06 Feb

Daily Watch – Nigerian finance risks global blacklisting, Gwarzo explains ‘golden handshake’

  • Suspended SEC director-general, Mounir Gwarzo has explained why ₦1.7 billion was paid as severance package under a “Golden Handshake” scheme to workers of the commission under his leadership. Gwarzo was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission in May 2015. On assuming office, he got a severance package of over ₦104 million as benefits of his former position, while some staffers were
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05 Feb

Daily Watch – NCC to alter telco interconnect rate in March, Zinox snaps up Konga

  • Nigeria’s corn output for the 2017-18 season will probably decline by as much as 750,000 metric tons due to the impact of pests and increased imports, the producers’ association said. It is estimated that the country will produce 10 million tons of corn in the current season, 7 percent less than 10.75 million tons in the 2016-17 season, Tunji Adenola, president of the Maize Association of Nigeria told Bloomberg. “Apart from imports, which is the major challenge
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02 Feb

The week ahead – The fog is slowly settling in

Former Cross River governor and a leader of the Coalition for Nigeria, Donald Duke, dismissed concerns that the newly-formed political movement proposed by former President Olusegun Obasanjo could ultimately benefit President Muhammadu Buhari in 2019. “I don’t see how this would favour him,” Premium Times quotes Duke as saying on the sidelines of the formal launch of Coalition for Nigeria Movement in Abuja. Duke’s comment was aimed at debunking claims that................   read more

02 Feb

Daily Watch – FG reaches truce over ALSCON, Nigeria rank 158 in KPMG index

  • The head of the NNPC has called for private investment to help the group repair and build more pipelines across the country. Maikanti Baru told the new board of downstream subsidiary Nigerian Pipeline Storage Company that the company should form partnerships with the private sector and double the number of its pipelines over the next 10 years. “Your work also is to look at refurbishing these pipelines and storage along a PPP arrangement by getting willing private
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01 Feb

Daily Watch – Taxation fuelling Lagos wealth exodus, Air Peace arrives Kano and Yola

  • The latest Global Wealth Migration review says rich people are leaving Lagos for other cities because of increased taxation. According to the report, some of the reasons high net worth people are leaving their locations are taxes and increasing crime rates. The other top cities affected include London, Mumbai and Istanbul. According to the report, 1000 wealthy people left Lagos in 2017 and there were no inflows. Auckland, Dubai, Montreal and Toronto recorded
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31 Jan

Daily Watch – Intels has two weeks to pay up, MTN shakes off fine hangover

  • The NPA has given Intels Nigeria a two-week ultimatum to remit an outstanding $48 million that ought to have been paid into the maritime agency’s treasury single account in 2017. Speaking during an interview with CNBC Africa, Hadiza Bala Usman, the agency’s managing director, said Intels’ notice of termination will stand if the company failed to settle its debt. “I am giving Intels a possible two-week window to provide payment, two weeks from now,
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30 Jan

Daily Watch – 22 African countries relax aviation rules, FG to take drastic measures over PH

  • Nigeria and 22 other African countries have begun an open air policy that will relax aviation rules and regulations to create a free market environment for eligible commercial airlines. The Single African Air Transport Market was inaugurated on Sunday at the African Union Summit in Addis Ababa, Ethiopia. SAATM would facilitate the free movement of flights between African countries by liberalising frequencies, fares and capacities, breaking down barriers that
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29 Jan

Daily Watch – Teleology heads queue for 9mobile, DisCos warming for spat over prepaid meters

  • Teleology Holdings, promoted by Adrian Wood, former MTN Nigeria CEO is the preferred bidder for 9mobile, according to a report by The Cable. Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, the Democratic Republic of the Congo and South Africa, is the reserve bidder. While Teleology put in a bid of $500 million, Smile quoted $300 million. The news site reports that both companies will be given 30 days to prove that they have the financial
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