24 Apr

Daily Watch – Crude exports to fall slightly in June, PenOp elects first female president

  • Nigeria’s oil exports are expected to fall slightly in June to just under 1.8 million barrels per day, Reuters reports citing loading plans. The export plan comprised 60 cargoes, for a total of 1.796 million bpd, compared with the 1.895 million bpd in May’s revised export programme. June exports will also include four cargoes of Akpo condensate with 133,000 bpd, compared with three cargoes in Ma offering 97,000 bpd. The export plans showed two fewer
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23 Apr

Daily Watch – MTN IPO gets Nigerian lead manager, 118 Nigerians million have no bank accounts

  • The FG may impose levies on imported starch, sweeteners, flour and ethanol in a bid to check a rising food import bill and encourage investment in cassava processing. Despite being the world largest producer of cassava, Nigeria still imports most of its industrial starch, a cassava by-product, a trend the FG hopes to reverse under an industrial cassava policy which would see the country saving about $700 million or ₦252 billion spent yearly on importing these
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20 Apr

Daily Watch – Adeosun “was right” on Gwarzo suspension, Power tarrifs to rise by 2021

  • Borno, Yobe and some states in the North East have recorded a more than hundred percent increase in food prices in the last two years, NBS data show partly because of inflation and regional conflict. A joint NBS/World Bank revealed that 79 percent of households in the North East are food insecure largely due rising food inflation. Nationwide food inflation rate of 19.29 percent in April is higher than the headline inflation rate of 15.60 percent in March, an
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19 Apr

Daily Watch – Insider trading is about to get very expensive, Kenya’s mSurvey secures Africa expansion chest

  • Jones Onyereri, the chairman of the House of Representatives Committee on Banking and Currency, says banks may pay as high as ₦20 million per day as fine for infractions like insider abuse. Online newspaper The Cable reports Onyereri as saying on the sidelines of the ongoing IMF/World Bank Spring Meetings that the current volume of NPLs in Nigerian banking is “a grave situation”. The legislator said that “the core of non-performing loans is insider
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18 Apr

Daily Watch – Iran’s loss might be Nigeria’s gain, Emefiele, Adeosun to explain $462m helicopter deal

  • The IMF has projected that Nigeria’s inflation will remain in the double digits in 2018. In the April edition of its World Economic Outlook unveiled on Tuesday at the ongoing Spring Meetings in Washington DC, the body said inflation will moderate in both years. “Inflation in sub-Saharan Africa is projected to moderate slightly in 2018 and 2019 but is expected to remain in double digits in key large economies, reflecting the pass-through effects of currency
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17 Apr

Daily Watch – New Lekki Port gets French operator, Konga & Yudala seal marriage

  • Fitch Ratings has noted that sub-Saharan African sovereign debt levels were stabilising following a sharp increase in the near past. The rating agency, however, warned that the growing use of the international capital markets may increase refinancing risk as the amount of foreign debt due for payment rises. Fitch, which stated this in its latest report on the continent obtained at the weekend, also pointed out that maturities appear manageable in the near term,
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16 Apr

Daily Watch – Fixed income transactions rise in March, Cocoa output expected to go up

  • Indian refiner Reliance purchased two cargoes of Nigerian oil, one Usan and one Qua Iboe, Reuters reports. The news agency quoted a source as saying that Total had sold the cargoes, but confirmation was not immediately available. Total, Shell and other oil companies have been offering cargoes, traders said, but many potential buyers said the differentials remained too high for them. Bonga was offered as high as $1.90 per barrel above dated Brent, Bonny Light
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13 Apr

Daily Watch – Katsina issues ₦400 million ultimatum to Globacom, Inflation rate continues to drop

  • Annual inflation in Nigeria stood at 13.34 percent in March, its lowest level in two years and its 14th straight drop in as many months, the NBS said on Thursday. It dipped from 14.33 percent in February. A separate food price index showed inflation was trimmed to 16.08 percent in March, from 17.59 percent the preceding month. Food inflation has been in double digits for almost three years but has slowed for the past six months. CBN Godwin Emefiele last week
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12 Apr

Daily Watch – VAIDS gets June deadline extension, NSE lifts shackles on Oando

  • President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme to June 30, 2018. The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers, Femi Adesina, the presidential spokesman said. Adesina added that no further extension of time will be approved after June 30. The new date was given based on the conviction of the finance ministry that the overall
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11 Apr

Daily Watch – MTN strikes mobile money deal with Ecobank, DMO lists sukuk on NSE

  • MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa. CEO, Rob Shuter, said plans for the IPO were well advanced and the company would provide exact terms in the next few months. He spoke in Lagos after MTN signed an agreement with Ecobank to form a partnership on mobile banking across Africa. “We are well advanced with the Nigerian listing.
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