21 Aug

Daily Watch – Traders on warpath in Calabar, 34% of Chinese companies in Nigeria registered

  • The Henshaw Town Beach Market Traders’ Union, a traders’ union in Cross River state, shut down the Marina Beach Market in Calabar over the imposition of high levies by government agents. The traders, are specifically protesting the introduction of “waterfront regulatory economic levies” which ranged from N200 to N15,000. Nkereuwem Bassey, the union’s leader, said the new levies were introduced by the state Internal Revenue Service, and
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18 Aug

The week ahead – Confirmation of common knowledge does not bring succour

An overwhelming number of Nigerians will accept a bribe when offered or pay a bribe when demanded, the first ever Nigerian Corruption Survey 2017 published by the National Bureau for Statistics (NBS) has revealed. The survey published on 16 June, showed only 5.3 percent of Nigerians will either refuse to pay a bribe when asked to or refuse to accept when a bribe is offered to them. The result of the survey which has now been published, revealed only 20 out of 100 people................   read more

18 Aug

Daily Watch – FG to investigate TSA compliance, Cooking gas prices plummet

  • The FG has started an independent audit to ascertain the rate of compliance by Deposit Money Banks in the remittance of government funds into the Treasury Single Account. The TSA, which took off fully in September 2015, had been complied with by over 900 agencies of government with 20,000 bank accounts closed while over ₦5 trillion had been moved from banks to the CBN. There have been controversies over whether all the banks actually complied fully with the
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17 Aug

Daily Watch – Gambling is Nigeria’s biggest sport, StarTimes has a racism problem

  • The FG allotted ₦738.14 million in its August 2019 and 2020 savings bond sales. The Debt Management Office on its website on Wednesday said that ₦215.64 million was allotted at 13.53 percent with 328 successful subscriptions to mature in August 2019. It stated that ₦522.50 million was allotted at 14.53 percent with 433 successful subscriptions to mature in August 2020. The savings bond issuance is expected to help finance the nation’s budget deficit.
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16 Aug

Daily Watch – Shell protests enter day 5, Stocks fall from their 33-month highs

  • Protesters on Tuesday dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs and infrastructure development last week. Echoing a common complaint in the region that produces most of Nigeria’s oil, the protesters said they were not benefiting from the region’s oil wealth and wanted an end to the oil pollution that has ruined much of the land. Protesters still numbered
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15 Aug

Daily Watch – FG frowns on Plateau illegal mining, Telcos bleed 10m subscribers

  • Nigerian telcos lost at least 10 million active subscribers over the last six months, the Guardian reports. According to NCC data, the country entered 2017 with 155.1 million subscribers, but at the end of June, it stood at 143.1 million. Teledensity, which was 110.8 percent at the beginning of the year, fell to 102.2 percent within the period. However, the number of connected lines grew from 238 million in January to 241 million by the end of the half year.
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14 Aug

Daily Watch – Zenith punished for stingy dividends, Hundreds riot for jobs in Rivers

  • Hundreds of people stormed a crude oil facility and gas plant owned by Shell in the Niger Delta on Friday demanding jobs and infrastructure development, Reuters quotes a witness as saying. Echoing a common complaint in the region that produces most of Nigeria’s oil, the protesters said they were not benefiting from the region’s oil wealth and wanted an end to the oil pollution that has ruined much of the land. Soldiers and security guards did not
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11 Aug

The week ahead – Deal or no deal

Badly weighed down by the debilitating effect of Nigeria’s huge debts, the Federal Government Wednesday sought a way out, approving the issuance of dollar-backed Treasury bills even as it extended the maturity period from between 91 and 364 days to two and three years respectively. Throwing light on the shift from naira denomination of treasury bills to dollars, the finance minister, Kemi Adeosun said the council approved a memo restructuring the issuance of treasury................   read more

11 Aug

Daily Watch – NCC freely crushes Glo ‘free data’ promo, Kano gets $150m solar project

  • The increase in the production of light sweet crude from Nigeria, the United States and Libya may contribute to a narrower price spread between light and medium crudes. The U.S. Energy Information Administration, in its Short-Term Energy Outlook, said that Nigerian production increased by six percent to 1.66 million barrels per day in July, from 1.56 million bpd a month earlier, while Libyan crude output jumped by 19 per cent to 1.01 million bpd in July, from
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10 Aug

Daily Watch – Adeosun okays debt refinancing, FX reserves hits 2015 high

  • The FG approved its medium-term expenditure framework for 2018-2020 on Wednesday and revised its growth forecast for next year downwards. Udoma Udo Udoma, minister for budget and national planning said after a cabinet meeting that the government had approved “a slightly different” growth trajectory of 3.5 percent for next year, down from the 4.8 percent it announced in its strategy paper. “In terms of crude oil projection for next year, it is 2.3
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