Category: Economy

By Editor. President Muhammadu Buhari on 7th August, 2020 assented to the Companies and Allied Matters Bill, 2020. This is the first reform of CAMA, one of the most important pieces of business legislation in Nigeria, since it was first introduced 30 years ago. Changes that the revised Bill introduces include the following (not an exhaustive list): The revised Act allows single member/shareholder companies to be incorporated in Nigeria – before now the minimum number of shareholders was two (2)….

$2.5bn alleged stolen crude: Frank asks Buhari to sack NNPC GMD, Kyari

July 27, 2020

NNPC GMD, Mele Kyari. By Editor. Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has called for the immediate sack of the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Mele Kyari, over his complicity in the alleged $2.5billion stolen crude oil sold in China. An online news platform recently revealed that about 48 million barrels of Nigeria’s Bonny Light Crude, valued at $2.5 billion was stolen, sold in…

Tension as Keystone Bank, 9Mobile acquisition by AMCON MD’s father-in-law unsettles shareholders

July 25, 2020

By Editor. Following the controversy generated by the leading opposition party, the People’s Democratic party, PDP, over the alleged acquisition of Keystone Bank and Etisalat (now 9Mobile) by late Alhaji Isa Funtua, the father-in-law of the CEO of Asset Management Company of Nigeria, AMCON, Ahmed Kuru, President Muhammadu Buhari is said to have ordered probe into the alleged fraud.A highly placed source at the headquarters of the Economic and Financial Crimes Commission, EFCC said that the President was thoroughly…

NIDA awards: Stakeholders to explore creative infrastructure funding

December 4, 2019

Lanre Alabi, Coordinator of NIDA Awards. By our Correspondent. Stakeholders comprising policy makers, corporate experts, venture capitals, development agencies, private sector operators and others will gather in Lagos on Thursday, 5th December to explore creative and enduring options to infrastructure funding in Nigeria. According to the coordinator and a chief strategist, Mr, Lanre Alabi, former Executive Vice Chairman of the Nigerian Communications Commission (NCC), Chief Earnest Ndukwe, will chair the NIDA Award Nite and lead other discussants including the…

Nigerians laud Buhari on Social Investment Programme, seek improvement, better funding

June 5, 2019

Mrs. Mariam Uwais, Esq, SA to President on SIP. By Ibeawuchi Ambs Uwaleke. A cross section of Nigerians have commended President Muhammadu Buhari’s administration for the idea and implementation of the Social Investment Programme (SIP) which is impacting positively on the people irrespective of their social, cultural or religious backgrounds in the society. In a poll conducted by this Medium, a lot of them showed appreciation for the President for the laudable programme his government created to assist Nigerians…

House sub-committee probes 100 companies over alleged sharp practices

May 7, 2018

House of Representatives in Plenary The House of Representatives sub-committee of the Capital Market on Regulation and Compliance has commenced probe into alleged sharp practices by some Public Limited Companies (PLCs) following plethora of petitions by shareholders in the sector. Chairman of the sub-committee, Rep. Tony Nwulu, told newsmen in Abuja that the investigation was designed to sanitise the capital market and restore investors’ confidence in the sector. According to him, over a 100 PLCs have been…

Expert tasks states to amend outdated financial laws to improve IGR

May 2, 2018

Mr. Ikechukwu Nweje (left) delivering his address at the retreat in Enugu… on Wednesday. Task team leader of State and Local Governance Reform (SLOGOR), and a World Bank financial expert, Mr Ikechukwu Nweje has urged state governments to amend outdated financial laws to improve their Internally Generated Revenue (IGR) and financial governance. Nweje made the call at a retreat organised for the six SLOGOR states participating in the Public Financial Management (PFM) Reforms in Enugu on Wednesday. The…

Senate orders NNPC to refund N216b subsidy money to FG

April 26, 2018

The senate has asked the Nigerian National Petroleum Cooperation (NNPC) to stop further payment of oil subsidies. It also asked the corporation to immediately refund the total sum of N216 billion said to have been used for subsidy payment to the consolidated revenue fund. The senate issued the orders on Thursday after adopting the recommendations of its committee that investigated the subsidy payment done without the lawmakers’ approval. The lawmakers described the payment as illegal and lacking in transparency….

Iran bans Bitcoin, Cryptocurrencies

April 23, 2018