President Umaru Yar’Adua today signed into law a 3.1 trillion naira ($21.2 billion) budget for 2009, 8 percent higher than his original spending plan in December.Parliament last month increased Yar’Adua’s 2.87 trillion naira budget proposal, saying the government needed to … read more
Indian steel giant, Global Holdings Ltd. is at daggers drawn with the Nigerian Minister of Justice and Attorney-General, Michael Aondoakaa over the inability of the former to deliver on a deal to convince President Umaru Yar’Adua to reverse the federal … read more
Anglo-Dutch oil major Shell Petroleum Deve-lopment Company Nigeria (SPDC) may have rescinded its decision to put on hold the re-organisation of its Nigerian operations which last year claimed the jobs of over 1,000 workers and resulted in a drastic reduction … read more
A NEW offensive directed at multinational corporations and their home countries linked with various bribery scandals has been initiated by the Federal Government to curb corruption in Nigeria. The exercise, which is being handled by the office of the Attorney-General … read more
Twenty persons including three ladies were arraigned at the Federal High Court in Awka, Anambra State yesterday. They were accused of allegedly abducting two Chinese nationals in Nnewi in March, 2007. But the 21st person, multi millionaire, Pius Ogbuawa was … read more
Local staffers on the employ of the second largest network carrier in the country, Zain have raised alarm over the on-going systemic replacement of senior executive Nigerian staff with Arab expatriates by the Kuwaiti-based parent company, MTC, which holds a … read more
Smarting from the frustration of the underdevelopment of the Niger Delta allegedly worsened by the activities of Militants, River State Governor Chibuike Amaechi yesterday differed with other stakeholders over the path to peace in the region. While other stakeholders have … read more
UK police have arrested a London lawyer accused of moving millions of dollars in bribes to Nigerian officials to win contracts for a US construction firm. A federal grand jury in Texas charged Jeffrey Tesler, 60, with helping channel money … read more
Nigeria should avoid a blanket bailout of its lenders to reveal “the good, the bad and the ugly banks” as unpaid loan charges look set to double in Africa’s largest oil producing nation, Renaissance Capital said. “Good banks are trading … read more
Oil thieves sabotaged a Chevron-operated (CVX.N) pipeline in the restive Niger Delta but no oil production was affected, a military spokesman said on Thursday. Colonel Rabe Abubakar, spokesman for the joint military taskforce in the eastern Niger Delta, said troops … read more