Economy
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Court restrains Seplat from holding AGM
The Abuja Division of the Federal High Court has restrained Seplat Energy Plc from holding its annual general meeting (AGM) fixed for May 10, pending the hearing and determination of a substantive matter before it. Justice Inyang Ekwo, in a ruling, directed parties in the suit not to tamper with the subject matter until the issues before the court were…
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N30bn suit: Court grants ARCON power to summon Facebook owner, Meta
The Abuja Division of the Federal High Court has granted the Advertising Regulatory Council of Nigeria (ARCON) leave to serve a writ of summons on Meta, the owner of Facebook. The court gave the nod pursuant to an application by ARCON in a pending N30 billion suit against the social media giant for violation of the extant advertising laws of…
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FG excludes finance ministry from TSA
The Federal Government has partially excluded the Ministry of Finance Incorporated (MOFI) from the Treasury Single Account (TSA), according to a statement by Femi Adesina, the Special Adviser to the President on Media and Publicity. The statement said that President Muhammadu Buhari granted the request of the MOFI Board to charge management and transaction fees, and to include the Minister…
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NLC, TUC hail FG for suspending petrol subsidy removal
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have hailed the Federal Government for suspending the removal of petrol subsidy. The decision was postponed due to “high inflation and economic hardship”. Earlier, the government had planned to stop subsidy payments on petroleum products from July. Benson Upah, Head of Information at NLC, said: “The removal of petrol…
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NEC recommends temporary suspension of planned petrol subsidy removal
The National Economic Council (NEC) has recommended the temporary suspension of the planned removal of petrol subsidy, according to a statement by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed. Speaking to journalists after the Valedictory NEC meeting, Ahmed revealed that the council agreed that the timing for the removal of subsidy should not be now, but…
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Elumelu commends Femi Otedola’s investment in Transcorp
Billionaire businessman Femi Otedola’s recent acquisition of a 5.52 percent stake in Transnational Corporation Plc (Transcorp) has been commended by the conglomerate’s Group Chairman, Tony Elumelu. Otedola has become the second-largest shareholder in Transcorp Plc, and reports suggest that he has upped his stake to 6.3 percent. Speaking in an interview with Arise TV, Elumelu expressed his excitement about Otedola’s…
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Mobil Nigeria, PENGASSAN reach agreement to end industrial action
Mobil Nigeria and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have reached an agreement to end the industrial action that has been affecting the company’s production and export activities since April 13. The dispute led to a reduction of 300,000 barrels of oil per day and forced Mobil to declare force majeure across all its facilities.…
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NCC clarifies reports of N17bn deficit in 2021 budget
The Nigerian Communications Commission (NCC) has dismissed an online publication claiming that it incurred a deficit of N17billion in its 2021 budget. According to the publication, the NCC spent N35.2billion on personnel and consultancy fees, leading to the deficit. However, in a statement, the Director of Public Affairs, NCC, Reuben Muoka, said: “The Commission incurred a surplus/(deficit) of N17.3billion for…
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Nigeria faces surging energy costs as subsidy removal nears
By Folasade Kolawole As the average cost of a litre of petrol reaches nearly N400 in several states in Nigeria, while the price of diesel reaches nearly a thousand naira, Nigerians are bracing for a challenging year as energy costs is expected to skyrocket when the Federal Government finally scraps fuel subsidy payments. Last month, Nigerians paid N264.29 as the…
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Foreign portfolio investments drop by 53% in Nigerian bourse
By Folasade Kolawole Investors in the Nigerian market have kept their exit streak in place, as foreign portfolio investments or FPIs have plummeted by a further 53% in one month, new data from Nigerian Stock Exchange shows. Of the total investment into the country, foreign investors contributed only 6% of the investment volume at N9.19 billion in March this year,…
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