News headlines from various news sites
The Lagos Chamber of Commerce and Industry (LCCI), has urged the Central Bank of Nigeria (CBN) to rethink its policy that barred certain businesses and their promoters from obtaining fresh loans from the banks. Its President, Alhaji Remi Bello, who spoke when he led executives of LCCI on a visit to Origin Group Limited in […]
The forensic audit commissioned by the federal government on the Nigerian National Petroleum Corporation (NNPC) will be concluded this month by the US-based firm, PriceWaterhouseCoopers (PwC), Daily Trust has gathered. The objective of the audit is to ascertain the true position of the accounts of the corporation and its subsidiaries after the allegation of a […]
The Central Bank of Nigeria, CBN has confirmed more than 90 per cent of the banks operating in the country have complied with its directive to install Anti-Scheming devices on their Automated Teller Machines, ATMs. The Anti-Scheming device is to help protect banks’ customer against fraud from fraudsters that uses various means. Continue Reading
The Nigeria Customs Service (NCS), Federal Operation Unit (FOU) Zone ‘A’, Ikeja, Lagos has made a huge catch, seizing N600 million worth of exotic vehicles. It made the seizure following the bursting of a smuggling ring that specialises in importing vehicles through the seaports without paying duty, The Nation learnt. Continue Reading
THE Niger Delta Indigenous Movement for Radical Change (NDIMRC), said it would resist attempts by Royal Dutch oil giant, Shell Petroleum Development Company (SPDC) and other multinational oil companies to frustrate the Nigerian Local Content Law. It implored the Minister of Petroleum, Mrs. Diezani Alison-Madueke to call the oil companies to order. Continue reading
In an effort to curb the rising level of commercial piracy of Pay TV signals, MultiChoice, Nigeria’s leading provider of premium pay entertainment, has urged individuals or entities that use DStv services for public use without a commercial licence to get a commercial licence to enable them broadcast DStv content without litigation. Continue Reading
The Nigerian Stock Exchange (NSE) is insisting that dealing members must confirm all client orders or mandates made by fax, telephone (voice or text) or electronic email before execution. The Exchange said this decision arises because it has observed an increasing trend of cyber fraud and scam mail sent by fraudsters/impersonators to Dealing Member Firms. […]
A fresh crisis is brewing in the pension sector as federal retirees are spoiling for yet another showdown with the Chairman of the Association of Federal Public Service Retirees, Chief Emmanuel Omoyeni, accusing the leadership of the National Union of Pensioners, (NUP) led by Alhaji Ali Abacha of complicity in the alleged missing N2.7 billion pension […]
The rising incidence of electronic fraud in the banking industry has remained a source of concern to operators in the industry. Data gathered by the Financial Institutions Training Centre (FITC) showed that electronic fraud has been on an upward trend since 2010. This is even more worrisome because the increase has been both in terms of […]
Apparently worried by the outcome of the 2015 election foreign investors are beginning to scale down their level of investment in Nigeria as witnessed by marked slowdown in investment inflows in first quarter of this year. Continue reading
THE Institute of Chartered Accountants of Nigeria (ICAN) and the Financial Reporting Council of Nigeria (FRC), last week, launched series of shared initiatives among which is blocking alleged fraudulent accounting practices employed by Asian companies to defraud the country. Continue Reading
GSK – one of the few big firms still supplying drugs in Syria – said on Monday it would investigate the new claims involving its own staff and local distributors. The company added it had suspended relations with its Syrian distributors pending results of the probe. The attack on the drugmaker’s ethical standards follows a […]
In the wake of the 2008 financial crises, the Central Bank created over N4000bn fresh Naira supply, inspite of its attendant inflationary threat, to rescue the Nigerian banking sector. Evidently, however, the bountiful profit figures declared lately by several banks would be clear testimony that, business is presently good in the sub-sector, particularly when compared […]
The Nigerian Stock Exchange (NSE) has investigated and indicted 29 stockbroking firms and four stockbrokers for alleged unauthorized sale of their clients’ shares. A report on shares fraud, also known as unauthorized sales of investors’ shares, indicated that several stockbroking firms surreptitiously sold their clients’ shares and diverted the proceeds. The report by the Nigerian […]
Minister of Petroleum, Diezani Alison-Madueke and the Nigerian National Petroleum Corporation (NNPC) have been cautioned not to allow themselves to be lured into pursuing extra-judicial advantage in contempt of court in the case involving Brittania-U on the one hand and Chevron Nigeria Ltd as well as Seplat Petroleum Development Company Ltd, on the other. Continue […]
DISTURBED by allegations of financial crisis plaguing the electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has commenced audit of the distribution companies ( Discos).The process, according to a reliable source, commenced with the Enugu Electricity Distribution Company and the Benin Electricity Distribution Company. Relatedly, the Commission has appointed a Dispute Resolution Counselor and constituted […]
Customs fears proceeds from menace may be used to fuel terrorism EXCEPT urgent measures are taken, the value of global illicit trade on counterfeit and pirated goods could reach $1.7 trillion by 2015, going by the estimation of the Business Action to Stop Counterfeiting and Piracy (BASCAP). Continue Reading
The Director-General of the Standards Organisation of Nigeria (SON), Dr. Joseph Odumodu has said the havoc caused by those involved in counterfeiting is more dangerous in other sectors of the economy than in the Pharmaceutical industry, where he has worked for several years as a pharmacist. Odumodu made the revelation in Abuja on Wednesday, while […]
The Benin Electricity Distribution Company (BEDC) has prescribed a 23 year jail term to the Senate against thieves of power equipment in the country, as a foil against lingering sabotage of the system. Managing Director of BEDC, Funke Osibodu, gave the prescription when the Senate Committee on Privatization visited the headquarters of the company as […]
More details have emerged from the Senate on the illegal kerosene subsidy regime in Nigeria, showing that the Federal Government and the Nigerian National Petroleum Corporation (NNPC) spent a total of $4.43 billion on the subsidies that were not appropriated for. Continue Reading