BUSINESS

AMCON may dispose of Aero Contractors, Arik Air in 2018

Daily Dispatch June 6, 2018

The Asset Management Corporation of Nigeria (AMCON), says 2018 will be a busy year because it plans to dispose assets like Aero Contractors and Arik Air. In April, AMCON said it is willing to exit the aviation sector if the owners of the companies pay their debts. In a statement released by

BUSINESS

FG has no money to complete Ajaokuta Steel, says minister

Daily Dispatch June 5, 2018

Abubakar Bawa, minister of state for mines and steel development, says the federal government does not have money to complete Ajaokuta Steel Company. He disclosed this on Monday while speaking at a public hearing organised by a house of representatives ad-hoc committee on the company. Bawa told the lawmakers that concession remains the best way […]

BUSINESS

NCC says mobile networks must not auto renew your data subscription

Daily Dispatch June 4, 2018

The Nigerian Communications Commission (NCC) says all telecommunications service providers in the country must automatically renew data packages without the subscriber’s consent. NCC said non-adherence to this would result in a N5 million fine. Umar Danbatta, executive vice chairman of Nigerian Communications Commission (NCC), made this known at the first edition of the

BUSINESS

to single rate as BDCs, banks get dollar at same price

Daily Dispatch June 4, 2018

The Central Bank of Nigeria (CBN) has approved that Bureaux de Change operators and commercial banks should get foreign exchange at the same rate. Isaac Okorafor, CBN acting director, corporate communications, made this known in a statement released on Monday. This means that banks and BDCs alike will buy the United States dollar at N357 […]

BUSINESS

External reserves fall by $177m

Daily Dispatch June 4, 2018

The appreciation recorded by Nigeria’s currency- naira in the various segments of the foreign exchange market last week is expected to persist this week, even as the external reserves continued on a downward trend, falling by $177 million in two weeks. This is due to increased dollar sales by the Central Bank of Nigeria, CBN, […]

BUSINESS

Central bank gives approval to Africa’s first farmers’ microfinance bank

Daily Dispatch June 4, 2018

The Central Bank of Nigeria, CBN, has given approval to Africa’s first farmers microfinance bank to operate in the Unit Category in Nigeria. The approved MfB is called Joint Farmers Microfinance Bank Limited as contained in a CBN letter titled: “Final Approval To Operate As Joint Farmers Microfinance Bank Limited” signed by Director, Financial Policy […]