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Oando: Sunmonu Leads SEC Interim Management

By Gboyega Adeoye The Securities and Exchange Commission (SEC) has appointed an interim management led by Mr. Mutiu Olaniyi Adio Sunmonu CON, a former managing director of Shell Petroleum Development Company, to manage the affairs of Oando Plc pending the constitution of a substantive management for the embattled indigenous oil …

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Tinubu’s Sack: Oando to Challenge SEC in Court

The management of Oando Plc has come out strong against the Securities and Exchange Commission, SEC, which directed the sack of its Group CEO, Mr. Wale Tinubu and his deputy, Mr. Omamofe Boyo, as well as members of the board it indicted for multiple infractions. The oil and energy company …

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SIM Infraction: MTN Completes Payment of N330bn Fine

Telecomms giant, MTN, announced, Friday, that it beat the May 31, 2019 deadline that the federal government gave it to pay the balance of N55 billion, being the last tranche of the N330 billion SIM card infraction fine imposed on it by the Nigerian Communications Commission, NCC. The telecoms company …

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SEC Sacks OANDO Board, Bars Wale Tinubu, Deputy for 5 Years

The Securities and Exchange Commission of Nigeria, SEC, has concluded its investigation of energy provider, OANDO PLC, and sacked its governing board. The apex regulatory institution of the Nigerian capital market, supervised by the Federal Ministry of Finance, via a statement on Friday, ordered that the affected board members to …

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CBN Keeps MPR at 13.5%

By Gboyega Adeoye The Nigerian apex bank, Central Bank of Nigeria, CBN, has kept its benchmark interest rate at 13.5 per cent. The Bank also made a 0.5 percentage point cut at its previous meeting.  The bank’s position is coming a day after the National Bureau of Statistics, NBS, said …

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Revealed! Top Nigerians Owing N906B Debts

The Assets Management Corporation of Nigeria (AMCON) has distributed the names of its main one hundred and five Nigerians who are owing the nation an aggregate whole of N906 billion. AMCON said the rundown must be discharged. He said, “it has become necessary as all avenues provided by the corporation for the …

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GDP Records Slow Growth of 2.01% In 2019 First Quarter As Oil Slumps

Nigeria’s Gross Domestic Product (GDP) grown by  2.01 percent in real terms, in the first quarter (Q1) 2019, compared to 2.38 percent in Q4 2018. This is revealed in the latest GDP data released by the National Bureau of Statistics (NBS). This is a difference of – 0.78 percentage points from …

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AIS Automation Stalls As Customs Refuses Clearance of Equipment

To realise a speedy completion of the Automation of the Aeronautical information Service, AIS project in Nigeria may have suffered a major setback as the Management of the Nigeria Airspace Management Agency NAMA, is unable to clear the equipment meant for the project from the seaport. The N1billion equipment purchased …

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Dana Air Joins Call for Stem Cell Donors for Cancer Patient

Dana Air has joined the search and call for donors of stem cell for a patient diagnosed with cancer of the blood. Astrid, 41, a Nigerian- German mother, is in need of a stem cell transplant to survive a disease she was diagnosed with in September 2018, after visiting the …

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FirstBank Hits N1 Trillion in Transactions Processed Through Firstmonie Network

Nigeria’s premier financial services provider and Bank of first choice, First Bank of Nigeria Limited has announced that its Firstmonie network has processed a cumulative transaction value of N1 trillion from its relaunch in January 2018. The network also achieved nationwide coverage in record time, enabling access to financial services …

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