09 Aug

Daily Watch – PFAs slowly liking infrastructure, Manufacturing expanded last year

  • The FG plans to withdraw its case against seven local banks over what it says is $793 million due to the state, and that it was seeking an out-of-court settlement instead. The banks concerned have said either that they do not owe the government money or have paid what is due. Commercial banks in Nigeria collect grants, taxes, fees and tariffs on behalf of the government which they send to a single treasury account with the CBN in line with a policy introduced
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08 Aug

Daily Watch – Afghan agric hires Nigerian firm, Addax leans out in wake of Swiss fine

  • The MD of the Nigeria Sovereign Investment Authority, Uche Orji, has said that contributors to the Sovereign Wealth Fund will be eligible to dividends from 2018. Speaking during a working visit by Information and Culture minister, Alhaji Lai Mohammed, Orji said, “We are not allowed to pay dividends until after 5 years of consistent profitability. From next year, the federal, states and local government will be eligible for dividends from the contributions they
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07 Aug

Daily Watch – Power generation plummets, Forte Oil hunting for a refining buddy

  • Nigeria’s interbank lending rate jumped to 23 percent on Friday from just five percent a week ago after the CBN tightened liquidity. The more than quadrupling of the rate came after the bank sold a total of ₦167.60 billion ($459.56 million) in treasury bills on Friday and withdrew an undisclosed amount from lenders to maintain its cash reserve ratio. It did so to support the currency, making naira scarcer in the market and more attractive to hold. The
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04 Aug

Daily Watch – Govt expects economy to grow 2.2%, MTN returns to profit

  • Nigeria expects its economy to grow 2.2 percent this year, Reuters reports citing a government strategy document on Thursday, after the country suffered its first recession in more than two decades in 2016. The 2018-2020 Medium Term Fiscal Framework and Strategy Paper, to form the basis for its 2018 budget, projects spending of ₦7.94 trillion ($21.75 billion) next year, up 6.7 percent from the sum budgeted for 2017. The document was dated July 27. The International
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03 Aug

Daily Watch – Guinness picks volumes over margins, Skye won’t have its way with ntel

  • Nigeria is expected to emerge from recession this year, but threats to recovery remained elevated and the economy will not grow enough to reduce unemployment and poverty, the International Monetary Fund said on Wednesday. The country slipped into a recession last year as low crude prices and oil production slashed government revenues, caused dollar shortages and crippled its economy. The Fund projected Nigeria’s economy will grow 0.8 percent this year,
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02 Aug

Daily Watch – FG remembers dead ₦61b Katampe project, 9mobile gets loan extension

  • The FG says it has mobilised more funding for the speedy completion of the abandoned ₦61 billion Katampe Infrastructure project, which was granted under the Public-Private Partnership concession between the FCT, the World Bank, and a consortium of engineering services firms. The project, which started in 2010, was expected to be completed in three years but is currently only 20 percent gone due to lack of adequate funding, a situation that led to its abandonment.
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01 Aug

Daily Watch – Public holidays cost Nigeria ₦9.7bn, Automated budgeting arrives next year

  • Prominent community leaders in the restive Niger Delta region threatened on Monday to pull out of peace talks with the government unless their demands were met by 1 November. They told a news conference in Abuja the FG had failed to implement promises to drag the region out of poverty, a key demand by militants who had stopped attacks on oil pipelines to give peace talks a chance. “Human endurance has a limit beyond which one cannot predict what the outcome
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31 Jul

Daily Watch – CBN commits to FX convergence, NDIC wins ₦500m Lead Bank judgement

  • The CBN says it remains committed to the convergence of rates between the bureau de change and the Nigeria Autonomous Foreign Exchange.The regulator on Friday intervened in the Inter-bank Foreign Exchange Market with the total sum of $462,336,426.74. A breakdown of the forex intervention figures obtained from the regulator indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $267,336,426.74. The CBN also offered
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28 Jul

Daily Watch – Google to launch ₦30k phone in September, Seplat’s bleeding continues

  • Seplat reported a loss of ₦3.1 billion in Q2 2017 results published by the NSE on Thursday. The result did show sales were up by 21 percent year-on-year, reaching ₦25.7 billion. Seplat’s losses are receding following the resumption of the TransForcados System in June. Seplat delivered an H1 oil production of 9,507 bpd, down 18 percent year-on-year but up 86 percent quarter-on-quarter, which works out to a Q2 average production of around 14,000 bpd. Gas
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27 Jul

Daily Watch – NSE continues rally, Local oilcos fail to contribute to Content Fund

  • The NSE continued its rally on Wednesday following the decision of the CBN’s MPC to hold key interest rate at 14 percent. Following the decision, the NSE took an upward swing on Tuesday to cross the ₦12 trillion mark for market capitalisation. On Wednesday, the rally continued as the bourse gained ₦577,392,634,642 to close at ₦12,662,732,404,641.14. The All Share Index also leaped to 36,740.77 from 35,065.47 on Tuesday. The naira also appreciated
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