The Nigeria Financial Intelligence Unit, NFIU, has announced an upcoming crackdown on ghost businesses across the country, amidst concerns about lax regulation of companies’ financial dealings. The head of the agency, Moddibo Tukur, said during a visit to the Securities and Exchange Commission on Wednesday that the businesses that were registered without physical addresses constitute […]
Eni has filed a fraud complaint against its former head of oil trading over a suspect Iraqi crude oil shipment, amid concerns inside the Italian oil major that the failed delivery may have included Iranian crude targeted by U.S. sanctions. In the filing to the Milan prosecutor’s office Eni accused its former head of trading […]
The nation’s external debt stock rose by 148 per cent in almost four years of the President Muhammadu Buhari administration, data from the Debt Management Office showed. The external debt soared to $25.61bn on March 31, 2019 from $10.32bn on June 30, 2015, according to the DMO. Eurobonds worth $10.87bn accounted for the largest chunk […]
Ten Turkish sailors were taken hostage by armed pirates who attacked a Turkish-flagged cargo ship off the coast of Nigeria, the vessel’s owner said on Tuesday, adding that another eight sailors were left safely aboard. Turkey’s foreign ministry said the sailors were seized on Saturday evening. After the pirates left the ship it was taken […]
Officials from Italian oil group Eni sought to convince a witness, a former Eni manager, to withdraw some statements he had made during investigations into a Nigerian corruption case involving the company, a court heard on Wednesday. Prosecutor Fabio De Pasquale made the comment in a trial hearing into the case, during a legal debate […]
By Foster Obi National Association of Government Approved Freight Forwarders (NAGAFF) has highlighted the dangers faced by Nigeria for joining the African Continental Free Trade Area (AfCFTA), wondering why the government took the plunge without proper consultation. A lengthy statement signed by Boniface Aniebonam, NAGAFF Founder said “It is to us in NAGAFF that Nigeria […]
By Foster Obi Leading Nigerian Electricity Distribution Company, Ikeja Electric Plc (IE) has partnered with Slot Foundation to train 40 young persons in a skill acquisition and capacity building empowerment scheme, tagged Youth Empowerment Program (YEP). YEP is one of IE’s Corporate Social Responsibility (CSR) initiatives designed to empower youths who are mainly residents of […]
The Nigerian Communications Commission (NCC) has remitted N51.3 billion to the Federal Government’s Consolidated Revenue Fund (CRF) in the first quarter (Q1) of this year. It restated its commitment to fight crimes in the country and ensure seamless internet usage. The remittance, according to the Executive Vice Chairman (EVC/CEO), NCC, Prof. Umar Garba Danbatta, is […]
The volume of domestic mobile payments is estimated to grow by 56 per cent to reach 203 billion by 2024, a new data from Juniper Research, has shown. The report published on Monday noted that domestic Peer-to-Peer payments will drive this growth; accounting for 80 per cent of all domestic transfers in 2024. The study […]
Nigerian state oil firm NNPC issued award letters on Monday for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters. A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the deals said. The award letters were circulated on […]