BUSINESS

Shell profit soars to $23 bn in 2018

Daily Dispatch January 31, 2019

Energy giant Royal Dutch Shell on Thursday said its net profit surged 80 percent to $23.4 billion in 2018, thanks to higher oil prices and cost cuts. Profit after tax had come in at almost $13 billion in 2017, the Anglo-Dutch giant said in a statement. “We delivered on our promises for the

BUSINESS

Nigeria’s refineries not too old to operate, says NNPC

Daily Dispatch January 30, 2019

The Nigerian National Petroleum Corporation says the country’s refineries are not too old for effective refining operations. Mr Kragha Anibor, NNPC Chief Operating Officer, Refineries disclosed this at a panel session at the ongoing Nigerian International Petroleum summit, on Wednesday, in Abuja. The panel discussed the topic “Refining, Transportation and petrochemical”.

BUSINESS

CBN pledges to increase funding of anchor borrowers programme

Daily Dispatch January 30, 2019

The Central Bank of Nigeria (CBN) has pledged to increase the funding of the Anchor Borrowers Programme (ABP) due to the success of the programme in the North-east. CBN Deputy Director of Development and Finance, Mr Edwin Ezelu, made the promise on Tuesday in Yola at a formal ceremony marking the repayment of the ABP […]

BUSINESS

MTN Nigeria drags Kogi government to court, claims N5 million damages

Daily Dispatch January 29, 2019

MTN Nigeria has instituted a legal action against the Kogi State Government, claiming N5 million damages, an official said on Tuesday. The MTN’s Corporate Relations Executive, Mr Tobechukwu Okigbo, made this known in Lagos on Tuesday. According to him, the suit is as a result of the shutdown and confiscation of telecommunications properties and equipment […]

BUSINESS

Farmers in North-East to repay N1.5bn loan to CBN

Daily Dispatch January 28, 2019

Gombe Commodity and Exchange Depot (GCED), will on Tuesday in Gombe present a cheque of N1.5 billion as part of the farmers repayment loan to the CBN Anchor Borrowers’ Programme (ABP). GCED is a limited liability company and farmers off-taker in the North East. Alhaji Sadiq Deware, the National President, North East Commodity Association (NECAS) […]

BUSINESS

Nigeria says it has raised $1.6bn to raise power geneneration to 20,000 MWs by 2021

Daily Dispatch January 28, 2019

A newly raised $1.6 billion will help the Nigerian goverment expand its power generation by as much as 400 percent by 2012, the Transmission Company of Nigeria (TCN) manager, Usman Mohammed said. The Nigerian government currently generates 4,000 megawatts (MW) of power but said it will generate as much as 20,000MWs in two years, thanks […]