21 Jul

The week ahead – Activity does not always mean progress

The latest Consumer Price Index from the National Bureau of Statistics show that inflation dropped from 16.25 percent in May to 16.1 percent in June. “The CPI which measures inflation increased by 16.1 percent year on year in June 2017. This was 0.15 percentage points lower the rate recorded in May. Accordingly, this represents the fifth consecutive decline in the rate of inflation since January,” the report said. On a month-on-month basis, the headline index rose................   read more

21 Jul

Daily Watch – Osinbajo seeks to shuffle budget, SON shuts Samsung down

  • Nigeria?s Financial Intelligence Unit has been suspended from the Egmont Group in what is widely seen as a significant setback for the Buhari administration and its war on graft. If Nigeria fails to comply with the group’s demands for a legal framework granting autonomy to the NFIU by January 2018, the country will be expelled from the global body which provides the backbone for monitoring international money laundering activities. If expelled, Nigeria
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20 Jul

Daily Watch – Infrastructure debt fund debuts, Unilever had a mammoth H1 2017

  • The FMDQ OTC Securities Exchange Board Listings, Markets and Technology Committee, has granted approval for the listing of the Chapel Hill Denham Nigeria Infrastructure Debt Fund Series I 49,450,000 Units of ₦101.20 each, under the ₦200,000,000,000.00 Issuance Programme. The Chapel Hill Denham Nigeria Infrastructure Debt Fund is the latest in a series of initiatives aimed at aiding the development of Nigeria’s infrastructure sectors via the capital market.
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19 Jul

Daily Watch – Skye will live a little longer, Ease of business under threat

  • The CBN has extended guarantees to Skye Bank for another year, while it considers the bank’s recapitalisation proposal, the mid-tier lender has said. The had last year shored up Skye with a ₦100 billion capital injection, after sacking its top management for failing to meet minimum capital requirements while appointing a new management team. In a newspaper advertorial on Tuesday, the bank said it had recovered ₦60 billion in bad loans, closed some branches
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18 Jul

Daily Watch – FG revenue declines in May, Inflation drops in June

  • The FG has expressed concern over the increased usage of drones, and has commenced the formulation of regulations to address this. Hadi Sirika, the aviation minister, said, “The Nigerian Civil Aviation Authority’s Regulations Committee is putting a regulatory framework in place to address the commercial use of the RPAS. Let me draw the attention of Nigerians and plead with them that our systems, values, norms, tradition and culture are very different from
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14 Jul

The week ahead – There is life in this thing yet

President Muhammadu Buhari is recuperating fast and will return home shortly, his deputy said on 12 July after visiting the head of state in London where he has been on prolonged sick leave. Yemi Osinbajo?s brief and unannounced trip has revived speculation about Buhari?s health and whether he will be able to stand for re-election in 2019. The details of his illness have not been made public.?He is in very high spirits, he is recuperating very quickly................   read more

14 Jul

Daily Watch – Nigeria will ‘conditionally’ join OPEC cut, Rice imports to end by peak season

  • Agriculture and Rural Development Minister, Audu Ogbeh has announced that Nigeria will stop the importation of rice by December as the country has commenced the large scale production of the essential commodity. Speaking during a visit to the Osun governor, Rauf Aregbesola in Osogbo, he said his ministry has been restructured to meet the nation’s needs for food production so as to bring an end to all forms of food importation. Nigeria spends about $5 million
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13 Jul

Daily Watch – Prudential invests in Zenith Life, Nigeria to issue promissory notes over gbese

  • OPEC says its oil production jumped in June, above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cut aimed at eliminating excess supply. The cartel forecast that world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut. Giving its first 2018 forecasts in a monthly report, OPEC said the world will need 32.20 million barrels per day of crude from
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12 Jul

Daily Watch – No more borrowing, GenCos want higher power tariffs

  • Nigeria must not borrow more to fund its budget and should instead raise the money it needs by other means, the finance minister said on Tuesday, calling into question planned foreign loans of $2 billion from lenders like the World Bank. Nigeria had planned to borrow extensively internationally to fund a record budget, but plans for lenders like the World Bank and African Development Bank to loan at least $2 billion have been stalled for over a year as international
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11 Jul

Daily Watch – OPEC seeks Nigeria cut, Sayonara Etisalat

  • Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African countries to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said on the sidelines of an energy conference
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