Business and Economy

By Leonard Okachie Umuahia, Jan. 13, 2023 The Labour Party (LP) Governorship Candidate in Abia, Dr Alex Otti, says he will partner the private sector to harness the mineral deposits in the state to grow the economy and create employment, if elected. Otti made the promise at a meeting with …

Lagos, January 9, 2023: Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL, has denied a report that it plans to exit Nigeria. In a statement by Esimaje Brikinn, its General Manager, Policy, Government and Public Affairs, the company said that the report …

Labour Party (LP) Presidential Candidate, Peter Obi, has cleared the air on the circumstances surrounding the liquidation of one of his companies, Next International (UK) Ltd. A statement issued late Wednesday by Obi-Datti Media Office dismissed speculations that the company was liquidated by UK authorities, explaining that the owners voluntarily …

Six bidders Tuesday, January 10, 2023, emerged winners of different properties as the sale of forfeited real estate assets by Economic and Financial Crimes Commission, EFCC, through sealed bids, entered the second day in Abuja. A statement by Wilson Uwujaren, EFCC’s Head, Media & Publicity said that at Tuesday’s session, …

By Lydia Ngwakwe Lagos, Jan. 10, 2023 The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned naira notes (1000, 500, 200) available for them via Automated Teller Machines (ATMs). The Branch Controller, CBN, Lagos State, Mr. Koyor Baribokola, gave the assurance when …

The Economic and Financial Crimes Commission, EFCC, on Monday, January 9, 2023 in Abuja, commenced the sale of forfeited real estate assets by sealed bids, to the highest bidders. At the day’s session, there was no successful bid for the properties in Lot 1 comprising 24 units of luxury flats …

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA Dr Bashir Jamoh, OFR, says international collaboration to attain standardized digitalization is essential for Maritime Administrations across the world and for all stakeholders in the maritime sector to effectively communicate in line with provisions of the International Maritime …

Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Minister of Power, Goddy Jedy-Agba and the Chairman/CEO, Nigerian Electricity Regulatory Commission (NERC), Professor James Momoh to immediately reverse the unlawful, unjust and unreasonable increase in electricity tariff, which reportedly occurred in December 2022.” SERAP also …

By Edeki Igafe Koko (Delta), Jan. 7, 2023 A tank farm operated by Ebeco Global Link on Saturday went up in flames at Koko town in Warri North Local Government Area of Delta. The Police Public Relations Officer (PPRO), Delta Command, DSP Bright Edafe confirmed the development to newsmen in …

By Kadiri Abdulrahman Abuja, Jan. 5, 2023 The Debt Management Office (DMO) says the alarm created around the country’s projected public debt by a segment of the media was unnecessary. The Director-General, Mrs. Patience Oniha, said this in a statement to react to reports by a segment of the media …

The Central Bank of Nigeria (CBN) has said that contrary to insinuations in a recent report, the Federal Government’s divestment from Polaris Bank “was executed based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals.” The apex Bank, in a statement by Osita Nwanisobi, its Director, Corporate …

Konga, Nigeria’s leading composite e-commerce giant, has formally unveiled the first batch of winners for its highly anticipated all-expenses paid Knowledge Weekend programme with the Chairman, Zinox Group, Leo Stan Ekeh. They are Mrs. Molayo Jebutu and Mr. Joshua Emmanuel, both of whom are frequent and loyal shoppers of Konga. Consequently, …

By Kadiri Abdulrahman Abuja, Jan. 2, 2022 The Debt Management Office (DMO) on Monday announced as its first bonds issuance for 2023, two Federal Government of Nigeria (FGN) Savings Bonds for subscription. According to a statement by the DMO, one is a two-year FGN Savings Bond due in Jan. 11, …

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the oil producing states in Nigeria over “their failure to account for the spending of the oil derivation refunds of N625bn recently paid to them by the Federal Government, including details and locations of projects executed with the money. …

By Ismaila Chafe Abuja, Dec. 30, 2022 Barring any last-minute changes, President Muhammadu Buhari will sign the 2023 appropriation bill on Tuesday (Jan. 3, 2023). Senate President Ahmed Lawan confirmed this to State House correspondents on Friday after a closed-door meeting with Buhari at the Presidential Villa, Abuja. Lawan revealed …

The Economic and Financial Crimes Commission, EFCC, has listed the requirements needed to successfully participate in the auction of properties across the country which are subject of Final Forfeiture Orders. According to the Commission, interested persons or organizations have until 12:00 noon Monday, 9th January, 2023 to submit their bids. The auction, according …

By Naomi Sharang Abuja, Dec. 28, 2022 The Senate on Wednesday passed the N21.8 trillion 2023 budget. This followed the adoption of the report of the Senate Committee on Appropriation at plenary. Presenting the report, the Chairman of the Committee, Sen. Jibrin Barau said that the committee did a thorough …

…. Seeks answers on expended N10b & $28m without project progress …..Directs Consultant to handover N70m project vehicle …….Launches full probe of water project, loan disbursement The Executive Governor of Osun State, Senator Ademola Adeleke has directed the immediate suspension of the project consultant for the Ilesa Water Project, Mrs. …

By Taiye Agbaje Abuja, Dec  26, 2022 Three civil society organisations (CSOs) have dragged the Niger Delta Development Commission (NDDC) to court over alleged failure to furnish them with its 2020 Budget breakdown in line with the provisions of the Freedom of Information (FoI) Act. The CSOs; Foundation for Environmental …

By Victor Nwachukwu Owerri, Dec. 26, 2022 Timber traders in Imo have lamented severe losses resulting from a fire accident at the popular Timber market, along Wethedral road, Owerri, the state capital. Some of the traders who spoke to the News Agency of Nigeria (NAN) Correspondent in Owerri, on Monday, …

Lagos, NIGERIA 2022 was a remarkable year for Union Bank of Nigeria (“Union Bank”). The leading financial institution celebrated its 105th year of serving Nigerians with the announcement of the completion of a landmark transaction that saw the integration of the Bank with Titan Trust Bank to form a stronger …

By Usman Aliyu Benin, Dec. 23, 2022 Shell, an international energy company, has accepted to pay €15 million compensation to three Nigerian farmers and their villages in the Niger Delta. The News Agency of Nigeria (NAN) reports that farmers with the help of the Friends of the Earth, Netherlands, and …

The Bayelsa government on Wednesday confirmed it got N90b from the Excess Crude Account (ECA) from the Federal Government as of October 2022. ECA is a fund that warehouses oil revenue in excess of budget benchmark of crude oil prices for redistribution to states periodically. The Technical Adviser to the …