Category: Business

EFCC denies story on Ayeni, former chair of Skye Bank

The Economic and Financial Crimes Commission (EFCC), has denied reports that former Chairman of Skye Bank, Tunde Ayeni is currently undergoing treatment in an undisclosed medical facility after he was poisoned in EFCC detention. EFCC’s acting Spokesperson, Tony Orilade, in a statement yesterday, in Abuja, said: “Given that the intention of this false alarm is […]

30 fuel vessels, others stuck on Lagos high sea

The Nigerian Customs Service (NCS) cumbersome documentation process may have delayed about 25 vessels currently stuck on the Lagos high sea, laden with petroleum products, and other goods waiting to berth and discharge the products for domestic consumption. The latest Shipping Position released by the Nigerian Ports Authority (NPA), revealed that the vessels carrying Premium […]

Nigerians Panic As AMCON Plans Sale Of Polaris Bank After 2019 Election

Nigerians have been left in panic mode after news filtered in that AMCON will put Polaris bank up for sale after election next month. Following revelations that the Assets Management Corporation of Nigeria, AMCON, has revealed that it would begin the process for the sale of Polaris Bank after the February general elections. According to […]

Polaris Bank To Be Sold After Next Month’s Election – AMCON

Polaris Bank may not survive after next month following reports that it would be sold after next month’s election. The Asset Management Corporation of Nigeria is seeking new investors to take over Polaris Bank after elections next month and is taking stock of the bank’s assets ahead of a sale, Punch has reported. The spokesman […]

Don’t Drag Us Into Politics, NNPC Warns Politicians

The NNPC spokesperson said the call for restraint by politicians became necessary in the wake of the names of some of its top management being dragged into partisan politics. The Nigerian National Petroleum Corporation (NNPC) said yesterday that the ongoing attempts by politicians to drag its name into partisan politics was a potent danger to […]

Election Spending May Worsen Inflation Outlook

As inflation continued its upward trajectory in December, experts predict a further rise particularly as the general elections draw closer, reports James Emejo Fueled by increases in consumer prices including food and services, the Consumer Price Index (CPI), which gauges inflation, increased to 11.44 per cent (year-on-year) in December 2018 compared to 11.28 per cent […]

An NSITF without a Board [MUST READ]

Five months to the end of the tenure of the present administration, Nigeria Social Insurance Trust Fund (NSITF) has remained without a board to enable it carry out its statutory functions. President Muhammadu Buhari had appointed a former President of NUPENG, Chief Frank Kokori, as chairman of the NSITF, but the board was not inaugurated […]

NNPC’s Insistence on Ending

Fuel Importation in December Despite likelihoods of a slip, the Nigerian National Petroleum Corporation (NNPC) insists its goal of weaning Nigeria off imported petroleum products, especially premium motor spirit (PMS), otherwise called fuel, would be met. Chineme Okafor wonders if the self-imposed deadline is sacrosanct The NNPC, in its September 2018 operations and financial report […]

There is significant opportunity for consolidation in banking sector — FirstBank MD, Adeduntan

The Managing Director/CEO of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, in this interview reveals that with about 12,000 agents across the entire network, the distribution of its automated teller machines across the country, the bank has built a solid foundation upon which it can rapidly grow its business and that the […]

Bayelsa posts N13.6bn IGR, vows to intensify efforts to improve revenue in 2019

The Bayelsa State Government on Thursday posted a total of N13.6 billion as its annual Internally Generated Revenue (IGR) for last year, as against the N4.5bn realised in 2012. The state Deputy Governor, Rear Admiral Gboribiogha John Jonah (Retd.), disclosed this in Government House, Yenagoa, during the monthly transparency briefing for November and December 2018. […]

African Development Bank approves US$14.12 million to support Nigeria’s membership in African Trade Insurance Agency

The African Development Bank Group, through its Trade Finance operations, has approved a US$14.12 million facility to support the Federal Republic of Nigeria’s membership in the African Trade Insurance Agency (ATI). This is a critical and mandatory step to enable ATI commence its operations in Nigeria. Nigeria, as Africa’s largest economy, joins 14 other African […]

Amazon emerges Most Valuable US Firm amid market turmoil

Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America’s pecking order. The shift occurred Monday after Amazon’s shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797 billion. Meanwhile, Microsoft’s stock edged up […]

