BUSSINESS

JUST IN: Finally, Buhari Signs African Continental Free Trade Area Agreement

BUSSINESS
President Muhammadu Buhari on Sunday signed the Agreement Establishing the African Continental Free Trade Area (AfCFTA) at the opening of the 12th Extraordinary Session of the Assembly of AU Heads of State and Gov on #AfCFTA in Niamey, Niger. His personal assistant (photography), Sunday Aghaeze, made the disclosure on Twitter. He posted photos of the president signing the agreement. Buhari had approved the recommendations of the Presidential Committee on the Impact and Readiness Assessment of the African Continental Free Trade Area, AfCFTA, agreement. Garba Shehu, his spokesman, in a statement last Wednesday, said the president would be signing the Phase one of the agreement in the course of his attendance at the Mid-Year Coordination Meeting of the African Union...
Withdraw Your Services And Shut Ports Operations Nationwide – Labour Orders Memebers

Withdraw Your Services And Shut Ports Operations Nationwide – Labour Orders Memebers

BUSSINESS
LEADERS of Maritime Workers Union of Nigeria, MWUN, yesterday directed members to withdraw their services and shut ports operations nationwide from Wednesday over unpaid wages to Dockworkers, among other issues. They warned that once the strike start, it would not end until all demands were met. Recall that MWUN had on June 11, issued a 14-day ultimatum to the Federal Government to compel the International Oil Companies, IOCs, to pay over a year outstanding wages to dockworkers, among other issues or face nationwide industrial unrest. The leaders of the union had last week set up a strike coordinating committee and directed its officials in all port formations nationwide to begin a massive mobilization of members ahead of the planned strike. MWUN in a lett...
T. Y. Danjuma’s Net Worth is $1.2bn (N432bn), Owned Over 30 Properties – Bloomberg  Report

T. Y. Danjuma’s Net Worth is $1.2bn (N432bn), Owned Over 30 Properties – Bloomberg Report

BUSSINESS
United States-based media firm, Bloomberg, has revealed that a former Minister of Defence, Lt. Gen Theophilus Danjuma (retd.), is worth an estimated $1.2bn (N432bn). Danjuma, who was among prominent Nigerians exposed in Panama Papers in 2017, had also been named among those with secret accounts, operated with codes, with the Swiss branch of banking giant, HSBC. In the Bloomberg latest report, Danjuma owns not fewer than 30 properties worldwide some of which include hotels, luxury apartments and others. Bloomberg said in a report that Danjuma had also acquired the ‘Kings Arms Hotel’,  a 300-year-old inn next to London’s Hampton Court Palace, once the home of King Henry VIII, where a room goes for about 250 pounds ($318) a night. The report read in p
Malabu Scandal: Ex-Russian Diplomat Who Claimed GEJ Received $200m In The Controversial Deal, Appears In Italian Court

Malabu Scandal: Ex-Russian Diplomat Who Claimed GEJ Received $200m In The Controversial Deal, Appears In Italian Court

BUSSINESS
A former Russian diplomat, Ednan Agaev, on Wednesday appeared before an Italian court in Milan over the controversial Malabu scandal. Mr Agaev, a middleman and defendant in the case, once claimed that former president Goodluck Jonathan may have received $200 million in the controversial deal. The Russian middleman helped negotiate the transfer of the OPL 245 oil block to Shell and Eni, two multinationals at the heart of the scandal. In 2017, a report based on Italian court documents obtained by BuzzFeed and Italian business newspaper, Il Sole 24 Ore, quoted Mr Agaev as saying that Dan Etete, the former Petroleum Minister at the heart of the oil scandal, said he intended to dole out as much as $400 million in bribes if the deal went through. If Mr Etete actually pa...
Over 1bn Litres Of Petrol Is Available – NNPC debunks rumour of impending fuel scarcity In Nigeria

Over 1bn Litres Of Petrol Is Available – NNPC debunks rumour of impending fuel scarcity In Nigeria

BUSSINESS
The Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to disregard rumours of an impending scarcity of petrol in the country. In a statement issued by Ndu Ughamadu, NNPC spokesman on Thursday, the corporation said such rumours were “tales fabricated by mischief makers with intent to create undue panic in the prevailing sanity in the fuel supply and distribution matrix across the country”. “The Nigerian National Petroleum Corporation (NNPC) has once again appealed to Nigerians to disregard trending social media report of an impending fuel scarcity due to purported refusal by some oil  marketers to lift products from depots,” the statement read. The state oil firm reassured Nigerians that it already has an ample stock of over one billion litres of petrol,
GTBank: Pay our N8.7bn or give us shares in your company – Innoson

