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

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 […]

BUSINESS

Nigeria’s Plan to Link Mines to Steel Mill Seen as ‘Buhari Test’

Daily Dispatch February 1, 2017

Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology, and has never been finished. […]