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UBA opposes Sahara Energy’s application to vacate order to advertise winding up petition

UBA opposes Sahara Energy’s application to vacate order to advertise winding up petition

United Bank for Africa (UBA) has asked Justice Mohammed Liman presiding over a Federal High Court in Lagos to dismiss a motion filed by a Petroleum resources firm, Sahara Energy Limited, seeking a discharge of an ex-parte order allowing the bank to advertise a petition it filed to wind-up the firm over alleged N15 billion debt. The bank is currently ... Read More »

Fuel Price Hike Looms As Senate Removes Subsidy Clause From PIGB

Fuel Price Hike Looms As Senate Removes Subsidy Clause From PIGB

The possibility of an increase in the prices of petroleum products particularly Premium Motor Spirit (PMS) known as petrol is now very high as the Senate on Tuesday expunged Petroleum Equalisation Fund (PEF) clause from the Petroleum Industry Governance Bill (PIGB). PEF is a measure introduced over 35 years ago to ensure that prices of petroleum products are equalized across ... Read More »

Dangote named among greatest leaders on earth…global leaders laud his public spirit

Dangote named among greatest leaders on earth…global leaders laud his public spirit

Foremost philanthropist and richest man in Africa, Aliko Dangote has been rated 11th of the 50 World’ Greatest leaders for 2019   The rating carried out by the Fortune Magazine, an American multinational business magazine headquartered in New York City, United States was released recently and focused mainly on the businesses run by the men and how they have used it ... Read More »

Asian markets mostly rise despite US-China trade talks reportedly hitting a roadblock

Asian markets mostly rise despite US-China trade talks reportedly hitting a roadblock

The Nikkei 225 in Japan added 0.35% in afternoon trade, as shares of index heavyweights such as Fast Retailing and Softbank Group advanced. The Topix also edged up, CNBC reports. The moves came after Japan’s economic growth in the first quarter rose above expectations. Japan’s economy grew at an annualized 2.1% in the first quarter, gross domestic product (GDP) data ... Read More »

N15billion Debt: Court Orders Winding Up Petition Against KEPCO Company To Be Advertised

N15billion Debt: Court Orders Winding Up Petition Against KEPCO Company To Be Advertised

By Our Correspondent A Federal High Court sitting in Abuja, the Federal Capital Territory, has ordered that a winding up petition filed by United Bank for Africa Plc (UBA) against a limited liability company, KEPCO ENERGY RESOURCES NIGERIA LIMITED (RC 6900064) over the inability of the company to pay a debt of N15,221,674,976.4 be advertised in the Federal Gazette and ... Read More »

NPA Terminates Intels Pilotage Contract over Failure to Remit $145.84m

NPA Terminates Intels Pilotage Contract over Failure to Remit $145.84m

After about two years of bickering, the Nigerian Ports Authority (NPA) has terminated its boats pilotage monitoring and supervision agreement with Intels Nigeria Limited, THISDAY reports. Intels is a leading integrated logistics and facilities services provider in the maritime and oil and gas logistics sectors of the economy. In a letter dated March 29, 2019, addressed to the Managing Director ... Read More »

FG targets $72.9bn investments from newly licensed FTZs, others

FG targets $72.9bn investments from newly licensed FTZs, others

The Federal Government is targeting $76.25bn investments from some of its newly licensed free trade zones, statistics obtained from the Nigeria Export Processing Zones Authority have revealed, Sunday Punch reports.. The zones are expected to boost the country’s industrialisation as well as the economic diversification agenda of the Federal Government. In line with the Nigeria Industrial Revolution Plan, the government ... Read More »

Nigerian Company Apologies For Branding Pork Halal

Nigerian Company Apologies For Branding Pork Halal

Yesterday, the Nigerian Muslim community woke up to a rude shock, following viral social media images of packaged pork meat supposedly for public consumption, with a symbol authenticating same as Halal (lawful) for Muslims. The picture of the packaged “halal pork”, one of the products of B.W Foods Limited, Akowonjo, Lagos, went viral on social media platforms, as Muslim netizens ... Read More »

Banks and FinTechs should take advantage of AI – Herbert Wigwe

Banks and FinTechs should take advantage of AI – Herbert Wigwe

The Chief Executive Officer of Access Bank Plc, Herbert Wigwe, has stated that in order for banks and Financial Technology (FinTech) operators to remain competitive, there is the need for them to leverage Artificial Intelligence (AI), Nairametrics reports. Wigwe stated this while speaking during the Africa FinTech Foundry (AFF) Disrupt 2019 conference. The banker said Artificial Intelligence, Big Data, Cloud ... Read More »

Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant, CNBC reports. Earlier this week, Huawei was added to the U.S. Bureau of Industry and Security’s so-called Entity List. That means American firms will need to get a license from the government ... Read More »

