Airline operators, who have been flying their planes abroad for maintenance have cause to cheer, as Aerocontractors has been given approval to carry out maintenance services at its hangar in Lagos.  The aircraft the facility can handle include B737-300, B737-500, and B737-500 aircraft. These models are commonly used by...
Billionaire, Aliko Dangote has thrown his hat in the race to acquire a controlling stake in South Africa’s PPC Group Limited. Canada’s Fairfax holdings is a front-runner, with a proposal to merge PPC with Afrisam, its South African subsidiary. Cement giants Lafarge and Hiedelberg are also interested in taking...
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, announced that three of the nation’s refineries will be shut down briefly for an overhaul for optimal performance. He said this yesterday at Abuja on the sidelines of the Inaugural Nigerian Pipeline Security Conference and Exhibition, organized by...
Power distribution operators (Discos) are of the opinion that government could be behind the troubles faced in the industry, which is resulting in poor power supply in the country. Captain Hosa Okunbo, one of the investors that acquired the Yola Distribution Company (DISCO) in an interview with Osasu Igbinedion...
Whatsapp Co-founder Brian Acton is leaving the firm to start a foundation.  Acton made the announcement on a post on his facebook wall. After 8 years at WhatsApp, I have decided to move on and start a new chapter in my life. I am very fortunate at my age to have...
Jamie Dimon, Chief Executive of JP Morgan, has voiced concerns about bitcoin, essentially calling it a scam. Dimon made the remarks at an investor conference held in New York yesterday. Dimon also said he would fire any trader who dealt in bitcoin. “I would fire them in a second, for...
The shareholders at Oando Plc passed a vote of confidence yesterday on the management team led by Wale Tinubu, retaining the company’s Board of directors. This took place during the successful 40th Annual General Meeting (AGM) held yesterday. Recently, as explained in an exclusive on Nairametrics, Alhaji Dahiru Mangal and...
In a bid to assist in tackling liquidity challenge in Nigeria’s power sector, Chibek Ltd wants higher power tariffs that are 'cost-reflective'. The company has been able to attain 70% completion of a lithium base integration plant despite the challenges the company has been faced with so far. In his words,...
A N20bn suit against FG and the Ethiopian Airlines was filed by the shareholders of Arik Air Limited over the takeover negotiations between them. Mr. Chris Ndulue, the Director of Arik Air, in a 20-paragraph affidavit asked the court to stop the first and second defendants from the negotiations...
  Shoreline Energy has signed a $300 million deal with Shell Petroleum Development Company (SPDC) to build a pipeline that will supply gas to industries and households within selected areas in Lagos.The areas include Victoria Island, Ikoyi and Epe  https://uk.reuters.com/article/uk-nigeria-gas/nigerias-shoreline-energy-signs-300-million-gas-deal-with-shell-idUKKCN1BM11J. Kola Karim, Chairman of the Shoreline group, and a representative of...
After a lengthy silence, the Securities and Exchnage Commission (SEC) has finally given an update on the on going Oando vs Volpi vs Mangal saga. The regulator has now distanced itself from recent media reports that had hinted it gave a clean bill of health for Oando and maintains...
The apex bank on Friday issued a circular notifying dealers of its decision to begin the deployment of an electronic Certificate of Capital Importation (eCCI) platform beginning today, 11th of September 2017. The eCCI will replace hard copyCertificate of Capital Importation(CCI) normally issued in respect of all capital flows...
The Central Bank of Nigeria (CBN), perhaps in response to recent fraudulent activities using mobile USSD banking platforms, has issued a draft policy revising the guidelines for their operation. This applies to commercial banks in the country. Here are key points from the draft policy Mobile money...
In a notice to the Nigerian Stock Exchange (NSE), Beta Glass announced the appointment of Dr. Zulikat Wuraola Abiola as Independent Director. Dr. Z. Wuraola Abiola, is the Managing Director of Management Transformation Limited (MT), a management consultant firm. In this capacity, she has served clients at Nigeria and throughout Arica...
Operators in the Information and Communication Technology, may have cause to smile soon as the Federal Government may be considering a ban on items that can be produced locally in the country. Minister of Communications, Adebayo Shittu made the remarks at an Indo Nigeria ICT summit held yesterday in...
