13 Apr

The week ahead – When you come right down to it, life holds no surprises

President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to 30 June 2018. The short extension after the original 31 March date is based on the appeals of professional bodies and individual taxpayers, Femi Adesina, the presidential spokesman said in a statement. Adesina added that no further extension of time will be approved after 30 June. The statement said the new date was given based on the conviction of................   read more

13 Apr

Daily Watch – Katsina issues ₦400 million ultimatum to Globacom, Inflation rate continues to drop

  • Annual inflation in Nigeria stood at 13.34 percent in March, its lowest level in two years and its 14th straight drop in as many months, the NBS said on Thursday. It dipped from 14.33 percent in February. A separate food price index showed inflation was trimmed to 16.08 percent in March, from 17.59 percent the preceding month. Food inflation has been in double digits for almost three years but has slowed for the past six months. CBN Godwin Emefiele last week
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12 Apr

Daily Watch – VAIDS gets June deadline extension, NSE lifts shackles on Oando

  • President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers, Femi Adesina, the presidential spokesman said. Adesina added that no further extension of time will be approved after June 30. The new date was given based on the conviction of the finance ministry that the overall
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11 Apr

Daily Watch – MTN strikes mobile money deal with Ecobank, DMO lists sukuk on NSE

  • MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa. CEO, Rob Shuter, said plans for the IPO were well advanced and the company would provide exact terms in the next few months. He spoke in Lagos after MTN signed an agreement with Ecobank to form a partnership on mobile banking across Africa. “We are well advanced with the Nigerian listing.
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10 Apr

Daily Watch – Buhari seeks second term, Shell paid FG $4.32 billion in 2017

  • President Muhammadu Buhari confirmed on Monday he will seek another term in elections next year, ending months of speculation about his future after bouts of ill health. The 75-year-old said he would seek his party’s presidential ticket to contest elections in February 2019 during a closed-door meeting of the APC national executive committee. He flew to the UK for talks with Prime Minister Theresa May a few hours later. The announcement by Buhari was widely
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09 Apr

Daily Watch – Half of insurance coys have ‘negative reserves,’ FCMB to grow UK footprint

  • The NNPC said it had awarded two of three gas pipeline contracts which in total will be worth more than $2.8 billion. One contract for a roughly 200 km stretch of the 614 km Ajaokuta-Kaduna-Kano pipeline and stations was awarded to Oando and OilServe, the state oil company said in a statement. Another stretch of about 200 km was given to a partnership between China Petroleum Pipeline Bureau and Brentex. The NNPC did not say how much each individual contract was
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06 Apr

The week ahead – Uneasy lies the crown

Senate President Bukola Saraki has told the Federal Government to let the implementation of the 2017 budget run till the end of May 2018. Saraki’s comment, which was directed at Finance minister, Kemi Adeosun, followed a point of order raised by Atai Aidoko (PDP, Kogi East). Aidoko brought the attention of the senate to a circular issued to Ministries, Departments and Agencies, which said that 2017 budget funds will be “mopped up” by March 31. Claiming that the................   read more

06 Apr

Daily Watch – NNPC pays ₦1.4trn in PMS subsidy, Tantalizers record first profit in half-decade

  • Minister of State for Petroleum Resources, Ibe Kachikwu said on Thursday that the country is currently recording an under-recovery of ₦1.4 trillion per annum on PMS. Kachikwu, who stated this at a workshop on harmonisation of LPG regulatory requirements, said the unnecessary cost incurred from petrol consumption, the majority of which is imported, underscored the need for the country to shift to alternative energy for our transportation needs. Under-recovery
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05 Apr

Daily Watch – MPR remains at record high, OPEC records 159% output compliance

  • OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output, a Reuters survey of oil companies, OPEC and consulting firms found, sending compliance with a supply-cutting deal to another record. The bloc pumped 32.19 million barrels per day last month, according to the survey, down 90,000 bpd from February. The March total is the lowest since April 2017. OPEC is reducing output by about
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04 Apr

Daily Watch – Power exports to neighbours to rise, Banks to demand more collateral in Q2

  • Export of Nigerian electricity to Niger and Benin is expected to increase to 1,540MW by 2025 from 387MW in 2020, the Punch reports citing a document. The document, entitled: ‘Transmission Expansion Plan’, obtained from the Ministry of Power, Works and Housing, revealed that 780MW and 760MW would be exported to Niger and Benin respectively by 2025. According to the document, between 1973 and 2015, peak electricity generation in Nigeria was increased from 385MW
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