BUSINESS

CBN releases new guidelines on domiciliary accounts

Daily Dispatch June 18, 2023

The Central Bank of Nigeria has released new guidelines on the operation of domiciliary accounts. This was contained in a statement on Sunday directing Deposit Money Banks on the operational of the accounts. The apex bank said the new guidelines followed the changes to the foreign exchange

BUSINESS NEWS

We are implementing a long term sustainability plan, says Heritage Bank

Daily Dispatch June 16, 2023

Claims of diverted funds untrue Management of Heritage Bank Plc has debunked rumours in a section of the media alleging that some of her staff diverted funds. In a statement released on Friday, the Bank described the claim as wrong and defamatory, and posited that the Bank is implementing its long term sustainability plans premised […]

BUSINESS

Dangote, Abdulsamad Rabiu lost $5.85bn to naira float-Bloomberg

Daily Dispatch June 16, 2023

Aliko Dangote and Abdulsamad Rabiu, Nigerian billionaires listed among the 500 richest men in the world, have lost $5.85 billion, according to the Bloomberg Billionaire Index (BBI). The BBI is a daily ranking of the world’s richest people. It provides details on the calculations of net worth analysis on each billionaire’s profile page. Data on […]

BUSINESS

Subsidy Removal: Oil marketers to begin fuel importation as NMDPRA vows to protect Nigerians from exploitation

Daily Dispatch June 16, 2023

The Nigeria Midstream and Downstream Petroleum Regulatory Authority has assured that it would protect consumers from exploitative action following plans by oil marketers to begin fuel importation. The NMDPRA Chief Executive, Farouk Ahmed gave the assurance while briefing journalists shortly after a meeting with oil marketers. Already, three oil marketers will from July

BUSINESS

Nigeria, Morocco, Cote d’Ivoire, Others Sign MoUs On Nigeria-Morocco Gas Pipeline

Daily Dispatch June 16, 2023

Nigeria, Morocco, Cote d’Ivoire, Others Sign MoUs On Nigeria-Morocco Gas PipelineToday, another important milestone was achieved at the headquarters of the Economic Community of West African States (ECOWAS) as four significant Memoranda of Understanding related to the Nigeria Morocco Gas Pipeline Project were signed. Additionally, the project’s Steering Committee convened

BUSINESS

Benin feels pinch as Nigeria ends fuel subsidy

Daily Dispatch June 16, 2023

Sitting on top of a yellow jerry can of fuel, Jeannine waits for customers on a sidewalk in Benin’s economic capital Cotonou, but business is slow. The motorbikes and cars she normally supplies are no longer stopping to stock up on her cheap gasoline, which is smuggled in from neighbouring Nigeria. Since Nigeria’s new president […]