News

The Supreme Court of the United Kingdom, in a unanimous judgment, has granted a reprieve to the Nigerian National Petroleum Corporation over a $100m bank guarantee in a case involving the corporation and a service company, IPCO (Nigeria) Limited. The reprieve, according to a statement by the corporation on Tuesday, was the latest in the protracted dispute arising from the …

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The House of Representatives on Tuesday said the Ministry of Transportation would get zero allocation in the 2017 budget if it failed to provide clear explanation and figures on how it spent the funds appropriated to it in the 2016 fiscal year. According to the lawmakers, the ministry has not spent the over N243bn that it has so far received …

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The Zamfara State Governor, Alhaji Abdulaziz Yari, on Tuesday said the Chinese government had offered to open a credit line of $4.5bn for Nigeria to improve agriculture in the country. Yari disclosed this to State House correspondents after he and the Minister of Agriculture, Chief Audu Ogbeh, briefed President Muhammadu Buhari on the development at the Presidential Villa, Abuja. The …

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The Nigeria Extractive Industries Transparency Initiative on Tuesday called on the Federal Government to urgently recover the over $21.778bn and N316bn unremitted funds meant for the federation but allegedly held up by the Nigerian National Petroleum Corporation and its subsidiaries. It stated that if recovered, the funds could be used to finance the country’s Economic Recovery and Growth Plan, adding …

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Photo Caption: From left; Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC; Mr. Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Mrs. Sola David-Borha, Chief Executive (Africa Regions), Standard Bank Group; Mr. Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC at Closing Gong Ceremony to introduce the newly appointed CEO of Stanbic IBTC Holdings to the capital market  stakeholders …

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The Nigerian Civil Aviation Authority (NCAA) has stated unequivocally that there is no going back on its earlier directive on automation of remittance of the 5% ticket and cargo sales charges. To this end NCAA said any airline that fails to comply will be viewed seriously. In a statement to nationalwire, agency said “For the purpose of clarity, the Regulatory …

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Some financial experts have expressed optimism that there would be increased liquidity in the capital market in the second quarter of this year. They said in Lagos on Wednesday that the sustained economic recovery measures of the Federal Government would impact positively on the market this quarter. Dr Uche Uwaleke, the Head of Banking and Finance Department in Nasarawa State …

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A new drug combination— tetrahydrouridine (THU) and decitabine — shows great promise in the treatment of sickle cell disease (SCD). Results from a phase 1/2 clinical trial suggest this novel oral therapy was well tolerated and produced the desired effect on red blood cells by increasing fetal hemoglobin (HbF) levels twofold. “We’ve known the molecular basis for this disease for …

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One Adesanya Tobi, 26, on Wednesday appeared in an Ikeja Magistrates’ Court charged with breaking into a shop and stealing 44 pieces of cow skin popularly called `kpomo’, valued N80,000, Tobi, whose address was not provided, pleaded not guilty to the two counts of breaking and stealing preferred against him. The prosecutor, Sgt. Eruada Victor, said the accused committed the …

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The Naira on Tuesday appreciated against the dollar at the parallel market after a sustained one-week depreciation, the News Agency of Nigeria reports. The Nigerian currency traded between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively. At the Bureau De Change window, the …

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