Oil

  • Nigeria, Iran and Libya got special concessions Wednesday, as OPEC reached a much-sought consensus to cut oil production by 1.2 million barrels per day, effective January 1, 2017. The cut, which is the first after eight previous attempts since 2008, is considered a massive boost to efforts by the global oil cartel to shore up oil prices and end a record glut that has paralysed economies. It is also seen as a major achievement by OPEC’s Secretary General, Nigeria’s
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