BUSINESS

Power Sector Reform: FG Secures $155m AFDB Loan

Daily Dispatch February 4, 2017

The Africa Development Bank says it has approved a loan of $155 million for Economic and Power Sector Reform Programme in Nigeria. A statement by Fatimah Alkali, Senior Communications Officer of the AfDB, in Abuja on Friday said the loan became effective on October 19, 2012. Recent media

BUSINESS LEAD STORY 1

Fraudsters now sell crude oil inside Transcorp Hilton – NNPC

Daily Dispatch February 2, 2017

Nigerian National Petroleum Corporation (NNPC) has warned the public to beware of fraudsters who parade themselves as representatives of the corporation to sell crude oil to them. NNPC said the scam had become alarming to the extent that people were making oil and gas transactions in their rooms in “Nicon Hilton” (now Transcorp, a popular […]

BUSINESS

FG Saves N152b From Oil Products Sales

Daily Dispatch February 2, 2017

The Group Managing Director of the Nigeria National Petroleum Corporation, ales.Dr Maikanti Baru, on Thursday said the corporation saved $500m (N152.4bn) from oil products s Baru disclosed at the opening of bid for the Direct Sale Direct Purchase at the NNPC Towers in Abuja. DSDP is a model introduced in 2016, carried out through direct […]

BUSINESS

NUTGTWN Picket Company Over Casualisation

Daily Dispatch February 2, 2017

Members of the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) have shut down the corporate head office of Royal Sacks Nigeria Limited, a manufacturer of sacks and bags, over alleged casualisation of workers. Daily Trust report that national officers of the union led by second Deputy National President, Babatunde Yusuf, executives […]

BUSINESS

CBN sells $660 million Forwards to Clear Backlog of Dollar Demand – Traders

Daily Dispatch February 1, 2017

The Central Bank of Nigeria (CBN) has sold $660 million in three- and five- month currency forwards at an auction aimed at clearing a backlog of dollar demand, traders said on Wednesday. Last Wednesday, the central bank had asked commercial lenders to bid in a special currency auction targeted at clearing backlog of dollar obligations […]

BUSINESS

BREAKING: Nigeria Secures $1.5b Chinese Loan for Lagos-Ibadan Rail

Daily Dispatch February 1, 2017

  The proposed $1.5 billion (about N450 billion) counterpart funding from China for the Lagos-Ibadan rail project set to commence in March, has been secured by the Federal Government. The Minister for Transportation, Rotimi Amaechi, made the disclosure on Wednesday when he appeared before the Gbenga Ashafa-led Senate committee on land transport to give report […]