Olawoyin Oladeinde

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at Premium Times. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. You may connect with Oladeinde on twitter (@Ola_deinde), Facebook (Oladeinde Olawoyin)

Posts by Olawoyin Oladeinde:

NNPC TOWERS

Documents show ‘broke’ NNPC stacked trillion naira debt, unable to meet commitments

The Nigerian National Petroleum Corporation (NNPC) was unable to meet its debt obligations as due in January, as a result of inadequate finances, documents seen by PREMIUM TIMES have shown. The national oil company was also encumbered by huge outstanding Federation Accounts Allocation Committee (FAAC) remittances and other financial obligations…

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola

We have delivered visible results in Power, Housing, Road – Fashola

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola, on Monday said the Nigerian government has delivered visible results and recorded progress across different sectors of the nation, including housing, road construction and electricity provision. Mr Fashola made this known while delivering the third year progress report speech at the…

9mobile

UPDATED: Teleology takes over Nigeria’s 9mobile

Telecoms firm, Teleology Nigeria Limited, on Monday announced the constitution of a new Board of Directors for Nigerian telecommunication company, 9mobile. A statement by the company said the decision followed a successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in…

Access Bank building

Access Bank denies merger, acquisition talks with Diamond

The management of Access Bank has denied reports that it is in merger and acquisition talks with Diamond Bank Plc. The bank in a prompt disclosure sent to the Nigerian Stock Exchange, NSE, on Monday said it has not entered into any such discussion with Diamond Bank or any other…

Entrance of Health Port Centre

INVESTIGATION: Inside Nigerian airport where cleaners, touts issue fake yellow cards to travelers (2)

What is perhaps the biggest racket at the Lagos International Airport is being orchestrated by toilet cleaners and touts. While the cleaners merely beg for tips upon attending to passengers, what’s perhaps unknown to many is that they collaborate with touts to issue fake yellow cards to willing passengers inside…

MTN

MTN sues Nigerian government; demands N3 billion damages

Telecommunication company, MTN Nigeria, has sued the Nigerian government to the tune of N3 billion. The firm, in the new suit, is challenging the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Nigerian government. The embattled company, in the suit filed…

atiku-abubakar

Atiku ‘committed to elimination of fuel subsidy process’

The presidential candidate of the Peoples’ Democratic Party (PDP), Atiku Abubakar, on Monday said the fuel subsidy regime as being administered by the ruling All Progressives Congress, APC, is inefficient. Mr Abubakar made this submission through his campaign organisation on Monday. The presidential hopeful was reacting to a PREMIUM TIMES…

President-Muhammadu-Buhari

EXCLUSIVE: Documents show Buhari’s govt. illegally diverted N378billion NLNG dividend

The federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, PREMIUM TIMES can report today. The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum…

Murtala Muhammed International Airport, Lagos

INVESTIGATION: At Lagos airport, officials still extort travellers (1)

“You won’t be allowed to board the airplane,” the check-in officer said matter-of-factly, hands spread apart, his facial expression revealing no mischievous intent. Although this reporter knew it was a lie told for the sole purpose of extortion, he played along. For some minutes, the official rummaged through the passenger's…

Central bank of Nigeria (CBN)

Two foreign banks shut down Nigerian operations

The Central Bank of Nigeria on Friday said two foreign banks, HSBC and UBS, have closed their offices in Nigeria. The CBN also revealed that foreign investment had fallen sharply from a year ago as FDI slumped to N379.84 billion ($1.2 billion) in the first half of the year from…

Lagos Lagoon

Man jumps into Lagos lagoon

A yet-to-be-identified man on Friday jumped into the Lagos lagoon, in what appeared to be suicide. PREMIUM TIMES gathered that the man jumped into the lagoon through the Third Mainland Bridge in Lagos. Witnesses said the man alighted from a commercial vehicle and made the fatal jump. Speaking to PREMIUM…

Corporate Affairs Commission (CAC) Head Office

Nigeria drops in 2018 World Bank Ease of Doing Business ranking

Nigeria on Wednesday dropped by a spot in the latest World Bank Ease of Doing Business ranking for 2018, released by the global financial institution. According to details of the report, of the 190 countries ranked by the World Bank, Nigeria ranked 146 in 2018, dropping by a spot from…

Arik Air

Expert uncovers massive customers’ data leak in Arik

Millions of customers flying Nigeria’s foremost airline, Arik Air, may have had their data leaked as details emerged on Wednesday that the airline’s data were found in exposed and vulnerable Amazon S3 buckets. According to Justin Paine, Head of Trust & Safety at Cloudflare, there is a bucket containing a…

Afren (Photo Credit: Financial Times)

