News headlines from various news sites
Let me start with three “case studies”-on June 17, 2014, Businessday published a report titled, “FBN Holdings moves to acquire merchant banking license”. The crux of the report was a presentation by Group CEO of FBN Holdings, Bello Maccido at the NSE on the group’s 2013 financial performance. Continue Reading
The announcement of the sack of erstwhile Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, did not come as a surprise to many who have watched closely the unfolding events at the corporation. Efforts have been made by past and present governments to make the NNPC an independent corporation and compete favourably […]
The head of Formula One has avoided possible conviction on bribery charges after agreeing to pay $100 million. A German court ruled Tuesday that it would accept an offer from Bernie Ecclestone to bring an early end to proceedings, which had already lasted three months. Presiding judge Peter Noll gave the 83-year-old British businessman a […]
Little action has been taken to clean up pollution caused by oil production in Nigeria’s Niger Delta region, either by the government or Shell Oil, Amnesty International and other groups charged Monday. Oil production has contaminated the drinking water of at least 10 communities in the Ogoniland area but neither the Nigerian government nor Royal […]
The Business Confidence Index (BCI) in Nigeria has dropped by 5.1 per cent, a survey conducted by the Lagos Chamber of Commerce and Industry (LCCI) has revealed. According to the report, it dipped in the third quarter of this year because investors and business leaders remained wary about the state of the economy and the […]
Illicit financial flows from Africa cost the continent roughly $555.6 bn (N88.73 trillion) annually over the past decade, Global Financial Integrity (GFI) has said. The group said as African leaders converge on Washington this week for the historic US-Africa Leaders Summit, the Obama administration and Heads of State from across the continent should prioritize efforts […]
BNP Paribas SA’s $9 billion settlement with U.S. authorities, aided by internal whistleblowers, has spurred calls for federal banking regulators to protect and reward individuals who report wrongdoing by banks. The U.S. Securities and Exchange Commission has scored big enforcement successes and delivered millions of dollars in awards to whistleblowers under a program from the […]
With a contribution of N51.6 billion to the nation’s N4.3 trillion pension fund assets, and its consistency in the payment of pension benefits to retirees, the Federal Government has declared Lagos State as the best out of the 36 states in the country. It also praised the state for adopting and implementing the Contributory Pension […]
The Nigerian Stock Exchange (NSE) is to fine companies that fail to pay dividends after due dates, as part of efforts to protect investors and make the market more attractive. Specifically, any company that fails to pay dividend on due date shall attract a fine of five per cent of the total dividend amount declared. […]
Former workers of defunct Power Holding Company of Nigeria (PHCN) have again alleged irregularities in computation and payment of severance benefits, insisting that the the Bureau of Public Enterprises (BPE) is guilty of mismanaging extant processes of settling their entitlements continue reading
IN light of recent developments in the cement industry, the Standards Organisation of Nigeria (SON) Monday unveiled new guidelines to regulate actions of manufacturers in the industry. Going by the new guidelines, cement manufacturers are expected to indicate the batch numbers, best-before date and product application information on cement bags within the next 60 days. […]
Telecoms subscribers in different parts of the country have expressed disgust at what they call illegal deductions being made by the telecommunications companies for the services being rendered by the firms. Some of the subscribers told our correspondent that some latent but punitive measures allegedly being perpetrated by the Global System of Mobile telecommunication service […]
FROM the expected growth in the numbers of new registrations, increase in contributory rates, to the accumulation of more fund by the Pension Commission (PenCom), which are positive developments of the newly signed pension Act, there are however, emerging challenges of bureaucracy in implementing some of the contents and probable difficulties that would beset small […]
These are not the best times for Mrs. Nkiru Okere, Managing Director of Nkylinks Business Concept Limited, a firm dealing in imports and exports. Having sought to purchase used motor spare parts worth about N4, 000, 000 from Dubai in January, the business dealing which involved her husband, brother-in-law and his younger brother seems to […]
National Food, Drugs Administration and Control (NAFDAC), has been indicted over non-remittance of N1.439 billion operational surplus to the Federation Account. The development, according to the Fiscal Responsibility Commission (FRC), contradicts the Fiscal Responsibility Act of 2007, Section 2 of which makes it mandatory for government agencies to remit certain percentage of their operational surplus […]
The Central Bank of Nigeria has said it will sanction banks that prevent their employees from joining labour unions or other associations. The CBN, which said it had received information that some banks had been preventing their employees from exercising their fundamental human rights, explained that deposit money banks, discount houses and development finance institutions […]
The Standards Organisation of Nigeria (SON) has raided the popular Lagos Computer Village, Ikeja where it confiscated suspected substandard telephone handsets worth over N200 million. According to the its Head of Intelligence and Compliance Directorate, Bede Obayi, who spoke after the operations, the exercise was diligently carried as a result of its surveillance team reports […]
The Sovereign Wealth Institute has upgraded the Nigeria Sovereign Investment Authority from four to nine points on its Linaburg-Maduell Transparency Index. The transparency index was developed at the SWI by Carl Linaburg and Michael Maduell and is a method of rating transparency in respect to sovereign wealth funds, a statement by the NSIA said. The […]
The United Nations Human Rights Council sitting in Geneva, has passed a resolution to hold transnational companies, especially in the oil and gas sector, accountable for environmental and human rights abuses in Nigeria, and anywhere in the world that they operate. Continue Reading
THE Nigerian Communications Commission (NCC) has formally unveiled a telecommunications sector corporate governance code targeted at safe guarding the over $25 billion investments in the industry. Though, it will not be mandatory until after two years, the Executive Vice Chairman of NCC, Dr. Eugene Juwah at the unveiling in Lagos, Thursday, said the code […]