17 Jul

Daily Watch – Truecaller fingers telcos, Only 3% of tourists to Africa come to Nigeria

  • The Federation of Tourism Association of Nigeria says that less than three percent of tourists visiting Africa annually choose Nigeria as their tourism destinations. Karim Rabo, the FTAN president, said that the figure was low compared to other African countries that usually recorded huge patronage of international tourists. He attributed the low patronage to poor attitudes usually exhibited by Nigerian tour operators and travel agencies. He also said that Nigerian
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10 Jul

Daily Watch – Trump promises aid to starving IDPs, World Bank gets jitters over Nigerian debt

  • U.S. President Donald Trump on Saturday promised $639 million in aid to feed people left starving because of drought and conflict in Somalia, South Sudan, Nigeria and Yemen. Trump?s pledge came during a working session of the G20 summit of world leaders in Hamburg, providing a ?godsend? to the United Nations? World Food Programme, the group?s executive director, David Beasley, told Reuters on the sidelines of the meeting. The new
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07 Jul

Daily Watch – Etisalat Nigeria has two ‘concrete’ takers, AshakaCem announces NSE delisting

  • The FG has announced that it has provided ₦40 billion to settle the reconciled outstanding electricity bills of its ministries and agencies. The Minister of Budget and National Planning, Udoma Udoma, stated this while addressing The Situation Room, a group of civil society organisations. He said the gesture was part of a strategy to revamp the power sector. Udoma added that the government would invest ₦9.5 billion in rural electrification projects in federal
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06 Jul

Daily Watch – National gas policy debuts, Addax pays Switzerland over Nigeria sins

  • The FEC has approved a national gas policy that aims to reduce the country?s dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. The policy was passed in last week?s cabinet session but only made public on Wednesday. Nigeria has the world?s ninth largest proven gas reserves, at 187 trillion cubic feet. A move to using gas could reduce the drain on foreign exchange that importing refined
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05 Jul

Daily Watch – NNPC saves billions, Etisalat gets new board

  • The NNPC says it has saved $2 billion in the past year by renegotiating its upstream servicing contracts, as it tries to reduce high overheads. NNPC is attempting to revive the oil industry on which the country?s economy depends, and which the government relies on for roughly two-thirds of its revenue. ?For the upstream, cost reduction and efficiency are key features that we will pay attention to,? said GMD, Maikanti Baru. The company has also
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04 Jul

Daily Watch – Manufacturing bouncing back, Lagos rent burden among world’s highest

  • A report by RENTCafé, a property search website, has ranked Lagos as the third least of world cities that are highly unaffordable for renters. The report released puts Lagos rent at $355 (₦129,575) per month while the household income is $625 (₦228,125), making Lagos third behind Manhattan, New york city with 59 percent and Mexico City with 60 percent. The report also identified the three least cities as vibrant urban hubs with thriving or emerging economies
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30 Jun

Daily Watch – Cross River okays power plant, Audit Big Four snag ₦6.4b in fees

  • An analysis of data from some of Nigeria?s largest quoted companies by market capitalisation by the financial website, Nairametrics shows that the big 4 audit firms ? PWC, KPMG, Deloitte, and Ernst & Young earned ₦6.4 billion in audit fees for the year ended December 2016. The fees were earned by auditing 28 of Nigeria’s biggest firms cutting across the banking, consumer goods, cement and oil and gas. According to the data obtained by Nairametrics
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29 Jun

Daily Watch – ECA ‘most poorly governed’, FG ignores Pensions

  • Nigeria?s Excess Crude Account tied for the world?s most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute released on Wednesday. The $2.4 billion account was ranked alongside the Qatar Investment Authority as the worst in terms of oversight and transparency in NRGI?s index of resource management. NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as ?failing?.
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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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