The counsel to the Securities and Exchange Commission (SEC), Anthony Idigbe (SAN), on Monday opposed an application seeking to join Oando Plc in a suit filed its Group Chief Executive Officer, Adewale Tinubu, and his deputy, Omamofe Boyo. They duo are seeking enforcement of their fundamental rights before a Federal High Court in Lagos. The […]
The Nigeria Immigration Service (NIS) has announced plans to start issuing the new enhanced 10-year e-Passport to eligible applicants at its Ikoyi office in Lagos. According to the NIS Comptroller-General, Muhammad Babandede, the roll-out has already commenced in Abuja, but issuance of the new passport will begin on Tuesday (today), June 25. The NIS on […]
The depreciation of the naira between 2004 when the last banking sector recapitalisation took place and now has cut the value of the capital of each Deposit Money Bank by about $175m. The recapitalisation of the banking sector, which was done in 2005, required the banks to raise their capital base from N2bn to N25bn. […]
Nigeria’s central bank will keep its foreign exchange system, its governor said on Monday, supporting a controversial managed float of the naira that investors and the International Monetary Fund have asked the country to dismantle. Despite years of inflationary pressure as global prices for oil, Nigeria’s main export, dropped, the government and central bank have […]
A federal court in Lagos adjourned a case brought by local oil firm Oando to stop Nigeria’s financial watchdog from replacing its chief executive and making other manangement changes to July 22. The SEC’s action followed an investigation in which it allegedly found evidence of financial infractions by the company. This month a court blocked […]
Twelve of Nigerian state governments have proved that the returns from the usual business of budget secrecy are much more fulfilling to them than the $750million incentive provided by the World Bank to encourage public finance transparency in Nigeria, BudgIT research has shown. According to a statement signed by Shakir Akorede, BudgIT’s Communications Associate said […]
The Registrar of the Joint Admissions and Matriculation Board, Prof. Is-haq Oloyede, has called on the Federal Government to place an embargo on the establishment of new universities. Prof Oloyede said this during the 4tth convocation lecture of Federal University, Dutse, Jigawa state at the weekend. The Registrar, in the Board’s Weekly Bulletin released by […]
Justice Ikechi Nwenka of the National Industrial Court, Lagos, has lambasted Indian-owned firm, Tata Africa Services Limited, for refusing to pay its former Sales Manager, Mr. Wilfred Obi, his retirement benefits and commission. Justice Nwenka, while delivering her judgment, described Tata’s action as unbecoming, unlawful and reprehensible even as she ordered the firm to pay […]
No less than eight people have been reportedly injured after a one-storey building collapsed in the Oshodi area of Lagos state. The building is said to have collapsed on Sunday at No 35, Adesanya Street, Mafoluku area of the Oshodi-Isolo local government area. Channels TV is reporting that Oke Osanyintolu, director-general of the Lagos State […]