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Local Business

Breaking: CBN takes over Board of Skye Bank

The Central Bank of Nigeria, CBN, on Monday, took over the Board and management of Skye Bank Plc after the lender failed to meet the regulator’s minimum key liquidity and capital adequacy ratios. The CBN Governor, Godwin Emefiele, disclosed this at a press conference, held at the CBN’s head office in Lagos. Emefiele said the apex bank had appointed a …

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FG to withdraw troops from Niger Delta communities, opts for dialogue

The Federal government has directed that troops should be withdrawn from Niger Delta communities as part of efforts to find an amicable solution to the spate of pipelines vandalism in the oil producing region. The directive was given at the end of an emergency  security council meeting which took place on Tuesday with Vice President Yemi Osinbajo presiding. The meeting, …

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Attacks on Eni & Aiteo pipelines reduces oil production by 140,000 barrels per day

Last week’s attacks by Niger Delta Avengers on oil pipelines belonging to Nigerian Agip Oil Company (NAOC) and Aiteo have reduced Nigeria’s daily crude oil production by 140,000 barrels The combined figure was revealed separately by spokespersons of the two companies on Sunday According to Eni, the parent company of Nigerian Agip Oil Company (NAOC),  the oil firm’s production had been cut …

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Senate excoriates Fashola over Poor Power Supply, Tariff

The Joint Senate Committee on Power, Employment, Labour and Productivity Tuesday lamented the deplorable state of power supply in the country and told the Minister of Power, Works and Housing, Mr. Babatunde Fashola, to live up to his responsibility. Lamenting the state of power supply in the country, the Senate committee accused Fashola of defending what it perceived as an unjustifiable …

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Militants destroy NNPC Trunk line warn IOCs of a big bombshell

The Niger Delta Avengers on Friday claimed responsibility for the sabotage on Thurday night of NNPC Gas and Crude trunk line in Warri. The militant group has also warned Indigenous Oil Companies (IOC) and the Nigerian Military to watch out: “something big is about to happen and it will shock the whole world”.

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CBN adopts flexible exchange rate policy, retains interest rate at 12%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has adopted a flexible exchange rate policy for the country. The CBN Governor, Mr Godwin Emefiele, disclosed this on Tuesday in Abuja while addressing newsmen on the outcome of the two-day meeting of MPC. He said with the directive, the apex bank would soon release a new guideline …

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N30trn allegation: Okonjo-Iweala takes legal action

Former Finance Minister, Dr Ngozi Okonjo-Iweala has said that she was never served any court processes in relation to the the allegation by former CBN governor Professor Charles Soludo that N30 trillion was missing during the past administration. The Federal High Court sitting in Lagos had in a judgment ordered former Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Federal …

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You must account for missing N30tn, Court tells Okonjo-Iweala, FG

The Federal High Court sitting in Lagos in a landmark judgment has ordered former Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Federal Government to “provide information on the spending of the alleged missing N30 trillion which represents some accruable income to the Federal Government during the last four years of the Administration of former President Goodluck Jonathan.”

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