Business

NNPC, Keystone Bank In $141 Million LNG Scandal

NNPC, Keystone Bank In $141 Million LNG Scandal

Business
Senate decision follows a Point of Order by Senator Dino Melaye (Kogi West) asking it to confirm the veracity of the alleged 'monumental corruption' in NNPC. Brass LNG is registered as a Joint Venture (JV) with NNPC with a controlling share of 49℅. Under the Nigerian law,  accounts of (JVs) like Brass LNG are required to be domiciled with the Central Bank of Nigeria (CBN). Melaye wants Senate to investigate how the account of Brass LNG worth $141 million is not kept with the CBN but is rather lodged in a private account with Keystone Bank. "Mr. President it is a known fact that when you have a Joint Venture (JV), the account of such JV will be domicile with the CBN, but in this case that was not what happened", Melaye said. Melaye disclosed further that the private accou
Shoprite Operator In Nigeria Ordered To Pay $10m For Breach Of Contract

Shoprite Operator In Nigeria Ordered To Pay $10m For Breach Of Contract

Business
The Lagos State High Court in Ikeja has ordered Shoprite Checkers Limited, operator of Shoprite outlets in Nigeria, to pay A.I.C. Limited $10m for breach of contract. The court, in a judgment by Justice Lateef Lawal-Akapo, ordered Shoprite Checkers Limited and Retail Supermarkets Nigeria Limited, which was joined as second defendant in the suit, to pay the judgment sum with an annual interest of 10 per cent from the day he delivered the judgment till the sum is finally liquidated. The court also awarded an additional N1m against the defendants in favour of the claimant as the cost of pursuing the lawsuit which commenced in 2012. The judge said he found that the 1st defendant breached an agreement it had with the claimant when it “incorporated a company, established the out
CBN, Other Nigerian Banks To Dominate Jo’burg Exchange Awards

CBN, Other Nigerian Banks To Dominate Jo’burg Exchange Awards

Business
Central Bank of Nigeria (CBN) along side with more than half of other Nigerian commercial banks have been nominated for the Johannesburg Stock Exchange (JSE), in South Africa over their innovative performances in 2017. The awards tagged: ‘Banks of Africa Advertising Awards’ is billed for February 23 in South Africa. The organizers said this year’s event will focus on financial institutions and the advertising agencies in West Africa, East Africa and Southern Africa. Nigerian nominations include Access Bank, Diamond Bank, Ecobank, Fidelity Bank and First Bank are among the nominees for various categories. First City Monument Bank, Guaranty Trust Bank, Stanbic IBTC Bank, Sterling Bank, United Bank for Africa and Zenith Bank also got nominated. Central Bank of Nigeria and Bank
Cross River State Set To Commence Banana Export – Governor Ayade

Cross River State Set To Commence Banana Export – Governor Ayade

Business
The governor stated this when he paid an unscheduled visit to ascertain the status of crops in the 105-hectares banana plantation adjudged the largest in Africa and situated in Odukpani local government area of the state. The governor hinted that the first harvest of the banana is expected in may 2018 while the commercial export harvest will be in 2019. He said his government has converted into action the statement of president Buhari that the roadmap to zero oil is agriculture in which the state has comparative advantage reports that the governor said he expects support from the Federal Government to fund the agro-based industry which is the focus of president Buhari’s administration that cross river state has keyed into hundred percent.
Shame? Nigeria Ranks Second Worst In Electricity Supply After Yemen

Shame? Nigeria Ranks Second Worst In Electricity Supply After Yemen

Business
Nigeria has been ranked as the 2017 second worst nation in power supply. This is as power dropped to below 4,000 megawatts in Nigeria. The Spectator Index of the world’s worst electricity supply in 2017 stated this in a report released by @spectatorindex Twitter handle on Monday. Of the 137 countries examined in the report, Yemen ranked as worst electricity supply nation in 2017, followed by Nigeria, Haiti, Lebanon and Malawi. Ethiopia occupied the 37th position, while South Africa and Algeria occupied the 41st and 45th positions respectively. Meanwhile, the latest report of the Advisory Power Team (Office of the Vice President) showed that the national grid capacity stood at 4,000 Megawatts. The report noted that the average power sent out by the El
Miyetti Allah Asks FG To Create Ministry Of Livestock Development

