Business

Senate Orders CEOs Of Foreign Oil Companies To Appear Before It

Senate Orders CEOs Of Foreign Oil Companies To Appear Before It

Business
The chairman of the committee, Solomon Adeola who issued the ultimatum during the investigative hearing at the weekend in Abuja, said the managing director of saipem contracting Nigeria limited, Guidio d’ Aloisioat is among those who failed to honour the three invitations forwarded to his company by the committee. Adeola said failure to appear may be an indication that the companies’ CEOs have something to hide in the transactions they had with total upstream Nigeria limited through the saipem consortium. He demanded their appearance to give clear account of the $2.9billion contracts awarded to the consortium . The chairman noted that if the situation was reversed with Nigerian companies doing business in Italy, the Italian parliament will not entertain such action from the Niger
Court Orders Arrest Of Innoson Motors CEO In Suit Involving GTB

Court Orders Arrest Of Innoson Motors CEO In Suit Involving GTB

Breaking, Business
Apparently not happy with the absence of the chairman of Innoson Motors Limited, Innocent Chukwuma, in court to face his trial, Justice Mojisola Dada, on Friday ordered that he should be arrested and brought to court on the next adjourned date of March 14. The decision of the court was due to his failure to appear before the court again for arraignment over the criminal matter pressed against him by the Economic and Financial Crimes Commission (EFCC) in his face off with the Guaranty Trust Bank, GTB. The EFCC had in December 2017 filed four charges against the C.E.O of Innoson Motors and others at the Lagos State High Court, Ikeja. The EFCC had in the letter through its Head of Legal and Prosecution for the EFCC, A.B.C. Ozioko, dated November 30, noted that the four charges le...
Nigeria Not Out Of Recession – Orji Kalu

Nigeria Not Out Of Recession – Orji Kalu

Breaking, Business, Politics
Former governor of Abia State, Dr. Orji Uzor Kalu, has stated that Nigeria is still in recession. According to him, President Muhammadu Buhari came to power at a time there was recession all over the world, stressing that the situation was made worse by the fact that the president equally met an empty treasury. In an interview monitored on AIT, the business mogul said Buhari was putting every necessary stimulus into the economy to ensure that the country exits recession by 2019. He disagreed with those who said that the country was already out of recession, stressing, “When I see people who said they are economists saying we are out of recession, I say they don’t understand what they are talking about because we are not out of recession. Government already has a roadma
Nokia Widens Losses In 2017

Nokia Widens Losses In 2017

Business
Nokia said Thursday that its net loss widened in 2017, but that underlying profits improved, enabling the Finnish mobile phone maker to raise its forecasts for the coming years as operators prepare to roll out new lightning-fast 5G technology. Nokia said in a statement that it booked a full-year after-tax loss of 1.49 billion euros ($1.8 billion) last year, nearly double the loss of 751 million euros in 2016. Revenues slipped by two percent to 23.1 billion euros. But at an underlying level, Nokia was back in the black, turning in an operating profit of 16 million euros, compared with a loss of 1.1 billion euros a year earlier. Investors cheered the numbers and Nokia shares were showing a gain of 2.7 percent at the start of trade on the Helsinki stock exchange, outperforming the...
CBN, NNPC, Others Face Senate Probe Over Fuel Subsidy

CBN, NNPC, Others Face Senate Probe Over Fuel Subsidy

Breaking, Business
The Senate Committee Chairman, Public Accounts, Senator Mathew Urhoghide has disclosed that his Committee has concluded arrangements to probe NNPC’s payment of fuel subsidy despite non provisions in 2016 and 2017 appropriations. Other agencies to answer questions on the sources of funds used for subsidy payment, he said, are “the Central Bank of Nigeria (CBN), Federal Ministry of Finance, Office of the Accouantant General for the federation and the Auditor General for the federation.” The public hearing which was slated for Tuesday next week would have major and Independent Oil marketers and other stakeholders in attendance. The lawmaker expressed concern that responsible agency like the NNPC could pay fuel subsidy in billions of naira without a legal instrument backin
Why We Earmarked N4.9bn For Aso Rock Electrical Maintenance – DG Budget

Why We Earmarked N4.9bn For Aso Rock Electrical Maintenance – DG Budget

Breaking, Business
The Federal government has explained why it earmarked N4.9 billion for annual electrical maintenance in the Presidential Villa, Aso Rock. It said the reason was to keep the facilities in good shape. The Director General Budget Office, Ben Akabueze, said this yesterday in Abuja during an engagement with the media and civil society on the 2018 proposed budget. “The Villa is quite an expansive edifice with several residences and support services, so as significant as N4.9 billion sounds, it is not too much to keep those facilities in top shape that they have been kept. Anyone who has been to the villa will appreciate that it is one of the best maintained edifice in the country,” he said. He also justified the proposed N2.2bn earmarked for the DSS for a supposed social media mining
CBN To Sell N252bn Treasury Bills Next Week

CBN To Sell N252bn Treasury Bills Next Week

Business
The offer comprises of N6.10 billion, N69.57 billion, and N177.22 billion of the 91-day, 182-day, and 364-day bills each. Meanwhile proceedings were broadly bearish in the treasury bills market this week, as average yield rose by 11 bps to 14.16%, amidst relatively tight liquidity earlier in the week. Yields expanded across all ends of the curve – short, mid, and long. Dealers say the likely expected squeeze in system liquidity, particularly in the latter part of the coming week will constrain demand and cause yields to expand
CBN To Sell N252bn Treasury Bills Next Week

CBN To Sell N252bn Treasury Bills Next Week

Business
The offer comprises of N6.10 billion, N69.57 billion, and N177.22 billion of the 91-day, 182-day, and 364-day bills each. Meanwhile proceedings were broadly bearish in the treasury bills market this week, as average yield rose by 11 bps to 14.16%, amidst relatively tight liquidity earlier in the week. Yields expanded across all ends of the curve – short, mid, and long. Dealers say the likely expected squeeze in system liquidity, particularly in the latter part of the coming week will constrain demand and cause yields to expand.
Teleology Highly Favoured To Take Over 9mobile

Teleology Highly Favoured To Take Over 9mobile

Business
Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria, is the preferred bidder for 9mobile, TheCable can report. Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, is the reserve bidder. While Teleology put in a bid of $500 million, Smile quoted $300 million. However, TheCable understands that both companies will be given 30 days to prove that they have the financial resources to take over the troubled telecom. The official announcement is expected to be made any moment from now. Globacom, Nigeria’s second largest operator, and Helios Investment Partners LLP, an investment company, did not make any financial offer for 9mobile. Airtel pulled out completely, complaining about “too many hidden things in the health
Oil Rises Towards $80 On US Crude Inventory Drop, Weaker Dollar

Oil Rises Towards $80 On US Crude Inventory Drop, Weaker Dollar

Business
Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per barrel, both crude benchmarks are up by almost 60 per cent since the middle of last year. U.S. West Texas Intermediate (WTI) crude futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014. Price support has also been coming from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018. “The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil minist
Powered by Live Score & Live Score App