News headlines from various news sites
There was a mild drama yesterday at the on-going trial of two oil marketers and their companies over their alleged roles in a N1.1billion Subsidy Fraud as the Economic Financial Crimes Commission (EFCC) declared one of its witnesses, Okechukwu Okpor, hostile. The drama started when Okpor, who was called by the EFCC in support of […]
Indigenous integrated oil and gas company Oando Plc has described as false and misleading a recent advertorial that it has given donations to political parties through the use of two private jets, a Bombardier Challenger with Reg Number ZS BOT and a Hawker 4000 with Reg Number ZS JAT. Read more
KPMG professional Services has called on stakeholders and audit committee members of public companies to form a coalition against the Financial Reporting Council’s, FRC, proposed unification of corporate governance code, and make sure it does not come into effect pending the amendment of some guidelines that violate efficiency in the capital market. – Read more
The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the Nigerian National Petroleum Corporation [NNPC] has indicted the management of the national oil company for various questionable transactions. Continue Reading
Increased uncertainties about the political and economic situation in the country following the postponement of the general elections and continued decline in the value of the naira cost investors in the stock market N801bn last week. The losses accrued after the equities segment of the Nigerian Stock Exchange closed on a negative not in all […]
Transparency International, TI, has advocated a crackdown on money launderers and the banks that aid them in the illicit funds transfers across the globe. A statement by TI yesterday challenged national authorities and their security agencies to halt money laundering which deny citizens the much-needed resources for national development. Continue Reading
Banks have been urged to see anti-money laundering (AML/CFT) compliance as obligatory because of the need to insulate banks and other financial institutions against criminal activities. Managing Director of DataPro Limited, Mr. Abimbola Adeseyoju, who said this at the January meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCoBIN) sponsored by […]
In a bid to ensure that companies operating in Nigeria’s capital market perform well, the Securities and Exchange Commission, (SEC) is to launch its corporate governance scorecard. This was disclosed by the ag. director-general of the SEC, Mounir Gwarzo, when he received members of the Institute of Directors Centre for Corporate Governance in Abuja, yesterday. […]
WASHINGTON (AP) — Standard & Poor’s Ratings Services warned Tuesday that it might downgrade Nigeria’s credit rating, citing tumbling oil prices and political unrest. The rating agency said there’s at least a 50 percent chance it will reduce Nigeria’s long-term credit rating – already a speculative BB-. Continue Reading
The Lagos Chamber of Commerce and Industry has expressed concern about the negative impact of the elections postponement on businesses and investors’ confidence. The LCCI, in a statement on Sunday, said investors needed to have an idea of the direction of the country’s political and economic governance in order to manage policy and political risks […]
Shareholders and stockbrokers have expressed different views over the Securities and Exchange Commission (SEC) directive to registrars of public companies that approved dividends be returned after 12 months to the paying companies. Some shareholders that spoke with LEADERSHIP expressed dissatisfaction over the proposed rules, arguing that the Companies and Allied Matters (CAMA) should be amended […]
Nigeria has lost about 2.5 million barrels of crude oil and condensate within the last six weeks due to pipeline vandalism, the Nigerian National Petroleum Corporation (NNPC) has said. Group Executive Director Gas and Power of the Corporation (GED G&P), Dr. David Ige, said the corporation lost between 50,000 and 60,000 barrels of crude oil […]
The newly appointed acting Director General, Securities and Exchange Commission, SEC, Munir Gwarzo, has come under fire for his alleged approval of the N30 billion bond for Gombe State government. A political pressure group, Gombe Good Governance Group, otherwise called G4, has petitioned President Goodluck Jonathan, to demand Mr. Gwarzo’s immediate removal for allegedly approving […]
The precipitous depreciation of the naira, Nigeria’s currency against the US dollar since the last quarter of 2014, seems to be creating confusion in the market place. While the sag in oil prices justified the weakening of the naira, it also presage further troubles for the growth of the Nigeria economy. Of course, since last […]
The Managing Director of Academy press PLC, Mr. Gbenga Ladipo has explained that the company did not ask the government to impose tariff on imported books. Ladipo stated this recently, in Lagos, during the company’s customers’ forum. He said the printers asked for the elimination of tariffs on imported materials so that it can be […]
The Federal Government says it will henceforth disallow the discharge of ships calling at the nation’s seaports and other facilities with armedforeign private guards as part of measures to check the influx of illegal arms into the country. The Federal Government had last year in response to the security situation in the country as well […]
The Nigerian National Petroleum Corporation (NNPC), has warned that the frequent attacks on its gas pipelines is affecting the country’s credibility as a gas supplier to West African countries. The Corporation Executive Director, Gas and Power, Dr. David Ige said on a national television programme on Monday that besides the amount of millions of Naira […]
An activist who climbed the rooftop of the Head of Service building in 2012 to protest against the looting of pension funds has said that he has no regrets for his action as it yielded fruit. Mr Okenwa Enyeribe, who runs a Non-Governmental Organisation (NGO) known as the Revolutionary Council of the Nigerian People, was […]
There are strong indications that the Nigerian Civil Aviation Authority (NCAA) might be headed for severe financial crisis owing to alleged mismanagement of its funds by succeeding heads of the regulatory body. It was gathered that some of the past heads of the agency frittered away the money that accrued from the 5 per cent […]
Thousands of small farmers in north-eastern Nigeria are facing eviction from their ancestral lands without consultation or compensation to make way for a U.S.-owned rice plantation, according to a report yesterday. A new 30,000 hectare rice plantation, owned by Oklahoma based Dominion Farms, will displace up to 40,000 people in Taraba state, said Mariann Bassey […]