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Local Business

Buhari assures oil companies of security in Niger Delta. appeals to militants

President Muhammadu Buhari has assured oil companies operating in the Niger Delta that the Federal Government is taking necessary actions to protect strategic assets in the region from vandals. The president gave the assurance in Abuja on Friday at a meeting with the Global Director (Upstream) of the Royal Dutch Shell Group, Mr Andrew Brown. Buhari said that he had …

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UBA Appoints five new Executive Directors to Group Board

United Bank for Africa PLC, has announced the appointment of five new Executive Directors, subject to the approval of the Central Bank of Nigeria: According to a statement from the bank, the new appointees who were elevated from within the bank include  Ayo Liadi; Oliver Alawuba; Ibrahim Puri; Uche Ike and Chuks Nweke. “All bring considerable experience to the Board and, as a sign …

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Finally Buhari signs 2016 Budget into law

 Finally, President Mohammadu Buhari has assented to the 2016 Appropriation Bill, giving way for full implementation of the budget. The signing took place just a moment ago at the presidential Villa, Abuja. Recall that the budget was laid before a joint session of the National Assembly on December 22, 2015. Work on the document began shortly after the Christmas break …

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AMCON Revs up recovery effort, appoints professional debt resolution firms as partners

As part of its renewed strategy to resolve over six thousand accounts with loan balances of N100million and below, the Asset Management Corporation of Nigeria (AMCON) has flagged off its induction programme for successful firms that qualified as its Asset Management Partners (AMPs). The AMPs are consortiums with specialist skills required to ensure recovery and debt resolution; banking, legal, valuation …

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Oil Thieves: Fani-Kayode, Lebile 18 others jailed six years each

Justice Ibrahim Buba of Federal High Court sitting in Ikoyi, Lagos on Wednesday convicted 20 persons for illegal dealing and storage of petroleum products. The convicts are Adesunloye Fani-Kayode, Captain Daniel Lebile, Ala Ibanibo, Wole Ajayi, Michael Mgbanwa, Segun Ekundemi, Johnson Mashebinu, Ndidi Benjamin, Bright Nwaezuoke, Blessing Omoviye and Kayode Ireti.Justice Ibrahim Buba of Federal High Court sitting in Ikoyi, …

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Kachikwu: Fuel shortage to gradually ease off

——--Says refineries operating at 60% but need $700m to upgrade to 90% Minister of State for Petroleum, Ibe Kachikwu, has said the lingering fuel shortages in major cities across the country would gradually ease off with coming on stream of refineries, which require about $700 million to upgrade and operate at 90 per cent capacity. Kachikwu, who noted this when …

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FAAC: FG, States, LGs share N299.7bn in March as revenue drops by N39bn

The Minister of Finance, Mrs Kemi Adeosun, on Thursday in Abuja said that N299.7 billion was shared among the federal, states and local governments as revenue for March 2016. Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She …

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