Business articles

Engineering Council endorses closure of Abuja airport for repairs

Engineering Council endorses closure of Abuja airport for repairs

The Council for the Regulation of Engineering in Nigeria (COREN) has given their support to the plan by the Federal Government to shut down the Nnamdi Azikiwe International Airport, Abuja for six weeks. COREN President, Kashim Abdul Ali who led a delegation Wednesday on a visit to the Minister of State Aviation, Hadi Sirika at

MMM keeps Nigerians waiting three days after unfreezing account blocked in December

Mavrodians, the name of account holders in MMM Nigeria, are still unable to get paid a return on their investment more than 96 hours after the Ponzi scheme returned. TheCable quoting some MMM participants said that although they were able to request for their money, they have not been paid as the system is still

Heritage Bank admits to firing staff, says they were adequately compensated

Heritage Bank Plc says it is true that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff. The bank, which sacked 400 members of staff in December 2016, said this was done “as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and

NNPC/Sahara Energy JV unveil vessels to address LPG supply hiccups

The supply logjam which often impedes stable availability of Liquefied Petroleum Gas, LPG, otherwise called cooking gas, may soon be over. The West Africa Gas Ltd (WAGL), a Joint Venture Company of Nigerian National Petroleum Corporation, NNPC, and Sahara Energy will tomorrow, Tuesday 17 January, unveil two LPG vessels in Ulsan, South Korea which promise

Over N30 billion in unclaimed dividends paid, say SEC

Over N30b unclaimed dividends paid so far – SEC ……….Extends Free Registration Period The Securities and Exchange Commission (SEC) has stated that over N30b has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. As a means to further reduce the unclaimed dividends profile and curb its

Petroleum products loading resumes at NNPC depots nationwide

Loading Activities have resumed in depots of the Nigerian National Petroleum Corporation, NNPC, nationwide. The resumption of activities at the depots across the nation followed the suspension of a strike action by the National Union of Petroleum and Natural Gas Workers, NUPENG. The Corporation’s current petroleum products stock holding is robust at over 37 days

Breaking: MMM Nigeria returns 24 hours before set date

One of the world’s biggest Ponzi schemes, MMM, has announced its return in Nigeria, one month after it caused panic by freezing the accounts of about three million Nigerians. In a letter to participants on Friday it said, “The holiday are over, and we’re now open. Just as promised.” The letter read: Dear members, The

Group General Manager, Group Public Affairs, Nigerian National Petroleum Corporation, Ndu Ughmadu introducing the Chairman House Committee on Petroleum Downstream, Hon. Joseph Akinlaja to the Chief Operating Officer, Upstream, Rabiu Bello and the GGM Corporate Planning and Strategy, Umaru Ajiya during the House Committee Hearing on amendment of the Production Sharing Contract Act in Abuja….Thursday

NNPC proposes increase in oil royalty, scrapping of Investment Tax Credit in PSC Act

The Nigerian National Petroleum Corporation, NNPC, on Thursday proposed some key amendments to the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act to enable the Federal Government optimize the collection of royalties and other revenue in deep water oil production activities. In a presentation to the Joint House of Representatives Committees on the

Sirika receives Singaporean trade delegation, justifies airport concession

Minister of State for Aviation Hadi Sirika has said the quest to concession the maintenance of airport infrastructure and the building of new ones across the country is to maintain high standard and efficiency in the running of airport operations in tandem with global standards. The minister who disclosed this when he received a delegation

Breaking: Fuel depots shut nationwide as NUPENG commences strike

Activities at fuel depots across the country have been disrupted by a three ­day warning strike by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), which started today. The strike is to protest against anti­Labour practices in the oil and gas sector. As a result of the strike loading of petroleum depots across

Malabu Oil saga: I did not receive kickbacks, says Jonathan

Dr. Goodluck Jonathan, former President of Nigeria has responded to allegations by some online news platforms that he and other government officials of his government received kickbacks totalling over $1 billion. Jonathan in a statement issued on his behalf on Monday by Ikechukwu Eze, his Media Adviser, dismissed the reports as false and without basis

PROFILE: Jim Obazee, Mr Controversy who fought Sanusi, suspended Peterside and ‘fired’ Adeboye

Jim Obazee, fired as executive secretary of the Financial Reporting Council of Nigeria (FRC) on Monday, is a man of controversies. Since his appointment in November 2010, Obazee never showed any discomfort with controversy. However, the latest controversy he got himself entangled in – enforcement of the code of corporate governance – might have cost

Nationwide blackout looms as workers paralyse 12 flow stations in Delta

At least 12 Flow, Compressor and Pumping Stations in OML 30, Delta State, were crippled, this morning (Tuesday), following an industrial action by about 180 workers, who left the stations unmanned due to non –payment of salaries, emoluments and other allied matters. Vanguard learnt that the workers’ action will result in a shutdown of the

Recession: Nigerian oil companies close shop, sell assets

The current economic recession in the country appears to have taken its toll on indigenous players in the nation’s oil and gas industry as some of them have been selling off their assets to pay back loans taken from banks. Their misfortune is compounded by the fact that some of the jobs gotten from the

FG suspends law that caused exit of Adeboye as RCCG national leader

The Nigerian government has suspended a corporate governance code issued by the country’s Financial Reporting Council of Nigeria, FRC. The Minister for Industry, Trade and Investment, Okechuckwu Enelamah, made the disclosure in a statement on Monday, after PREMIUM TIMES reported President Muhammadu Buhari’s sack of the Executive Secretary of FRC, Jim Obazee. Mr. Obazee’s sack

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