BUSINESS

CBN Yuan auction estimated at N3.6 billion

Daily Dispatch July 31, 2018

The Central Bank of Nigeria (CBN) has estimated its first auction of the Chinese Yuan Renminbi (CNY) at N3.6 billion, an exchange rate between N49 and N51 per Yuan. The currency swap deal was valued at 16 billion Yuan (about N720 billion), with expectations that the demand for US dollar by

BUSINESS

VAIDS boost for federal government as revenue rises by 42 percent

Daily Dispatch July 31, 2018

As the Federal Inland Revenue Service (FIRS) prepares its legal team to tackle tax evaders in the country, its Voluntary Asset and Income Declaration Scheme (VAIDS) is now making waves having shot up the revenue profile of the Federal Government by 42 per cent. According to the tax authority’s 2018 half year revenue performance report, […]

BUSINESS

Official: Negotiations ongoing to concession 30MW Gurara power plant

Daily Dispatch July 31, 2018

The Federal Ministry of Water Resources, said on Tuesday that negotiations were on to fully concession the 30MW Gurara Power Plant in Kaduna State. The project is expected to enhance power supply in the northwest part of the country. Mr Benson Ajisegiri, Director, Water Supply and Public Private Partnership (PPP) in the ministry, who made […]

BUSINESS

Nigerian businesses ‘spend N5trn’ annually on generators

Daily Dispatch July 31, 2018

Sanusi Ohiare, executive director of rural electrification fund, Rural Electrification Agency (REA), says an estimated N5trn is expended yearly on importing, fuelling and maintaining generators by businesses in the country. He said this at the presentation of off-grid and mini-grid goals of the REA at the fourth national council on power (NACOP) in Edo state. […]

BUSINESS

Facebook CEO, Mark Zuckerberg, loses $16bn in 24 hours

Daily Dispatch July 27, 2018

Facebook is in deep financial difficulty after its Chief Executive Officer (CEO), Mark Zuckerberg lost more than $16 billion in less than 24 hours. The company reported weaker-than-expected second-quarter results and issued guidance that its financial future is not as rosy as some investors thought it might be. Set against this backdrop, one activist investor […]

BUSINESS

Edo Innovation Hub maps sustainability path, completes training for 724 entrepreneurs

Daily Dispatch July 26, 2018

The Edo State Government-backed Edo Innovation Hub, a cluster for innovators and inventors in Benin City, has trained at least 724 entrepreneurs in less than three months of operation and has now drawn up a sustainability plan that will see the private sector drive activities at the cluster. Edo State Governor, Mr. Godwin Obaseki, at the launch […]