BUSINESS

NNPC denies report of looming petroleum products shortages

Daily Dispatch November 4, 2018

The Nigerian National Petroleum Corporation (NNPC) has dispelled insinuations of an impending petroleum products scarcity in the country. A release Sunday by the NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, said the corporation had 39 days petroleum products sufficiency

BUSINESS

CBN injects $337.16m, 56.17m CNY into retail Secondary Market Intervention Sales

Daily Dispatch November 3, 2018

The Central Bank of Nigeria (CBN) on Friday said it injected 337.16 million dollars in the retail Secondary Market Intervention Sales (SMIS) in its first intervention in the inter-bank foreign market for November. A statement issued in Abuja by Isaac Okorafor, the bank’s Director of Corporate Communications, noted that the amount was in addition to […]

BUSINESS

Senate to probe ownership of some multinational companies

Daily Dispatch November 3, 2018

The Committee on Local Content has concluded plans to investigate 100 per cent foreign ownership of some multinational companies registered in Nigeria. The Chairman of the committee, Sen. Solomon Adeola, made this known in Port Harcourt, while briefing newsmen at the end of a two day oversight visit to Rivers and Bayelsa states. He said […]

BUSINESS

NNPC, BP sign 6-month deal for fuel supply

Daily Dispatch November 1, 2018

The Nigerian National Petroleum Corporation, NNPC has signed a six-month Direct Sale-Direct Purchase, DSDP agreement with the British BP for the supply of Premium Motor Spirit (PMS), also known as petrol. The corporation disclosed this in a statement signed by its spokesman, Mr Ndu Ughamadu in Abuja on Thursday. British Petroleum is the trading arm […]

BUSINESS

Senate queries Halliburton over lopsided shareholding structure

Daily Dispatch November 1, 2018

The Senate Committee on Local Content on Thursday queried lopsided shareholding structure in favour of foreign component in Halliburton Nigeria. Chairman of the committee, Sen. Solomon Adeola, raised the concern during a tour to Halliburton Nigeria in Port Harcourt, as part of its two-day oversight visit to Bayelsa and Rivers. Adeola queried reports that shareholding […]

BUSINESS

No Hidden $3.5bn Subsidy Fund, Says NNPC

Daily Dispatch November 1, 2018

The Nigerian National Petroleum Corporation (NNPC) has denied reports that it has in its custody $3.5bn Subsidy fund. NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, stated this in a statement on Tuesday. His statement comes less than 24 hours after the Senate Adhoc Committee asked the corporation, the Ministry of Finance and […]