N537m Debt: Donald Duke Loses Property, Money to AMCON, UBA

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

By Adedapo Adesanya President Bola Tinubu on Wednesday departed Abuja for Dubai, the United Arab Emirates, to attend the COP28 Climate Summit which takes place from December 1 —2, 2023, with the theme Unite, Act, and Deliver. According to the presidential spokesman, Mr Ajuri Ngelale, the President will be using the platform to advocate for funding as well as technical support to tackle the array of climate problems facing the country. He said Mr Tinubu was “mindful of the severe impact of climate change on Nigeria, such as desertification, flooding, erosion, drought, and national security risks arising therefrom, will maximise

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

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 Adedapo Adesanya The first trading session of the new month of March 2021 closed on a negative note on the floor of the NASD over-he-counter Securities Exchange on Monday, March 1. The unlisted securities market was down by 0.77 per cent yesterday as investors continue to watch happenings in the country and the market from the sidelines before taking any action. The recent news that one of the big boys on the Nigerian Stock Exchange (NSE), 11 Plc (formerly Mobil Oil Nigeria) was planning to join the NASD could not sway investors at the market during and things still

By Modupe Gbadeyanka Accountant General of the Federation (AGF), Mr Ahmed Idris, has disclosed that the Treasury Single Account (TSA) saved Nigeria from total collapse after being hit with recession in 2016. Mr Idris made this disclosure in an interview with the Economic Confidential in an interview in Abuja recently. He said if the TSA were not in place, a total collapse of government activities would have occurred in Nigeria. “But let me make a strong and important point. If not because TSA is in place and now that the recession is here, only God knows what would have happened.

By Dipo Olowookere The average treasury bills yields depreciated by 0.65 percent on Tuesday to settle at 13.65 percent at the close of transactions. This was as the market was filled by bullish investor sentiment as investors stayed on the sidelines in anticipation of a second NTB primary market auction (PMA) for the month of September. Apart from the continued interests on the OCT maturities, the 1-month paper, which declined by 1.82 percent, yields marginally drop across other tenors. Specifically, the 3-month, 6-month, 9-month and 12-month instruments recorded respective yield declines of 0.39 percent, 0.45 percent, 0.39 percent and 0.19

By Aduragbemi Omiyale More big feathers have been added to the colourful cap of Advans La Fayette Microfinance Bank, cementing its leadership position in the small lending business in Nigeria. Recently, in recognition of its customer-centric credentials and innovation in product development, service delivery and brand management, the financial institution was named the Best Microfinance Bank in Nigeria at the Financial Derivatives Awards 2022. Also, the company emerged as the Most Innovative Microfinance Bank in Nigeria in the Global Brands Magazine and World Economic Magazine Awards 2022. The Managing Director/CEO of Advans La Fayette Microfinance Bank, Mr Gaetan Debuchy, while

By Dipo Olowookere The Nigerian Air Force (NAF), in furtherance of its humanitarian support to victims of the Boko Haram insurgency, has established another field hospital to cater for the healthcare needs of Internally Displaced Persons (IDPs) in Bama. The latest facility makes the second field hospital to be established by the NAF in Borno State to cater for IDP needs, with the first being in the Dalori IDP Camp. The Bama IDP Camp, before now, had been in dire need of additional medical facilities as the only medical outfit established by UNICEF was already overstretched and lacking the requisite

By Aduragbemi Omiyale An initiative to celebrate mothers and reward female entrepreneurs with cash grants for their ventures called Mums in Business Challenge has kicked off. The contest is the brainchild of Mouka, one of the leaders in foam making business and it is being organised in conjunction with the AGS Tribe. It is in line with the brand’s mission of adding comfort to life and falls under its Corporate Social Responsibility (CSR) pillar of “skills for life”. For the 2021 edition, Mouka is giving away a cash grant of N500,000 to the first prize winner, while the second prize

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Thursday, as traders focus on several key events scheduled on the day. Traders are digesting the European Central Bank’s latest monetary policy announcement and comments by ECB President Mario Draghi. Shortly after the start of trading, former FBI Director James Comey is scheduled to begin his testimony before the Senate Intelligence Committee. With Comey’s prepared remarks already released, traders are likely to keep an eye on the question-and-answer portion of his testimony. The general election in the U.K. is also likely to attract attention,

By Modupe Gbadeyanka In the first quarter of 2018, the Federal Government plans to borrow between N315 billion and N385 billion worth of bonds from the local market. This information was disclosed on Wednesday by the Debt Management Office (DMO) when it released its FGN bonds issuance calendar for the first quarter of this year. The debt office is approaching the Naira dominated market to raise the above amounts to support financing of the budget. Business Post gathered from the calendar that while some of the bonds are re-opening, others are new issues. On January 24, 2018, the DMO plans