BUSINESS

Breaking: Aero Contractors sacks 900 workers

Daily Dispatch March 16, 2017

Aero Contractors, which is under the management of the Asset Management Corporation of Nigeria, has sacked about 900 workers, representing 60 per cent of the work force. Letters of redundancy were issued to the affected employees during the week. The Media Consultant to the 58 year-old airline,

BUSINESS

We Have Capacity To Achieve 40bpd- NAPE

Daily Dispatch March 15, 2017

The Nigerian Association of Petroleum Explorationists on Wednesday said that Federal Government has the capacity to achieved 40 billion barrels oil reserves projection target by 2020. The association’s President, Mr. Abiodun Adesanya, gave the assurance in Lagos against the backdrop of government’s plans to boost oil production. Adesanya said that government Economic

BUSINESS

NNPC Yet To Remit $15.8bn To FG Account – NEITI

Daily Dispatch March 14, 2017

The Nigeria Extractive Industries Transparency Initiative says the Nigerian National Petroleum Corporation is yet to remit $15.8bn collected from Nigeria Liquefied Natural Gas to the Federation account, in spite of the report submitted to the Federal Government. The Director Legal, NEITI, Mr Peter Ogbobine, said in Abuja on Tuesday that the figure was the accumulation […]

BUSINESS

Etisalat may leave Nigeria over $1.2bn loan defaul

Daily Dispatch March 14, 2017

Abu Dhabi telecoms group, Etisalat, may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2bn loan, but wants the company’s debt restructured before it does so, Reuters quoted two sources as informing it on Monday. The Central Bank of Nigeria and the Nigerian Communications Commission on Friday agreed with local banks to […]

BUSINESS

SON discovers Twin Four-storey Buildings Filled With Expired Products Discovered by SON

Daily Dispatch March 13, 2017

A suspected cosmetics and wine importer who specialises in changing the expiry dates on products and putting new ones have been arrested by the Standards Organisation of Nigeria. The importer, Mr. Joseph Udeh, owner of Jouf Nigeria Limited, Kirikiri Road, Apapa, Lagos, is said to be a major dealer in popular cosmetics and home products. […]

BUSINESS

Association expresses concern over FG’s N701b Power Intervention Fund

Daily Dispatch March 12, 2017

The Association of Nigerian Electricity Distributors says the N701 billion Power Intervention Fund by the Federal Government has the potential to worsen revenue shortfalls bedeviling the power industry. The ANED Executive Director, Research and Advocacy, Sunday Oduntan, said on Sunday in Lagos that the fund was a partial solution to the sector’s liquidity challenges. On