Ex-Afren officials jailed 30 years for fraud involving Nigerian firm

Osman Shahenshah and Shahid Ullah, two ex-officials of oil company, Afren, have been sentenced to a total of 30 years for fraud and money laundering offences. Messrs Shahenshah and Ullah had committed the offences whilst they were Chief Executive Officer (CEO) and Chief Operating Officer (COO) of Afren. PREMIUM TIMES…

Ongoing road construction at Dadinkowa mayama Local govt Kebbi State

SPECIAL REPORT: Amidst inadequate funding, insecurity, Buhari administration’s road projects continue across Nigeria (2)

In the second and final part of this report, the state of two major roads being constructed by the Buhari administration are reviewed. Read the first part of the report here. Gombe-Numan Road The Gombe-Numan federal road rehabilitation project was awarded afresh by President Muhammadu Buhari’s administration in 2016. Nearly…

MTN

REVEALED: Nigerian government partly owns embattled MTN

The federal government of Nigeria is a part owner and shareholder of the troubled telecommunications giant, MTN Nigeria, checks by PREMIUM TIMES have shown. The details, which is not entirely new but largely unknown to many analysts and Nigerian citizens, are coming to the fore amidst a long-running row between…

Diamond Bank Headquarters Photo: Business News

UPDATED: Why Diamond Bank chairman, three other directors resign

The chairman and three non-executive directors of Diamond Bank have resigned from their positions. This was confirmed by the bank in a letter dated October 24 and sent to the Nigerian Stock Exchange. In the letter titled “RESIGNATION OF CHAIRMAN AND NON-EXECUTIVE DIRECTORS,” the bank notified “the Nigerian Stock Exchange…

Osman Shahenshah, former top executives of energy firm, Afren. [PHOTO CREDIT: Financial Times]

Nigerian firm owned by billionaire Indimi named in UK criminal conviction

Two former top executives of energy firm, Afren, were on Wednesday convicted after they were found guilty of money laundering offences in the United Kingdom. Osman Shahenshah and Shahid Ullah were found guilty of fraud and money laundering offences from which prosecutors said they personally received more than $17 million…

ExxonMobil used to illustrate the story

Exxon Mobil sued in New York, accused of deceiving shareholders

The authorities in New York on Wednesday sued oil multinational, Exxon Mobil, over claims that the company defrauded shareholders by downplaying the expected risk of climate change to its business. New York Attorney General, Barbara Underwood, filed the lawsuit against the multinational on Wednesday after three years of investigation, according…

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola

Electricity: We’ve performed better than PDP did in 16 years – Fashola

Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola, on Tuesday said the present administration has done better in power generation, transmission and distribution than the opposition Peoples Democratic Party (PDP) did in 16 years of its administration. A statement sent to PREMIUM TIMES Tuesday from the minister’s media office…

AMCON

AMCON names Nigeria’s non-paying debtors; Ubah, Babalakin, Oloffa, Kashamu, others top list

The Asset Management Corporation of Nigeria (AMCON) on Monday released the list of debtors it claimed have failed to negotiate successfully with the corporation. The list, which contains about 105 names, came months after the asset management company said it would need the support of other relevant agencies to ensure…

Verification ongoing

How Obasanjo, Jonathan left us to suffer — ex-Nigerian Airways workers

One afternoon in the late 1990s, Pat Isaac climbed to the roof top of a water tank on the premises of the defunct Nigerian Airways to check the tanks. As a staff of the department in charge of water supply, the check was a routine activity, he told PREMIUM TIMES.…

Jamal Khashoggi [Photo: Middle East Monitor]

Khashoggi: Uncertainty looms in global oil market as Saudi contains outrage

The International Energy Agency (IEA) Monday on said it is not worried Saudi Arabia will cut oil supply in response to any potential sanctions over the killing of journalist Jamal Khashoggi. IEA chief, Fatih Birol, however told Reuters that analysts and industry stakeholders must deploy ‘common sense’ as political developments…

Shell-and-Eni

MALABU SCANDAL: Shell, Eni officials’ trial continues as anti-corruption group head appears before court

The trial of officials of oil giants Eni and Shell over the controversial Malabu scandal will resume Wednesday at the Milan Palace of Justice in Italy, PREMIUM TIMES has learnt. The Milan court’s decision came after Simon Taylor, a founding director of anti-corruption group, Global Witness, appeared before it as…

Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]

FG to pay 50% ex-Nigerian Airways staff benefits from next week – Minister

The Nigerian government on Wednesday said it will pay 50 per cent of entitlements owed ex-staff of the defunct Nigerian Airways in 2018 and pay the balance next year. The finance minister, Zainab Ahmed, revealed this on Wednesday while briefing journalists after the Federal Executive Council (FEC) meeting in Abuja.…