23 Mar

Daily Watch – Senate clears Cenbank logjam, Teleology deposits $50 million for 9mobile

  • Nigeria’s upper house approved the appointment of two deputy central bank governors and three MPC members on Thursday, giving the rate-setting panel sufficient numbers to meet for the first time this year. The Senate had held up some of President Buhari’s nominations in a dispute that had left the MPC unable to form a quorum of six. The next MPC meeting is scheduled for 3-4 April. Unable to establish a quorum, the bank cancelled its first MPC meeting
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22 Mar

Daily Watch – FG to pick up even more loans for rail projects, Nigeria, SA stay out of AfCTA

  • The FG has approved negotiations for a $15 billion loan for the Port Harcourt-Maiduguri rail project. Transportation minister, Rotimi Amaechi said President Buhari had also given approval for the negotiations of funds for the execution of Lagos-Calabar rail project. “Don’t forget that the Lagos-Calabar project is yet to start because of funds; the Port Harcourt – Maiduguri is yet to start because of funds, but the president has approved that we negotiate
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21 Mar

Daily Watch – FG spars with states over mining bans, Ghana sets stage for $2.5b Eurobond issue

  • The Mines and Steel Development ministry says any state that bans miners from operating in its jurisdiction could lose its share of the 13 percent mining derivation revenue. O’Seun Adewale, the technical adviser to the minister told the NAN that the ministry had written to states that stopped legal miners from operating in their jurisdictions, warning them that mining was on the exclusive list. The 13 percent derivation revenue is shared among states that are
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20 Mar

Daily Watch – Banks bleed 2m customers, Nasarawa installs Chinese fertilizer plants

  • NIBSS data show that banks lost two million customers between 2016 and 2017. The total number of bank accounts dropped to 59 million in 2017 from 61 million in 2016. According to NAN, the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million. The report showed that linked BVN accounts grew from 26 million in 2016 to 41.3 million in 2017. An unnamed banking industry source linked the reduction in banking customers
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19 Mar

Daily Watch – PIGB ‘to be law’ by March-end, NHIS capitation rates under review

  • Nigeria hopes a long-delayed bill to overhaul parts of the country’s oil industry can be sent to President Buhari to be signed into law by the end of March, the head of a parliamentary petroleum committee said on Friday. The Petroleum Industry Governance Bill is the first part of a larger piece of legislation, known as the Petroleum Industry Bill, to pass through parliament. The PIB, debated for over a decade, was broken up into sections to help it pass into
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16 Mar

Daily Watch – Lagos walks back LUC hikes, DisCos fail to clear December debt

  • The CBN will delay its next interest rate-setting meeting following a political spat over nominations for its Monetary Policy Committee, the governor said on Thursday. Governor Godwin Emefiele told CNBC the meeting scheduled for 19-20 March would be delayed by about seven to 10 days, or at the latest until the first week of April. The upper legislative house will next week consider a report into nominations for the MPC, Senate President Bukola Saraki said on
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15 Mar

Daily Watch – Inflation down 13th straight month, National debt hits ₦21.7 trillion

  • Annual inflation fell to its lowest level in almost a year in February and slowed for the 13th month in a row led by decelerating food prices, the statistics office said on Wednesday. Core inflation was 14.33 percent in February, its lowest since last April, down from 15.13 percent in January. The food price index showed inflation of 17.59 percent in February versus 18.92 percent in January. Yemi Kale, head of the NBS said in January he expected inflation to
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14 Mar

Daily Watch – Senate to screen MPC nominees, Lagos denies vehicle fees increase

  • The Senate plans to start screening new members of the central bank’s interest rate committee after it held up some of President Muhammadu Buhari’s nominees in a political spat. Rafiu Ibrahim, the head of the Senate’s banking committee, brought a motion on Tuesday urging parliament to consider Buhari’s nominations. The Senate disagreed with the president about its powers to confirm – or deny – his nominees to key government posts, a disagreement
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13 Mar

Daily Watch – Zenith posts 47% increase in earnings, World Bank invests in Nigerian agric

  • Crude oil prices reached $65 on Monday after a drop in prices earlier in the year. Brent crude had opened 2018 at $64.73. By January 9, it hit $68 before falling to $61.64 by February 1. Traders attributed the recent increase to a drop in the number of US drilling rigs for production and the reported job increase in the US which is expected to push fuel demand higher. Brent sweet crude traded at $65.70 per barrel on Monday, an increase of 21 cents or 0.3 percent
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12 Mar

Daily Watch – Bank fraud on the up, Alcohol and tobacco prices go up too

  • Prices of alcoholic beverages and tobacco products are set to rise following the approval of an amendment to the excise duty rates by President Buhari following a request by the Minister of Finance, Kemi Adeosun. According to the finance ministry, the review will take effect from June 4, 2018. Adeosun said the new excise duty rates will be spread over a period of three years to moderate the impact on the prices of the products. Nigeria’s cumulative specific
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