BUSINESS

Oil prices rise towards $85 on surprise drawdown in US crude stockpiles

Daily Dispatch October 17, 2018

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries. U.S. West Texas Intermediate crude was 72.17

BUSINESS

OPEC exemption: Nigeria grew forex reserves to $45 billion from $25billion – Ibe Kachikwu

Daily Dispatch October 17, 2018

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Wednesday disclosed that the crude oil production exemption granted to Nigeria in 2016 by member countries of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members led by the Russian Federation helped the country raise her foreign exchange reserves to $45 billion from $25 […]

BUSINESS

CENGSSUD inaugurates committee to tackle unsustainable consumption and production practices in Nigeria

Daily Dispatch October 17, 2018

Centre for Global Solutions and Sustainable Development (CENGSSUD) has inaugurated the Sustainable Consumption and Production Committee. The aim of this committee is to bring forward practical solutions and proposals that enable companies and consumers to move to a more sustainable pattern of consumption and production (SCP) in ways that boost competitiveness,

BUSINESS

NNPC deny being in possession of $3.5billion subsidy fund

Daily Dispatch October 17, 2018

The Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund. The details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday. The  Senate initiated a fresh investigation into the alleged illegal subsidy payment on Premium Motor Spirit (petrol). In reaction, NNPC issued a […]

BUSINESS

Senate probes $3.5bn subsidy recovery fund allegedly created by NNPC

Daily Dispatch October 16, 2018

The Senate on Tuesday resolved to set up an ad hoc committee to investigate $3.5bn Subsidy Recovery Fund allegedly created by the Nigerian National Petroleum Corporation and solely managed by its Group Managing Director and the Executive Director, Finance. The decision followed a Point of Order raised by the Senate Minority Leader, Sen. Abiodun Olujimi, […]

BUSINESS

Don’t float $2.8bn Eurobond – Ezekwesili tells FG

Daily Dispatch October 15, 2018

A former Vice-President (Africa) of World Bank, Mrs Oby Ezekwesili, has advised the Federal Government to suspend its plan to raise 2.8 billion dollars in Eurobond to fund the 2018 budget. Ezekwesili, who was a former Minister of Education, gave the advice while speaking to newsmen in Lagos. The News Agency of Nigeria (NAN) reports […]