BUSINESS

Oil prices rise in spite of bearish inventory figures

Daily Dispatch April 6, 2017

Oil prices rose nearly one per cent on Thursday on track for a fourth straight day of gains, but analysts remained cautious about record-high US crude inventories. Brent crude futures gained 43 cents or 0.8 per cent to $54.80 a barrel. US West Texas Intermediate crude futures rose 0.9 per cent

BUSINESS

Customs: Command Generates N649.1m in March

Daily Dispatch April 6, 2017

The Tin-Can Island Port 2 Customs Command, Ijora in Lagos, on Thursday, said it generated the sum of N649.11 million in March. According to a statement by the command’s Public Relations Officer, Mr Godwin Andishu, the figure is N270.1million lower than the N919.6 recorded in February. The spokesman said the figure was also N95.5million short […]

BUSINESS

Naira Overvalued by 10, 20 per cent – IMF

Daily Dispatch April 5, 2017

The International Monetary Fund (IMF) has said that the Nigerian Naira is overvalued by about 10% to 20%. Gene Leon, who is IMF’s mission chief for Nigeria, stated this during a news briefing in Washington on Wednesday. He also said the Nigerian government, has acknowledged the the need for reforms and must implement them. “The […]

BUSINESS

Kaduna Electric to Explore Alternative Energy Sources

Daily Dispatch April 5, 2017

  Kaduna Electric is intensifying efforts in getting electricity from other sources other than the national grid. The Company’s Head of Compliance, Engr. Lawal Lawal made this disclosure during the Customer Consultative Forum held in Kaduna.  According to him, the move was necessitated by the current generation capacity of Generating Company of Nigeria (GENCOs) which

BUSINESS

UK court grants NNPC $100m reprieve

Daily Dispatch April 5, 2017

The Supreme Court of the United Kingdom in a unanimous judgment has granted a reprieve to Nigerian National Petroleum Corporation over a $100 million Bank guarantee in a case involving it and a service company, IPCO (Nigeria) Limited. The reprieve was the latest in the protracted dispute arising from the contract between NNPC and IPCO […]

BUSINESS

Lawmaker Urges NUPENG to Shelve Strike

Daily Dispatch April 3, 2017

A member of the House of Representatives, Hon. Nicholas Ossai (Delta-PDP) has urged petroleum tanker drivers to shelve the nationwide strike to save Nigerians from its attendant economic hardship. In an interview with the News Agency of Nigeria (NAN) on Monday in Abuja, the lawmaker noted that the petroleum sector and all its arms are […]