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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

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 »

AMCON drags Venture and Engineering Company to court over N9.3billion debt

In a bid to recover a debt of N9,302,894,097.94, the Asset Management Corporation of Nigeria, AMCON, has dragged Ventures and Engineering Company Limited before a federal high court in Lagos. In a statement of claim filed before the court by a Lagos lawyer, Ayo Obe, it was alleged that Ventures and Engineering Limited, a company registered in accordance with company ... Read More »

Multi-billion Naira suit against Petrocam Company adjourned

Multi-billion Naira suit against Petrocam Company adjourned

The Federal High Court in Lagos has adjourned till May 23, 2019 to determine either debt recovery suit of N10,062,643,928.72 and $5,247,693.83 filed before the court by Union Bank Plc against an oil company, Petrocam Trading Nigeria and two others – Mr. Patrick Ilo and Petrocam Trading LTD South Africa can be termed as abuse of court process or not. ... Read More »

Electricity projects:Big bang as Fashola names alleged corrupt contractors

Electricity projects:Big bang as Fashola names alleged corrupt contractors

The Minister of Power, Works and Housing, Mr Babatunde Fashola SAN has forwarded to Socio-Economic Rights and Accountability Project (SERAP) documents from some of the Ministry’s agencies providing some level of details regarding the names of contractors that allegedly collected money for electricity projects but failed to execute any projects, and inviting SERAP to “inspect a compendium of verified and ... Read More »

Computer Village: Tinubu-Ojo instals Olasoji, Azeez as market leaders

Computer Village: Tinubu-Ojo instals Olasoji, Azeez as market leaders

Mrs Folashade Tinubu-Ojo, President-General, Association of Commodity Market Women and Men of Nigeria has appointed Mr Adeniyi Olasoji and Mrs Abisola Azeez as ”Babaloja”and ”Iyaloja”of the popular Computer Village in Ikeja, Lagos . Tinubu-Ojo installed the market leaders at an elaborate ceremony in Ikeja. It would be recalled that some traders had staged protests at the market on Tuesday, kicking ... Read More »

Customer Relations: Eko Disco Releases Social Media Handles

Customer Relations: Eko Disco Releases Social Media Handles

Eko Electricity Distribution Company (EKEDC) in its bid to steer more customer friendliness and improve on its customer relations is releasing the company’s social media handles. The company’s Assistant General Manager/Head, Media & Communications, Sulaiman Aledeh said the release of the social handles is a very important move as this will further enrich the engagement between the disco and customers. ... Read More »

Mozzi Out to Prevent Spread of Malaria in Nigeria –  Labuschagne

Mozzi Out to Prevent Spread of Malaria in Nigeria – Labuschagne

Mozzi, a range of mosquito and insect repellent products manufactured by PCMN Ltd, has been playing a commendable part in the fight against malaria scourge in Nigeria. Mozzi was an active participant at World Malaria Day in Abuja recently. Mr. Hendrik Labuschagne, a director of PCMN, had a chat with news men at the event. Dapo Olaosebikan captured it. Excerpts: ... Read More »

Galaxy: The Unveiling of a Voodoo Tycoon

Galaxy: The Unveiling of a Voodoo Tycoon

By Tony Egbulefu For 28 years, Babagana Abba Dalori lived a quiet and dreary life. With all the risks to lives and limbs in his native Borno State, North-east Nigeria, he wished above all things to graduate safe and alive from the Electrical and Electronics Department of University of Maiduguri, (UniMaid), do his National Youth Service Corps (NYSC) scheme and ... Read More »

Interswitch Signs Multi-Billion Naira Deal with British Firm to Enhance Transportation Ticketing

Interswitch Signs Multi-Billion Naira Deal with British Firm to Enhance Transportation Ticketing

Interswitch Group, the Nigeria Pan-African integrated digital payments and commerce company, has signed a multi-billion Naira deal with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria. The deal, which is worth £56 million (approx. N26billion), will leverage British technology to keep Nigeria’s commuters on the move through the launch of three products developed exclusively ... Read More »

Ace broadcaster, Sulaiman Aledeh, joins EKEDC as AGM Media & Communications

Ace broadcaster, Sulaiman Aledeh, joins EKEDC as AGM Media & Communications

Eko Electricity Distribution Company (EKEDC) has announced the appointment of Sulaiman Aledeh as Assistant General Manager, Media & Communications. EKEDC Spokesman, Godwin Idemudia, said he was employed as part of the company’s efforts at attracting and retaining top talents to bring on board cutting-edge solutions and innovation into Nigerian Electricity Supply Industry (NESI). “Aledeh joins EKEDC as Assistant General Manager ... Read More »

NNPC To Bridge Products Supply Gap – Baru

NNPC To Bridge Products Supply Gap – Baru

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, says the corporation plans to bridge the gap of petroleum products supply in the country. Baru disclosed this while fielding questions from journalists after a facility tour of Lee Engineering and construction Firm, in Warri Delta, on Saturday. He said that with the Nigeria’s projected population growth of ... Read More »