17 May

Daily Watch – Forcados leaks again, ARM overtakes FSDH in FM arms race

  • Nigeria has awarded a $6.68 billion contract to the China Civil Engineering Construction Corporation for work on a major segment of a railway linking Lagos and Kano, Xinhua reports. “The signing of the … segment contract agreement today (Tuesday) concludes all outstanding segments of the Lagos-Kano rail line,” the Chinese state news agency quoted Nigeria’s transport ministry as saying. The work is expected to take two or three years. CCECC, a subsidiary
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16 May

Daily Watch – CAMA boosts ease of business, NASS raises budget

  • The NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms. Of the total, 32 were local companies, doubling the number of awards to Nigerian firms compared to 2017. NNPC also awarded contracts to supply crude to 12 governments, although it was not clear how many of the deals would be handled by the companies already on the list of awards. NNPC awards the oil purchase contracts annually, but sources told Reuters
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15 May

Daily Watch – Thor strikes gold in Osun, ‘Awkward’ mandate hits Malabu trial

  • The trial of top executives from oil majors Eni and Shell over alleged corruption in Nigeria kicked off on Monday with a brief procedural hearing and a decision to re-adjourn next month. At the next hearing, set for 20 June, the Milan court said it would assess requests from third parties, including a series of international non-profit organisations, to join the case. At Monday’s hearing Domenico Cartoni Schittar, a lawyer representing the Nigerian government,
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14 May

Daily Watch – States may be unable to execute budgets, NAFDAC frees pharma coys

  • Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures released on Friday by the NBS showed capital inflow had hit $6.3 billion in the quarter, dominated by offshore portfolio investors buying local shares and bonds rather than foreign direct investment. Bills now trade at rates of
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11 May

Daily Watch – Multiple naira rates to endure till 2020, Ebola checks return to Nigerian airports

  • The Senate says the report on the 2018 budget will be considered and passed on 16 May — six months after it was presented by President Muhammadu Buhari. Aliyu Sabi Abdullahi, Senate spokesman told a press conference that the committee on appropriation is working to ensure that the budget is laid next Tuesday. “It was supposed to be laid this week, but they are putting finishing touches. They are being careful so as not to make mistakes. The report would be
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10 May

Daily Watch – Malabu legal body count rises, NASS makes yet another PIB promise

  • The National Assembly aims to pass a long-delayed bill to overhaul the oil sector by the end of July. The Petroleum Industry Bill, which aims to improve transparency, attract investors and stimulate growth, has been debated for more than a decade and was broken into sections to help it pass into law. The PIB was discussed for some 17 years before the governance bill was passed by both houses of parliament in January, following the decision to break up the unwieldy
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09 May

Daily Watch – NAFDAC wields hammer on Big Pharma, Power supply plummets

  • Nigeria’s electricity generation capacity dropped from a 5,222.3MW peak set earlier this year to 2,329.9 MW on May 6. This country lost about 3,710.8MW due to gas, line and frequency constraints, or the equivalent of ₦1.870 billion according to the Nigerian Electricity Supply Industry. On the same day, the country’s national peak demand was 19,100MW, with an installed capacity of 11,165.40MW, but only 7,139.60MW was available due to inadequate gas and transmission
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08 May

Daily Watch – Companies get huge debt raise, Banks in billion naira ad love affair

  • The SEC says companies may raise as much as ₦200 billion from the sale of debt instruments in 2018, a figure which will be the highest ever in the country’s history. According to the regulator, five companies have already submitted plans for debt sales totalling ₦60.5 billion. It said improved liquidity on the NSE and FMDQ OTC Securities Exchange is encouraging firms to sell more debt securities. SEC data showed that companies raised ₦23 billion in 2017
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07 May

Daily Watch – DStv might consider the once unthinkable, 390k flood the CPS

  • The FIRS says it has commenced harmonising taxes in Nigeria as part of efforts to reduce cases of multiple taxation. The tax agency announced the plan at a roundtable discussion on women and the informal sector organised by the Centre for Democracy and Development on Friday in Abuja. “Some of the taxes Nigerians complain of as being imposed on them, especially on the market women, are done by states, not FIRS,” Clara Nnachi, Senior Manager on Investigation
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04 May

Daily Watch – Indomie eats Mimee, ‘Yahoo’ scams snap $5.3 billion in three years

  • The CBN said on Thursday it has signed a $2.5 billion currency swap agreement with the People’s Bank of China to facilitate trade between the two countries and enhance foreign reserve management. Earlier China’s central bank said it has signed a three-year bilateral currency swap agreement with Nigeria worth 15 billion yuan. Nigeria added the yuan as part of its foreign reserve in 2011 and agreed to a swap deal with Industrial and Commercial Bank of China,
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