Category: Business - Page 8 - African News Today

Press Release: The Issuance of Bench Warrant Against Me Is an Abuse of Process Taken Too Far- Innoson

24Jun

By adminNo Comments

Economy, Judiciary, News, Nigeria, Press Statement

Press Release: The Issuance of Bench Warrant Against Me Is an Abuse of Process Taken Too Far- Innoson

Filed Notice of Appeal and Motion for Stay of Execution Against The Order. The issuance of bench warrant against me by the Federal High Court Ikoyi Lagos, today, June 24th 2019 is an abuse of process taken too far by the Court and made without jurisdiction. The order itself is a nullity and does not have grounds on law. Firstly, there is no prima facie case against me. The charge was based on suspected or trumped up action of Innoson Nigeria Ltd and Innoson Nigeria Ltd was a party originally to the charge but was discharged by the Court of Appeal. Secondly, there was no notice of trial served on me pursuant to the Administration of Criminal Justice Act. The act provides that before the court should issue a bench warrant, there must be proof of service of the charge and the notice ...

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

20Jun

By adminNo Comments

Economy, News, Nigeria

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

7 others take on replace previous chief operating officers. In a statement released by Ndu Ughamadu, the spokesperson of NNPC on Thursday morning, President Muhammodu Buhari has appointed Mele Kyari as the group's GMD while also replacing 7 chief operating officers with new ones. Details of the appointment are contained in the official statement published below: "President Muhammadu Buhari has appointed Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). "Until his new appointment, Kyari, a geologist, was Group General Manager, Crude Oil Marketing Division of NNPC and also doubled, since 13th May, 2018, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries, OPEC. "President Buhari h...

World: Want to Lose Money? Put it to Work in Nigeria. – Forbes

29May

By adminNo Comments

Economy, News, Nigeria

World: Want to Lose Money? Put it to Work in Nigeria. – Forbes

In five years, the Nigeria ETF has blown up, now down over 74.5%. Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018. Nigeria has become Africa’s money-losing machine. Want to lose money in one of Africa’s biggest markets? Put it to work in Nigeria. Despite sitting on nearly 40 billion barrels of proven oil reserves and over $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems with big corporate investors as president Muhammadu Buhari readies his second-term after a swearing-in ceremony scheduled for May 29. Nigeria’s stock index is down 0.4% year-to-date while emerging markets are up 2.3% and the MSCI Frontier Markets 100 is up 10.2%. ...

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

5Apr

By adminNo Comments

Economy, News, Nigeria

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said oil exploration in northern Nigeria will continue till it is found. He said this will enable the NNPC to do a massive appraisal of the discovery of gas reserves made in 1999 in the region. Dr. Baru who was in Kaduna for the 40th edition of the Kaduna International Trade Fair said the corporation was working on the Kolmani River 2 with optimism and high expectation. He said President Muhammadu Buhari had personally urged the corporation to go back to exploration on the Kolmani River 2 Well and drilling has been going on smoothly and that as of Thursday morning, the corporation had dug 10,075 ft deep with a target to reach 14,270 ft exploration. “The main purpose of this well...

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

27Feb

By Akanimo SampsonNo Comments

Corruption, Crime, Economy, News, Nigeria

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

An alleged disappearance of over $64 million from the vaults of the Zenith Bank has landed the multinational financial services provider in trouble. Zenith bank is rated as a large financial service provider in Nigeria and Anglophone West Africa. As at the ending of 2016, her total assets was N4.7 trillion with shareholders’ equity of N616.3 billion. She is listed on the Nigeria Stock Exchange and the London Stock Exchange. But the Managing Director of Owigs and Obigs, Emeka Okorie, has dragged the bank before the Central Bank of Nigeria (CBN) over an alleged unethical conduct which resulted in the termination of a foreign business transaction of over $64 million, with a Chinese firm, King-Tan Tantalum Industry. Okorie is praying the apex bank for clarification on the validity of...

23Feb

By admin2 Comments

Economy, News, Nigeria

Nigeria: Google Issues a Statement on Inaccurate Currency Converter Issue with the Naira

Following the curious 50% drop recorded in Nigeria's exchange rate on Google's currency converter yesterday, Google has issued a statement. In a tweet, the IT giant twitted that they were aware of the situation and will remove the converter box until the issue is resolved. The rate normalized shortly after but not before sparking off some theories as to what could have exactly happened."We’re aware of an issue causing inaccurate conversions for Nigerian Naira currency, so we will remove the conversion onebox from appearing in search results until we are able to diagnose the issue."

Breaking News: Naira Returns to 361 to a Dollar

22Feb

By admin1 Comment

Breaking News, Economy, News, Nigeria

Breaking News: Naira Returns to 361 to a Dollar

Google currency converter shows naira to dollar has now returned to 361 to a dollar. A few hours ago, Nigerians were shocked to see on Google currency converter that the exchange had dropped to 184 to a dollar and 240 to a pound. See Also: Breaking News: Dollar Exchanges $1 to N184 Though the official rate on CBN did not reflect any of these changes, there are speculations that some heavy transactions might have been done secretly by the government at 184 to a dollar to have triggered this. Following that argument, getting it back to the current rate will also require some heavy transactions. No official statement has however been made by the government on this brief anomaly.

Breaking News: Dollar Exchanges $1 to N184

22Feb

By admin6 Comments

Economy, News, Nigeria

Breaking News: Dollar Exchanges $1 to N184

In a shocking development, the exchange rate today dropped by half across board. Dollar to the Naira dropped from N360 to N184 while the Pound dropped from over N400 to N240. There is no clear indication of why this exchange rate is reflected on internation exchange rate calculators while the Central Bank website does not reflect these new exchange rate. This looks like a move meant to influence the on-going elections. It will be recalled that the Presidency had earlier lamented the amount of foreign currency in circulation in the country. With this drop in the exchange rate, the value of any foreign currency in circulation is automatically halved. We shall await further developments on this issue.

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

31Dec

By admin2 Comments

Corruption, News, Nigeria

Nigeria: How Buhari’s Ally, Isa Funtua, Fraudulently Acquired KeyStone Bank and 9Mobile

How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD Recently, a shocking story came out to public knowledge about how Keystone Bank and 9Mobile were acquired in controversial circumstances by the business interests of one Alhaji Isa Funtua, a close friend of President Muhammadu Buhari, via the instrumentality of Asset Management Corporation of Nigeria (AMCON). As the smoke raised by the scandalous story is still swirling in the air, with some public groups challenging the government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire. For starters, it is a confirmed fact that the son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON. Before him, the previous CEO, Chike Obi, was a fi...

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

26Dec

By adminNo Comments

News, Nigeria

Opinion: Shocking Fact – Why Nigeria’s Power Sector Privatization is not Succeeding

Despite the fact that privatisation was necessary, the wicked 1999 Constitution actually planned its failure by bringing up agencies, controls and over Lordship that must kill it. So the federal government Electricity Power Sector Reform Act in 2005 (EPSRA 2005) which led to the creation of PHCN, NERC, NBET, NESI, and the unbundling of NEPA into 6 generation and 11 distribution companies. By 2013, NEPA had been privatised. The government did not privatise the Transmission Company of Nigeria (TCN); they held on to it. For easy understanding, TCN is the platform through which the GENCOs and DISCOs relate. The NERC controls them all. Was the privatisation necessary? Yes! Government has no business in business. And no more salaries overhead. Was the privatisation successful? Hell, n...