Business and Economy

    In a landmark ruling on Friday July 6, 2018, the Federal High Court in Abuja, Nigeria has directed the immediate release of two properties located in the United Kingdom belonging to African Billionaire businessman and CEO of the Aiteo Group (www.AiteoGroup.com), Benedict Peters that had been the subject …

  Best half-year in the companies’ history: 1,188,832 cars sold (+3.9%) Strongest quarter of all time (594,528 units, +1.9%) More than 200,000 vehicles were delivered to customers worldwide in June alone (-2.6%) China continues as largest individual market with over 340,000 units sold since the beginning of the year (+16.2%) …

 In its bid to uplift ethical standards in the African e-commerce space and raise the bar in customer satisfaction, e-commerce giants Konga has pioneered the launch of Konga Compliance – compliance@konga.com –  a feedback/compliance mechanism through which customers can directly reach out to the Chairman of the Board and executive …

President of the Senate, Dr. Abubakar Bukola Saraki, on Saturday, commissioned the Obiri Ikwerre – Airport Road in Port Harcourt, Rivers State, constructed by the Governor Nyesom Wike administration. Saraki also laid the foundation stone of the the Second Train of the Indorama Eleme Fertilizer Plant project, in Eleme Local Government Area of Rivers …

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has stated that Nigeria will continue to seek continued technical cooperation and support from the International Maritime Organization (IMO) in order to build up sustainable capacity to be a globally competitive maritime nation contributing to economic development. …

  By Olawunmi Ashafa  The Central Bank of Nigeria (CBN) has renewed the mandate of the board of Skye Bank for an additional two years. The bank said this in a notice signed by its Company Secretary and General Counsel, Mr Babatunde Osibodu, which was sent to the Nigerian Stock …

The Enugu State Internal Revenue Service (ESIRS) has commenced the recovery of over N30 billion non-remitted taxes by companies, agencies and institutions in the state. The Chairman of ESIRS, Mr Emeka Odo, disclosed this in Enugu on Wednesday after sealing off eight offices, which comprised companies, agencies and institutions in …

By Sandra Umeh A Federal High Court in Lagos on Tuesday, ordered that hearing notices be issued and served on the National Assembly and others in a suit by Nigerian Bar Association (NBA) Second Vice President Monday Ubani. Ubani and John Nwokwu, also a lawyer, are praying for an order, …

By Yunus Yusuf  Dr Maikanti Baru, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) said the corporation would increase the country’s crude oil reserves by one billion barrels yearly to attain 40 billion barrels by 2020. Baru gave the assurance during his keynote address titled: “Driving Nigeria’s oil …

By Ifeanyi Nwoko  The Assets Management Company of Nigeria (AMCON) has said that there will be no more room for negotiation with obligors as the company is now set for a new stage which is complete assets take-over. Managing Director and Chief Executive Officer of AMCON, Mr. Ahmed Kuru, who …

In a rapidly changing business environment, businesses are under pressure to not only comply with constantly changing regulations but also to modernize their processes and systems. The purpose is to help reduce compliance costs, improve efficiency and effectiveness, stay competitive and drive innovation whilst looking for better ways to serve …

Customers in the retail segment of the Nigerian inter-bank foreign exchange market received a $318.73m boost from the Central Bank of Nigeria (CBN) on Friday, June 29, 2018. Information obtained from the CBN on Friday indicates that the deals in the retail window represent requests from the various sectors in …

By Folasade Folarin   The Minister for Finance, Mrs Kemi Adeosun, says the Federation Accounts Allocation Meeting (FAAC) ended in a deadlock on Wednesday in Abuja, because the figures proposed by the NNPC were unacceptable. A statement issued by Mr Oluyinka Akintunde, her Special Adviser, Media and Communications, said Adeosun …

By Ifeanyi Nwoko  The Asset Management Corporation of Nigeria (AMCON), says that only 350 Nigerians are responsible for more than 80 per cent of the N5.4 trillion debt portfolio of the company. The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru disclosed this in an interview with the News …

By Sumaila Ogbaje   The owners of Max Air Limited have concluded plans to venture into the Nigerian domestic air transport market in addition to its usual Hajj and Umrah operations. Alhaji Bashir Mangal, Vice Chairman, Max Air, in an interview with the News Agency of Nigeria (NAN), on Wednesday …

 By Isaac Aregbesola   Ms Isabelle Grunderbeeck, the Regional Representative for West Africa of European Investment Bank (EIB), says the bank plans to invest 700 million euros in some identified projects in Nigeria. Grunderbeeck disclosed this at the bank’s interactive meeting with its clients and other stakeholders in Abuja on …

  By Constance Imasuen Prof. Umar Danbatta, Executive Vice-Chairman of Nigerian Communications Commission (NCC), on Monday, said the commission was determined to provide qualitative services to subscribers. Danbatta said this at a public inquiry on the transfer of licence and resources, including 800MHz spectrum from Visafone Communications Limited to MTN …

Chairman of the Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said that of the N9.3 trillion 2018 federal budget, FIRS in-takes accounted for N4trillion. He also said the service is on course to achieve its target of N5trillion from taxes in 2018 fiscal year. Disclosing this in an …

By Racheal Ishaya  Russia and other non-members of Organisation of Petroleum Exporting Countries (OPEC) have agreed to join OPEC in raising oil production output by one million barrels per day (mb/d) from July 2018. The Minister of Energy and Industry of United Arab Emirates (UAE) Mr Suhail Al Mazrouei, made …

  By Cecilia Ijuo   The South East Senate Caucus has expressed shock over reported cut in the 2018 budget allocation for the Enugu Airport Terminal. The Chairman of the caucus, Sen. Enyinnaya Abaribe, and lawmakers from the region said they learnt that an allocation of N2 billion sustained by …

Shareholders of Dangote Cement on Wednesday at the company’s 9th Annual General Meeting (AGM), held in Lagos were full of praise for the Board, Management and staff of the company after approving the dividend payout of N10.50 per 50k share, representing 90 per cent of net profit and an increase …

By Donald Ugwu The Deputy Majority Leader in the Senate, Alhaji Bala Ibn Na’allah, on Wednesday said that the National Assembly, NASS, was unperturbed by President Muhammadu Buhari’s concerns about the adjustments it made in the 2018 Appropriation Bill. Na’allah was reacting to Buhari’s criticisms during his budget signing speech …

By Chinyere Joel-Nwokeoma   Fidelity Bank Plc has inaugurated an innovative solution, tagged “Flashkey”, designed primarily to allow customers send money and pay bills using their phone keyboards without recourse to online banking platform. The bank said that Flashkey, a ground-breaking initiative was designed to enable customers and members of …

Vice President of Shell Companies in Nigeria (SCiN) and Gabon, Peter Costello, has charged contractors working for and with Shell Companies in Nigeria to prioritise safety and be relentless in discussing the challenges and dilemmas, noting that the international oil giant was poised to help improve safety performance throughout the …