- The Nigeria Union of Petroleum and Natural Gas Workers has ordered stoppage of loading activities at all Total Nigeria depots nationwide over termination of workers’ appointments. Tokunbo Korodo, south-west chairman of NUPENG, said Total had been resisting the unionisation of workers under its contract programme in Lagos, Kaduna and Koko blending plants. Furthermore, he said, Total had moved to terminate those workers who had joined the union in spite of efforts to resolve the issue amicably. Following the instruction, workers blocked the entrance of the gate of the Total Blending Plant at Kirikiri, Apapa.
- The CBN has resumed payment of ₦65,000 per month to ex-militants as the FG seeks to end vandalism in the Niger Delta. An officer in the Amnesty Office, Piriye Kiyaramo, said the ex-militants were paid for August and September 2016. President Buhari had slashed the allocation to the amnesty programme in the 2016 budget, but tripled the allocation in the 2017 budget following unrest and negotiations in the region. The 2009 amnesty programme entitles each militant to ₦65,000 per month and a job/vocational training.
- Meanwhile CBN has said it will raise ₦329.93 billion in treasury bills with maturities between 3-month and 1-year at an auction on March 2. The target last month was ₦92.39 billion ($967 million) in treasury bills with maturities between 3-month and 1-year at an auction on February 3. The regulator said it will raise ₦57.85 billion in the 3-month paper, ₦50 billion in the 6-month debt, and ₦222.08 billion in the one year bill, using the Dutch Auction System.
- Chapel Hill Denham will hold an extraordinary general meeting on Thursday, 26 January. The main agenda is the conversion of its equity fund Nigeria Global Investment Fund into a money market fund. Tough economic conditions have led to the FG ramping up borrowing, leading to a jump in money market rates. The equity market been bearish for the second year running, closing 2016 at -6.17%. As of January 5, the YTD return is -2.47%. Chapel Hill Denham has handled various landmark transactions including consulting for the CBN as well as being involved in the setting up of AMCON.
- The FG has set aside a total of ₦177.46 billion in the 2017 budget as a sinking fund to retire maturing bond obligations. The ₦177.46 billion allocated in the 2017 budget is ₦6.02 billion higher than the ₦113.44 billion allocated for the same purpose last year. The ₦7.3 trillion 2017 budget has a total capital vote of ₦2.24 trillion, representing 30.7 percent, while the recurrent component is ₦2.98 trillion, with the remainder allocated for debt servicing. The domestic debt of the government as of the end of June 2016 stood at about ₦10.6 trillion, made up of ₦7.47 trillion FGN bond; Nigerian Treasury Bills, ₦2.9 trillion; and Treasury Bonds, ₦230.9 billion.