GTBank: Pay our N8.7bn or give us shares in your company – Innoson

BUSSINESS
Nigeria’s indigenous automobile company, Innoson Vehicles Manufacturing, has requested shares from Guaranty Trust Bank (GTB), should the bank not be able to obey the supreme court’s judgement on a debt of N8.7bn. Innoson had last week said the supreme court had refused to grant the bank an injunction to restrain Innoson from executing the judgement against it. However, GTB had insisted that the judgment was against Garnishee Proceedings, an account of the Nigerian Customs Service (NCS) board, domiciled with the Bank and not against the bank as an entity. Erhi Obebeduo, secretary of the bank, said GTB was taking all necessary legal steps to ensure that no “illegal or fraudulent execution” is carried out. But responding on Sunday, Cornel Osigwe, Innoson’s head corporate co
EMEFIELE: Jonathan’s ex-aide reveals what cabal will do next

EMEFIELE: Jonathan’s ex-aide reveals what cabal will do next

BUSSINESS
Former Director of Strategy/Communication under ex-President Goodluck Jonathan, Jackson Ude, has reacted to the directive by the Federal Government that the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, should vacate office. The Nigerian Government had directed the CBN governor to embark on leave, ahead of expiration of his tenure. Emefiele was said to have received letter to this effect on Monday. However, Ude said the alleged cabal in the current government would take over when Emefiele finally leaves office. In a tweet, he wrote: “CBN Governor, Godwin Emefiele has been issued two weeks to clean his table, make it super clean, then resign quietly. “The Cabal would officially take over the NNPC, CBN, NSPMC and all! #NextLevelConfirmed If you are waiting
JUST IN: Presidency Denies Sacking Emefiele as CBN governor, Says Buhari Lack Powers

JUST IN: Presidency Denies Sacking Emefiele as CBN governor, Says Buhari Lack Powers

BUSSINESS
Godwin Emefiele remains the governor of the Central Bank of Nigeria, TheCable can report. Emefiele reportedly received a letter from the office of President Muhammadu Buhari on Monday to vacate his office. Sources within the presidency told TheCable there is no truth in the reports. “The president does not have the power to sack the CBN governor without the approval of the national assembly,” one of the persons familiar with the matter told TheCable. “The reports are fake.” When TheCable likened the matter to the suspension of Muhammad Sanusi II, the former CBN governor, the source said: “Suspension is different from sack, and Emefiele has not done anything wrong to be suspended or asked to proceed on terminal leave.” Section eight of the CBN Act of 2007 says a CBN g
Mercedes-Benz M-Class replacement for unveiling in Nigeria

Mercedes-Benz M-Class replacement for unveiling in Nigeria

BUSSINESS, TECHNOLOGY
Associates Limited, authorized distributor of Mercedes-Benz in Nigeria is set to introduce the new Mercedes Benz GLE SUV in Nigeria. Managing Director, Weststar Associates Limited, Mr. Mirko Plath, described the new GLE as one of the welcome innovations in the global automobile industry. He said that with features like the MBUX the world continues to move towards a more digitalized era and that Nigeria isn’t left out. With the growing demand for Mercedes-Benz cars in Nigeria, he believes the new GLE will be well received. The new GLE, according to him, remains an iconic member of Mercedes-Benz SUV and its newest installments has largely exceeded expectations. With first of its kind innovations and an even more personal interaction between the driver and car, customers can look f
BREAKING… First aircraft lands in Bayelsa State Airport

BREAKING… First aircraft lands in Bayelsa State Airport

BUSSINESS
Twenty-three years after it was created the first aircraft on Thursday landed at the Bayelsa State International Airport. The 3.5 kilometer runway airport according to the Governor, Seriake Dickson was built at the cost of over N65 billion. Dickson said it is the first aircraft to land in any airport in Izon land, the heartland of the Ijaws. He said the clarification over the cost of the airport project had become imperative because of allegations peddled by Senator Heineken Logbobiri who said the project gulped between N120 to N150 billion. The senator had alleged that the airport was flooded. Speaking at the airport when an Air Peace Embraer Regional Jet that flew from Lagos landed at the runway, to the tumultuous welcome of Bayelsa indigenes, Dickson said the facilit...
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