BUSINESS

$1.3 billion tax: Court to hear AGF’s objection to MTN’s suit March 26

Daily Dispatch February 7, 2019

A Federal High Court in Lagos on Thursday, fixed March 26 to hear a preliminary objection to a suit by MTN Nigeria Communication Ltd, against the Attorney General of the Federation, over alleged N242 billion and 1.3 billion dollars import duties and withholding tax assessments. The News Agency

BUSINESS

SEC shuts down Ponzi scheme in Kano

Daily Dispatch February 7, 2019

The Securities and Exchange Commission (SEC) has sealed off the premises of Dantata Success and Profitable Company, Kano for engaging in illegal capital market activities, According to a statement from the Commission, the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator. According to

BUSINESS

Central Bank cuts interest rate to boost economy

Daily Dispatch February 7, 2019

India’s central bank on Thursday unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” from “calibrated tightening” to boost a slowing economy after a sharp fall in the inflation rate. The monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate by 25 basis points to 6.25 per […]

BUSINESS

CBN’s Godwin Emefiele foresees tomato revolution in Nigeria

Daily Dispatch February 6, 2019

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has expressed optimism that another revolution, similar to what was recorded in the production of rice production, was about to occur in the tomato sub-sector. The CBN Governor said this while speaking during a facility tour of Dangote Tomato Processing Factory and farms in Kadawa, […]

BUSINESS

Election : NSE turnover drops by 42.38% in January

Daily Dispatch February 6, 2019

The volume of shares traded on the Nigerian Stock Exchange (NSE) in January dropped by 42.38 per cent due to uncertainties surrounding the forthcoming general elections, said analysts. Specifically, 6.24 billion shares worth N59. 28 billion were exchanged in 80,888 deals by investors in January. The News Agency of Nigeria (NAN) reports that the turnover […]

BUSINESS

Oil edges up as market eyes tighter supply

Daily Dispatch February 5, 2019

Oil prices edged up on Tuesday buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC. But, disappointing U.S. factory data weighed on the market which on Monday saw U.S. West Texas Intermediate (WTI) and Brent crude reach 2019 highs as concern about the global economy […]