Nigerian integrated oil and gas firm, Oando Plc, confirmed on Wednesday that it has now obtained SEC approval to proceed with its AGM, scheduled to hold on the 11th of September, 2017. The company confirmed this via its twitter handle. https://twitter.com/Oando_PLC/status/905377028509184000 According to a letter dated August 31, 2017 and sent to...
Ethiopian Air’s hopes of taking over Arik anytime soon, may have to wait soon. In a notice signed by its Head of Corporate Communications Jude Nwauzor,  the Asset Management Company of Nigeria (AMCON) denied any knowledge of Ethiopian Air’s proposal and maintained that it had run the airline creditably...
The National Council on Privatization (NCP) has released a brief containing the key decisions approved by the body in its last meeting held between August 22 and 23, 2017. The decisions as listed on the official Twitter page of the Federal Government are as follows. Commencement...
The Nigerian National Petroleum Corporation (NNPC) has announced the results of a survey it recently carried out which showed a drop in petrol and cooking gas prices across the country. According to the survey, petrol prices have fallen from N145 to between N142-N143 per litre. Cooking gas prices have also...
Members of a think thank allegedly set up by the People’s Democratic Party (PDP) to woo Alhaji Aliko Dangote to contest the 2019 Presidential elections, may have to look for another candidate as he has denied any plans to run for office. Alhaji Dangote also said such rumours were meant...
Minister of State for Petroleum Resources Ibe Kachikwu has hinted a possible downward fall in petrol prices. He made mention of this in a podcast to highlight his achievements mid way through his tenure as petroleum minister. The government had last year increased pump petrol prices from N87 a...
Nigeria’s war on terrorism has gotten additional boost as the British Government has decided to grant Nigeria defence and humanitarian assistance  over the next 5  years. The package comes on the heels of a recent visit by Britain’s Foreign Secretary Boris Johnson to the North East. Here’s a summary of...
Rating agency Fitch in its just released ratings report has expressed worries about Nigeria’s economy. The agency rated the country Long Term Foreign Currency Issuer Default Rating B+ with a Negative Outlook. Reasons behind the rating While Fitch acknowledged the strengths of the Nigerian economy including its large and diversified economy and...
The Asset Management Company of Nigeria (AMCON) appears to have moved one step closer in its bid to find a buyer for Arik Air, as Ethiopian Air has submitted its bid. Esayas WoldeMariam, the airline's Managing Director of International Services stated this in an interview with CNN. Who benefits from...
In yet another example of corruption in Nigeria’s oil industry, the United States Securities and Exchange Commission (US-SEC) is currently investigating Chinese state owned oil company, Sinopec over alleged bribe made by Addax Petroleum, a subsidiary of the company. Some of the funds were said to have passed through...
German insurance giant Allianz has acquired a 98% stake in Ensure insurance. Terms of the deal where however not disclosed. Two other firms Wapic Insurance Plc and Hollard of South Africa had recently indicated an interest to acquire the company. Why the move The Nigerian insurance industry has several small players...
In a recent  interview with Arise TV, MD of Access Bank, Herbert Wigwe discussed several issues ranging from why banks are reluctant to take provisions on loans to the power sector and the provisions the bank (as well as other members of the consortium)  had  made its loan to...
Major petroleum marketers in the country are currently in a tight spot due to the Federal Government’s inability to pay them arrears of their subsidy claims amounting to over $2 billion. The sum includes the loans taken from banks to fund petroleum product importation, interest charges and a refund...
Vice President Yemi Osinbajo, SAN today visited Edo State to commission projects that will advance President Buhari's economic plan. WATCH: Prof. Yemi Osinbajo Commissions Projects in Edo State During his visit, the Vice President inspected and commissioned the ultra modern  3 Million ton capacity  BUA Cement Plant, located in Okpella, Benin City....
United Bank for Africa (UBA) in a statement on Tuesday, said it had made  provisions on loans  to 9mobile, the mobile operator formerly known as Etisalat Nigeria. The bank did not give details of the provision but said it had a N38 billion ($125 million) exposure to 9mobile. UBA said...