Business

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major
Economy, News, Nigeria

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

The unfolding political crisis in Akwa Ibom State, one of the big oil states in Southern Nigeria that has been relatively very peaceful till the advent of a seeming czarist regime in 2007, could trigger off some dangerous economic consequences for Nigeria if not contained urgently. Though what is playing out in the state is being stoked by a few political demi-gods masking as the face of the All Progressives Congress (APC), President Muhammadu Buhari’s party, the crisis has no ideological basis other than incurable personal greed for accumulation of the common patrimony. From 1999 when the current democracy came into, political gangsterism was alien to the peoples of Akwa Ibom. But a club and dagger politics was foisted on the state when Obong Victor Attah left office in 2007. The po...
Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta
Economy, News, Nigeria, Security

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

Ahead of the 2019 general elections coming up in a matter of weeks, there are disturbing concerns in the Niger Delta, Nigeria's main oil and gas basin, as the restive circles are considering to return to the creeks to halt continued oil production if Abuja fails to play ball. Before now, President Muhammadu Buhari's administration was said to be locked in a backstage consultation with oil industry operators in the country on the new Petroleum Industry Governance Bill (PIGB) which the Legislative arm of the Federal Government passed and communicated to him for his signature. The outcome of the secret parley is not yet public. But, it will determine whether President Buhari will sign the bill into law. Presidential Villa insiders say there is a political mileage to be gained by the All...
Nigeria: Buhari Replaces Adeosun with a Northerner
Economy, News, Nigeria

Nigeria: Buhari Replaces Adeosun with a Northerner

Following the resignation of Nigeria's Finance Minister, Kemi Adeosun over the forgery of her NYSC exemption certificate, Buhari has replaced her with a Northerner, Mrs Zainab Shamshuna Ahmed. Read Also: Breaking News: Nigeria’s Finance Minister, Kemi Adeosun Resigns This is coming a few days after he replaced Matthew Seiyefa, a Southerner as the acting DSS boss  with Yusuf Magaji Bichi, a Northerner who had to be recalled from retirement to fill the position. Read Also: Breaking News: Buhari Appoints Another Northerner to Head the DSS Prior to becoming the new Finance Minister, Zainab Shamshuna Ahmed was the Minister of State for Budget and National Planning. She has held several positions including Deputy General Manager in charge of Corporate Treasury, Chief Finance Officer ...
Africa: Africans Deserve to Know Details of Deals their Leaders Sign with China
Africa, Economy, Nigeria

Africa: Africans Deserve to Know Details of Deals their Leaders Sign with China

China's footprints are all over the African continent, signing deals with many countries. However, the finer details of China-Africa loans are often kept secret. There are concerns that African countries are mortgaging their natural resources as collateral for the loans. The China-Africa deals ought to be transparent, and the public has the right to scrutinise the agreements. The news of China taking over Sri Lanka’s port and 15000 hectares of land on a 99 year lease recently raised questions and debate on the African continent about the kind of agreements African presidents are signing with China. The deal which has raised eyebrows was signed between two state firms, Sri Lanka Ports Authority (SLPA) and China Merchants Port Holdings. The South African parliament, led by the minority...
Opinion: Chris Ngige Fights for Oppressive Multinational ExxonMobil Instead of Oppressed Nigerians Workers Femi Aribisala.
Economy, Justice, News, Nigeria

Opinion: Chris Ngige Fights for Oppressive Multinational ExxonMobil Instead of Oppressed Nigerians Workers Femi Aribisala.

The message Chris Ngige delivered to ExxonMobil loud and clear is that it does not have to be subject to Nigerian laws. It can operate here in Nigeria as a law unto itself. Last week, I complained that 860 Nigerian workers at ExxonMobil (Nigeria) are being treated like orphans in Nigeria; their home-country. They have fought this injustice with fortitude and resilience in the courts for 18 long years, during which 171 of them have died along the way (one more since last week). In court, ExxonMobil denied that the workers are its employees. It claimed instead that they are “SPY Police” in the attempt to circumvent its lawful commitments to them. The Nigerian workers, on the other hand, maintained they are directly employed by ExxonMobil and, therefore, should be treated as ExxonMobil ...
Opinion: ExxonMobil Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria – Femi Aribisala
Economy, Environment, Judiciary, News, Nigeria

Opinion: ExxonMobil Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria – Femi Aribisala

To Chris Ngige, Minister of Labour and Productivity. EXXONMOBIL Should Not be Allowed to Show Contempt for the Supreme Court of Nigeria!! The message must be sent to ExxonMobil loud and clear that, as long as it is operating within the sovereignty of the Federal Republic of Nigeria, it must be subject to Nigerian laws. If you were to visit the Lagos headquarters of ExxonMobil (Nigeria) in Victoria Island, Lagos today, you would immediately notice that something strange is going on. You will find a number of people camped outside the building; sometimes chanting, sometimes dancing, sometimes shouting slogans. They are there 24/7; day and night. Surely, this is anomalous to the activities of an international oil company. You will also notice that there are placards hanging everywher...
Nigeria: Nigeria Air Unveiled in London
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
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
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
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. ...