09 Mar

Daily Watch – FG to sue tax dodgers, New airlines apply for permits

  • Nigeria’s external reserves hit $43.2 billion on 6 March, CBN data showed on Wednesday. Forex reserves had recorded a four-year high at $42.76 billion on 2 March, after commencing this year at $38.77 billion. They have gained about $3.99 billion or 10.3 percent this year, having been at $38.77 billion in December 2017 and $40.69 billion in January 2018. The reserves have risen on a steady rise increase in global oil prices and FG Eurobond borrowing, among others.
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08 Feb

Daily Watch – NCC adds teeth to broadband strategy, NNPC ramps up Europe imports

  • Nigeria plans to redeem ₦762.5 billion ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government, Finance Minister Kemi Adeosun said on Wednesday. Africa’s largest economy expects to save ₦64 billion each year after it refinances the local bills with the dollar debt, she told reporters following a cabinet meeting in Abuja. In January, the head of the debt office said the
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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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28 Nov

Daily Watch – Capital inflows spike in Q3, 50 DMBs shuttered in 17 years over NPLs

  • The total value of capital imported into Nigeria more than doubled in the third quarter to $4.15 billion, after the economy emerged from a recession, the NBS said on Monday. Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, as oil revenues rose. Last year the central bank imposed currency controls to prevent a collapse in the naira, which affected foreign capital inflows. The NBS said capital imports were over $4
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27 Nov

Daily Watch – FG loans states ₦28 billion for budgets, Synlab acquires majority in PathCare

  • The FG has approved the release of ₦28 billion in budget loans for 35 states, excluding Lagos. Budget and National Planning Minister, Udoma Udoma disclosed to reporters at the end of the NEC meeting chaired by Vice-President Yemi Osinbajo. According to him, each state will receive ₦800 million to meet salary requirements, pensions and other necessities. Udoma said President Muhammadu Buhari had mandated the release of the money to the states through the Accountant-General
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24 Nov

Daily Watch – NASS kills early budget passage, Power ministry to spend ₦355m on ‘short term studies’

  • A new NBS report shows that the revenue generated from value-added tax in Q3 2017 was ₦250.56 billion, higher than the ₦246 billion generated in Q2 and ₦197 billion in Q3 2016. At ₦28.98 billion, manufacturing generated the highest VAT followed by professional services and oil production, both generating ₦22.73 billion and ₦12.09 billion respectively. The three sectors at the bottom of the generating chain are mining, local government councils and
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23 Nov

Daily Watch – US & Nigeria ink investment dialogue MoU, Ekiti reads riot act to micro-finance banks

  • Facebook will open a “community hub space” in Nigeria next year to encourage software developers and technology entrepreneurs and become the latest technology giant to pursue a training programme in fast-growing Africa. The tech giant said the centre would host an “incubator programme” to help develop technology start-ups, while it will also train 50,000 Nigerians in digital skills. Facebook did not provide details of the period over which its planned
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22 Nov

Daily Watch – FG prices biggest ever Eurobond, Mining revenue goes up

  • The CBN held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile. Governor Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for a cut. All other policy parameters were kept unchanged. “Inflation, in particular, requires very close monitoring to gain clarity on the medium-term optimum path of monetary policy,”
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21 Nov

Daily Watch – GDP continues rise, Regulators raise ‘serious concerns’ with Barclays over 9mobile

  • Nigeria’s economy grew 1.4 percent year-on-year in Q3, the statistics office said on Monday, extending its slow climb out of its first recession in a generation. Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to the continuation of depressed oil revenues and a shortage of hard currency. The NBS said oil production stood at 2.03 million barrels per day in the third quarter. Agriculture grew by
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20 Nov

Daily Watch – India ditches Nigerian oil for Iran’s, PenCom reins in pension withdrawals

  • Iran has displaced Nigeria as India’s third largest supplier of crude oil after the world’s third-largest oil importer shifted its focus to the Middle East and the United States for supply. In August, India’s Hindustan Petroleum Corporation said it would take its first crude oil import from the US, dumping Nigeria’s sweet crude for US oil. Rising production output from the US makes West Texas Intermediate cheaper than Brent crude whose price was boosted
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