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NNPC, Shell, Total, Mobil, Others Fleeced Nigeria Of $4.4bn

The Nigerian Extractive Industries Transparency Initiative (NEITI), yesterday, accused the Nigerian National Petroleum Corporation, NNPC, and other oil and gas companies of shortchanging the country and failing to remit $4.4 billion and N358.3 billion to the Federation Account in 2013. This comes as Lagos-based indigenous chartered accounting firm, SIAO Partners, ...

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NIMASA will Protect all National Assets in its Custody– DG

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has vowed that the Agency under his leadership will take all necessary precaution to ensure that all national assets under its care are used for the benefit of all Nigerians.   The DG said this ...

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Ex-NIMASA Director General, Omatseye Appeals Five Year Jail Sentence

Jailed former Director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Raymond Temisan Omatseye, has filled appeal against a five year sentence earlier handed to him by the Federal High Court sitting in Lagos, last week. Omatseye who was arraigned before the court on a 27-count charge bordering ...

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Ex-NIMASA Director General, Omatseye Jailed Five Years

A Federal High Court sitting in Lagos has sentenced a former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Raymond Temisan Omatseye, to five years in prison over N1.5bn contract scam.  Omatseye was arraigned before the court on a 27-count charge bordering on alleged contract variation, bid ...

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Sound Corporate Governance Key To Strengthen Nigeria’s Banking Sector – FBN Merchant Bank Boss

  The Managing Director and CEO of FBN Merchant Bank Limited,  Mr Kayode Akinjugbe has has called on Financial institutions in the country to ensure that a solid corporate governance structure should be adopted as a way of life in all banks in Nigeria. He made this call at the ...

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FirstBank Raises The Bar For SMEs

First Bank Of Nigeria Limited is set to add  value and strength to Small and Medium Scale Enterprises (SMEs)  as part of identifying with their pivotal role in national development. The Bank is set to ensure that aspiring SME entrepreneurs sail over obvious obstacles in their quest of  ensuring the ...

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FG To Concession Abuja, Lagos, Kano, Port Harcourt Airports

The Minister of State, Aviation, Sen. Hadi Sirika, says the Federal Government will concession the Abuja, Lagos, Port Harcourt and Kano  International airports in the first phase of its concession programme. Sirika disclosed this at the 2016 Aviation Stakeholders Forum on Monday in Abuja. “The thinking is that just like every other place in ...

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UBA Leads as CBN Forex Sales to Banks Drop to $131m

The Central Bank of Nigeria (CBN) last week sold a total of $130,755,294.59 to 14 commercial banks, four merchant banks and the Bank of Industry (BoI). The amount was however lower by $5,283,163.58, compared with the $136,038,458.17 the banking sector regulator allocated to the financial institutions in the preceding week. ...

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Fuel price hike: Naira In Free Fall Against Dollar

The naira fell to 341 against the United States dollar at the parallel market on Thursday from 321 following Wednesday’s removal of subsidy on petrol and the announcement of N145 per litre as the maximum pump price. The local currency was trading at 199.40 to the greenback on the official ...

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Sterling, Access Banks Explain Involvement With EFCC Officials

Sterling and Access Banks have notified the Nigerian Stock Exchange, NSE, about their operations concerning the ongoing investigations by the Economic and Financial Crimes Commission, EFCC. Meanwhile, an Executive Director of FirstBank, Mr Dauda Lawal has been invited by the EFCC to assist with the ongoing investigations into sums allegedly ...

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