BUSINESS

CBN, 14 banks deny seeing Imo N1bn contract account

Daily Dispatch May 5, 2019

The Central Bank of Nigeria (CBN) and 14 other banks out of the 17 ordered by an FCT High Court to show cause why plea for garnishee of alleged accounts operated by Imo Government should not be made absolute, had denied overseeing the state’s accounts. The denials were contained in the

BUSINESS

MTN appoints Emir Sanusi non-Executive Director

Daily Dispatch May 3, 2019

MTN Group has appointed Sanusi Lamido Sanusi, the Emir of Kano and former governor of the Central Bank of Nigeria, CBN, as a non-Executive Director. In a statement released on Friday, the Johannesburg-based telecommunications company also announced the appointment of Mcebisi Jonas, South Africa’s former deputy finance minister, as chairman. Jonas will replace Phuthuma

BUSINESS

IGR: States, FCT generated N324.59billion in Q4 2018 – NBS

Daily Dispatch May 2, 2019

The National Bureau of Statistics (NBS) said the Internally Generated Revenue (IGR) of 36 states and the Federal Capital Territory (FCT) for fourth quarter 2018 was N324.59 billion compared to N264.34 billion recorded in third quarter of the same year. NBS disclosed this in its IGR report at State Level for Fourth Quarter and Full […]

BUSINESS

CBN To Slam Fine On Banks For Breaching Counterfeit Notes Law

Daily Dispatch May 2, 2019

The Central Bank of Nigeria (CBN) says it will slam a fine on commercial banks found culpable of breaching the law on counterfeit notes. While appearing on Channels Television’s Business Morning on Thursday, CBN’s Director of Currency Operations, Priscilla Ejeje, said the move is part of the apex bank’s reforms to ensure there are clean notes in […]

BUSINESS

132 companies bid for NNPC’s crude sales contract

Daily Dispatch May 2, 2019

The Nigerian National Petroleum Corporation (NNPC) on Thursday opened 2019 Direct Sale of Crude Oil and Direct Purchase (DSDP) to its local and international business partners, and potential off-takers and suppliers with 132 organisations indicating interest. Group Managing Director of NNPC Dr Maikanti Baru who set the process in motion said the essence of the […]

BUSINESS

Saudi Arabia to issue $3 billion-$5 billion in international Sukuk by third quarter

Daily Dispatch May 2, 2019

Saudi Arabia will issue three billion to five billion dollars in new international sukuk or Islamic bonds around the third quarter as part of plans to diversify financing of the national budget deficit, a senior finance ministry official told Reuters. Sukuk is the Arabic name for financial certificates, also commonly referred to as “sharia compliant’’ […]