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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19 Jan

Daily Watch – PIB inches closer to life, Works ministry did ‘no capital projects in 2017’

  • Nigeria has moved closer to turning an oil industry bill into law after a 17-year struggle to complete the legislation which aims to increase transparency and stimulate growth in the country’s oil industry. Nigeria’ lower house of parliament has passed a version of the bill which is the same as one approved by the Senate last year. This is the first time both houses have approved the same version of the bill. It still needs the president’s signature to
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18 Jan

Daily Watch – Avengers vow to hit hard, NBS says ‘middle class’ grew during recession

  • Militants have threatened to attack off-shore oil facilities within days, raising fears of a repeat of a 2016 wave of violence that helped push Africa’s biggest economy into recession. The Niger Delta Avengers – the fighters behind many of the 2016 attacks – said they had planned the assaults after giving up on talks to give their impoverished region a greater share of the oil revenue it produced. “This round of attacks will be the most deadly
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17 Jan

Daily Watch – Cameroon crisis fuel Nigeria cocoa smuggling, Inflation slows for 11th consecutive month

  • Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37 percent from 15.90 percent a month before. According to the statistics agency, food inflation dropped 0.89 points to 19.42 percent from 20.31 percent in November. This represents the first major decline in food inflation since it started rising in November 2014. In November, food inflation recorded its lowest month-on-month mark since September 2016. Overall inflation also dropped
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16 Jan

Daily Watch – NSE leaves the world in the dust, Swipha Nigeria shuts down over staff woes

  • The main NSE index has surged 12 percent this year in dollar terms, the most among 96 major bourses according to Bloomberg, adding ₦1.76 trillion in the first two weeks of the year, pushing it to ₦15.37 trillion, the highest level since 2008. The largest company on the exchange, Dangote Cement has climbed to a record high. FirstRand Asset Management believes the advance will probably be sustained thanks to rising prices for oil, Nigeria’s main export, and
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15 Jan

Daily Watch – Glo denies 9mobile acqusition, PFAs binge ₦6.28 trn on FGN bonds

  • Power generation in Nigeria increased by 1,100MW in four days despite a fire incident early in the year that affected the Escravos-Lagos Pipeline supplying gas to some power plants. While the country’s current transmission capacity was put at 7,000MW, network operational capacity stood at 5,500MW. Total electricity generation stood at 4,327MW as of 6 am on 11 January, compared to 3,227.9MW on 6 January, when 12 power plants were idle. The rise in generation
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12 Jan

Daily Watch – Edo increases Chinese FPI profile, NNPC on the hunt as more scarcity looms

  • The Association of Bureaux De Change Operators of Nigeria, the umbrella body of over 3,500 BDC operators licensed by the CBN, has called on the regulator to extend the 31 January deadline set for the renewal of operating licence of its members to 31 March. Speaking at the end of an ABCON meeting held in Lagos on Wednesday, National Treasurer Gbadamosi Moh-Murtala said the organisation will also call on the regulator in a meeting on Friday to review the exchange
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11 Jan

Daily Watch – Contractors face TIN checks before payments, Road project debts hit ₦2.7trn

  • Nigeria’s political parties must select their candidates for the country’s 2019 presidential election between 18 August and 7 October this year, the electoral commission said on Tuesday in a timetable of the polling process. Presidential and parliamentary elections will be held on 16 February 2019, marking the end of President Muhammadu Buhari’s first term. Buhari has not said if he will seek re-election. In addition to outlining the deadline to select
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10 Jan

Daily Watch – Nigeria still imports dirty fuels, DMBs suffering from overseas withdrawal syndrome

  • The DMO will roll over treasury bills worth ₦1 trillion in the first quarter of 2018, CBN data shows. This represents 85 percent of the total bills that would mature in the first quarter. This comes after the DMO redeemed ₦198 billion worth of treasury bills with proceeds from the $3 billion Eurobond issue. In December, the DMO had said it would not roll over the treasury bills as part of its “overall debt management strategy of reducing debt service costs”.
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