BUSINESS

Odu’a, ABUAD to invest N12bn in moribund textile mill

Daily Dispatch August 23, 2017

The Odu’a Group of Companies and the Afe Babalola University, Ado Ekiti have agreed to commit N12bn for the conversion of the moribund textile industry in Ado Ekiti to an industrial park. The industrial park will contain 31 small-scale industries with materials for most of them already produced

BUSINESS

Shell To Start Gas Production At Expanded Nigeria Project

Daily Dispatch August 23, 2017

Anglo-Dutch oil major Royal Dutch Shell has started gas production from the second phase of the Gbaran-Ubie project in Nigeria’s Niger Delta, the company said on Wednesday. The project is an expansion of the Gbaran-Ubie development which opened in June 2010. Shell, through its Shell Petroleum Development Company of Nigeria subsidiary, said the project would […]

BUSINESS

NEITI: FG, States, LGs Shared N2.8tn in First Half of 2017

Daily Dispatch August 21, 2017

The three tiers of government (federal, states and local governments) shared N2.788 trillion between January and June this year, a 38 per cent increase on the N2.019 trillion shared in the first half of 2016. This disclosure is contained in the NEITI Quarterly Review which focuses on the disbursement from the Federation Accounts and Allocation […]

BUSINESS

CBN boosts FX market with $195m

Daily Dispatch August 21, 2017

The Central Bank of Nigeria on Monday offered $195m in three segments of the Foreign Exchange Market to boost liquidity in the operation. The CBN’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement in Abuja said that in the wholesale segment of the Interbank Foreign Exchange market, it auctioned $100m and also […]

BUSINESS

Total invests $10b in Nigeria’s oil sector

Daily Dispatch August 17, 2017

Mr. Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over $10 billion in the oil and gas sector. Terraz disclosed this during the 2017 August Conference of Association of Energy Correspondents of Nigeria (NAEC) in Lagos. According to him, with expertise and strong position in the […]

BUSINESS

Kachikwu decries high cost of oil production

Daily Dispatch August 17, 2017

 Minister of Petroleum Resources, Dr Ibe Kachikwu has decried the high cost of oil production at 32 dollars per barrel, saying it makes cost of Foreign Direct Investment (FDI) very expensive. Kachikwu made the assertion at the 2017 Annual Conference of the National Association of Energy Correspondents (NAEC), in Lagos. The minister said that the […]