BUSINESS

NNPC ‘cuts oil production cost by 70.5%, saves $3bn annually’

Daily Dispatch August 16, 2017

The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the cost of producing one barrel crude oil to $23 from $78 as at August 2015. According to a statement signed by Ndu Ughamadu, the corporation’s spokesman, this fact was disclosed at the inauguration of the

BUSINESS

Market Extends Two-Day Losing Streak; Dips by -2.65%

Daily Dispatch August 16, 2017

Equities market closed today on a negative note, as NSE ASI depreciated by -2.68% to close at 37,096.60 basis points as against -2.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +34.34%. Market breadth closed negative as CILEASING led 10 Gainers as against 31 Losers topped by JAIZBANK at the end of today’s session- an unimproved

BUSINESS

FG to revive 5 fertiliser plants

Daily Dispatch August 16, 2017

The Federal Government says five fertiliser blending plants will be revived by the end of August to complement the existing 11 under the Presidential Fertiliser Initiative (PFI). Mr Thomas Etuh, President, Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) said this in Lagos on Wednesday during a facility tour of ENL terminal and Tak Logistics […]

BUSINESS

FG to auction N135b bonds August 23 – DMO

Daily Dispatch August 15, 2017

The Federal Government has offered for subscription by auction, N135 billion bonds in its August 23 auction, according to the Debt Management Office. The offering circular obtained from the DMO’s website on Tuesday in Abuja indicated that it would sell N35 billion of a bond, to mature in July, 2021, at 14.50 per cent. It […]

BUSINESS

NSE loses N201bn in five hours — closes in red

Daily Dispatch August 15, 2017

The Nigerian Stock Exchange Market (NSE) lost N201 billion in five hours of trading on Tuesday. Market capitalisation on the bourse, which had hit the N13 trillion mark on Wednesday for the first time since October 2014, had closed at N13.08 trillion on Monday. By the end of the morning session on Tuesday, the market […]

BUSINESS

JTB, VAIDS, FIRS share data of high income earners

Daily Dispatch August 15, 2017

The Joint Tax Board and the Federal Inland Revenue Service have started sharing data of high net worth individuals to profile income earners and taxpayers in order to get them pay appropriate taxes. Twelve states have signed the Memorandum of Understanding under the Voluntary Assets and Income Declaration Scheme. The JTB also announced on Monday […]