Business articles

Senate uncovers another $1.15bn withdrawal from NLNG accounts by NNPC

Senate uncovers another $1.15bn withdrawal from NLNG accounts by NNPC

The Senate Committee on Gas on Wednesday said it has uncovered a fresh illegal withdrawal of $1.15 billion from the dividends accounts of the Nigerian Liquefied Natural Gas by the Nigeria National Petroleum Corporation, Premium Times has reported. The new revelation is different from the $1.05 billion which the Group Managing Director of the NNPC,

SEC Holds Third CMC Meeting 2018

The Securities and Exchange Commission (SEC) has announced that the Third Capital Market Committee (CMC) meeting in 2018 has been scheduled to hold from Wednesday November 14th to Thursday November 15th 2018 at the Federal Palace Hotel, Victoria Island, Lagos. While the key stakeholders in the capital market will meet on November 14th, members of

SEC’s CMC inaugurates FinTech Roadmap Committee 

The Capital Market Committee (CMC) has inaugurated a market-wide FinTech Committee to come up with a FinTech Roadmap for the Nigerian Capital Market. Inaugurating the Committee which has Mr. Ade Bajomo, Executive Director is Access Bank as Chairman, during the 3rd Quarter CMC meeting in Lagos Wednesday, Acting Director General of the Securities and Exchange

Development of Capital Market Studies curriculum to boost Investor Education- SEC

The Securities and Exchange Commission (SEC) has restated its commitment to further educate and enlighten investors in the Nigerian capital market to enhance their ability to make informed investment decisions.  The Acting Director-General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk who stated this at the Planning and writing workshop for the development

Nigeria Air: Branding cost N50.8million only – Sirika

Minister of State, Aviation, Senator Hadi Sirika has on Thursday denied paying $600,000 for the design of the logo of the Nigeria Air as speculated. He explained that due process was followed in the branding, which included obtaining ‘’No Objection’’ Certificate with Ref. No.BPP/RPT/18/VOL.1/075 from the Bureau of Public Procurement for the sum of N50,893,000.00

Documents show Buhari’s govt. illegally diverted N378billion NLNG dividend

The federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, a report by PREMIUM TIMES has revealed. The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum Corporation (NNPC) has a $3.5

Nigeria’s foreign reserves fall by $2.2bn in Oct — biggest monthly drop since 2015

Defending the naira has gotten more expensive as Nigeria’s foreign reserves declined by $2.2 billion in October 2018 alone — the largest monthly drop since 2015. Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045

Agri-tech can turn African Savannah into global food basket – African Development Bank

The African Development Bank is championing a new regional and global effort to transform the African Savannah from a “Sleeping Giant” to the cradle of the continent’s green revolution. “This sleeping giant needs to wake up,” the Bank’s Vice-President for Agriculture, Human and Social Development, Jennifer Blanke, told an audience at a 2018 World Food Prize

Nigerian firm owned by Buhari’s billionaire in-law named in UK criminal conviction

Two former top executives of energy firm, Afren, were on Wednesday convicted after they were found guilty of money laundering offences in the United Kingdom. Osman Shahenshah and Shahid Ullah were found guilty of fraud and money laundering offences from which prosecutors said they personally received more than $17 million in a case involving Oriental

ADB launches landmark US$500 million credit insurance deal with African Trade Insurance Agency and UK reinsurers

The African Development Bank (AfDB) (www.AfDB.org) and African Trade Insurance Agency (ATI) have announced the successful completion of a US$500 million credit insurance deal structured to cover a portion of the Bank’s portfolio of non-sovereign operations in Africa. This transaction is expected to have an important demonstration effect to encourage similar institutions to invest more

Vibrant Commodities Exchange will aid Economic development – SEC

The Securities and Exchange Commission, SEC has said that a more organized Commodities Exchange Market in the country would enhance efficiency and lead to economic growth and development. The Ag. Director General of the SEC Ms. Mary Uduk started this when she received members of the Commodities Trading Ecosystem Implementation Committee in her office in

Media House withdraws corruption suit against Aiteo Group

…Commends Benedict Peter’s patriotism The management of National Oracle Magazine said it has withdrawn suits filled against a foremost indigenous crude oil exploration company, the Aiteo group, compelling some government agencies to disclose all information and documents pertaining the business activities of organization. The media house had sought an Order of Mandamus from the Federal

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