Business

As Nigeria goes on appeal to set aside the huge cash awarded by a British commercial and arbitration court to P&ID, an offshore company over a botched gas supply contract, indications emerged, weekend, that the government might have written off the claimant as a non-existent enterprise. The government is said …

The Baro Inland Port in Agaie Local Government Area of Niger State is yet to commence operation eight months after its commissioning by President Muhammadu Buhari, investigation by Daily Trust has shown. The Baro port project cost was put at N5.8 billion and was awarded to a Chinese firm CGCC …

A former governor of Abia State, Orji Uzor Kalu, has sold the entire issue shared capital of his banking group, First International Banking (FIB) Group Limited, The Gambia, PREMIUM TIMES can report today. The transaction, which has never been made public, was concluded between 2015 and 2016, documents seen by …

A 34-year-old banker, Ramon Rilwon-Olayiwola, yesterday appeared at a Tinubu Chief Magistrate’s Court in Lagos for allegedly stealing N11 million from bank customers’ accounts. Rilwon-Olayiwola is facing a two-count charge of conspiracy and stealing. Prosecuting Assistant Superintendent of Police (ASP) Edet Okoi told the court that the defendant committed the …

Neconde Energy Limited has announced the appointment of Chichi Emenike as the Head, Gas Ventures of the company. Emenike’s appointment followed the decision of the oil and gas firm to prioritise its gas business and position it as a lead player for developing gas supply in Nigeria She assumed the …

President Muhammadu Buhari says the telecommunications sector contributed 10 per cent to Nigeria’s Gross Domestic Product (GDP) in the first quarter of 2019. Mr Buhari said this at the 2019 Conference of African Telecommunications Regulators on Consumer Affairs (CATCO) taking place in Abuja. He advised the telecommunications industry to play …

Executive Chairman of the Federal Inland Revenue Service, FIRS, Mr. Tunde Fowler, has attributed the shortfalls and variances between budgeted revenue collections and actual collections since the inception of President Muhammadu Buhari’s administration to recession, fall in oil prices, and the agency’s lack of control over oil revenue. On August …

MTN Nigeria Communications Plc said it has invested more than N2 trillion in its business operations over the past 18 years. The market value of MTN Nigeria closed at the weekend at N2.585 trillion. MTN Nigeria, in a regulatory filing at the Nigerian Stock Exchange (NSE) at the weekend, indicated …

Tokyo stocks closed sharply lower on Monday, weighed down by a strong yen and tracking losses on Wall Street amid US-China trade woes. The benchmark Nikkei 225 index dropped 1.74 percent, or 366.87 points, to end at 20,720.29 while the broader Topix index lost 1.80 percent, or 27.58 points, at …

Transmission Company of Nigeria (TCN) has suspended and disconnected Port-Harcourt Electricity Distribution Company (PHEDC) from the electricity market. The suspension order was posted on TCN’s twitter handle @TCN _Nigeria on Monday, adding that the suspension took effect from Sunday. TCN said that the suspension order followed default by PHDC in …