06 Jun

Analysis – The gloves are off

Yesterday, a rare joint session of both houses of Nigeria’s National Assembly met and issued a series of resolutions that has set it on a collision course with the executive arm of government, and holds important political and economic consequences for the country as it stares down the barrel of crunch elections next year. The tension between the two most important arms of the Federal Government, both controlled by the same party – the All Progressives Congress,................   read more

06 Jun

Daily Watch – Gwarzo makes bail, Glo and 9mobile lose 470k netizens

  • The NNPC says it cannot honour requests made pursuant to the Freedom of Information Act because it is not a public corporation. A senior lawyer, Femi Falana had written an FOI to the corporation’s supervising ministry seeking fuel importation data and said junior petroleum minister, Ibe Kachikwu had directed the NNPC and DPR to provide him with the information. In a letter written on behalf of the corporation by Omale O.B. Solicitors, the NNPC said it “doesn’t
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05 Jun

Daily Watch – BDCs & banks on same FX plane, Job creation ‘not growing’

  • The NCC says all telcos in the country must desist from automatically renewing data packages without a subscriber’s consent and slapped a ₦5 million fine for non-adherence. Executive Vice Chairman Umar Danbatta made this known at the first edition of the NCC Consumer Conversations in Karu, Nasarawa, citing a May 21 directive to the companies where it highlighted the “unacceptable level” of complaints received by the commission. “We have also
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04 Jun

Daily Watch – Alcohol just got more expensive, IPO market set for lift off

  • An excise duty recently approved for alcoholic beverages and tobacco will take effect today. President Buhari had approved the amendment to the excise duty rates in March. The amendment came after the Finance Minister, Kemi Adeosun, had written to the President seeking approval for the excise review. Adeosun had said the reviews would be from 2018 to 2020 and was to raise the government’s fiscal revenues. Under the new rates for tobacco, in addition to the
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01 Jun

The week ahead – Watching the needle

Transparency International said the FG has in the run-up to elections expanded the use of opaque $670 million-a-year funds that fuel graft. The funds, known as “security votes”, are a relic of military rule, mainly disbursed in hard cash and nominally released for dealing with unexpected security issues. According to Transparency International’s report, they have become “synonymous with official corruption and abuse of power”. It said federal-level total................   read more

01 Jun

Daily Watch – “Private sector scuttled Nigeria’s AfCTA signing”, Diamler invests $175 million in Taxify

  • Vice President Yemi Osinbajo says Nigeria did not sign the African Free Continental Trade Agreement because the FG wanted to satisfy the private sector. Speaking on Thursday at the FT Nigeria Summit, Osinbajo said the private sector was not happy with the specifics of the agreement. “With the free trade agreement, you know Nigeria is an important market. There are some states waiting to tap into that big Nigerian market,” he said. “Nigeria has one of
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31 May

Daily Watch – Nigerian ISPs ‘dying in droves’, The Big B roars back to profit

  • An analysis by Nigeria Communications Week of Nigerian ISP firms concludes that they are ‘dying in droves,’ due to their inability to renew operating licenses, raising new questions about the future of internet connectivity in the country as well as the jobs of hundreds of employees. The tech news site says about 17 ISPs with expired licenses, due for renewal since February 2018 have failed to do so. These include ACC Broadcast Multimedia, Chinto
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30 May

Daily Watch – NACCIMA bemonas ₦350 billion export backlog, MTN Ghana to swell post-IPO

  • Transparency International said the FG has in the run-up to elections expanded the use of opaque $670 million-a-year funds that fuel graft. The funds, known as “security votes”, are a relic of military rule, mainly disbursed in hard cash and nominally released for dealing with unexpected security issues. According to Transparency International’s report, they have become “synonymous with official corruption and abuse of power”. It said federal-level
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28 May

Daily Watch – CBN unveils new FX directive, Cameroon doubles down on Anglophones

  • All intending travellers can now buy forex over the counter with the presentation of passports and air tickets, the CBN announced on Saturday evening. The regulator also ordered BDCs to access dollars every Monday, Wednesday and Friday henceforth in a statement issued by its spokesman, Isaac Okorafor. The move is to be an effort in checkmating the activities of speculators in the forex market.
  • Asian tenders continued to mop
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25 May

The week ahead – The pursuit of obviousness

In the early hours of 22 May, gunmen abducted the wife, three children and three relatives, of the Commissioner for Youths, Sports and Skills Acquisition in Zamfara, Alhaji Abdullahi Bore. The attackers broke into the home of the Bores in Gurbin Bore village, Zurmi Local Government Area in the northwestern Nigerian state between 1 and 2am, according to state police spokesman, Mohammed Shehu. Bore said no ransom demand had been made and the matter had been reported................   read more