Author: Chief Editor

•Advises holdco to reject Honeywell’s share purchase •Says investment aimed at frustrating enforcement of Supreme Court judgement Following the recent strategic investment the Honeywell Group made in FBN Holdings Plc through the purchase of majority shares in the holding company (holdco), a new twist in the unfolding development emerged yesterday as Ecobank Nigeria Limited advised FBN Holdings, the parent company of First Bank of Nigeria Limited, against approving or accepting the investment due to outstanding “humongous indebtedness” by the company and its founder, Dr. Oba Otudeko. Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (ETI), in a letter through its…

Governor Caleb Mutfwang of Plateau said his administration inherited a debt burden of N307 billion from the immediate past administration in the state. The governor disclosed this shortly after receiving the reports of the committees on Transition and Strategic Development Framework for Plateau, yesterday in Jos. The two committees were headed by Prof. Ganyir Lombin. The governor expressed his determination to take the state to greater heights, inspite of its huge debt profile. Mutfwang, particularly expressed his readiness toward tackling the current security challenges in the state. “Through out the campaign season, we were under the mistaken belief that our debt burden was around N200 billion and to hear that…

• Tinubu returns as Adamu engages APC state chairmen to douse tension As the internal crisis in the main opposition Peoples Democratic Party (PDP) persists, governors elected on its platform will meet today in Abuja, for an emergency meeting over the state of the party and the nation. An enlarged meeting of leaders and stakeholders, which was held last month at its national secretariat, failed to resolve the pre and post-election crisis that bedeviled the party. At that meeting, the party cautioned its members against engaging in blame games over the outcome of the 2023 general elections. Acting National Chairman,…

The Managing Director of Remita Payment Services Limited (RPSL), a subsidiary of SystemSpecs Holdings Limited (SHL), ‘Deremi Atanda, has called for deeper industry collaboration to foster the adoption of digital payments in Nigeria. He made the call during his presentation at the 2023 Digital Pay Expo Conference held in Lagos. Dissecting the discussion that focused on the importance of discovering and also adopting the factors that drive cashless adoption, Atanda stressed how transitioning financial services to a cashless payment model fosters socioeconomic development. “Contactless payment can greatly increase the use of cashless transactions. For us in the developing economy, which…

Acting Comptroller General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi, has described the service as a catalyst of economic growth, saying that the newly unveiled Nigeria Customs Act (NCSA 2023), would boost the revenue of Nigerian. It explained that the NCSA law is the tools and Legal instruments through which government and its agencies derive the powers and authority to carry out their mandate. Adeniyi, disclosed this in Abuja, during the opening ceremony of a sensitization workshop on the implementation of the Nigeria Customs Service Act 2023. Said that the service will continue to sensitize and educate…

The Nigerian National Petroleum Corporation (NNPC) said it intercepted a suspicious vessel carrying 800,000 litres of stolen crude oil en route to Cameroon. This is contained in a statement by its spokesperson, Garba Deen Muhammad, on Monday. On Friday, July 7, a Private Security Contractor engaged by NNPC, Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board, according to Muhammad. Muhammad disclosed that the vessel in question, named MT Tura II (IMO number: 6620462), is owned by Holab Marine Services Limited, a Nigerian registered company with Registration Number RC813311. He stated that the…

• NUPRC dilly-dallies on NGFCP as payment by investors• Oil companies emit 65.9 million CO2, flare 1.2 trillion cubic feet of gas in four years• Four-year flare enough to generate 128,500GWh electricity• Faring reduces life expectancy to 41yrs in N’Delta, says Bassey• Stakeholders worry over weak regulation Nigerian National Petroleum Company Limited (NNPCL), Shell, ExxonMobil, Chevron, Total and other oil companies operating in the country flared about $3.9 billion (about N3 trillion) worth of gas in the last four years, despite growing environmental concerns and revenue leakages in the nation’s petroleum industry. Although the companies pledged commitment to environmental sustainability…

The Ifon-Orolu Progressives Union, IPU, has expressed displeasure over alleged marginalisation of the community and the entire Orolu Local Government Area by the administration of Ademola Adeleke. In a statement by the National Publicity Secretary of IPU, Basit Olatunji, the people of Ifon-Orolu also accused the governor of reneging on his campaign promise. Olatunji said, “I deeply express my displeasure over the list of commissioner nominees that you recently submitted to the State House of Assembly for screening. “We are so disheartened to find out that no son or daughter of Ifon-Osun made the list. We are not happy about…

Former President Muhammadu Buhari has denied being in exile. Buhari described the report of him fleeing the country and in exile as false. Speaking through his former media aide, Garba Shehu, Buhari said there was no veracity in the report because he has returned home in Daura, Katsina State. Shehu said it was misleading to report that former President Muhammadu Buhari has ‘fled’ and was on ‘exile’ when he is currently at home with family in Daura, Katsina State. “Every platform has tools to verify any information and we don’t expect anything less,” he said. Recently, Buhari travelled to London…

The Nigerian Employers’ Consultative Association, NECA, has said the new Executive Orders signed by President Bola Tinubu have stopped many organised businesses in Nigeria from going into extinction. NECA’s Director General, Adewale-Smatt Oyerinde disclosed this on Sunday in an interview with Channels Television monitored by DAILY POST. Recall that Tinubu’s government last week issued four Executive Orders suspending the 2023 Finance Act and the implementation of arbitrary taxes. Oyerinde, speaking on the impact of the President’s recent decision, said it had prevented businesses, especially Small and Medium Enterprises, from collapsing. According to him, the Executive orders would allow the organised…