Miyetti Allah Asks FG To Create Ministry Of Livestock Development

Breaking, Business
  The Miyetti Allah Cattle Breeders Association (MACBAN) has asked the federal government to create a “federal ministry of livestock development”. In a statement on Sunday, Baba Ngeljarma, MACBAN national secretary, said such a ministry will help address these needs of the livestock industry. “The federal government should create a federal ministry of livestock development to attend to the multidimensional needs of the industry as is obtained in many countries and the enactment of a national law to carter for the peculiar needs of pastoralists in particular and the livestock subsector in general since the mischievous anti open grazing laws promulgated by some states have woefully failed to address the contentious issues,” he said. The group’s demand comes on the heels
Nigerians Are Yet To See The Promised Change In Power Sector – Obasanjo

Nigerians Are Yet To See The Promised Change In Power Sector – Obasanjo

Breaking, Business
Former President Olusegun Obasanjo on Saturday said that he hopes that Nigeria may soon begin to see the change the Federal Government promised in the power sector. The former president stated this at the investiture of Adekunle Mokuolu as the 31st President of the Nigeria Society of Engineers (NSE). According to Obasanjo, figures released by government officials cannot be used to assess the power situation in the country. He said that the situation can only be ascertained by Nigerians who are the consumers of electricity. He therefore called on the Managing Director of the Niger Delta Power Holding Company (NDPHC), Mr. James Olotu, an award recipient on the occasion, to see that Nigerians get value for their money. Obasanjo, had before presenting the award to Olotu, demand...
They Offered Me A Vessel To Block A Petition Against Total Oil- Senator Adeola

They Offered Me A Vessel To Block A Petition Against Total Oil- Senator Adeola

Breaking, Business, Economy, Opinions
Senator Olamilekan Solomon Adeola representing Lagos West Senatorial district disclosed on Tuesday in Abuja, that he was offered a vessel to kill a petition brought against Total Upstream Nigeria Limited for deliberately flouting the Nigerian Oil and Gas Industry Content Development Act. A petition against Total Upstream was forwarded to Senate Committee on Local Content by the Indigenous Vessels Operators Association of Nigeria asking it to intervene in the cancellation of the bidding contract entered by the association members in 2014. The Solicitor, Barr Bassey Offiong had told the senate that, “it all began in 2014 when Total Upstream Nigeria Limited, a joint venture partner with the Nigerian Government in the upstream sector of the oil and gas industry published a tender with re
CBN To Sanction Banks Over Failure To Renew Operating License

CBN To Sanction Banks Over Failure To Renew Operating License

Business
The Central Bank of Nigeria (CBN) ​on Monday threatened to impose N10,000 daily fine on banks and other electronic payment service providers that fail to renew its operating licence within the regulatory deadline. ​This is contained in a circular titled, “Re: Sanctions on erring banks/e-payment service providers for infractions of payment system rules and regulations”. ​It was issued by ​Director, Banking and Payment System Department (BPSD), CBN, Dipo Fatokun. “Please informed that operators in the National Payment System shall be sanctioned with a penalty of N10,000 per day for as long as the infractions below subsist: “Failure to apply for renewal of an operating licence three months before the date of expiration of the license. “Failure to regularise and respond to obser
Governor Ayade Flags Off $1 Billion ‘Virgin’ City

Governor Ayade Flags Off $1 Billion ‘Virgin’ City

Business
The project which is in partnership with a Chinese firm, Mark Sino construction company limited, is valued at $1 billion  and will be sited in Etap Ayip Kasuk in Calabar municipality. Performing the groundbreaking, Ayade said the project  which will turn  the area into an urban centre is an offshoot  of what is expected when the Bakassi deep seaport  construction work  commences in the first quarter of 2018. On his part ,the chairman of the company, Wei Hengshan who spoke through an interpreter assured that the company will work according to specification in a bid to positively transform the lives of the citizenry. He described Cross River as a peaceful state where more of their investment will be established.  
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