BUSINESS

Sterling Bank writes FG over $46.5 million due to state

Daily Dispatch July 21, 2017

Sterling Bank has written to the government’s accountant to say it has not withheld $46.5 million the government says it should hand over. A Nigerian court has ordered seven local banks, including Sterling Bank, to transfer a combined $793 million to the government immediately, and a

BUSINESS

CBN sells treasuries above inflation to attract forex flows

Daily Dispatch July 21, 2017

Nigeria’s central bank offered six-and 12-month treasuries at yields higher than the country’s inflation rate on Friday to lure yield-hungry investors and attract dollar inflows, traders said. Severe dollar shortages have been a hallmark of Nigeria’s recession, now in its second year. The downturn was brought on mainly by lower prices for oil, the

BUSINESS

NSE index sustains growth by 0.54%

Daily Dispatch July 20, 2017

Activities on the Nigerian Stock Exchange (NSE) maintained a positive trend for the fourth consecutive trading day in a roll due to second quarter earnings expectations. The News Agency of Nigeria (NAN) reports that the All-Share Index of Thursday rose by 180.90 points or 0.54 per cent to close at 33,695.83 against 33,514.93 on Wednesday. Also, […]

BUSINESS

CBN said it sold $2.64bn to authorised dealers in May

Daily Dispatch July 20, 2017

The Central Bank of Nigeria (CBN) said it sold a total of 2.64 billion dollars to authorised dealers in May. According to the CBN’s Economic report for May, the amount indicated 70.8 per cent and 106.1 per cent increase above the levels in the preceding month and the corresponding period of 2016 respectively. The bank […]

BUSINESS

w brand logo, website

Daily Dispatch July 19, 2017

Emerging Markets Telecommunication Services Limited, previously trading as Etisalat Nigeria, on Wednesday officially unveiled its new brand identity, 9mobile, with a new logo and website. The Chief Executive Officer of 9mobile, Boye Olusanya, said at a news conference in Lagos that the new logo was in conformity with the new name. Olusanya said with the […]

BUSINESS

Saudi Arabia still aims to reduce supply; weighs Nigerian, Libyan barrels

Daily Dispatch July 19, 2017

Shaybah oilfield complex is seen at night in the Rub’ al-Khali desert, Saudi Arabia, Saudi Arabia remains committed to work with other oil producers to try and address recent changes in global supply including the rise in output from Nigeria and Libya, a Saudi industry source familiar with the kingdom’s oil policy said on Tuesday. […]