Court Orders Permanent Forfeiture of Diezani $40m Jewellery to FG

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Bliss Okperan The Nasarawa State House of Assembly has announced its election of Danladi Jatau, representing Kokona West Constituency, as the new Speaker. The state parliament also disclosed on Friday that it now has a new Deputy Speaker, who is Mohammed Oyanki, the lawmaker representing Doma North Constituency. The election of the two principal officers of the legislative arm of the state followed the sacking of its former Speaker, Mr Ibrahim Abdullahi, by the Appeal Court sitting in Abuja on Tuesday. While the new Speaker is a member of the All Progressives Congress (APC), his deputy is a member

By Bliss Okperan The Commissioner for Physical Planning and Urban Development in Lagos State, Mr Oluyinka Olumide, has debunked claims that the ongoing demolition of illegal buildings in the metropolis was targeted at the South-Easterners by Governor Babajide Sanwo-Olu administration. It was alleged that the state government was pulling down structures belonging to residents of the state from the Igbo extraction because of their protest votes in the 2023 governorship election. Speaking as a guest on Wednesday on Channels Television’s flagship breakfast programme, Sunrise Daily, Mr Olumide disclosed that, “Those buildings causing uproar are buildings rushed during the COVID period

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

By Modupe Gbadeyanka As a result of its inability to convey its first Monetary Policy Committee (MPC) meeting for 2018, the Central Bank of Nigeria (CBN) has announced continuing with the key monetary policy variables as decided by the last MPC meeting held in November 2017. The MPC meeting was supposed to start today with decisions on the rates announced tomorrow. But because it could not form a quorum to hold the meeting, the apex bank has cancelled it. In a statement issued on Monday morning, the central bank said its MPR remains at 14 percent, CRR at 22.5 percent,

By Adedapo Adesanya The United Kingdom’s National Crime Agency (NCA) has recovered a fresh tranche of $23,439,724.98 believed to have been siphoned out of Nigeria in the 1990s by the associates and family of former Head of State, General Sani Abacha. Channels Television reported that a communique issued by the agency on Thursday stated that the funds formed part of a larger pool of monies identified by the United States Department of Justice (USDOJ) as having been misappropriated by late Abacha and his allies. The NCA revealed that the funds have now been transferred to the Home Office for onward

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) and the News Agency of Nigeria (NAN) have agreed to forge a partnership to combat the menace of pipeline vandalism and other sundry challenges in the petroleum industry. The two organizations came to this position during a visit to the Group Managing Director of NNPC, Dr Maikanti Baru, by the management of NAN led by its Managing Director, Mr Bayo Onanuga. Addressing the NAN delegation, the GMD said NNPC would tap into the rich array of services offered by NAN, particularly the dedicated reporting and SMS service, to help in the

By Adedapo Adesanya The Cross River State Government has warned illegal revenue collectors robbing businesses of their money in the state to desist or risk being prosecuted. A statement issued on Thursday by the Cross River State Anti-Tax Agency said despite a law proscribing illegal taxation, tolls and levies on market women, petty traders and small scale businesses in the state, some of these illegal tax operators were still having their ways under the guise of generating revenue for the state government. According to the chairman of the agency, Mr Emmah Isong, it was unfortunate that some elements were bent

By Modupe Gbadeyanka No fewer than 600 former employees of the Aluminium Smelter Company of Nigeria (ALSCON) have been paid their entitlements by the federal government. The beneficiaries, precisely 603, were paid by the Pension Transitional Arrangement Directorate (PTAD) in December 2020, according to a notice from the agency on Wednesday. The 603 pensioners of the privatised company were given their money after undergoing the verification exercise put in place by PTAD. “Following successful documentation, verification and validation of the ex-workers of ALSCON by PTAD, 603 Ex-workers of the privatized agency were paid in December 2020,” the statement obtained by

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) is intensifying efforts to deepen the nation’s capital market by ensuring that more companies raise funds and get listed in the market. The new issue market has been relatively dormant with initial public offering (IPO) drying up in recent times. Although the market has witnessed the listing of two companies this year, the prospect of more companies coming to list is not very bright. However, in a move expected to attract more activities in the market, SEC has proposed a reduction in the cost of primary equity and fixed income issues.

Leading telecommunications services provider, Airtel Nigeria, has joined the organizers of the 25Under25 Awards to honour this year’s recipients of the coveted prize for young Nigerian entrepreneurs who are under 25 years of age. The 25Under25 Entrepreneurs Awards is an annual award that recognizes, celebrates and encourages some of Nigeria’s most innovative entrepreneurs under the age of 25 across various categories with a goal of stimulating an entrepreneurial culture among youths. Speaking during the award ceremony, which held at the Terra Kulture, Victoria Island, Lagos, Charles Odii, Executive Director, SME100 Africa, organizers of the award, said “the goal of the