Business

Following the revocation of Skye Bank Plc licence by the Central Bank of Nigeria (CBN), the former chairman and another director of the defunct bank, Mr. Tunde Ayeni and Dr. Festus Fadeyi are currently under investigation. This is coming…

Federal, states and local governments yesterday shared N741.84 billion. The revenue generated in August rose by N27.04 billion;  N714.84 was shared in July. The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse,…

The Federal Government of Nigeria appears to have taken a softer stance on Africa’s leading mobile operator MTN, assuring stakeholders that a dispute over the repatriation of $8.13 in dividends will be “resolved”. Talking to…

The move to divert cargo to other ports across the country received a major boost recently when the Dangote Oil Refinery jetty located at the Lekki Free Trade Zone, Lagos has received its first ever ship call. The ship named “BBC Naples”…

The Governor of the Central Bank of Nigeria, Dr Godwin Emefiele, has reiterated the main reason behind the decision to change Skye Bank Plc’s name to Polaris Bank Limited; insisting that it was not for ‘sexy reasons’. Dr Emefiele…

Edwin Clark, leader of the Pan Niger Delta Forum (PANDEF), says Shell must divest its ownership of OML 25, otherwise known as Belema oil field, to an indigenous firm. Addressing a press conference on Monday, Clark opposed the sale of…

Oil prices have been projected to rise next year, according to projections by stakeholders in the sector. This is just as newly imposed sanctions on Iran by the US are expected to come into force early November. According to Reuters,…

A wonder bank, operating under the name,  Micheno Multipurpose Cooperative Society, MMCS, has defrauded over 13,000 people to the tune of N27 billion in Cross River State.The scheme owned and operated by one Michael Eke, had…

Some advertisers in the country have decried the low pace of activities in the sector few months to the 2019 elections. The operators who spoke with THISDAY, explained that compared with the 2015 elections, whereby about six months to…

Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), says the federal government will sell 10 state-owned companies for sale in the fourth quarter of 2018. According to the director, the sales will raise N289 billion…

Nigeria’s financial sector regulatory authorities at the weekend said they decided to adopt the bridge bank option in resolving the Skye Bank crisis to protect depositors’ funds and employees in the now defunct bank. The Central Bank…

Business mogul, Jimoh Ibrahim, has cautioned the Federal Government to put adequate measures in place to cushion the effects of world economic recession expected before December this year. Ibrahim revealed that balance sheet of the…

The Nigerian Stock Exchange, NSE has notified the investing public that the shares of Skye Bank Plc will be suspended from trading on the floor of the Exchange effective Monday, 24 September 2018.According to statement by the bank :…

It’s no longer a hot-button issue that the MD of Oriental Energy Resources, Ignatius Ifelayo, has resigned from the company owned by Alhaji Muhammudu Indimi. But there have been whispers as to how powerful the Vice President, Ameena…

JUST three weeks after it commenced its substitution of accounts of recalcitrant billionaire taxpayers, the Federal Inland Revenue Service (FIRS), has collected N12.66 in tax revenue. Executive Chairman, FIRS, Tunde Fowler, disclosed…

A financial expert, Dr Samuel Nzekwe, has advised the Central Bank of Nigeria (CBN) to intensify efforts to  enforce  the implementation of  its  financial guidelines  in banks,  to forestall collapse of the financial sector  in the …

Shareholder groups across the country have reacted bitterly to the takeover of Skye Bank Plc following the revocation of its operating license by the Central Bank of Nigeria (CBN) on Friday. The CBN had revoked the operating licence…

The Nigerian National Petroleum Corporation has said it would resist any attempt to pay five per cent of its funds found in commercial bank to any whistle-blower. Ndu Ughamadu, NNPC General Manager, Public Affairs, disclosed this in a…

Details have emerged on why the Federal Government suspended plan to establish a national carrier named Nigeria Air. The Minister of State for Aviation, Hadi Sirika, had on Wednesday announced the indefinite suspension of Nigeria Air…

The Nigerian Stock Exchange on Friday officially notified the investing public that Skye Bank Plc shares would be suspended from trading on September 24. The exchange gave the notice in Lagos in a statement by Mr Olumide Orojimi,…

The Central Bank of Nigeria (CBN) recently called out MTN, Nigeria’s largest telecommunications company, over repatriation of dividends, asking the telco to refund the $8.1 billion. Four banks were fined N5.8 billion for allegedly…

The Central Bank of Nigeria (CBN), on Friday, provided 317.52 million dollars and 58.40 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw material sector. CBN Director, Corporate…

The Central Bank of Nigeria has withdrawn the operating license of Skye Bank. Umar Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday. More to follow…

The Nigerian National Petroleum Corporation (NNPC) has consolidated on its operational performance with a trading surplus of ₦17.16bn in the month of April, 2018. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu…