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EFCC Presents Witnesses Against Shehu Sani over Alleged $10m Fraud

EFCC Presents Witnesses Against Shehu Sani over Alleged $10m Fraud

By:O The Economic and Financial Crimes Commission, EFCC, on Tuesday, February 25, 2020, presented two witnesses before Justice I.E Ekwo of the Federal High Court, Abuja against the former senator, representing Kaduna North Senatorial District, Senator Shehu Sani. The EFCC is prosecuting Senator Sani on a two-count criminal charge, bordering on intent to defraud and obtain the sum of USD ... Read More »

Dangote Commences Pre-testing of $2bn Fertilizer Plant ahead of Inauguration

Dangote Commences Pre-testing of $2bn Fertilizer Plant ahead of Inauguration

Dangote Fertilizer Limited has begun countdown to the inauguration of its $2 billion Granulated Urea Fertilizer complex, with several critical sections of the plant going through various stages of pre-commissioning and test-run. With a capacity of three million tonnes per annum, the plant complex located in the Dangote Free Zone, has been classified as the biggest project in the entire ... Read More »

Why Ore flyover is important, by Buhari

Why Ore flyover is important, by Buhari

President Muhammadu Buhari has said the Ore Flyover Interchange is important because it will boost economic activities in Ondo State, ease traffic congestion and reduce accidents. The President spoke yesterday at Ore in Odigbo Local Government while inaugurating projects to mark the third year anniversary of Governor Oluwarotimi Akeredolu’s administration. The projects are Ondo Linyl Industrial Hub and Ore Flyover ... Read More »

Dangote boosts south East economy with N63billion investment in Anambra Motor Manufacturing Company (ANAMMCO)

Dangote boosts south East economy with N63billion investment in Anambra Motor Manufacturing Company (ANAMMCO)

The partnership started in 2016 with an initial order of 350 Trucks by Dangote  Dangote Group (www.Dangote.com) has in the last five years invested over N63bn in the South East with the purchase of over 3,500 units of locally assembled Shacman trucks at the production plant of Anambra Motor Manufacturing Company (ANAMMCO), Enugu. The order was delivered over a period ... Read More »

FG, Katsina to Establish Garment/Textile Factory in Funtua

FG, Katsina to Establish Garment/Textile Factory in Funtua

The Federal and Katsina State Governments on Saturday concluded arrangements for the establishment of Garment /Textile factory in Funtua, Katsina State under the Manufactured in Nigeria, for Export, MINE, Policy promoted by the Federal Ministry of Industry, Trade and Investment The Minister of State, for Industry, Trade and Investment, Hajiya Maryam Yalwaji Katagun, who made the above declaration yesterday at ... Read More »

Dow drops more than 200 points, posts losing week as coronavirus fears resurface

Dow drops more than 200 points, posts losing week as coronavirus fears resurface

Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown, CNBC reports. The Dow Jones Industrial Average closed 227.57 points lower, or 0.8%, at 28,992.41. It was the Dow’s first close below 29,000 since Feb. 4. The S&P 500 slid 1.1% to 3,337.75 while the Nasdaq Composite declined by ... Read More »

IMF wants CBN to end forex intervention,lauds Finance Act 2020

IMF wants CBN to end forex intervention,lauds Finance Act 2020

THE International Monetary Fund (IMF) on Monday lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act. The commendation is contained in the IMF Article IV Consultation to Nigeria, released on Monday. According to the Fund, the Federal Government had recognized the vulnerabilities facing the economy and taken the steps ... Read More »

Brazil’s National Team Coordinator,Juninho in Trouble over Martinelli’s Transfer To Arsenal

Brazil’s National Team Coordinator,Juninho in Trouble over Martinelli’s Transfer To Arsenal

Former Brazil midfielder and current National team Coordinator, Juninho Paulista is in a hot mess as the Football Association commences investigation into whether he broke  the rules by making money from Gabriel Martinelli’s move to the Gunners. It all starts with the fact the Middlesbrough legend used to be Manging Director of  Brazilian side, Ituano from where Arsenal bought Martinelli. Still ... Read More »

Fake CBN Governor Bags Three Years Imprisonment for N4.5m Fraud

Fake CBN Governor Bags Three Years Imprisonment for N4.5m Fraud

By: Owolola Adebola Justice Agatha Anulika Okeke of the Federal High Court, Uyo, Akwa Ibom State, on Friday, February 14, 2020 convicted and sentenced one Nwalozie Onyebuchi Julius, alias Dr. Godwin Emefiele, the governor of Central Bank of Nigeria to three years imprisonment without an option of fine. The convict was arraigned by the Uyo Zonal Office of the Economic ... Read More »

Police rescue one out of six kidnapped JAMB workers

Police rescue one out of six kidnapped JAMB workers

The Kogi State Police Command on Monday said it has rescued one of the six kidnapped Joint Admission and Matriculation Board (JAMB) staffs abducted on Sunday along the Obajana-Kabba road. The command’s spokeman, Mr. William Ayah, a Deputy Superintendent of Police (DSP), who confirmed the development, said that the police rescued one of the kidnapped staff while a thorough combing ... Read More »

