Category: Business - Page 10 - African News Today

18Jul

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Aviation, Economy, News, Nigeria

Nigeria: Nigeria Air Unveiled in London

The Minister of State for Aviation, Hadi Sirika today Wednesday the 18th of July unveiled the name and logo of the long awaited Nigerian carrier - Nigeria Air. This happened at the Farnborough International Airshow in London. Speaking at the event, the Minister noted that this was not a social service but a private sector driven initiative. According to him, the Federal Government will only own 5% of the new carrier. He said "This will be a National Carrier that is Private sector-led and driven. "It is a business, not a social service. The government will not be involved in running it or deciding who runs it. The investors will have full responsibility for this." He noted that though the announcement is coming later than initially planned, the Federal Government was committed t...

Breaking News: GTB To Pay Innoson’s N14Billion Judgment Debt Into An Interest Yielding Account – Supreme Court

7Jun

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Breaking News, Economy, Judiciary, News, Nigeria, Press Statement

Breaking News: GTB To Pay Innoson’s N14Billion Judgment Debt Into An Interest Yielding Account – Supreme Court

Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal. Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion. The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One K...

Nigeria: Government has Created Almost 9 Million Jobs – Garba Shehu

3Jun

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Agriculture, Economy, News, Nigeria

Nigeria: Government has Created Almost 9 Million Jobs – Garba Shehu

Senior Special Assistant, Media and Publicity to the Muhammadu Buhari, Mr Garba Shehu has once again given the Buhari led administration very high marks for performance. According to him, this administration has performed well with regards to fulfilling its campaign promises to Nigeria. He made this known while speaking on Channel Television program "Sunday Politics". Garba specifically mentioned Buhari's promise to create 3 million jobs yearly, saying “We have done as much as that if not more”. He claimed that the Agriculture sector and the N-Power scheme alone created about 6 million jobs. According to him, adding private sector jobs raises this number significantly. He said "If you follow what the Rice Growers Association of Nigeria are saying, in Agriculture alone...

Nigeria: Electricity Firms Drag FG to Court over N1 trn Debt

8Mar

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Economy, Nigeria

Nigeria: Electricity Firms Drag FG to Court over N1 trn Debt

Accuse FG of unfair practices, refusal to pay for power generated Allege favouritism towards 2 coys in gas supply The power crisis in the country may worsen as the Power Generation Companies in Nigeria, GENCOs, have dragged the Federal Government before a Federal High Court sitting in Abuja, over alleged preferential treatment to two of its competitors with intent to harm their business interests. The GENCOs, which said members were on the verge of collapse over debts in excess of N1 trillion currently generate 80 per cent of the power consumed in Nigeria. They accused the Federal Government of giving preferential treatment to Azura Power West Africa Limited and Accugas Limited to the detriment of the Nigerian Electricity Supply Industry and the power sector as a whole. In a...

Nigeria: Multi Choice, DSTV/GOTV to Shut Down

9Feb

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Africa, Economy, Nigeria, South Africa

Nigeria: Multi Choice, DSTV/GOTV to Shut Down

Nigerian authorities have notified the management of MultiChoice DSTV/GOTV that their operations in Nigeria will come to an end in 2019 as their license expires June next year. According to a letter to that effect (seen by Daily Times reporter) issued on Tuesday by the Nigerian Broadcasting Corporation(NBC), the license issued to them in 2014 by NBC will not be renewed because it was not in line with Digital Switch Over (DSO) White Paper. If Multichoice DSTV/GOTV will ever operate in Nigeria again after expiration of its license, the only option left for them is to go to licensed Signal Distribution company, that is Pinnacle Communications Ltd or ITS. GOTV has been accused of being used as a conduit to siphon foreign exchange from Nigeria by its parent company, South African Multi...