MTN Nigeria stock jumps after listing

MTN Nigeria stock jumps after listing

MTN Nigeria made a big splash yesterday (16 May), when it finally listed on the Nigerian Stock Exchange. It took just 16 minutes for the group’s stock to jump 10% to 99 naira, from the listing price of 90 naira, which is the maximum possible move under Nigerian Stock Exchange rules, according to Bloomberg. That values the telco at about ... Read More »

2019 Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards Nominations Closing Date Extended

2019 Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards Nominations Closing Date Extended

“Women entrepreneurs and business owners are invited to submit nominations in a range of categories, including youth, technology, agriculture and women empowerment in business.”   PRESS RELEASE 2019 Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards Nominations Closing Date Extended Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards recognise, honour and celebrate Women Entrepreneurs and Business Owners in Africa for ... Read More »

Birthing Purpose Launches Business Forum

Birthing Purpose Launches Business Forum

  “The event is a premiere in its purpose-igniting entrepreneurship series” PRESS RELEASE Lekki, Lagos: Birthing Purpose, a globally positioned social enterprise has officially announced the launch of its pioneer entrepreneurship series called “The Business of Purpose”. The Business of Purpose Series is organising her pioneer meeting; an upcoming event titled “Building a Purpose Driven Enterprise” scheduled for Saturday May ... Read More »

Minister Denies Involvement In Timber Smuggling At Ports

Minister Denies Involvement In Timber Smuggling At Ports

BY ONYEKA AJUMOBI ONOCHIE The Minister of Environment, Alhaji Suleiman Zarma, has denied links with syndicate which specializes in the smuggling of illegally felled woods out of Nigeria. He said he is also not involved in the current activity of unscrupulous Nigerians who, together with their foreign counterparts, engaged in unpatriotic activities aimed at depletion of Nigeria’s forest reserves for ... Read More »

Borno now safe for business- Gov Shettima

Borno now safe for business- Gov Shettima

BY INUSA NDAHI, MAIDUGURI Governor Kashim Shettima of Borno state on Wednesday said, the state which has been under series of attacks by Boko Haram sect in the last 10 years is now safe to do business compared to states Like Sokoto, Zamfara, Katsina including Abuja the Federal Capital Territory where issues of kidnapping and other related crimes remained order ... Read More »

Nigeria may lose $9 billion worth foreign assets over contract dispute with British firm

Nigeria may lose $9 billion worth foreign assets over contract dispute with British firm

Nigeria stands to lose up to $9 billion worth of its foreign assets following an enforcement application to US and UK courts by Process and Industrial Development (P &ID), a British firm tied up in a legal dispute with the Federal Government. The court case arose out of the failure of a contract awarded the company in 2010 to process ... Read More »

PPP projects: FG restates commitment,  partners ALSF on capacity building

PPP projects: FG restates commitment, partners ALSF on capacity building

BY ONYEKA AJUMOBI ONOCHIE The Permanent Secretary, Federal Ministry of Finance, Alhaji Mahmoud Isa-Dutse, has said the Federal Government is committed to Public-Private Partnership (PPP) model as a viable option for the development of infrastructure in the country. The Permanent Secretary stated this Tuesday, in Abuja, at the opening of a three-day capacity building workshop on Public-Private Partnership (PPP) projects ... Read More »

Firm gives Amosun’s govt seven days to pay $11million fee or risk court action

Firm gives Amosun’s govt seven days to pay $11million fee or risk court action

  *Bode Mustapha* With just two weeks to the end of his tenure, Governor Ibikunle Amosun of Ogun State has been served a notice of Court action alongside his Commissioners for Finance and Justice by a firm. In contention is alleged breach of agreement on consultancy fee running to $11,740,362.00 over external debt claims in respect of Paris Club Debt ... Read More »

New Moody’s report reveals exactly how Diamond Bank failed

New Moody’s report reveals exactly how Diamond Bank failed

Moody’s, a global advisory services firm, has released an in-depth report analysing the factors that led to the downfall of Diamond Bank. Moody’s pointed out bad leadership, poor risk management, the board’s lack of independence, and the high volume of turnovers within the board. Diamond Bank went from making profits of N28.5 billion in 2013 to making losses of around ... Read More »

Access Bank to pay off $200m Eurobond issued by Diamond Bank in 2014

Access Bank to pay off $200m Eurobond issued by Diamond Bank in 2014

Access Bank has agreed that it would pay off a $200 million Eurobond issued by Diamond Bank in 2014. Diamond Bank had attempted to raise between $300 million and $350 million at the time to meet its funding requirements. However, it was cut back to $200 million after investor demand was not as high as expected. In a report published ... Read More »