Nigeria’s central bank on Wednesday warned defaulting debtors of five banks rescued in a $2.6 billion bailout last week that they would face legal action unless they repaid the funds. The list of more than 200 companies, individuals and state … read more
It gets worse. Within a few days of the Central Bank pumping N420 billion into five insolvent banks whose senior executives were fired last week, the banks have been found to have even less value than previously claimed. The worst … read more
Nigeria’s main armed group in the Niger Delta Tuesday warned that the alleged extrajudicial execution of a civilian by the military was putting an ongoing ceasefire in jeopardy. The Movement for the Emancipation of the Niger Delta (MEND) said in … read more
The damage done to the satellite cable that provides internet service to Nigeria and other countries in West Africa SAT-3 has been rectified and service restored. British Broadcasting Corporation (BBC) in a report yesterday disclosed that the repair of the … read more
Three of the five sacked chief executive officers of the bailed out banks have spent the night in custody of the Economic and Financial Crimes Commission (EFCC) in Lagos while the remaining two have been declared wanted by the anti-graft … read more
Chinese oil company, Sinopec has announced conclusion of the buy-out of Canadian oil independent, Addax Petroleum Corporation. In a joint statement by both companies, Sinopec and Addax Petroleum revealed that they are “pleased to announce that 153,734,120 common shares of … read more
The head of Nigeria’s leading lawyers’ association has said the country is “gliding toward being a failed state”. Oluwarotimi Akeredolu said democratic institutions had failed to adequately represent Nigerians and uphold the rule of law. The Nigerian Bar Association chief … read more
THE Federal Government plans to meet with members of the foreign diplomatic community in the country to brief them on the amnesty granted to militants in the Niger Delta. It is also planning to buy four new Puma helicopters from … read more
A Federal Government delegation was in Geneva, Switzerland, at the weekend to apologise to the United Nations for the alleged extra-judicial killings of Boko Haram sect leaders last month, head of the National Human Rights Commission (NHRC) Ronald Ewubare said … read more
New revelations have come to light indicating that James Ibori, the notorious former governor of Delta State who has been indicted for corruption, is behind the near-collapse of two banks — Oceanic and InterContinetal banks – whose managements were dissolved … read more