Ope Banwo Asks OmegaPro Nigeria Promoters to Refund Investors

By Adedapo Adesanya A Federal Capital Territory High Court, Abuja, has adjourned an alleged procurement fraud case involving ex-Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to January 18 and 19, 2024, for continuation of trial. Mr Emefiele is standing trial on a six-count amended charge on alleged procurement of vehicles to the tune of N1.6 billion. He had pleaded not guilty to the charges. He was granted bail on November 17, 2023, to the tune of N300 million, and two sureties and remanded at the Kuje Correctional Centre, pending when he meets his bail conditions. However,

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Bliss Okperan The House of Representatives has asked that the Minister of Communication and Digital Economy, Mr Bosun Tijani, intervene in, halt and reverse the increase in the DSTV/GOTV tariffs by MultiChoice Nigeria. A member of the House, Mr Umar Ajilo, moved the motion on Tuesday on the floor, saying the prevailing economic hardship has made it difficult for subscribers to meet up with the increment. Recall that earlier this month, MultiChoice Nigeria introduced new rates for its DSTV and GOTV packages in the country, blaming rising costs of business operations for its action. “On Monday, November 6, 2023,

By Adedapo Adesanya A Boeing 737-400 plane carrying over 80 passengers belonging to Ariana Afghan Airlines has crashed in the remote and mountainous Deh Yak district in eastern Ghazni province in Afghanistan on Monday, January 27, 2020. According to reports, 83 people were on board when the plane went down south-west of Kabul at about 9 a.m. Nigerian time on Monday. It was disclosed that the plane was flying from Herat to Ghazni when the crash occurred. As at the time of the report, the cause of the crash has not been revealed as well as the number of casualties.

By Modupe Gbadeyanka Communities in the Lagos State which erected gates on their streets without the necessary approval from the state government have been directed to remove them in seven days. In the alternative, they can leave the gates the way they are on the conditions that they will remain open for public use from 5am to 12 midnight and would be manned by security guards. The Commission for Transportation in Lagos, Mr Frederic Oladeinde, explained that this directive became necessary because of the traffic caused by the closure of some street gates. According to him, some commuters find it

By Ahmed Rahma The Niger Delta Power Holding Company (NDPHC) is working to export 70 Megawatts (MW) of power to the Republic of Togo. The executive director of the organisation, Mr Kassim Abdullahi, disclosed this on Monday via a statement signed by the NDPHC’s Head of Communication and Public Relations, Mrs Olufunke Nwankwo. Mr Abdullahi revealed that the power would be exported through the Calabar Power Plant. Speaking at an inspection of the Calabar Power Plant in Odukpani, Cross River State recently, the executive director said the company already had a Power Purchase Agreement (PPA) to supply 70 Megawatt (MW)

By Dipo Olowookere Despite the unfriendly business environment caused by the COVID-19 pandemic, Stanbic IBTC Holdings Plc has continued to stay strong as a result of the futuristic strategies put in place by the board and management. In the first quarter of 2021, the financial group maintained an adequate level of capital, with the total capital adequacy ratio closing at 22.7 per cent, significantly higher than the 10 per cent minimum requirement of the Central Bank of Nigeria (CBN), the industry’s regulatory agency. Also, its liquidity ratio was above the regulatory minimum requirement of 30 per cent, signifying Stanbic IBTC’s

By Ahmed Rahma Ecobank Nigeria has assured its customers that efforts would be made to enable them to have their remittances in dollars done seamlessly. This is in line with the recent announcement by the Central Bank of Nigeria (CBN) that beneficiaries of remittances can now receive their transfers in Dollars or opt to have the funds paid directly into their domiciliary accounts, In a chat with newsmen in Lagos, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, disclosed that the lender was taking steps to see to the immediate implementation of the policy. He, therefore, encouraged Nigerians to

By Modupe Gbadeyanka Organisers of the All Africa Business Leaders Awards (AABLA) have called for the submission of nominations for different categories. The event is in its 7th edition in 2017. The categories include Young Business Leader of the Year, Entrepreneur of the Year, Business Woman of the Year, Industrialist of the Year, Company of the Year and Business Leader of the Year. The AABLA Awards is organised in partnership with CNBC Africa. The programme is used to honour business excellence in the African region that has had a considerable impact on their industry and the community that they serve.

By President Muhammadu Buhari It is my pleasure to present the 2017 Budget Proposals to this distinguished Joint Assembly: the Budget of Recovery and Growth. We propose that the implementation of the Budget will be based on our Economic Recovery and Growth Strategy. The Plan, which builds on our 2016 Budget, provides a clear road map of policy actions and steps designed to bring the economy out of recession and to a path of steady growth and prosperity. We continue to face the most challenging economic situation in the history of our Nation. Nearly every home and nearly every business

By Modupe Gbadeyanka December 2016 has fixed by for the launch an economic recovery plan aimed to revamp the country’s dwindling economy. The plan tagged National Economic Reconstruction and Growth Plan would be unveiled by President Muhammadu Buhari. It is expected to be detailed document that would bring together various plans that had been put together by the government’s Economic Management Team. Minister of Budget and National Planning, Mr Udo Udoma, who gave this hint on Thursday in Abuja, noted that documents are the Strategic Implementation Plan from which the Medium Term Expenditure and Fiscal Strategy Paper was developed, and