BUSINESS

Navy arrests six Cameroonian smuggling contraband rice into Nigeria

Daily Dispatch December 1, 2018

Men of the Nigerian Navy Ship (NNS) Victory in Cross River State have arrested six Cameroonians smuggling 700 bags of parboiled foreign rice into the country through the Calabar Channel. Also arrested with the Cameroonians, who were in the country without requisite papers, were seven Nigerians,

BUSINESS

Breaking: CBN grants Diamond Bank approval to operate as national bank

Daily Dispatch November 30, 2018

The Central Bank of Nigeria has granted Diamond Bank Plc the approval to operate as a national bank following its application for it. The bank’s Chief Executive Officer, Mr. Uzoma Dozie, said this in a statement signed by the bank’s Head of Media, Ezechinyere Anyanwu, on Friday in Abuja. According to Dozie, the move was […]

BUSINESS

Afreximbank: $20 billion needed to improve railway system in Africa

Daily Dispatch November 30, 2018

The African Export-Import Bank (Afreximbank) on Friday signed a memorandum of understanding (MoU) with Russian Railways and the Russian Export Center (REC), agreeing to cooperate in implementing export and investment projects in the railway sector in Africa. Under the terms of the MoU, the parties will cooperate by undertaking mutual consultations on export and investment

BUSINESS

Nigeria plans to sell electricity to Burkina Faso

Daily Dispatch November 30, 2018

Despite huge cry by Nigerians over erratic supply of electricity, Nigeria is planning to supply electricity to Burkina Faso, a West African country. Managing director/chief executive officer, Mainstream Energy Solutions Limited, operators of Kainji and Jebba Hydro power plants, Mr. Lamu Audu, said this at the Annual Power and Utilities Roundtable organised by

BUSINESS

NNPC targets 10% share of global LNG market

Daily Dispatch November 30, 2018

As part of its strategic aspirations to drive maximum value from Nigeria’s abundant natural gas resources, the Nigerian National Petroleum Corporation (NNPC) is targeting 10 per cent market share of the global Liquefied Natural Gas (LNG) market. Group Managing Director of the NNPC, Dr Maikanti Baru, expressed the Corporation’s commitment at the opening ceremony of […]

BUSINESS

NPA: Why we remitted only N30.8 billion out of N303 billion we generated

Daily Dispatch November 30, 2018

The Nigerian Ports Authority (NPA) has denied allegations that it failed to remit N177 billion of its 2017 revenue into the Consolidated Revenue Fund, as required by law. A statement made available to newsmen by the NPA said the Senate’s allegation was “without foundation”. The Nigerian Senate had on Wednesday, given its committee on Marine […]