Court orders arrest of ex-Customs boss, Dikko

Court orders arrest of ex-Customs boss, Dikko

A Federal High Court in Abuja has issued a bench warrant for the arrest of former Comptroller General of the Nigeria Customs Service (NCS), Abdullahi Inde Dikko over his continued failure to attend court to answer to a charge of fraud brought against him and two others by the Independent Corrupt Practices and other related offences Commission (ICPC). Justice Ijeoma ... Read More »

Jaiz Bank Plc declares N1.79 billion profit

Jaiz Bank Plc declares N1.79 billion profit

Nigeria’s premier non-interest Sharia-compliant financial institution, Jaiz Bank Plc, has declared a profit after tax of N1.79 billion in its 2019 unaudited financial results as submitted to the Nigerian Stock Exchange (NSE). The bank, in a statement, said the figure indicates a 114% growth when compared with the N834.36 million recorded at the end of 2018. Key extracts of the ... Read More »

CONTEMPT OF COURT:  WEMA BANK OFFICIALS RISK JAIL TERM

CONTEMPT OF COURT: WEMA BANK OFFICIALS RISK JAIL TERM

BY DEMOLA ABIMBOYE Justice Chukwujekwu Aneke of the Federal High Court, Lagos, has ordered that Wema Bank Plc and six of its officials cited for contempt for disobeying the order of the court appear before the court on Monday 17 February 2020 to explain why they should not be committed to prison for flagrant disobedience of the extant positive orders ... Read More »

Chelsea outbids Manchester United with an offer of  £50 million for 16 year old midfielder

Chelsea outbids Manchester United with an offer of £50 million for 16 year old midfielder

According to The Sun, Chelsea have entered a battle with Manchester United for the signing of Birmingham wonderkid Jude Bellingham after sealing a deal for Ajax star Hakim Ziyech. The 16 year old midfielder, who is also being monitored by Real Madrid and Barcelona, earns just £145 a week at Birmingham because he cannot sign a pro contract until he turns ... Read More »

Manchester City banned from Champions League for next two seasons ,fined £30m

Manchester City banned from Champions League for next two seasons ,fined £30m

Manchester City have been banned from the Champions League for the next two seasons for breaking financial fair play rules. City were found guilty of having falsely inflated their sponsorship revenues. The decision is subject to appeal, with City have also been fined €30m (£25m). A statement from UEFA read: ‘UEFA takes note of the decision of the independent Adjudicatory Chamber of the Club ... Read More »

BUA Group chairman’s fortune hits $3.1b,becomes third richestman in Nigeria

BUA Group chairman’s fortune hits $3.1b,becomes third richestman in Nigeria

WITH a fortune of $3.13 billion, BUA Group Founder and Executive Chairman Abdul Samad Rabiu is now 3rd richest man in Nigeria and 8th in Africa. According to Forbes recently released 2020 annual exclusive billionaires ranking, Rabiu, moved up eight places from last year’s ranking. Only four Nigerians namely, Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu and Folorunsho Alakija made ... Read More »

Court remands four oil company directors over alleged £2.55bn fraud

Court remands four oil company directors over alleged £2.55bn fraud

A Federal High Court in Lagos, on Thursday, ordered the remand of four directors of Petrol Union Oil and Gas Company Ltd., over alleged £2.556 billion fraud. The defendants are: Abayomi Kukoyi; Kingsley Okpala, Chidi Okpalaeze and Emmanuel Okpalaeze. The judge, Mohammed Liman, ordered the remand of the defendants at a custodial centre after their arraignment on a seven-count charge ... Read More »

One billion barrels of crude oil discovered in Northeast, says Sylva

One billion barrels of crude oil discovered in Northeast, says Sylva

Minister of State for Petroleum Resources, Chief Timipre Slyva, said on Wednesay that about one billion Barrels of Crude oil have been discovered in the Northeast. Sylva spoke at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja. “The figure we are getting, the jury is not totally out yet, but from the evaluation results ... Read More »

Access Bank to List N15bn Green Bond on Luxembourg Stock Exchange

Access Bank to List N15bn Green Bond on Luxembourg Stock Exchange

Capital market stakeholders have said the planned listing of Access Bank’s N15 billion Green Bond on the Luxembourg Stock Exchange (LuxSE) will create visibility for issuers as well attract foreign green capital needed to fund sustainable projects in Nigeria. The Access Bank’s green bond with 15.50 per cent fixed rate and five-year tenure, has already been listed on the Nigerian ... Read More »

BPE Opposes Clamour for Re-acquisition of  Gencos and Discos

BPE Opposes Clamour for Re-acquisition of Gencos and Discos

The Bureau of Public Enterprises (BPE) wednesday warned against the ongoing clamour for the federal government to re-nationalise already privatised power assets of generating companies (Gencos) and distribution companies (Discos). BPE’s Director General, Mr. Alex Okoh, at an interactive session with journalists in Abuja, advised the government not to succumb to the pressure of re-possessing the privatised assets. The federal ... Read More »