On June 21, 2017, Justice Adeniyi Onigbanjo of the Lagos High Court ruled that the forced eviction of tens of thousands of people from the Otodogbame waterfront slum in Lagos was unconstitutional. The judge also ruled that the rights of those evicted had been violated as there was no resettlement…

On Tuesday, the Central Bank of Nigeria (CBN) announced new charges on cash deposits and withdrawals on individual and corporate bank accounts. The bank said daily individual cumulative or single cash withdrawals in excess of N500,000 would attract a 3 per cent charge, while 2 per cent would be paid…

The Chairman, Board of Directors of Union Bank Plc, Cyril Odu, is dead. Mr Odu died on Tuesday, a disclosure sent to the Nigerian Stock Exchange by the bank's secretary, Somuyiwa Sonubi, said. The late bank chair joined the Board of Directors of Union Bank in 2012 and was appointed…

There are strong indications that MTN Nigeria is planning to raise N100 billion through Commercial Paper (CP). Although the telco giant is yet to officially announce the plan, an official suggested on Tuesday that the firm would issue the commercial paper through the Nigerian Stock Exchange shortly. Reacting to reports…

Nigerian carrier, Dana Air, has given its strategic route expansion plan a push with the arrival in Lagos of one of its newly acquired Boeing 737 aircraft. The Managing Director /Chief Executive officer of Dana Air, Jacky Hathiramani, said the aircraft arrived Lagos at about 1 a.m. on Friday. Mr…

Tech firm and talent accelerator, Andela, has announced that it will lay off over 250 junior engineers across Kenya, Uganda, and Nigeria. Jeremy Johnson, Chief Executive Officer and Co-Founder of Andela, made this known Tuesday in a statement titled "The Future of Andela". The layoffs come as the company announced…

President Muhammadu Buhari has constituted an Economic Advisory Council (EAC) to replace the administration's Economic Management Team. Presidential spokesperson, Femi Adesina, said President Buhari appointed the following experts: 1. Prof. Doyin Salami – Chairman 2. Dr Mohammed Sagagi – Vice-Chairman 3. Prof. Ode Ojowu – Member 4. Dr Shehu Yahaya…

In what appears his last interview before he finally flew away in that tragic Ethiopian Airline crash of March, Pius Adesanmi----patriot and model intellectual----declared that he was in an "abusive" relationship with Nigeria. A less discerning reader of Professor Adesanmi, a master satirist and frontline essayist, could easily mistake that…

The Oyo State Governor, Seyi Makinde, has assured that the state-owned First Technical University (Tech-U), Ibadan, will receive all necessary support from his administration. The governor made this known when he received the governing council of the university on a courtesy call to him in his office on Tuesday. Mr…

The Minister of Works and Housing, Babatunde Fashola, on Monday said that there was no case of inflation in the various contracts awarded by the Nigerian government in 2018. The minister, who was reacting to allegations of contract inflation levelled against his ministry by the Bureau of Public Procurement (BPP),…

A former governor of Abia State, Orji Uzor Kalu, has sold the entire issue shared capital of his banking group, First International Banking (FIB) Group Limited, The Gambia, PREMIUM TIMES can report today. The transaction, which has never been made public, was concluded between 2015 and 2016, documents seen by…

A bold inscription at the entrance of the estate welcomes visitors into the relatively quiet neighbourhood. Designed with white painting cast on a black background, the inscription depicts an atmosphere of peace and tranquillity. "Welcome to Peace Estate," it reads. Located within the larger Baruwa Community in Alimosho local government…

An award-winning Nigerian poet, essayist, translator and author of short stories, Tade Ipadeola, has been selected to participate in the International Writing Program (IWP) Fall Residency at the University of Iowa, courtesy of the United States Department of State. A statement on Friday said from September 1 to November 16,…

The Nigerian Stock Exchange on Thursday announced the reclassification of Oando Plc from Medium-Priced Stock to Low-Priced Stock. A statement by the Exchange said the reclassification became effective Thursday. This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), the NSE said. Oando…

Oando PLC through its upstream subsidiary Oando Energy Resources (OER) on Wednesday said it has made a significant gas and condensate discovery in its fields in the Niger Delta. A disclosure sent to the Nigerian Stock Exchange said the project is a joint venture arrangement among the Nigerian National Petroleum…

Nigerian Breweries Plc on Wednesday reacted to an investigative report which exposed how the company protected Nico Vervelde, its Dutch Chief Executive Officer suspected of corruption. The company reacted in a disclosure notice signed by Sade Morgan, the Corporate Affairs Director at Heineken. The notice was sent to the Nigerian…

A former Nigerian minister for education, Oby Ezekwesili, on Wednesday came under attack for attending the World Economic Forum meeting holding in South Africa. Mrs Ezekwesili, a social critic and former presidential candidate, was criticised by some Nigerians on Twitter for attending the forum amidst diplomatic rows between Nigeria and…

Julius Berger Nigeria Plc has declared its interest in the upcoming bidding process for a construction project in the Philippines. A disclosure sent to the Nigerian Stock Exchange named the project as the Camalaniugan (Cagayan) Bridge. According to the disclosure, the company is bidding for the project as a partner…

Nigeria's Gross Domestic Product (GDP) declined by 0.16 per cent in the second quarter of 2019, the National Bureau of Statistics (NBS) said on Tuesday. The NBS also revealed that the GDP grew by 1.94 per cent in real terms within the same period. According to the report, if compared…

The Nigerian Stock Exchange (NSE) has announced the commencement of the 2019 edition of the NSE Essay Competition. A statement by the NSE said the competition commenced with a call for entries from students in Senior Secondary Schools in Nigeria. This year, the statement said, each student will write on…

The Nigerian Stock Exchange on Wednesday said it is collaborating with JP Morgan Chase to facilitate in-depth capacity building programme on the derivatives market. The decision is consistent with the NSE's commitment to developing a thriving derivatives market in Nigeria, the bourse said on Wednesday. It added that the collaboration…

Earlier in September 2018, the Nigerian Stock Exchange (NSE) officially notified the investing public of the suspension of Skye Bank Plc shares. NSE said in the statement that the action was taken following the regulatory action of the Central Bank of Nigeria (CBN) revoking the banking license of Skye Bank.…

The management of Total Nigeria Plc has announced the appointment of a new director. The new director is Lesley Baxter. The company made the announcement in a disclosure notice sent to the Nigerian Stock Exchange, NSE. The disclosure, signed by O.A Popoola-Mordi, the company secretary, noted that the appointment took…

On Saturday, April 20, an exhausted Olusegun Obasanjo sat down with Musikilu Mojeed and Oladeinde Olawoyin at his Ibogun Olaogun ancestral home to reflect on Nigeria's democracy journey. The former president had scheduled the interview for his Abeokuta home. But when the reporters arrived the Ogun State capital early that…

A former Nigerian Attorney-General of the Federation and Minister of Justice, Bello Adoke, has asked the Economic and Financial Crimes Commission (EFCC) to withdraw its case against him at the Federal High Court in Abuja. Mr Adoke, in a statement made available to PREMIUM TIMES, said the anti-graft agency must…