All posts by BusinessNews Staff

• 
  N15bn fraud: Court grants Briton, ex-Gulf Bank MD N200m bail each

  A Federal High Court in Lagos on Monday granted bail in the sum of N200 million each, to a Briton, Gareth Wilcox and Johnson Adebami, charged with N15 billion fraud. Wilcox, a former Managing Director of Ibom...

  • Posted December 30, 2013
  • 0
• 
  Late remittances delay FAAC meetings – Commissioner

  The Chairman, Finance Commissioner’s Forum, Mr Timothy Odah, said that late remittances by revenue collecting agencies was often responsible for the delay in conducting the monthly meeting of Federal Account Allocation Committee (FAAC). Odah said this in...

  • Posted December 30, 2013
  • 0
• 
  Fashola warns auto dealers to stop using road sides as showrooms

  Gov. Babatunde Fashola of Lagos State on Friday warned traders, especially auto dealers to stop making sections of the highways their showrooms. Fashola gave the warning when he inaugurated the reconstructed Kodesho Road and Simbiat Abiola Way...

  • Posted December 28, 2013
  • 0
• 
  Alleged N15b fraud: Briton, four others to know fate December 30

  A Federal High Court in Lagos on Friday fixed Dec. 30 to decide the fate of a Briton, Gareth Wilcox, and four others, charged with N15 billion fraud. Wilcox, a former Managing Director of Ibom Power Company...

  • Posted December 28, 2013
  • 0
• 
  N1.1b fuel subsidy fraud: Court dismisses Alao’s applications

  An Ikeja High Court on Friday dismissed three applications filed by an oil marketer, Abdullahi Alao, who is being prosecuted for an alleged N1.1 billion fuel subsidy fraud. The News Agency of Nigeria (NAN) reports that the...

  • Posted December 28, 2013
  • 0
• 
  Post Impact Assessment report will reveal areas affected by Bonga oil spill – NOSDRA

  The direct impact of the Bonga oil spill is set to be known through the Post Impact Assessment (PIA) report on the disaster, the National Oil Spill Detection and Response Agency (NOSDRA) said on Tuesday. The agency’s...

  • Posted December 25, 2013
  • 0
• 
  Ogun Assembly passes N210.2bn budget for 2014

  The Ogun House of Assembly on Monday passed the State’s 2014 Appropriation Bill of N210.2 billion. The bill was passed after the Chairman, House Committee on Finance and Appropriation, Mr Olusola Bankole, read the committee’s report. Bankole...

  • Posted December 24, 2013
  • 0
• 
  Investors trade 289.98 million shares on Monday

  Transactions on the floor of the Nigerian Stock Exchange, NSE, ended on Monday with investors trading 289.98 million shares valued at N2.14 billion in 3,952 deals. This was in contrast with the 698.89 million shares valued at...

  • Posted December 24, 2013
  • 0
• 
  Unity Bank plans to raise N38bn through special placement

  Shareholders of Unity Bank on Monday approved the bank’s plan to raise over N38 billion through special placements or rights issue. The shareholders gave the approval at the bank’s third Extra-General Ordinary Meeting (EGM) held in Lagos....

  • Posted December 24, 2013
  • 0
• 
  CAC converts financial reporting to IFRS

  The Corporate Affairs Commission (CAC), says it has successfully converted its financial reporting to International Financial Reporting Standards (IFRS). IFRS is a set of international accounting standards that define how different types of transactions and other accounting...

  • Posted December 24, 2013
  • 0