BUSINESS

Why we moved against Oando – SEC

Daily Dispatch October 25, 2017

The Securities and Exchange Commission (SEC) has accused the management of Oando Plc of declaring false financial statements and unrealised profits. This is contained in a letter signed by Imoh Anast, head, SEC’s legal department, and sent to Wale Tinubu, Oando CEO. SEC said the company

BUSINESS

Senate Probes $1.2b Etisalat Debt Crisis

Daily Dispatch October 24, 2017

The Senate on Tuesday began investigation into the $1.2 billion debt of Etisalat (Nigeria). The Senate decision was sequel to a motion sponsored by Senator Adeola Olamilekan, who expressed dissatisfaction with the alleged diversion of the $1.2 billion for other purposes. Olamilekan, who recalled how the company was set up, said the syndicated loan was […]

BUSINESS

REVEALED: Shell raised ‘transparency’ issues over Intels’ contract

Daily Dispatch October 24, 2017

One year before the Nigerian Ports Authority terminated its pilotage agreement with Integrated Logistic Facilities & Services (Intels), Shell Petroleum Development Company (SPDC) of Nigeria recommended that agents, including Intels, should not be involved in its dealings with NPA, TheCable. Until the revocation of the boat pilotage contract over alleged breach of

BUSINESS

Ex-NNPC GMD Obaseki, calls for petroleum sector deregulation

Daily Dispatch October 23, 2017

The former Group Managing Director of the Nigerian National Petroleum Company (NNPC), Dr Jackson Gaius-Obaseki, has advised the Federal Government to consider full deregulation of the value chains of the nation’s petroleum sector. Gauis-Obaseki, who is currently the Chairman of the Board of Directors of the Brass Liquefied Natural Gas Company Limited, gave the advice […]

BUSINESS

CBN/BVN policy: Nigerians in Diaspora to lose N3trn

Daily Dispatch October 23, 2017

With the new interim court order obtained by the Federal Government to freeze all accounts – corporate and individual – without Bank Verification Numbers, no fewer than 15 million Nigerians  living in the diaspora are set to lose about N3 trillion. This includes all investments such as Treasury bills, fixed deposits among others. By the […]

BUSINESS

NSE partially lifts suspension on Oando’s shares

Daily Dispatch October 23, 2017

The Nigerian Stock Exchange (NSE) says it has partially lifted the suspension placed on shares belonging to Oando Plc. In a notice signed by Tinuade Awe, general counsel, head of regulation, NSE said shareholders can now trade their shares but the trading activity will not lead to a change in price. “Dealing members are referred […]