Shareholders of Oando Nigeria Plc have approved the company’s quest to raise N80 billion by way of rights issue to existing shareholders. The shareholders also approved plan to divest any or all shareholding and investment in the downstream business…
NAICOM delists 108 insurance brokers
The National Insurance Commission has removes 108 insurance brokers, out of the list of 421 licensed practitioners operating in the country, for failing to renew their licences. Sources from NAICOM told The Punch that the affected brokers had been operating…
Govt proposes partial for refineries
As part of measures to operate refineries as profitable ventures, the Federal Government has concluded plans to grant semi-autonomy to the entities. Meanwhile, the Federal Government has expressed its readiness to raise funds from international investors and the private…
MTN to pay N780b, not N647b, says NCC
The Nigerian Communications Commission has clarified that the fine of N1.04trillion imposed on the MTN Group was reduced by 25 per cent, and not 35 per cent as initially reported. According to NCC, the company will now have to pay…
NIMASA shuts Jetties in Port Harcourt, Calabar
The Nigerian Maritime Administration and Safety Agency (NIMASA) exercising its powers as the Designated Authority (DA) for the implementation of the International Ship and Port Facility Security (ISPS) Code has shut the Magcobar Manufacturing Limited jetty at Reclamation Road Port…
Super Eagles drops to 66th position
The Super Eagles of Nigeria have dropped seven places to 66th in the latest Fifa world ranking released on Thursday morning. The Super Eagles gathered a total of 541 points to fall to no. 14 in Africa behind Cote d’Ivoire,…
FAAN pledges more allowances for staff
The management of the Federal Airports Authority of Nigeria (FAAN) has agreed to increase allowances and claims for workers in the agency. This was contained in a communiqué singed by leaders of three aviation unions and the management team of…
FG reduces MTN fine to N674b
The Federal Government through the Nigerian Communication commission (NCC) has reduced MTN fine from N1.otrillion to N674 billion. Meanwhile, the South African telecommunication giant has announced the resignation of the head of its Nigerian operations, Michael Ikpoki and the head…
LCCI to inaugurate Akande as president Saturday
The Lagos Chamber of Commerce and Industry (LCCI) has concluded plans to formally inaugurate Chief (Mrs.) Nike Akande, as President of the Chamber on Saturday 5th December, 2015 at an Investiture Ceremony billed to hold at the Grand Ball Room…
$8.3b rail project tops agenda as Buhari meets chinese leader
President Muhammadu Buhari will today in South Africa participate in the Forum on China/Africa Cooperation (FOCAC) taking place in Johannesburg. A statement issued by the Senior Special Assistant to the President, Garba Shehu, explained that President Buhari would at the…
Govt insists on use of technology for development
President Muhammadu Buhari’s administration is interested in using technology to fast track the country’s growth and development, Vice President Yemi Osinbajo has said Speaking while signing a Memorandum of Understanding (MoU) between the Federal Government and Global Good Fund co-founded…
FG to raise N50b in 2020, 2024 bonds
The Federal Government has concluded plans to raise N50 billion in local currency denominated bonds maturing in February 2020 and March 2024 at its last debt auction of the year on Dec. 9. According to the Debt Management Office (DMO),…
Senate restates ban on rice importation
The Senate has criticized the lifting of ban placed on rice importation and urged the Presidency to prevail on the Nigeria Customs Service (NCS) to immediately restore it. Adopting the report of the Ad-hoc Committee on Import Duty Waivers, Concessions…
CBN cautions against weak corporate governance practices
The Central Bank of Nigeria (CBN) has reiterated its commitment to ensure zero-tolerance to weak corporate governance practices in the country. According to the CBN Deputy Governor in charge of Financial System Stability, Dr.Okwu Joseph Nnanna, who spoke at a…