Yemisi Izuora The federal government is set to seize money in accounts without bank verification number, BVN, following the approval of the request of Abubakar Malami, attorney general of the Federation, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs. Also to be seized are funds held in bank accounts without sufficient know-your-customer credentials. The order followed an originating motion of notice filed by the AGF on behalf of the Nigerian government on September 28. Nnamdi Dimgba, Federal High Court judge, who presided over the ex-parte motion, granted all the nine reliefs sought by…
Author: Orientalnews Staff
The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Engr. Saleh Dunoma has been conferred with the Prestigious Fellowship Award of the Nigerian Society of Engineers (NSE). At the presentation ceremony held in Abuja on the 20th October, 2017, the society noted that the fellowship was in recognition of his innumerable contributions to the engineering profession over the years. Engr. Dunoma has demonstrated strongly, the core values and mission of the NSE, as he has dedicated his life to the promotion and enforcement of a high standard of performance and professional ethics in the engineering field. He has…
Yemisi Izuora The National Association of Insurance and Pension Correspondents (NAIPCO), will be honoring outstanding Insurance Companies alongside some individuals with awards during its 2017 conference. The event is scheduled to hold on October 25 at Oriental Hotel, Lagos. The conference is designed to be a gathering of stakeholders from the two sectors as well as their customers. The shortlisted companies emerged after rigorous audit of their financial performance and regulatory compliance. Their performance in terms of balance sheet size, Premium income, Returns on Investment, Pension Assets Under Management (for pension fund administrators), clientele base and profitability were equally crucial factors to…
Yemisi Izuora with Agency Report Oil prices rose on Monday over supply concerns in the Middle East and as the U.S. market showed further signs of tightening while demand in Asia keeps rising. Brent Crude futures, the international benchmark for oil prices, were at $57.84 up 9 cents, or 0.16 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 19 cents, or 0.37 percent. “Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices,” said William O’Loughlin, investment analyst at Rivkin Securities. “U.S. production was…
Yemisi Izuora The DMO in a recent press release has clarified the plans of the Federal Government to source for capital from the International Financial Markets. In the press release, the DMO stated that the proposed USD5.5 billion comprises of two components: USD2.5 billion new borrowing and USD3 billion for refinancing. USD2.5 Billion The first component of USD2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget. It will be recalled that the 2017 Appropriation Act provided for new External Borrowing of N1.067 trillion or USD3.5 billion at an Exchange…
Yemisi Izuora Experts in the banking industry as well as judges have again drawn attention of the public on the risks involved in transacting their businesses with virtual currencies like bitcoins and others. Speaking in Abuja at a seminar organised by Chartered Institute of Bankers of Nigeria (CIBN), the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, said efforts must be made to protect customers in the banking sector. At the event tagged ‘17th National Seminar on Banking and Allied Matters for Judges,’ the CJN, represented by a Justice of the Supreme Court, Justice Mahmud Muhammad, said the judiciary will…
Yemisi Izuora The Nigerian Maritime Administration and Safety Agency (NIMASA), has appealed the judgment of the Federal High Court Lagos in the matter between Nigeria Liquefied Natural Gas (NLNG), Attorney General of the Federation, Global West Vessels Specialists Ltd and NIMASA. In a statement, NIMASA explained that it filed the appeal with an application to stay the execution of the judgment and restrain NLNG, pending the determination of the appeal. NIMASA said: “The appeal and stay was filed even before receiving the Certified True Copy of the judgment 14 days after the judgment was delivered in line with legal provisions. This…
Yemisi Izuora The Minister of Transportation, Rotimi Amaechi, has given the assurance that Nigeria will benefit immensely if it takes loan request to build new rail lines. Speaking before the Senate Committee on Local and Foreign Debts, Mr. Amaechi said the fund will be used in completing the the Itape-Warri rail line and to begin the Kano to Kaduna and Port-Harcourt to Calabar rail lines. The Senate committee had invited the minister and some members of the executive to explain how Nigeria can pay back the proposed loans from proceeds from the projects they would be expended on. President Muhammadu…
I’m a Nigerian and I finished from a University in Lagos about 4 years ago, I wouldn’t say I’m jobless because I already have 3 different businesses I own (I’m still exploring others to add to these); one of my businesses employs 3 staff on a permanent bases and 2 on contract bases, I manage others myself except when I have to contract some of the works to some other people. But whenever I call my former course mates whom we finished together, they keep telling me they are still looking for job; I checked out HRM websites operating in Nigeria and they all have…
Yemisi Izuora The Securities and Exchange Commission (SEC), has appointed audit firm, Akintola Williams Deloitte, to lead the team of experts to undertake the audit of Oando. Other experts appointed by SEC are registrar, United Securities Limited; the law firm, SPA Ajibade & Co; Tjadap Consulting and Associates; and Nasiru Muhammad & Co. This is just as the Johannesburg Stock Exchange (JSE) has announced suspension of trading in the company’s shares on the Johannesburg bourse. SEC had On Wednesday directed the NSE to place Oando’s shares on full suspension for two days and place them on a technical suspension with effect from Friday, following…