How Nigeria lost $2.8 billion to ‘oil-related crimes’ in 2018 – UN

The United Nations says Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS)’ on Monday in New York. The report, which covered from […]

NNPC staff protest unpaid salaries

Private security guards attached to the National Petroleum Cooperation (NNPC) and who protect oil pipelines from Lokaja to Kaduna, on Thursday staged a peaceful protest against the non-payment of 22 months’ salary arrears. The News Agency of Nigeria (NAN), reports that the protesting workers blocked the entrance to the NNPC Depot at Awawa, Abaji Area […]

NNPC trading surplus hit N9.85 billion in September

The Nigerian National Petroleum Corporation has reported 152.56 per cent appreciation in its trading surplus to N9.85 billion in September 2018, a figure which is higher than the previous month’s deficit of N3.90 billion. The development, which is contained in the September 2018 edition of the NNPC monthly financial and operations report and indicated improved […]

Nigerian Businessman Femi Otedola Sells Controlling Stake In Forte Oil

Nigerian multi-millionaire businessman Femi Otedola is selling his 75% stake in oil marketing company, Forte Oil, to Prudent Energy, a local oil trading firm. Publicly traded Forte Oil made the announcement on Monday in a press release signed by the company’s General Counsel, Akinleye Olagbende. “Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities […]

Shell announces FID on Assa North Gas Project •Targets 300 million cubic feet gas for domestic market

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, a major momentum to the domestic gas aspiration of the Federal Government for increased power generation and industrialisation. At peak production, the project is expected to produce 300 million […]

Shoprite charged with anti-competitive behavior

South Africa’s Competition Commission said on Thursday it had charged retailer Shoprite and its subsidiary Computicket with anti-competitive behaviour, and recommended a fine. The commission said Shoprite and the event ticket seller had signed exclusive agreements that gave Computicket the ability to discriminate between large and small customers on prices. The commission said the discrimination […]

Proposed N8.8trn budget for 2019 too ambitious, says ex-CBN chief

Ex-Deputy Governor of Operations and Director of the Central Bank of Nigeria, Tunde Lemo A former Deputy Governor of Operations and Director of the Central Bank of Nigeria, Tunde Lemo, has described the proposed N8.83 trillion 2019 budget by President Muhammadu Buhari as too ambitious. Lemo in an interview with Channels Television, reacting to the […]

Yuletide: Buhari, Senate panel move to forestall fuel scarcity

President Muhammadu Buhari and the Chairman of the Senate Committee on Petroleum (Downstream), Senator Kabir Marafa at the weekend met to deliberate on measures to take to ensure smooth supply of petroleum products in the festive period and beyond. Briefing State House correspondents at the end of the meeting, Marafa disclosed that there is adequate […]

Fidelity Bank at 2018 Intra African Trade Fair in Egypt

Fidelity Bank is part of the Nigerian delegation at the ongoing 2018 Intra-African Trade Fair in Cairo, Egypt to address the challenge of access to trade and market information amongst countries in Africa. The seven-day trade show convened by Afreximbank provides a platform for sharing trade, investment and market information and enabling buyers and sellers, […]

SAA Celebrates 20 Years Of Direct Service To Nigeria

South African Airways (SAA), is celebrating 20 years of non-stop operations between Johannesburg and Africa’s most populous city, Lagos, Nigeria. Operations commenced on December 4, 1998 as SAA launched its first flight into Nigeria soon after the Bilateral Air Service Agreement (BASA) between the two countries had been signed. It is also estimated that the […]

Oil marketers’ ultimatum: Senate urges FG to pay subsidy arrears in two weeks

The Nigerian Senate on Thursday urged the Federal Government to direct all concerned agencies to pay the subsidy arrears as approved by the Federal Executive Council, FEC, and passed by the National Assembly within two weeks. The upper chamber also asked the oil marketers to rescind their 7-day ultimatum for government to look into their […]

NNPC speaks on mass retrenchment plans

The Nigerian National Petroleum Corporation (NNPC), on Wednesday reiterated that there was no mass retrenchment plans in the establishment. Group Managing Director of the Corporation, Dr. Maikanti Baru, gave the assurance at a programme tagged ‘CS Connect’, organised by the Corporate Services Autonomous Business Units (ABU). In a keynote address at the event, Baru charged […]