02 Feb

Daily Watch – FG reaches truce over ALSCON, Nigeria rank 158 in KPMG index

  • The head of the NNPC has called for private investment to help the group repair and build more pipelines across the country. Maikanti Baru told the new board of downstream subsidiary Nigerian Pipeline Storage Company that the company should form partnerships with the private sector and double the number of its pipelines over the next 10 years. “Your work also is to look at refurbishing these pipelines and storage along a PPP arrangement by getting willing private
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01 Feb

Daily Watch – Taxation fuelling Lagos wealth exodus, Air Peace arrives Kano and Yola

  • The latest Global Wealth Migration review says rich people are leaving Lagos for other cities because of increased taxation. According to the report, some of the reasons high net worth people are leaving their locations are taxes and increasing crime rates. The other top cities affected include London, Mumbai and Istanbul. According to the report, 1000 wealthy people left Lagos in 2017 and there were no inflows. Auckland, Dubai, Montreal and Toronto recorded
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31 Jan

Daily Watch – Intels has two weeks to pay up, MTN shakes off fine hangover

  • The NPA has given Intels Nigeria a two-week ultimatum to remit an outstanding $48 million that ought to have been paid into the maritime agency’s treasury single account in 2017. Speaking during an interview with CNBC Africa, Hadiza Bala Usman, the agency’s managing director, said Intels’ notice of termination will stand if the company failed to settle its debt. “I am giving Intels a possible two-week window to provide payment, two weeks from now,
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30 Jan

Daily Watch – 22 African countries relax aviation rules, FG to take drastic measures over PH

  • Nigeria and 22 other African countries have begun an open air policy that will relax aviation rules and regulations to create a free market environment for eligible commercial airlines. The Single African Air Transport Market was inaugurated on Sunday at the African Union Summit in Addis Ababa, Ethiopia. SAATM would facilitate the free movement of flights between African countries by liberalising frequencies, fares and capacities, breaking down barriers that
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29 Jan

Daily Watch – Teleology heads queue for 9mobile, DisCos warming for spat over prepaid meters

  • Teleology Holdings, promoted by Adrian Wood, former MTN Nigeria CEO is the preferred bidder for 9mobile, according to a report by The Cable. Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, the Democratic Republic of the Congo and South Africa, is the reserve bidder. While Teleology put in a bid of $500 million, Smile quoted $300 million. The news site reports that both companies will be given 30 days to prove that they have the financial
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26 Jan

Daily Watch – Nigeria ‘protest’ US weapons sale conditions, Reps okay NSE public listing

  • The FG will consider raising $2.5 billion through Eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost, the head of the Debt Management Office told Reuters on Thursday. Patience Oniha said the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local currency market. She said a Eurobond placement will depend on market conditions, pricing and
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25 Jan

Daily Watch – Egina arrives amid NASS audit cloud, China bilateral trade hits $12.3 billion

  • The NNPC board will decide on investors for its three major refineries this month. NNPC launched a bidding process in 2016 to find partners to overhaul ailing refineries that produce very little petrol because of decades of mismanagement, leaving OPEC member Nigeria reliant on imported oil products. The three existing refineries – in Port Harcourt, Warri and Kaduna – could add a total capacity of 450,000 barrels per day if refurbished. The project
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24 Jan

Daily Watch – Oando aims to make peace with its past, More effort to reconcile FAAN, Bi-Courtney

  • The NNPC has announced a plan to build more depots across the country. The company’s GMD, Maikanti Baru said the addition to the corporation’s existing 23 depots would ease products supply and distribution. Baru charged members of the board to expand the company’s market share of the downstream sector from 13 to 30 percent, adding that building more depots was more feasible than acquiring dormant ones. Baru said the company would venture into lubricants
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23 Jan

Daily Watch – NCC waves suspension wand over ‘call masking,’ ALSCON morass approaches resolution

  • Long queues of desperate motorists and other users of petrol returned to many petrol stations in Lagos and Ogun states on Saturday and Sunday after a brief respite from the scarcity that rocked the country from December to early January. Many stations in both states were shut on Sunday, while some dispensed the product above the official ₦145 per litre price. Some stations in the Ikotun, Ejigbo, Isolo, Idimu, and Igando districts of Lagos were selling at between
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22 Jan

Daily Watch – Oil exports to inch lower in March, January’s MPC mired in FG deadlock

  • The NCC says Nigeria needs over 120,000 kilometres of metropolitan fibre networks interconnected across the country to achieve its goal of pervasive broadband penetration. Umar Danbatta, executive vice chairman of the commission, who disclosed this in Abuja, said only 38,000 kilometres had been covered so far.He also called for the implementation of harmonised right of way charges.He spoke while receiving a delegation from Nigeria Industrial Policy and Competitiveness
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