Business

…As sacked workers press for severance pay The receiver/manager appointed by the Assets Management Corporation of Nigeria (AMCON) to turn around the fortunes of distressed Aero Contractors Airline appears to have met brick wall in his effort to revive the firm as its functional aircraft fleet dropped further from three to two over the weekend. This is coming as agitation …

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The Federation Account Allocation Committee ( FAAC ) meeting was called off last Thursday over the non-remittance of about N1.78 trillion into the government’s coffers by the Nigerian National Petroleum Corporation ( NNPC ), The Nation has learnt. About N1.32trillion of the outstanding was unpaid by the NNPC during former President Goodluck Jonathan’s administration. The whereabouts of the cash remains unknown. Also, …

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The Plateau State government has expressed its willingness to partner with the Bank of Industry (BOI) in the revitalization of ‎Micro, Small and Medium Enterprises (MSMEs) in the state. Speaking in Jos, the state capital, at the BOI North East customer forum, the Secretary to the State Government, Hon. Rufus Bature, said the people of the state have become more …

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Earnings performance from FCMB Holding Plc from first quarter of 2017 to third quarter of 2017 has failed to impress shareholders as shown in the company result for the period ended September 30, 2017, which has been attributed to the decline in foreign exchange revaluation for the period under review. For instance gross earnings dropped by 15.57 percent to N118.81 …

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The Senior Special Assistant to the President on the Economic Recovery Growth Plan Implementation (ERGP), Dr. Effiong Essien has defended the move by the federal government to engage Malaysian experts to drive the implementation of the ERGP. According to Essien, the decision of by the Federal Executive Council (FEC) was aimed at encouraging transfer of knowledge. Essien disclosed this in …

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The Nigeria Deposit Insurance Corporation (NDIC) has called for restoration of banking services to the North Eastern zone of the country. Managing Director/Chief Chief Executive, NDIC Alhaji   Umaru Ibrahim made this call in Kano at   the corporation’s annual workshop for Business Editors and Finance   Correspondents   Association of Nigeria, tagged: “The role of Nigerian banking sector: opportunities, challenges and the way …

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The Federal Government spent a total of N3.49tn on domestic debt servicing and payment between January 2015 and September 2017, investigation has shown. In the same period, the country paid a total of $1.07bn (about N326.69bn) to service foreign loans obtained by both the federal and state governments. This shows the wide gap between the size of domestic borrowing and …

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The Oil and Gas Free Trade Zones Authority (OGFZA) has deregistered a total of 16 companies operating in the zones under the concession of INTELS Nigeria Limited, the company whose contract for ship pilotage was recently revoked by the federal government. However, the companies are said to have voluntarily applied to withdraw from the trade zones following the lull in …

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The Nigerian National Petroleum Corporation (NNPC) says it has almost concluded discussion on the choice of a core investor for the proposed bio-fuel plant in Benue. The Group Managing Director of the corporation, Dr Maikanti Baru, said this in a statement issued by Mr Ndu Ughamadu, NNPC Group General Manager Public Affairs Division in Abuja on Sunday. Baru, after a …

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The Lumos service is combining the power of the sun and your MTN mobile phone to bring a new type of power to Nigeria The complex dilemma of how to power Nigeria dominates politics and economics, yet hundreds of thousands of people are discovering the answer is to literally take power into their own hands. This week, the Lumos (www.Lumos-Global.com) …

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