Business

The House of Representatives has set up an ad-hoc committee to investigate the petroleum products subsidy regime under President Muhammadu Buhari. The lawmakers asked the committee to carry out the probe from 2017 to 2021. This followed the adoption of the motion by Rep Sergius Ose Ogun. Ogun, in his motion, expressed worries that the subsidy regime has been “unscrupulously” …

Nigeria on Tuesday lost its claim accusing   JPMorgan of $1.7B of negligently transferring hundreds of millions of state funds from an oil deal to the country’s former oil minister after a judge held the country failed to prove it had been defrauded. The High Court has dismissed Nigeria’s lawsuit, finding that JPMorgan Chase hadn’t breached its duty to protect its …

Former Chelsea owner, Roman Abramovich, has been charged with exporting two US-origin planes to Russia without a licence by American authorities. The US Justice Department ordered the seizure of two aircraft owned by the Russian oligarch today, saying they had been used in violation of sanctions on Russia imposed over its invasion of Ukraine. The department said in court filings that the two aircraft, a Boeing …

The government of the United Kingdom said on Thursday that it has frozen the assets of Russia’s state-owned Aeroflot PJSC and two other Russian airlines to prevent the companies from selling their unused landing slots at British airports worth an estimated £50 million ($62 million). The country’s largest airline and flag carrier, along with its subsidiary Rossiya Airlines JSC and …

The Airline Operators of Nigeria (AON) has alerted Nigerians to an imminent disruption in flight operations as the scarcity of aviation fuel popularly known as Jet-Al worsens. The spokesperson for the association, Obiora Okonkwo, in a statement on Monday, said the fuel scarcity was affecting smooth operations of air transport, adding that it would lead to flight rescheduling and cancellations. He …

A Virgin Atlantic flight had to U-turn on its way to New York after it was discovered that the co-pilot was still in training, leaving passengers furious with the delay A Virgin Atlantic flight was forced to return to Heathrow when it was revealed that the co-pilot was still in training, it is reported. The plane heading to New York …

A rare private Boeing 747 that used to belong to the Saudi royal family is destined for a scrap heap in the US, despite flying for a total of just 42 hours. The distinctive all-white 747-8 was ordered by Saudi crown prince Sultan bin Abdulaziz Al Saud for a staggering £235million, but he died one year before the plane was …

(Reuters) – An explosion at illegal oil refining depot in Nigeria’s Rivers state has killed over 100 people overnight, a local government official and the NGO Youths and Environmental Advocacy Centre (YEAC) said on Saturday. “The fire outbreak occurred at an illegal bunkering site and it affected over 100 people who were burnt beyond recognition,” the state commissioner for petroleum …

Canadian Prime Minister Justin Trudeau has proposed a two-year ban on some foreigners buying homes. The measure comes as the country grapples with some of the worst housing affordability issues in the world. Prices have jumped more than 20%, pushing the average home in Canada to nearly C$817,000 ($650,000; £495,000) – more than nine times household income. But industry analysts …

Vladimir Putin has threatened to turn off Europe’s gas supplies tomorrow unless Russia is paid in Roubles.