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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22 May

Daily Watch – Nigeria to sort visas in two days, Abuja bus fares pocket unfriendly

The labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday. It was unclear whether members of PENGASSAN had shut the company’s facilities in the region on Friday, and oil industry sources said there was no impact on production. “The strike has been suspended,” said Chika Onuegbu

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19 May

Daily Watch – Budget 2017 is looking for a signature, Kaduna threatens banks over tax

Acting President Yemi Osinbajo has said that he would assent to the 2017 budget. The Information Minister Lai Mohammed had earlier told State House reporters after the Federal Executive Council meeting chaired by Osinbajo on Wednesday that the decision on who to sign the budget would be taken when the document is transmitted to the Presidency. But Osinbajo, via a Twitter statement by his spokesman Laolu Akande, said the question on who would sign the budget was

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18 May

Daily Watch – Kachikwu wants to keep petrol at ₦145/l, Lake Chad still disappearing

The FG recorded an $11 billion deficit (₦3.3 trillion using the official exchange rate of $305 per dollar) revenue from crude oil exports in 2016. Specifically, the revenue fact sheet released on Monday by the U.S. Energy Information Administration, revealed that Nigeria’s crude oil revenue fell from $37 billion in 2015 to $26 billion in 2016. This comes as Nigeria had already earned $10 billion or N3.05 trillion from oil export between January and April

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17 May

Daily Watch – Inflation budges slightly in April, Oil workers’ row deepens

The dispute between PENGASSAN and ExxonMobil deepened as the union extended its industrial action to other international oil companies operating in the country. This followed the rejection of the directive by the Minister of State for Petroleum Resources, Ibe Kachikwu, by the Exxon Branch of PENGASSAN that the industrial action should be suspended. Union officials locked workers out of offices at Shell, Eni and Chevron in Lagos, as well as the companies’ operational

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16 May

Daily Watch – Skye Bank takes over Intercontinental Hotel, Vehicle imports evaporate in Q1

Only 350 new vehicles were imported by Nigerian auto firms in Q1 2017, a drop of about 90 percent over 3,500 recorded in the same period last year. According to the Managing Director of Toyota Nigeria, Kunle Ade-Ojo, the dramatic fall in car imports was due to a combination of a high duty on imported cars, a shortage of foreign exchange and the wider economic recession. He further said that total retail sale of new vehicles for Q1 2017 stood at 2,000 units compared

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15 May

Daily Watch – GE interested in Nigerian hydro, PFAs binging on real estate assets

The naira strengthened slightly at the parallel market last week, despite a fall in the country’s foreign reserves. On Friday, the naira appreciated by one point against the dollar, moving from ₦391 to ₦390 against the US currency. The British pound lost some ground to the naira to trade at ₦495, while the euro exchanged for ₦420. This happened despite a three-day fall in the country’s foreign reserves, the first in many weeks. As at Thursday evening

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