BUSINESS

Nigeria earns N7 trillion as oil revenue in eight years

Daily Dispatch October 31, 2018

The Federal government earned the sum of N6,671,081,710,411.26 as oil revenue between 2010 and 2017, the Department of Petroleum Resources (DPR), said in its 2017 Nigerian Oil and Gas Industry Annual Report yesterday. At its launch in Lagos, the DPR indicated in the report that the revenue were

BUSINESS

SERAP: Tax evasion fueling poverty in Nigeria

Daily Dispatch October 31, 2018

A report by the Socio-Economic Rights and Accountability Project (SERAP), realised in Lagos yesterday, has revealed how failure of multinational companies to pay Capital Gains Tax (CGT) on over $8 billion oil and gas assets sold to Nigerian entities fuels poverty, underdevelopment and inequality in Nigeria The report titled ‘‘Impact of Non-Payment of Capital Gains […]

BUSINESS

NNPC subsidiary resumes international shipping of Crude oil

Daily Dispatch October 30, 2018

The Nigerian National Petroleum Corporation (NNPC), says  its  subsidiary, NIDAS Shipping Services, has resumed the international shipment of crude oil,  petroleum products and had already gotten its first consignment. The Corporation disclosed this in a statement signed by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, in Abuja, on

BUSINESS

Report: Dangote responsible for over 10 percent of Nigeria’s GDP

Daily Dispatch October 30, 2018

Aliko Dangote, Africa’s richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria’s gross domestic product (GDP). The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company’s investment is responsible for much more than his net worth. According […]

BUSINESS

Merkel pledges €1bn fund for investments in Africa

Daily Dispatch October 30, 2018

Chancellor Angela Merkel on Tuesday pledged a billion euros to incite businesses to invest in Africa, as she urged the private sector to take a closer look at the continent’s “huge” economic opportunities. The creation of the fund announced during an investment forum in Berlin is aimed at getting small and medium-sized companies to grow […]

BUSINESS

$8.1bn MTN vs CBN repatriation: Court fixes hearing Dec. 4

Daily Dispatch October 30, 2018

A Federal High Court in Lagos has adjourned till Dec. 4, hearing in a dispute between MTN Nigeria and the Central Bank of Nigeria over alleged illegal repatriation of $8.1 billion by the telecoms company. Justice Saliu Saidu also adjourned till Nov. 8, hearing in a case of $2.0 billion tax non-payment made against MTN […]