China Railways Construction Corporation (CRCC) has offered to rehabilitate and construct a 560-kilometre standard gauge railway line for Ghana at $2 billion.This costs just $500 million more than the 156-kilometre Lagos-Ibadan railway line being constructed by the China Civil Engineering Construction Corporation (CCECC) -- although Ghana's project more than THRICE the size of Nigeria's.This project is different from the one [...]
The management of Oando Plc says it was not given an opportunity to respond to the issues raised in the forensic audit.Following allegations raised by some shareholders, the Security and Exchange Commission (SEC) had requested that Deloitte carry out a forensic audit of the company.In a statement released on Friday, the commission said the audit found various members of the [...]
A federal high court in Lagos on Friday held that Honeywell’s payment of N3.5 billion between 2013 and 2014 constitutes the full and final settlement of its indebtedness to Ecobank Nigeria Limited.Olayinka Faji, the presiding judge, ruled that a valid agreement was reached at various meetings between representatives of Honeywell and Ecobank on July 22, 2013, and that in line [...]
MTN Nigeria Communications Plc (MTN), has paid the sixth and final instalment of N55 billion to the Nigerian Communications Commission (NCC).This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016.According to Tobechukwu Okigbo, MTN’s chief corporate relations officer, the successful resolution of the fine was the outcome of active collaboration between [...]
Nigerians based in the United States are to pay between $40 and $50 each to be enrolled for the national identity number (NIN).Uche Chigbo, the special assistant to the director-general of the National Identity Management Commission (NIMC), stated this in New York on Thursday.NAN reports that Chigbo spoke during a courtesy visit to the Nigerian Consulate shortly before the exercise [...]
The Securities and Exchange Commission (SEC) has barred Wale Tinubu, chief executive officer of Oando Plc, from being a director in (any) public company for the next five years.The company's deputy CEO has also been barred while board members found guilty of various infractions have been directed to resign.In a statement made available to TheCable on Friday, the commission said [...]
The Ghanaian-European Railway Consortium (GERC) has agreed to construct a 340km standard gauge railway line in Ghana at $2.2 billion.By contrast, the 156km railway line between Lagos and Ibadan in south-west Nigeria will cost the country $2 billion.That comes to $6.5 million per kilometre in Ghana and $13.6 million in Nigeria.In 2016, China Civil Engineering Construction Corporation (CCECC) had signed [...]
Guaranty Trust Bank has partnered the Development Bank of Nigeria in disbursing loans to micro, small and medium enterprises (MSMEs).In a statement released by the bank, it said the DBN has provided N25 billion for disbursement to entrepreneurs.According to the statement, the funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced [...]
The Industrial Court has ordered the reinstatement of Mounir Gwarzo, suspended director general of the Securities and Exchange Commission (SEC).The court also ordered that the federal government pay him all entitlements.In his judgement, Sanusi Kado, justice of the industrial court, held that the minister of finance, named as the second defendant in the suit lacked the power to suspend the [...]
Chief executive officers of deposit money banks across the country have agreed to share details of chronic debtors and blacklist such.The bankers made this known after a meeting held to discuss how some debtors have been allegedly law enforcement agencies to harass and criminalize banks CEOs.According to a commonique issued after the meeting, all deposit money banks in the [...]
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