01 Aug

Daily Watch – Renewables eye ₦5 trillion generator market, Benue does a tax slash

  • Sanusi Ohiare, the executive director of the Rural Electrification Agency, says an estimated ₦5 trillion is spent yearly on importing, fuelling and maintaining generators by Nigerian businesses. In his presentation on the REA’s off-grid and mini-grid goals at the fourth national council on power in Edo, he said the agency seeks to channel the huge spend on generators into scaling up renewable solutions that would provide access to cheaper electricity,
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31 Jul

Daily Watch – CBN closes debut yuan auction, Beverage makers commit to Lagos waterways cleanup

  • OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and the Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase. The cartel has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June’s revised level. In June, OPEC, Russia and other non-members agreed to return to 100 per cent compliance with oil
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30 Jul

Daily Watch – Pension assets hit ₦8 trillion, Nigeria recalls 2.4m bottles with codeine

  • Oando and the Cement Company of Northern Nigeria have given stakeholders an idea of what to expect by year-end with the release of impressive half-year financial results. The release of both companies’ H1 2018 financial results, caused the two stocks to rise significantly leading to the addition of ₦8.6 billion to their market capitalisation. Oando recorded 11.4 per cent increase in gross earnings which rose from ₦266.98 billion in June 2017 to ₦297.31
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27 Jul

Daily Watch – NAICOM jacks industry capitalisation by 200 per cent, GE in possible FIRS tax mesh

  • TheCable reports that GE illegally withheld tax in excess of $3 million from its payments to Nigerian oil servicing company ARCO Group citing documentary exchanges between both firms. The online news website says there is strong evidence backing ARCO’s allegation, but the American multinational told it that it would not comment “for confidentiality reasons”. In one of the documents, ARCO claimed that GE deducted 10 percent as withholding tax for a contract
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26 Jul

Daily Watch – Lafarge Africa celebrates H1 ‘operational stability’, Konga resurrects pay-on-delivery

  • Aliko Dangote told Reuters that he has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020. Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with a capacity of 650,000 barrels per day to help to reduce the country’s dependence on imported petroleum. Lenders would commit about $3.15 billion, with the World Bank’s private sector arm
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25 Jul

Daily Watch – MPR continues 2-year elevated streak, NIPOST set for mammoth breakup

  • The FG has asked the contractor handling the Lagos-Ibadan railway project, the China Civil Engineering Construction Corporation to extend its work from Ebute Meta to Apapa as part of measures to facilitate the movement of goods from the seaports in Lagos to other parts of the country by rail. Although the Apapa extension is in the second phase of the project, the government said the decision to bring it forward was necessary in order to ease the near stagnation
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24 Jul

Daily Watch – MDAs overspent ₦149.5 billion in 2016, DisCos ‘lose ₦48 per KWH’ on tariff non-review

  • New NBS data released on Monday shows that month-on-month inflation rose from 1.09 percent in May to 1.24 percent in June. However, year-on-year inflation slowed from 11.61 percent in May to 11.23 percent in June, marking the 17th consecutive month of disinflation since January 2017. “Headline inflation falls 17th consecutive time (11.23 percent year on year in June 2018 compared to 11.61 percent in May 2018); food inflation (12.98 percent from 13.45 percent);
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23 Jul

Daily Watch – FAAC finds money allure hard to ignore, Elumelu eyes prime Shell OMLs

  • Heir Holdings chairman Tony Elumelu is planning to buy two Shell oil mining licenses. Bloomberg reports that the licenses might be sold for $2 billion. Apart from oil mining licenses 11 and 17, Shell will also be selling a natural gas-fired power plant that would be managed by Transcorp. Selling both assets would mean that Shell would focus on its deepwater operations. OML 17 falls within the NNPC/Shell joint venture. There are 15 oil and gas fields, six of which
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20 Jul

Daily Watch – FG won’t control Nigeria Air, Instagram rules the waves

  • The FG will exercise no control over the management of the new national carrier, Nigeria Air, according to TheCable. The online news service says this is a precondition for the approval of the public-private partnership by the Infrastructural Concession Regulatory Commission, according to a government document. The document, the Outline Business Case Compliance Certificate which is signed by ICRC acting DG Chidi Izuwah, says any attempt to exercise control by
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19 Jul

Daily Watch – Universal Music to launch Nigeria division, Insurers losing ₦240 billion ‘keke’ opportunity

  • A Guardian analysis posits that Nigeria’s insurance industry lost ₦240 billion in premium income from the non-insurance of an estimated eight million tricycles and motorcycles between 2000 and 2017. The paper says that the figure is only ₦10 billion less than the total premium income earned by insurance companies in 2016 alone, following a drop in insurance renewals and a preference for quarterly and monthly premiums as a result of the current economic
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