All business, markets and economics news
A report released by Maersk Nigeria Ltd has shown that traditional commodities including electronics, cars, food items, chemicals, machinery and paper among other goods covering industrial needs and private consumption remained the dominant items impor...
Senators have described the current budgeting process adopted by the federal government as “arbitrary” hence, come 2014, the Senate has signalled it would scrap the contentious ‘envelope system’ adopted by the finance ministry i...
In line with its commitment to supporting countries in their development efforts, the Board of Directors of the African Development Bank Group Wednesday approved in Abidjan, Côte d’Ivoire, a loan of US $300 million to finance the Nigeria’s transport sector and Economic Governance Reform Programme and the Nigeria Country Strategy Paper (CSP) for the period 2013-2017.
The bank in a statement made available to LEADERSHIP explained that the loan aims to support the Nigerian government to accelerate reform implementation in the areas of transport sector governance, and public expenditure management. Reform measures include the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy, and Axel Load Control Policy.
“In the areas of public financial management reform, the programme involves the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernisation Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices,” AfDB stated.
The bank further said, “The programme will also create fiscal space for increased investment in road infrastructure development. It is an integral part of a broader set of interventions of the bank designed to support Nigeria’s Transformation Agenda with emphasis on economic governance and infrastructure development” and added “the Country Strategy Paper outlines the Bank’s engagement and assistance to the Federal Republic of Nigeria. It will focus on two strategic pillars, namely; supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy.”
Jaiz Bank Plc has unveiled its array of value adding products and services at the ongoing 34th Kaduna International Trade Fair with a firm commitment to the provision of ethical banking services. Key amongst the areas being financed by the bank are the...
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday in Abuja presented the template for the fiscal allocation and statutory disbursement audit to stakeholders for necessary input. The audit exercise which will cover the period 2...
African farmers and agribusinesses could tap into a trillion-dollar market by 2030 if they can secure access to significantly more capital and infrastructure, including irrigation, to grow their food and compete in the global market. The new World Bank...
The application of two oil marketers to have the fraud charges preferred against them by the Economic and Financial Crimes Commission was quashed yesterday by a Lagos High Court in Ikeja. Aro Bamidele and Abiodun Bankole alongside their company, ...
The Federal High Court in Lagos on Wednesday heard that a businessman, Mr Jimoh Ibrahim, paid only a part of the retirement benefits of former directors of Newswatch Communications Ltd. which he acquired.
A former Chief Executive Officer of the company, Mr Ray Ekpu, made the claim while giving evidence in a suit filed by two minority shareholders of the company.
The shareholders – Mr Nuhu Wada and Prof. Jibril Aminu -- are challenging the method through which Ibrahim acquired the majority shareholding of the company.
During cross examination by Ibrahim’s counsel, Chief Bolaji Ayorinde (SAN), Ekpu said that Ibrahim cheated him by refusing to pay him a balance of N30 million of his retirement benefits.
"The sum of N79 million was paid to me out of N109 million.
"During his meeting with me and four other directors, he called on the accountant who read the figures to us.
"The figures were less than what we expected to be paid and we had since submitted our request for regularisation to the board on May 5, 2011.
"When we told him that the figures were less than what we expected, he said that that was the only money available.
"He just paid us what he wanted and still insisted on collecting 10 per cent as tax, the receipt of which he never gave us," Ekpu testified.
He said that efforts to make Ibrahim to pay the balance through correspondences yielded no result.
The defence counsel, Ayorinde, consequently tendered as exhibits, copies of a Memorandum of Understanding (MoU) containing the names of other companies under the Newswatch group.
The MoU also disclosed how much was paid to other directors.
Justice Ibrahim Buba adjourned the case to March 18 for continuation of trial.
The News Agency of Nigeria (NAN) reports that the plaintiffs filed the suit on Jan. 17.
They are seeking, among other reliefs, an order to quash a share purchase agreement which transferred the ownership of the company to Ibrahim.
Newswatch Communications Ltd., Global Media Mirror Ltd., Newswatch Newspapers Ltd. and the Corporate Affairs Commission are joined as co defendants in the suit.
A total of 563.93 million shares worth N5.9 billion were traded in 5,682 deals on the Nigerian Stock Exchange on Wednesday. This was against the 631.17 million shares valued at N3.9 billion exchanged in 6,370 deals on Tuesday. The News Agency of Nigeri...
The desire of the Rivers Government to complete on-going projects informed its decision to convert a N100 billion bond to loan, Gov. Chibuike Amaechi said in Port Harcourt on Friday. Amaechi made the clarification shortly after signing into...
Alhaji Suleiman Barau, A Deputy Governor at the CBN, says the apex bank will ensure that the growth recorded in the banking sector is transmitted to real sector. Barau made the pledge in Lagos on Friday while delivering a paper on “Balancing Glob...
Gov. Mukhtar Yero of Kaduna State on Wednesday denied replacing the 2013 budget presented by late Gov. Patrick Yakowa with a reviewed one. The governor made the denial while receiving the 2013 passed budget from the Majority Leader of the state House o...
Market indices of the Nigerian Stock Exchange appreciated further by 1.12 per cent on Wednesday as some highly capitalised companies recording price gains.. The News Agency of Nigeria (NAN) reports that the All-share index appreciated by 373.07 points ...
The Nigeria Customs Service (NCS) said on Wednesday that it generated N199.6 million in 14 months at Maje customs outstation in Bagudo Local Government Area of Kebbi State. Mr Aliyu Bello, an Assistant Comptroller of Customs, who is the Station Officer...
Eighty five ships are expected to arrive at the Lagos Ports between Feb. 15 and Feb. 29, the Nigerian Ports Authority (NPA) has said. NPA disclosed this in its daily publication, `Shipping Position’, made available to newsmen on Friday in Lagos. ...