A Nigerian oil company, LekOil, is currently in the eye of the storm over an alleged scam of $600,000 involving a consultancy firm, Seawave Invest. The Guardian (UK) reported that the company revealed the alleged scam after handing over the money to the consultant, who had promised to help arrange…

The management of Access Bank Plc on Wednesday announced its intention to expand its businesses into the Republic of Cameroon. The bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). The notice, signed by Sunday Ekwochi, the Company Secretary, said that the move followed…

The Nigerian passport has been ranked among some of the weakest in the world. Although Nigeria is regarded as Africa’s largest economy, the Nigerian passport suffered the worst decline in rankings on the annual Henley Passport Index. PREMIUM TIMES analysis of the details of the 2020 Henley Passport Index ranking…

Several flights were cancelled and numerous others delayed at the Dubai International Airport as heavy rain left the airport waterlogged at the weekend. The rains began Saturday and continued overnight until Sunday, causing disruption in flight operations. Although details of the situation remains sketchy Monday afternoon, India Times reported that…

The Speaker of the House of Representatives, Femi Gbajabiamila, has called for the suspension of the proposed hike in electricity tariff, saying the increment should not be allowed until estimated billing is criminalised. The speaker expressed worry over the ability of power distribution companies to provide uninterrupted power supply after…

Governor Abdulrahman Abdulrazaq of Kwara State on Friday said the state government and security agencies have arrested the alleged masterminds involved in the trafficking of an indigene of the state. The governor also condemned the rising trend of human trafficking in the country and vowed to deal with anyone caught…

Marilyn Amobi, the embattled Managing Director of the Nigerian Bulk Electricity Trading Company Limited (NBET) reinstated by President Muhammadu Buhari on Thursday was indicted by Nigeria's main anti-corruption agencies over corruption allegations. Apart from the two main anti-graft agencies, EFCC and ICPC, Nigeria's auditor-general also found Ms Amobi culpable of…

Nigeria's Naira recorded its weakest performance against the United States dollar in two decades, closing the outgone 2019 on an average of N362.60, the worst run since the country returned to democratic rule in 1999. A PREMIUM TIMES analysis of Bloomberg financial data showed that in the twenty-year period, naira…

President Muhammadu Buhari has yet again overruled the Minister of Power, Sale Mamman, over key decisions made in agencies under the ministry’s supervision. On Thursday, the president reversed the suspension of Marilyn Amobi, the embattled Managing Director of the Nigerian Bulk Electricity Trading Company Limited (NBET). PREMIUM TIMES understands that…

The Ministry of Power has yet again reacted to the reactions of many Nigerians on the different controversies rocking the ministry in the past week. The ministry in a Wednesday press statement signed by Aaron Artimas, Special Adviser on Media and Communications to the minister of power, said the minister…

President Muhammadu Buhari has ordered the reversal of the suspension of the immediate past Managing Director of Rural Electrification Agency, Damilola Ogunbiyi. Mr Buhari ordered the reversal of the suspension on Tuesday, in clear overrule of an earlier directive given by the Minister of Power, Sale Mamman. Last December, Mr…

Hundreds of staff of the United Bank for Africa (UBA) will no longer be on the employment of the bank in 2020 after they were asked to resign in an on-going restructuring exercise being conducted by the bank, PREMIUM TIMES' findings show. Multiple sources told this newspaper that many of…

Nigerians on Monday attacked the Ministry of Power over its reactions to controversial appointments made in different agencies under the supervision of the ministry. Twitter users launched attacks on the minister, Sale Mamman, and the power ministry, after a press statement reacting to reports of the controversial appointments made by…

Africa’s leading chemical and agro-allied company, Notore Chemical Industries Plc, has announced the commencement of the Turn Around Maintenance (“TAM”) of its plant. A disclosure sent to the Nigerian Stock Exchange said that the TAM is aimed at returning the company’s operating plant to its 1,500 metric tonnes per day…

The Bank of Ghana has debunked claims that the introduction of new denominations of its local cedi was an 'ambush', saying it was borne out of a well-thought out currency reform programme. The bank, in a statement dated January 3, noted that 12 years after the redenomination of the cedi,…

The streets leading into Tipper Garage axis of Abule-egba area of Lagos are usually crowded. At an end of one of the streets, a group of shirtless kids played football on a dusty field. Behind them stood a make-shift football viewing centre, built with bamboo sticks. Adjacent the football pitch…

Nigerian industrialist, Aliko Dangote, became $4.3 billion richer in 2019. Bloomberg reports that Mr Dangote’s fortune continued to grow following investments in cement, flour and sugar. Mr Dangote, widely reputed as Africa’s richest man, ended the last decade with a net worth of almost $15 billion, according to the Bloomberg…

President Muhammadu Buhari approved a former mid-level civil servant to head a crucial electrification agency, PREMIUM TIMES has learnt. Perhaps to conceal the fact that the appointment would be questioned by Nigerians, the appointee was described in a public press statement as an expert with "vast knowledge and experience in…

President Muhammadu Buhari penultimate Monday approved the exit of Babatunde Fowler as the chairman of the Federal Inland Revenue Service. Mr Fowler’s tenure as FIRS chairman expired and the president could have appointed him for a second term in office, something Mr Fowler coveted. But Mr Buhari asked him to…

Disaster was averted on Friday at the Murtala Muhammed International Airport in Lagos when a yet to be named young man charged at a taxiing aircraft. PREMIUM TIMES gathered that the incident occurred at about 8:50 a.m. Friday. The young man, said to be about 25 years old, was sighted…

The management of Dangote Cement Plc has announced the appointment of Michel Puchercos as the new managing director of the company. The new MD’s appointment becomes effective on February 1, 2020, a disclosure notice by the company said. Mr Puchercos’s appointment was made public after he resigned from rival cement…

The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday commended the Central Bank of Nigeria over its resolve to stop the payment of N50 stamp duty to merchants by consumers. The commission, in a statement, said it will collaborate with CBN, relevant regulators and law enforcement authorities to enforce…

African telecommunications and mobile services provider, Airtel Africa, on Tuesday announced that the price for its Initial Public Offering (IPO) of its Malawian subsidiary on the Malawi Stock Exchange has been set at MK 12.69 (USD 0.02) per ordinary share. The telecommunication company had earlier announced its intention to undertake…

11 Plc, formerly known as Mobil Oil Nigeria Plc, has announced plans to acquire Lagos Continental Hotel through its subsidiary company. The oil firm made the announcement in a disclosure made available to the Nigerian Stock Exchange after finalising discussion on the property with the Asset Management Company of Nigeria…

The Central Bank of Nigeria (CBN) has called on merchants who operate Point of Sale (POS) machines for cashless transaction to stop the collection of N50 charges from their customers. The CBN made the clarification amidst confusion generated by the moves by merchants and other businesses operating POS machines to…