09 Jun

Daily Watch – Whistleblowers get big payday, Diaspora bond roadshow begins next week

  • Nigeria will start an international roadshow next week for the sale of a diaspora bond and has named Bank of America Merrill Lynch and Standard Bank of South Africa as joint lead managers. Nigeria first unveiled plans to sell diaspora bonds worth between $100 million to $300 million from Nigerians living abroad in 2013, but the government at the time did not appoint a book runner until an election brought the current APC government into office. A roadshow will
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05 Jun

Daily Watch – Proposed ₦5 fuel levy suffers backlash, NAFDAC helps SMEs

  • A Senate committee has proposed a marginal increase in petrol prices to help fund badly needed road repairs. With annual inflation hitting 17.24 percent in April, the Senate Committee on Works has recommended a fuel levy of ₦5 per litre on imported and locally produced petrol to fix roads in Nigeria, according to the proposal approved on Thursday. The Senate has yet to debate the motion which would also have to be approved by the lower chamber, the House of
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02 Jun

Daily Watch – MTN faces noise pollution lawsuit, DMBs lose ₦2.19b to electronic fraud

  • A ₦701 billion fund approved by the FG to support power generation companies financially can now be accessed by the Nigerian Bulk Electricity Trading Company, the Power, Works and Housing Minister, Babatunde Fashola, has said. For about two months after the fund was approved, the GENCOs complained that they could not access it from the NBET, amid claims of lack of knowledge about how it was to be disbursed. But according to the Punch, Fashola told an unnamed
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01 Jun

Daily Watch – FG approves May & Baker vaccine JV, Hayat Kimya opens Ogun factory

  • The presidency and lawmakers are still in talks over the 2017 budget nearly three weeks after the spending plans were passed by the Senate. Both chambers of parliament agreed to a bigger budget than the ₦7.298 trillion draft spending plan submitted by President Muhammadu Buhari in December. ?There are ongoing consultations between the executive and the legislature over the budget. Consultations have not been concluded,? said Ita Enang, senior special
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31 May

Daily Watch – Senate halts Eni refinery deal, CcHUB set for Europe roadshow

  • Acting President Yemi Osinbajo has signed two new laws that would help facilitate access to more affordable credit facilities for businesses in the country. The acts include the Secured Transactions in Movable Assets Act, 2017 (otherwise known a Collateral Registry Act) and the Credit Reporting Act, 2017. The new laws are part of the FG’s reforms aimed at easing business operations in the country. While the Collateral Registry Act ensures that Micro, Small
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30 May

Daily Watch – AMCON flogs PAN to Dangote, ₦4t in 2016 budget projects unimplemented

  • Moses Tule, CBN?s director of monetary policy says about ₦4 trillion from the 2016 budget is yet to be implemented and will be applied between now and July. Speaking in an interview with Arise TV, Tule said about ₦12-₦13 trillion will be spent by government in 2017, and this will, by all means, get the country out of recession. Speaking on the stated optimism of Governor Godwin Emefiele that Nigeria will get out of recession by the end of September,
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26 May

Daily Watch – OPEC exempts Nigeria from new cuts, PIGB scales step one

  • The Senate passed a long-awaited oil governance bill following its third and final reading, it said on its official Twitter feed on Thursday. The Petroleum Industry Governance Bill is part of proposed reforms that make up the sprawling Petroleum Industry Bill, aimed at overhauling the OPEC member?s energy industry. The PIB, which has been discussed for over a decade following several redrafts and is central to President Muhammadu Buhari?s reform plans,
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25 May

Daily Watch – Foreign Investment rising, NNPC takes digital baby steps

  • Two successive years of decline in Nigeria’s foreign investment inflow came to a staggering halt in the first quarter of 2017, the National Bureau of Statistics said Wednesday. The total value of capital imported into Nigeria in the first quarter of 2017 was estimated to be $908.27 million, representing an increase of 27.8 percent compared to the first three months of 2016 and marking the first time foreign inflows have risen since foreign investors fled the
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24 May

Daily Watch – Interest rate stays same, NCAA to audit Med-View

  • The CBN kept its benchmark interest rate at 14 percent on Tuesday, its governor said, hours after the statistics office said the economy contracted in the first quarter. Governor Godwin Emefiele said the MPC had voted to retain the headline rate. ?In consideration of the challenges weighing down the domestic economy and the uncertainties in the global environment, the committee decided by a unanimous vote of eight members in attendance to retain the MPR
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23 May

Daily Watch – Banks earn big from ATM & SMS alerts, Unpaid taxes just got more expensive

  • Nigeria will increase the interest rate on unpaid taxes to discourage companies and individuals from paying late and racking up a larger debt, the finance ministry has said. The ministry said the measure will take effect on July 1 and that the rate would be five percent over a central bank rate known as the Minimum Rediscount Rate, a benchmark lending rate. ?The review of the interest rates on unpaid taxes was one of the necessary measures adopted by the
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