12 Apr

Daily Watch – FG increases tomato tariff, Power supply costs Nigeria dear

Nigeria’s is currently losing $29.3 billion yearly due to inadequate power supply, according to the draft document of the Power Sector Recovery Programme. Capacity utilisation among companies is very low because of lack of power, as they have to spend about 40 percent of their production cost on generating electricity for themselves. Power challenges and foreign exchange difficulties were cited as major reasons why 272 manufacturing firms shut operations in

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11 Apr

Daily Watch – Trump okays weapons sale to Nigeria, Dangote to list refinery

US President Donald Trump is pushing forward with plans to sell up to a dozen aircraft to the Nigerian air force for the fight against Boko Haram, Reuters quoting unnamed sources reported on Monday, in a deal that could be worth up to $600 million. The Super Tucano A-29 aircraft, an agile, propeller-driven plane with reconnaissance and surveillance as well as attack capabilities, is made by Brazil’s Embraer. A second production line is in Florida, in a

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10 Apr

Daily Watch – North Korean hackers eye Nigerian banks, Lufthansa to resume at Abuja airport

A report from Russian cyber security firm, Kaspersky, says North Korean hackers are allegedly attacking banks in 18 countries, including Nigeria. The organisation noted in its report that this could be regarded as the biggest bank heists in history. Banks and security researchers have previously identified four similar cyber-heists attempts on financial institutions in Bangladesh, Ecuador, the Philippines and Vietnam. But researchers at Kaspersky now say the

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07 Apr

Daily Watch – French pharma buys Swipha, NLNG on a global buyers’ hunt

The Senate will debate a long-awaited oil industry reform bill after receiving the draft law on Thursday, the latest step in efforts to overhaul the energy sector in Africa’s largest economy. The legislation is part of proposed reforms that make up the sprawling Petroleum Industry Bill, which has been in discussion for over a decade and redrafted many times but has yet to be passed into law. The bill’s acceptance into the upper house marks the closest

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06 Apr

Daily Watch – NNPC pours ice on PMS hike, DBN gets $1.3 billion

Former oil minister Diezani Alison-Madueke, who held the post for five years between 2010-15, has been charged with money laundering. Three members of INEC “allegedly received bribes” fromAlison-Madueke ahead of the 2015 general election, the EFCC said in a statement. One charge read at the Federal High Court in Lagos stated that Alison-Madueke and the officials “conspired among yourselves to directly take possession of ₦264.9 million ($867,813)&#8221

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05 Apr

Daily Watch – House probes Amnesty shortfall, Jumia murder forces PayPorte action

The House of Representatives on Tuesday launched a probe into a lack of funding for an amnesty programme for militants in the Niger Delta, a key factor in maintaining a tenuous peace in the oil-rich region and supporting crude production. Failure to maintain funding for former militants under the 2009 amnesty could jeopardise the relative stability in the Delta and result in oil production being choked off, as it was last year by militant attacks that cut crude

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04 Apr

Daily Watch – LCCI likes current econ path, FMDQ OTC hits ₦22.99t in Q1

Oil tanker drivers ended a strike over pay and the poor condition of the roads just hours after it began on Monday, following a government intervention, ending the threat of fuel shortages developing. The union called off the strike “because the FG has intervened and promised to look into the drivers’ demands,” said Charles Eleto, a regional chairman for NUPENG, one of Nigeria’s two major oil workers’ unions. In a meeting in the

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03 Apr

Daily Watch – CFOs think naira ‘fair value’ is ₦250, Oil tankers begin strike today

Oil tanker drivers will go on strike from today over low wages and poor roads, said a labour union official on Sunday, threatening to choke off supply until their requests are met. The oil tanker drivers from NUPENG, one of Nigeria’s two major oil labourers’ unions, have not set an end date for their strike, said Cogent Ojobo, a regional chairman for NUPENG. “Tanker drivers across the country will not work tomorrow so there is bound to be a scarcity

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31 Mar

Daily Watch – GE on track to win rail contract, Senate to consider PIB in April

Nigeria will send its Petroleum Industry Governance Bill to the Senate for final consideration and approval on April 25, a spokesman for Senate President Bukola Saraki said on Thursday. The bill is the latest step in a decade-long attempt to reform the country’s oil sector. The Senate Joint Committee on Petroleum (Upstream, Downstream and Gas) will lay the final report of the Petroleum Industry Governance Bill before federal lawmakers. According to a schedule

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30 Mar

Daily Watch – IMF unimpressed with ERGP, Sterling wins Islamic banking facility

The IMF is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in international loans. The Washington-based fund will urge the country to introduce immediate changes to its exchange rate policy, and say its recent reform plan is not enough to drag Africa’s biggest economy out of recession, according to the 68-page report. “Much more needs to be done,” the IMF said in the

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