Business News

Fed Govt Rushes To Settle Oil Marketers

The Debt Management Office (DMO) is accelerating the implementation of the Promissory Note Programme and Bond Issuance to settle inherited local debts and contractual obligations due to various categories of creditors, including oil marketers. The measure is intended  to stave off any intended confrontation with oil marketers and other creditors, a statement from the DMO […]

Business News

Telecoms Network Blackout Looms In FCT, 9 Other States

Ten states and parts of Federal Capital Territory (FCT) may soon face telecommunications services blackout following tax disputes between Kogi Government and mobile network operators. Gbenga Adebayo, Chairman, Association of Licensed Telecommunication Operators (ALTON), made this known on Monday in Lagos while briefing newsmen on issues affecting the nation’s telecommunications industry. The ALTON chief said […]

Business News

Subscriber Slams N250m Suit On MTN Over Wrongful Arrest, Illegal Detention

A subscriber to MTN Nigeria Communications Limited, Chidi Johnson has instituted N250 million suit against the telecommunications company before a Federal High Court in Lagos, Southwest Nigeria over his alleged harassment, arrest and illegal detention without a reasonable cause. Johnson is claiming the sum as damages for the public harassment, inconvenience and loss of business […]

Business News

Teleology Takes Over Former 9mobile

Teleology has formally taken control of Nigeria’s troubled telecommunication company, 9mobile, by appointing a new board of directors headed by 54-year-old Nasiru Ado Bayero. Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new Non-Executive of 9mobile. The appointment of the board followed the exit of the […]

Business News

How Skye Bank Was Ran Down By Directors – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) says it’s risk assessment and forensic investigation reports revealed that the erstwhile management of the failed Skye Bank Plc contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices. A statement by Mr. Mohammed Kudu Ibrahim, Head, NDIC Communication and Public Affairs, yesterday, said […]

Business News

Develop Policies To Attract Private Sector Investments – Elumelu Says To African Presidents

 Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation; Tony O. Elumelu, CON has called on African Heads of State to develop policies to attract Private Sector Investment. He made this call while speaking to private sector captains, global investment leaders and key players in Africa’s development sector at a plenary discussion at the Africa Investment […]

Business News

Oil Price Rises To $73 A Barrel

Oil rebounded to $73 a barrel on Wednesday after falling to its lowest since August, supported by a report that Russia and Saudi Arabia are discussing oil output cuts in 2019. Russia’s TASS news agency, citing an unnamed source, reported that the two countries, the biggest producers in an OPEC-led alliance that has been limiting […]