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N’Delta Villagers Can’t Sue Shell in UK for Nigerian Oil Spill, Court Rules

A UK High Court yesterday ruled that two Niger Delta communities devastated by oil spills cannot pursue their case against Shell in the United Kingdom for oil spills that occurred in Nigeria. The court ruled that Royal Dutch Shell could not be held responsible for the actions of its Nigerian …

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Malabu Oil Scam: Court Orders Return Of OPL 245 To FG

The federal high court , Abuja has ordered that the controversial OPL 245 been returned to the federal government , pending the investigation into the $1.1 billion Malabu oil deal. The Judge, John Tsoho, gave the order , following an ex parte motion filed by the Economic and Financial Crimes Commission(EFCC) The …

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CBN MPC Maintains Interest Rate At 14%

The Central Bank of Nigeria(CBN) Monetary Policy Committee (MPC) has retained an interest rate of 14 percent at the end of its first meeting in 2017. The rate was announced by the Governor of the Central Bank, Mr Godwin Emefiele, at the end of the meeting held on Tuesday in …

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ENI to repair Port Harcourt refinery

A Memorandum of Understanding between Italian oil giant ENI and Nigerian National Petroleum Corporation was signed in Rome today with ENI committing to the refurbishment of the Port Harcourt Refinery. The company also agreed to build Phase 2 of Okpai Power Plant and to further invest in Nigeria’s Oil and …

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CBN FX Policies Have Failed – Atedo Peterside

Chairman of Stnbic IBTC Holdings Plc, Atedo Peterside  says the  foreign exchange and demand management policies of the Central Bank of Nigeria have failed – and the bank must acknowledge this if Nigeria is to survive the current recession and build a resilient economy. Atedo said , the more the …

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Senate Settles For $44.5 per barrel Benchmark Price For 2017 Budget

The senate has agreed on $44.5 per barrel as benchmark price for the 2017 budget as against the $42.5 per barrel earlier submitted by President Muhammadu  Buhari in the 2017-2019 Medium term Expenditure Framework(MTEF) and Fiscal Strategy Paper(FSP). The lawmakers also approved the N305 to a dollar exchange rate as presented …

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MMM ‘Removes’ All Payment Requests

MMM Nigeria, the most popular ponzi scheme in the nation, says it has removed all requests for payment on the system, but it has by no means cancelled them. In a statement yesterday, the scheme explained that “although some people called it ‘cancelled’, the truth of the matter is that …

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FG, CBN To Close ‘Forex Rates’ Gaps

Vice-President Yemi Osinbajo says as part of the economic recovery plan, the federal government is in talks with the Central Bank of Nigeria (CBN) to close the gap between foreign exchange rates at the official and parallel markets. “The gap between the official and parallel market… it isn’t helpful,” Reuters …

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LADOL Joins World Business Leaders To Promote US$12 Trillion Global Economic Development Target

The Lagos Deep Offshore Logistics base (LADOL), has joined notable world business promoters in quest of developing a sustainable business outlook that is expected to unlock over US$12 trillion in new market value as well as repair the global economic system within the next decade. Rising from a crucial confab …

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Heritage Bank Sacks 400 Staff

Heritage Bank is on a mass retrenchment of its workers, 400 of whom lost their jobs in December. NAN said it conducted an investigation that indicated that more workers were penciled for sack. A top management source in the bank, who pleaded anonymity, said the sack cut across the top, …

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