13 Jun

Daily Watch – 2017 Budget signed into law, Miyetti Allah protest in Taraba

  • Acting President Yemi Osinbajo has signed the 2017 budget into law. The budget was due to be signed a fortnight ago, but the signing was put off for undisclosed reasons. President Buhari had presented a budget proposal of ₦7.298 trillion to the National Assembly on December 14, but the senate which passed it on May 11 jerked it up by ₦143 billion. The budget has a projected revenue of ₦5.08 trillion with a deficit of ₦2.36 trillion. A total of ₦2.98
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12 Jun

Daily Watch – Stock Market bull run continues, Investor shows interest in Arik

  • Shareholders of Arik Air have started discussions with a major investor to partner with the airline and offset the debt it owes AMCON and other creditors. The News Agency of Nigeria reports that the airline shareholders have held series of meetings with other investors before reaching a firm commitment with the Dubai-based conglomerate. The Chairman of Arik Air, Joseph Arumemi-Ikhide, said the investor had started negotiation with the shareholders of the company
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09 Jun

Daily Watch – Whistleblowers get big payday, Diaspora bond roadshow begins next week

  • Nigeria will start an international roadshow next week for the sale of a diaspora bond and has named Bank of America Merrill Lynch and Standard Bank of South Africa as joint lead managers. Nigeria first unveiled plans to sell diaspora bonds worth between $100 million to $300 million from Nigerians living abroad in 2013, but the government at the time did not appoint a book runner until an election brought the current APC government into office. A roadshow will
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08 Jun

Daily Watch – Nigeria’s exports overtake imports, Lekki Port construction starts next month

  • Royal Dutch Shell lifted force majeure on Forcados crude oil for the first time since it went in place in February 2016, putting light sweet crude differentials under serious downward pressure. In lifting the force majeure, the company increased the planned loadings in June to 252,000 bpd. The first cargo that loaded for Shell late last month aboard the Astro Perseus was en route to Argentina, according to ship tracking data and traders. The second, which loaded
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07 Jun

Daily Watch – Unemployment problem worsens, New brewer on the horizon

  • Nigeria’s oil production declined to an average of 1.388 million bpd in the first quarter of 2017 according to OPEC data. This is an approximately one percent reduction from the 1.401 mbpd recorded in the Q4 2016. While the decline in production in other OPEC countries within the period was mainly because of quota allocation by OPEC, Nigeria’s decline was mainly due to infrastructure vandalism, which made it impossible for the country to meet its OPEC quota
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06 Jun

Daily Watch – Nigeria’s debt spirals, Zenith bond oversubscribed

  • The CBN has introduced new rules into the interbank foreign exchange market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only ₦1 spread on their transactions.
  • Nigeria’s total indebtedness
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05 Jun

Daily Watch – Proposed ₦5 fuel levy suffers backlash, NAFDAC helps SMEs

  • A Senate committee has proposed a marginal increase in petrol prices to help fund badly needed road repairs. With annual inflation hitting 17.24 percent in April, the Senate Committee on Works has recommended a fuel levy of ₦5 per litre on imported and locally produced petrol to fix roads in Nigeria, according to the proposal approved on Thursday. The Senate has yet to debate the motion which would also have to be approved by the lower chamber, the House of
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02 Jun

Daily Watch – MTN faces noise pollution lawsuit, DMBs lose ₦2.19b to electronic fraud

  • A ₦701 billion fund approved by the FG to support power generation companies financially can now be accessed by the Nigerian Bulk Electricity Trading Company, the Power, Works and Housing Minister, Babatunde Fashola, has said. For about two months after the fund was approved, the GENCOs complained that they could not access it from the NBET, amid claims of lack of knowledge about how it was to be disbursed. But according to the Punch, Fashola told an unnamed
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01 Jun

Daily Watch – FG approves May & Baker vaccine JV, Hayat Kimya opens Ogun factory

  • The presidency and lawmakers are still in talks over the 2017 budget nearly three weeks after the spending plans were passed by the Senate. Both chambers of parliament agreed to a bigger budget than the ₦7.298 trillion draft spending plan submitted by President Muhammadu Buhari in December. ?There are ongoing consultations between the executive and the legislature over the budget. Consultations have not been concluded,? said Ita Enang, senior special
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31 May

Daily Watch – Senate halts Eni refinery deal, CcHUB set for Europe roadshow

  • Acting President Yemi Osinbajo has signed two new laws that would help facilitate access to more affordable credit facilities for businesses in the country. The acts include the Secured Transactions in Movable Assets Act, 2017 (otherwise known a Collateral Registry Act) and the Credit Reporting Act, 2017. The new laws are part of the FG’s reforms aimed at easing business operations in the country. While the Collateral Registry Act ensures that Micro, Small
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