17 Nov

Daily Watch – Court amends ‘impractical’ BVN order, Abia gets $25m World Bank money

  • The interim forfeiture order placed on bank accounts without bank verification numbers has been revoked after the Federal High Court in Abuja modified the order given on 17 October. The FG had obtained a court order directing 19 banks to freeze accounts without BVN and ultimately forfeit the funds in such accounts. Justice Nnamdi Dimgba said some parts of the initial order has been posing some “practical problems,” hence the modification. He was quoted as
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16 Nov

Daily Watch – Abuja runway inserted in #Budget2018, Dangote sells noodle plants to Indomie

  • Annual inflation in Nigeria slowed for the ninth month in a row in October, easing to 15.91 percent, the NBS said on Wednesday in a report. A separate food price index showed inflation at 20.31 percent in October, compared with 20.32 percent in September. “The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish,” the statistics
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15 Nov

Daily Watch – Foreign airlines have $221 million trapped in Nigeria, FG inks Mambilla hydro deal

  • Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. The ₦7.44 trillion ($24.33 billion) 2017 budget projects a shortfall of $7.5 billion, prompting Buhari’s call for foreign loans. The borrowing would include $2.5 billion in
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14 Nov

Daily Watch – CBN may lower MPC in 2018, Construction firms decry WHT uncertainty

  • Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy Minister Suheil al-Mazrouei told an international oil conference in Abu Dhabi. He said 158 million barrels
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13 Nov

Daily Watch – Ogun to host transit terminal to clear Lagos port, Gas flaring bonanza ramps up

  • Transportation minister, Rotimi Amaechi said cargoes from Lagos’ ports would be taken to Papalanto, a transit terminal in neighbouring Ogun State, through a narrow-gauge rail line after their clearance in order to ease a worsening congestion problem on the Apapa/Wharf access road as a result of ongoing rehabilitation work. Amaechi, who made the announcement during the World Maritime Day celebrations in Abuja, said the FG had reserved a transit terminal
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10 Nov

Daily Watch – Petrobras to fling Nigerian unit, Lagos-Abidjan road gets financial agreement

  • Nigeria plans to raise ₦710 billion ($2.26 billion) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office said on Thursday. Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the NNPC. The government has considered selling stakes in these joint ventures for more than a decade. Responding to Moody’s downgrade of Nigeria’s
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09 Nov

Daily Watch – MTN escapes Senate censure, Tizeti to ramp up Express Wi-Fi by Facebook

  • The Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group’s Nigerian unit after the business was accused of illegally repatriating $14 billion to its parent. But the Senate report also asked the CBN to sanction Stanbic IBTC Bank “for improper documentation in respect of capital repatriation and loan repayments” on behalf of MTN. The upper house agreed in September last year to investigate whether Africa’s biggest
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08 Nov

Daily Watch – PMB tables ₦8.6t #Budget2018, Nigeria O&G costs 100% above global

  • President Muhammadu Buhari presented on Tuesday a 2018 budget of ₦8.612 trillion, the country’s biggest ever, to lawmakers. He said the budget was based on an exchange rate of ₦305 to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45 per barrel. The president said he was targeting 1 January 2018 for the passage of next year’s budget, adding that the deficit is expected to be ₦2.005 trillion and real economic
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07 Nov

Daily Watch – FG ‘ready’ to talk with Avengers, Nigeria bags ₦4.2t deficit in manufacturing

  • The Niger Delta minister said on Monday the government was ready to meet militants days after they called off a year-long ceasefire. Usani Uguru Usani asked the Niger Delta Avengers to be patient and said the government was pushing through development schemes in the southern territory where rights groups have long complained about poverty and pollution. The Avengers – whose attacks on energy facilities in the Niger Delta last year helped push Africa’s
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06 Nov

Daily Watch – 4.8m Nigerians face looming food crisis, Diamond to focus on home

  • The Niger Delta Avengers whose attacks on energy facilities in the Niger Delta last year helped push Nigeria into recession said on Friday it had ended its ceasefire. It announced a halt to hostilities in August 2016, although they carried out attacks in October and November last year. “Niger Delta Avenger’s ceasefire on Operation Red Economy is officially over,” the group said on its website. “Our next line of operation will not be like the
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