Day: 21 August 2019

Ex-C/Rivers Gov., Duke loses Ikoyi property to AMCON, UBA over N537m Debt

Jasmin Ekua, Banking & Finance

A Federal High Court in Ikoyi, Lagos, has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over a property belonging to a former governor of Cross River State, Donald Duke. Justice Chuka Obiozor made the order following an ex parte application filed by AMCON and UBA. The property was to be forfeited over an alleged debt of N537,334,360.77. Listed as first to third defendants were Stonehedge Investment Limited, Donald Duke and Owunari Bob-Manuel Duke, respectively. The applicants had prayed the court for “an order…

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Wema Bank, Dana Air in EFCC trouble over alleged money laundering scam

Jasmin Ekua, Banking & Finance

Wema Bank Plc and Dana Air, owners of Sri Sai Vandana Foundation, a Non-Governmental Organisation (NGO) are enmeshed in a money-laundering scam and may be prosecuted by the Economic and Financial Crime Commission, EFCC over Dana Air’s inflight donation collected between 2014 and 2018. Speaking on the allegations, EFCC’s acting spokesman, Tony Orilade said “The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established,” Dana started Nigeria’s Sri Sai Vandana Foundation in 1995 and commenced the inflight donation in partnership with…

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Dangote Cement re-takes NSE’s top spot as biggest firm

Jide Ige

Dangote Cement Plc has regained its position as the biggest listed firm on the Nigerian Stock Exchange as sell-offs were witnessed in MTN Nigeria Communication Plc’s shares on Tuesday. On Monday, MTN Nigeria overthrew Dangote Cement, becoming the most capitalised company on the NSE just three months after its listing, as its share price increased to N138.70 from N135 on Friday. However, this feat was short-lived as Dangote Cement saw a 0.91 per cent increase in its share price from N164.50 on Monday to N166 on Tuesday, which pushed its…

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How Grand-father, Mobolaji Bank-Anthony abandoned us to suffer -Actress, Funmi Bank-Anthony laments

Jide Ige

Funmi Bank-Anthony, a grand-daughter of the late philanthropist,  Sir Mobolaji Bank-Anthony has revealed her agony and frustration with her late grandfather who willed his 48 houses in Lagos to the motherless, as she talked about taking up the philanthropic course. It started with my grandfather, Sir Mobolaji Bank-Anthony. When he died, he wrote in his will that all his belongings be donated to the less privileged, even including the spoons.  He had about 48 houses in Lagos and he declared that all be given to the motherless (children) and that…

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Police to charge officers who killed suspected Lagos phone thieves for murder

Jide Ige

The Lagos State Police Command has arrested and would prosecute the four policemen who killed two suspected phone thieves in broad daylight in the Igando area of the state for murder, says Bala Elkana, the Public relations officer of the command. A viral video had surfaced on the social media on Tuesday, showing the officers manhandling, and, later, killed the suspects. Elkana identified the policemen as Inspector Fabiyi Omomayara, Sergeant Olaniyi Solomon, Sergeant Solomon Sunday and Corporal Aliyu Mukaila; adding that they were attached to the Iba Police Division and…

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My relationship with this ministry is distant, Aregbesola visits Interior Ministry

Jide Ige

The newly appointed Minister of Interior, Ogbeni Rauf Aregbesola, has said he knows little about the policies and operations of his ministry, adding that all he knows about the ministry was what he read in the newspapers. He said this when he visited the ministry shortly after he was inaugurated and assigned a portfolio alongside others by President Muhammadu Buhari in Abuja, on Wednesday. The former Osun State governor said, “I don’t really know much about the operations or policies of the ministry apart from stories about the ministry on…

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Zenith Bank Records Improved Half Year 2019 Results

Jide Ige

In a clear demonstration of its resilience and strong market share, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2019, recording positive growth across key financial metrics, thus affirming the bank’s position as one of the leading financial institutions in Africa. As a testament to its commitment to its shareholders, the bank also announced a proposed interim dividend pay-out of 30 kobo per share. Gross earnings grew by 3% from ₦322.2 billion to ₦331.6 billion driven by the significant growth of 24% (YoY) in…

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Buhari, Mohammed, Ngige Retain Portfolios As New Ministers Are Inaugurated

Jide Ige

President Muhammadu Buhari, Alhaji Lai Mohammed and Dr. Chris Ngige all retained their former portfolios even as former Lagos state governor, Babatunde Raji Fashola had the ministry of Power removed from his first term portfolio. Portfolios for the new ministers were announced by President Buhari at the state house in Abuja after inaugurating his second-term cabinet. The full list is below: Dr. Ikechukwu Ogah (Abia State) -Minister of State, Mines and Steel Development 2. Mohammed Musa Bello (Adamawa State) -Minister of the Federal Capital Territory 3. Godswill Akpabio (Akwa Ibom…

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Electricity: FG injects N600bn

Jasmin Ekua, Banking & Finance

The Market Operator of the Transmission Company of Nigeria (TCN), Engr. Edmund Ejie, on Wednesday, disclosed that the Federal Government has approved N600billion for injection into the nation’s electricity market. He broke the news to reporters at the Market Operator’s Participants/Key Stakeholders 2019 3rd Quarter Interactive Forum in Abuja. He said that the fund is ripe for disbursement any moment from now. According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market. He noted that the intervention is not restricted to…

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FIRS name OBJ’s Farm, Davido’s company as tax defaulters

Jide Ige

The Federal Inland Revenue Service has named Obasanjo Farms, owned by ex-President Olusegun Obasanjo among several tax defaulters in a list containing a total of 19,901 consisting of publicly-quoted and privately-held businesses, In September 2018, Oyo state government had shut the Ibadan branch of Obasanjo Farms for failure to pay taxes to the state government. Another notable name on the list is Davido Music Worldwide Ltd, owned by superstar musician David Adedeji Adeleke. Obasanjo Farms Ltd. is listed as No. 17705 on the list, Davido Music Worldwide as 2387. The…

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