South Africa’s Shoprite Holdings recorded an 11 per cent rise in its shares on Monday amid plans to sell a majority stake in its Nigerian subsidiary. Although the company reported higher total sales, it also announced that it was considering the sale of all or a majority stake in its…

In the early hours of April 16, Ademola Adeoye walked leisurely across different sections of his living room in Oluyole area of Ibadan, Oyo State, completely unperturbed by the chaos of events happening outside of his immediate environment. A Lagos-based stock analyst and policy expert, Mr Adeoye moved to his…

Amoo struggled to pick up broken parts of his Nissan car’s wing mirror, his demeanor lifeless. He mumbled a few words of complaint, threatening to seek justice. The 35-year-old commercial cab driver had just engaged in a brawl with an official of the Oyo State Park Management System (PMS) on…

The Accident Investigation Bureau (AIB) has said that an aircraft belonging Turkish Airline was involved in a collision with a Middle East Airline aircraft at the Lagos airport on Wednesday. A statement by Tunji Oketunbi, AIB’s General Manager, Public Affairs, said the bureau has been notified and has commenced an…

Royal Dutch Shell has said that its second-quarter writedowns include the controversial OPL 245 licence at the centre of corruption trials in Nigeria, Italy and the UK. Reuters reports that the oil giant on Thursday listed the controversial licence for an offshore oilfield in Nigeria, which it holds alongside Eni,…

A former Nigerian attorney-general and Minister of Justice, Bello Adoke, has given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, seven days ultimatum to retract alleged defamatory statements made against him. Mr Adoke issued the ultimatum on Wednesday through his lawyers led by Paul Erokoro, a Senior…

On Sunday, an unnamed 'top presidency official' told journalists in Abuja that the government of former president, Goodluck Jonathan, signed the power agreement with Azura to generate 450MW of electricity in Nigeria. The unnamed official, who did not want to be identified, said this was because the Power Purchase Agreement…

The Accident Investigation Bureau (AIB) on Tuesday released a probe report of the helicopter crash involving Vice President Yemi Osinbajo. The investigation revealed that the captain of the helicopter deployed inappropriate landing techniques, and did not adhere to company procedures. The Caverton Helicopter accident occurred on February 2, 2019, crash-landing…

“Up NEPA!” about a dozen teenagers playing within the verandah of the three-storey building housing Bola Kareem’s shop screamed. Bola is not a teenager, but he joined in the cacophonous jubilation nevertheless. The 32-year-old embroiderer explained that the neighborhood’s electricity had just been restored after two weeks of blackout. “I…

Italian prosecutors have requested a 10-year jail sentence for Dan Etete, a former Nigerian petroleum minister, over alleged fraud in the controversial Malabu Scandal. Reuters reports that the prosecutors proposed eight years in prison for both Claudio Descalzi, former chief executive of Eni and Paolo Scaroni, his predecessor. They also…

Some customers of the First City Monument Bank (FCMB) have expressed their dissatisfaction with the bank’s services following widespread network glitches across the nation. The bank’s customers took to Twitter and other social networking sites to express their anger on Monday amid frustrations occasioned by their inability to operate their…

British Airways has announced that it will retire all of its Boeing 747s following a sharp downturn in global travel due to COVID-19 disruption. The airline, owned by International Airlines Group (IAG), said the planes will all be retired with immediate effect. "It is with great sadness that we can…

The Nigerian Supreme Council for Islamic Affairs (NSCIA) has commended the Central Bank of Nigeria (CBN) for its introduction of non-interest credit facilities. A statement by the NSCIA, under the leadership of its President-General, Sa’ad Abubakar, the Sultan of Sokoto, said the initiative covers the Anchor Borrowers Programme (ABP), Agri-Business,…

The Federal Airports Authority of Nigeria, FAAN, has again condemned the conduct of a governor, this time, the governor of Adamawa State, Ahmadu Fintiri. Mr Fintiri was alleged to have violated public health protocols on COVID -19 at the Port Harcourt Airport on Tuesday. FAAN, in a series of tweets…

The Management of the Federal Airports Authority of Nigeria (FAAN) on Wednesday condemned the conduct of a former governor of Zamfara State, Abdulaziz Yari. The former governor was alleged to have violated protocols put in place to arrest the spread of coronavirus in Nigeria. He was also said to have…

A United States district court has ordered the Nigerian government and British Virgin Island engineering firm, P&ID, to hold a telephonic conference to determine whether a lingering document dispute can be resolved without court intervention. District Judge Lorna Schofield said that the parties should file a joint letter advising the…

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) on Monday alleged that the Nigerian National Petroleum Corporation (NNPC) sacked 850 contract workers. The unions, in a joint statement made available to PREMIUM TIMES, said the workers were disengaged…

A British-Nigerian, Fidelia Onoghaife, has been sacked by the Dutch Ministry of Foreign Affairs allegedly for her whistle-blowing role at the Dutch Embassy in Nigeria. PREMIUM TIMES gathered that the woman, who worked as senior policy advisor of economic and political affairs at the embassy post in Abuja, appeared in…

The management of Access Bank Plc has announced plans by its Zambian subsidiary to acquire another bank in the country. The bank told shareholders that it plans to acquire Cavmont Bank Limited, a subsidiary of Capmont Capital. A disclosure notice sent to the Nigeria Stock Exchange, however, urged stakeholders to…

Nigeria is currently locked in a fresh legal battle with a controversial British Virgin Island engineering firm, P&ID, over the use of bank records obtained by the Nigerian authorities. The fresh crisis is in relation to an alleged bribery scheme and subsequent $9.6 billion arbitral claim which the Nigerian government…

Following the recent re-opening of the airports by the Federal Government, Dana Air has announced the resumption of its flight services on July 9. The airline also advised its potential passengers to arrive airport three hours to flight. The airline, in a statement Wednesday morning, said it will operate three…

Following the recent re-opening of the airports by the federal government, Dana Air has announced the resumption of its flight services on July 9. The airline also advised its potential passengers to arrive airport three hours to flight. The airline in a statement Wednesday morning said it will operate three…

The Central Bank of Nigeria on Tuesday adjusted the value of the naira to exchange to the dollar at N381, as parts of measures to converge the nation’s multiple exchange rates and ensure stability. Although the CBN has not officially made its position known, data obtained on the website of…

The management of United Bank for Africa Plc (UBA) on Tuesday announced the appointments of two new deputy managing directors for the bank. Ayoku Liadi and Oliver Alawuba were announced as Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively. A statement by the bank said the…

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the government to protect the economy from oil price volatility. A statement by Orji Ogbonnaya, NEITI’s Director of Communications and Advocacy, noted that this can be achieved by weaning Nigeria off its unhealthy dependence on oil which accounts for the…