Business articles

Atiku’s Intels battles Nigerian govt in court

Atiku’s Intels battles Nigerian govt in court

The business dispute between the Nigerian government and the Integrated Logistics Services Nigeria Limited, Intels, is now a subject of litigation, with Intels accusing authorities of breaching agreements and sabotaging its multi-billion dollar ports investments through de-categorization of terminals, court papers sighted by PREMIUM TIMES have revealed. The Nigerian Ports Authority had in May conveyed

SEC, EFCC sign MoU

In order to ensure an effective policing of the capital market, the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have signed a Memorandum of Understanding. The signing ceremony took place Wednesday at the EFCC office in Abuja. The MoU serves to among others promote the efficient investigation and conclusion

NCC: Etisalat’s licence not transferable without approval

The Nigerian Communications Commission (NCC) says that the operating licence issued to Etisalat cannot be transferred without its approval. Etisalat, Nigeria’s fourth largest mobile network, had transferred control of the company to a consortium of banks after failed debt repayment talks. The banks, which include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, FirstBank

N541 billion Debt: Access Bank, others take over Etisalat Nigeria

A consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with

Estimated billing will soon end, DisCos assure customers

Electricity distribution companies (DisCos) say they are working to fulfil their metering obligations to consumers with minimal power consumption in a bid to phase out estimated billing. The DisCos made this assurance in a statement signed by Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED). They said that their metering

2017 budget: Nigerian govt set to release N350 billion for capital projects – Adeosun

The Minister of Finance, Kemi Adeosun said that the federal government was ready to release N350 billion, being the first tranche for implementation of the 2017 budget. Mrs. Adeosun said this on Monday in Abuja at the public presentation of 2017 Appropriation Act. She said that the Federal Government had enough cash available to immediately

NICrel seeks improved gov’t support for NABDA, commends DG, Prof Ogbadu

NICreL hails NABDA DG, Professor Ogbadu, The New Initiative for Credible Leadership, a leading research and development based Civil Society Organization in Nigeria has hailed the National Biotechnology Development Agency (NABDA) under the leadership of Professor Mrs. Lucy Ogbadu for her innovations in biotechnology and genetic engineering in the country. NABDA is an organization aimed

Etisalat Nigeria’s troubles worsen as largest shareholder pulls out

Etisalat Nigeria Limited, Nigeria’s fourth largest telecommunication firm, appears to be swimming deeper in troubled waters as Mubadala Development Company of United Arab Emirates, the company’s largest shareholder, has pulled out its investment and headed out of the country, those familiar with the matter have told PREMIUM TIMES. Mubadala, an Abu Dhabi Government-owned investment and

Group faults call for Ogbadu’s resignation as NABDA DG

A civil society group, Coalition of Civil Society for Change and Good Governance has rubbished the recent call by a group known as Northern Professionals For Good Governance, NPGG, for the resignation of Prof Lucy Ogbadu as Director-General, National Biotechnology Development Agency (NABDA). The NPGG had given Ogbadu one week ultimatum to resign her leadership