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BUSINESS

Court jails cashier five years for defrauding employer N64.4m

The Lagos State High Court sitting in Ikeja has sentenced cashier, Tunde Abdulramon, to five years’ imprisonment for his employer’s N64,420,900 to marry a new wife and also for opening the same kind of his employer’s business for his new wife. Justice Raliat Adebiyi who handed down the sentence also ordered the convict to make restitution by returning all the properties he bought while in his employer’s establishment and also […]

todayNovember 15, 2023 26

BUSINESS

Dangote refinery secures licence to refine 300,000bpd crude

Africa’s richest man, Aliko Dangote, has said his refinery has secured a licence to refine more than 300,000 barrels of Nigerian crude per day and will begin to process gasoline soon. “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” Dangote said in an interview in Riyadh on the sidelines of the Saudi-Nigeria business roundtable, according to Bloomberg. “We’re more than […]

todayNovember 13, 2023 71

BUSINESS

PDP, LP kick as Uzodimma, Ododo win, protests in Bayelsa

The Peoples Democratic Party and the Labour Party on Sunday cried foul as Governor Hope Uzodimma, the candidate of the All Progressives Congress, was declared the winner of Saturday’s governorship poll in Imo State by the Independent National Electoral Commission. The electoral body affirmed Uzodimma’s re-election, having won in all the 27 local government areas of the state. The governor clinched a second term in office after scoring a total […]

todayNovember 13, 2023 62

BUSINESS

Spend $150m Abacha loot on N’Delta, activist tells Tinubu

A Niger Delta rights activist, Ozobo Austin, has called on President Bola Tinubu to appropriate the $150m Gen. Sani Abacha loot to boost critical infrastructures in the Niger Delta region, saying “the money is part of the Niger Delta oil funds being stolen by Abacha.” Ozobo, in a statement on Wednesday, maintained that “no region but the Niger Delta should benefit from the money, and it would amount to injustice […]

todayNovember 9, 2023 73

BUSINESS

Former Grammys head accused of rape

he former head of the organisation behind the Grammy Awards on Wednesday was sued by a musician who accused him of drugging and raping her in 2018. The New York Times, which first reported the story, says the state suit filed in Manhattan accuses Neil Portnow — who stepped down as head of the Recording Academy in 2019 over his disparaging comments toward women — of sexual battery. It also […]

todayNovember 9, 2023 45

BUSINESS

Tinubu stops electricity tariff hike, insists on subsidy

President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed on Wednesday. Adelabu also stated that the Federal Government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies, stressing that the operating licences of the firms would have expired on October 31, […]

todayNovember 9, 2023 56

BUSINESS

Three-year blueprint: FG plans N26tn borrowing, N29tn for debt servicing

Nigeria’s total public debt may hit N118.37tn in the next three years, The figure was based on analysing Nigeria’s current debt profile and the debt projections in the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026. According to the new MTEF/FSP, the Federal Government plans to take N26.42tn loans between 2024 and 2026. The fiscal policy also indicates that debt servicing will gulp N29.92tn in three years. The data […]

todayOctober 23, 2023 47

BUSINESS

Investors record N409bn gain on NGX in one week

Equities market investors gained N409bn in the past week as the Nigerian Exchange Limited saw a marginal increase in trading activities with the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. Market capitalisation of listed equities also increased by 1 per cent week-on-week to reach N36.919tn and the year-to-date return of the ASI rose to 31.12 per cent. Analysts at Cowry Assets Management Limited in their […]

todayOctober 16, 2023 21

BUSINESS

Sahara Group promotes intra-African collaboration

Leading energy conglomerate, Sahara Group is set to reinforce its call for more intra-African collaboration and investments towards enhancing access to energy on the continent at the Africa Energy Week 2023 scheduled to hold in Cape Town from October 16 – 20. An annual event, the AEW brings together leaders, innovators, and experts in the energy sector to discuss and shape the future of energy in Africa. The 2023 theme […]

todayOctober 16, 2023 73

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