Wednesday, March 20News That Matters

Business

MAN: Textile Apparel, Footwear Top List Of Produced Items In Nigeria In December 2018

Business
sunflag-ng.com The December 2018 edition of the Purchasing Managers Index report published by the Manufacturers’ Association of Nigeria (MAN) has revealed that textile apparel and footwear came tops on improvement in production. The report also showed that despite government’s efforts to tackle smuggling and counterfeiting, the two factors have slowed down the production of electronics and electrical products. According to the report, the Electrical and Electronics sub-sectoral group was the only group to suffer a decrease in its basis point out of 10 groups that were considered in the report. The one-page report released by the association revealed that nine other groups — food, beverage and tobacco, 6Ps, Motor Vehicle and Miscellaneous Assembly, Wood and Wood products, domes

HEDA Gives CBN Seven Days To Provide Details Of Repatriated $8.1bn MTN Fine

Business
The Human and Environmental Development Agenda Resource Centre (HEDA), a non-governmental organisation, has invoked the Freedom of Information (FoI) Act on the Central Bank of Nigeria (CBN), asking for detailed information on the alleged resolution between the apex bank and MTN Nigeria relating to charges of improper repatriation of about $8.13 Billion. The FoI request to the CBN was signed by Olanrewaju Suraju, the Chairman of HEDA. According to the resource centre, the wide margin between the reported final payment and the alleged charged sum has left the public puzzled as to the procedure and steps taken to arrive at the resolution. The request read: “On the 4th day of September, 2018, the online platform of the Business Day Newspaper reported that the Central Bank of

Otudeko, Other Witnesses May Appear In Court On Monday Over N5.5bn Debt

Business
Consequent upon the directive of Justice Ayotunde Faji of the Federal High Court, Lagos asking Ecobank Nigeria Limited to bring to court all his witnesses in its legal tussle with the Honeywell Group of Companies Limited over an alleged N5.5billion indebtedness, the chairman of the conglomerate, Oba Otudeko may appear in court on January 14 to give evidence in the suit. When the matter came up for hearing on Friday, first plaintiff witness Oluwakemi Olanrewaju Owasanoye, Head of Treasury and Finance to Honeywell Group of Companies while under cross examination from  Mr. Divine Agbua , Ecobank Plc counsel, told Justice Faji that by an agreement dated July 22, 2013, at a meeting with the then Oceanic Bank Limited, the company agreed to merge all the indebtedness of the com...

Directors Resign As Lufthansa Sells Shares In Troubled NAHCO

Business
Barely three weeks after Idris Yakubu, Managing Director of the Nigerian Aviation Handling Company (NAHCO) Plc, was eased out of office, one of its major shareholders, Lufthansa Airlines, has sold its shares in the company. SaharaReporters had reported on December 22, 2018 about the departure of Yakubu from the company, some five months after his confirmation by the board. See Also News NAHCO Gets Four Managing Directors In 16 Months As Yakubu Resigns 0 Comments 2 Weeks Ago It was also gathered that its directors have resigned from the company, as their shares have nosedived in recent weeks. A source close to the company confided in SaharaReporters on Friday that NAHCO issued a statement to the Nigerian Stock Exchange (NSE) informing the organisation of the divestmen...

FIRS Raises N2.5trillion From Oil In 2018

Business
Babatunde Fowler, Executive Chairman of the Federal Inland Revenue Services (FIRS), says the tax collector received N2.467trillion from the oil sector in 2018. He disclosed that the body earned N2.85trillion from non-oil sources as well. In all, FIRS earned N5.32trillion in 2018, N1.4trillion below its N6.7trillion goal for 2017. Still, the body has a target of N8trillion in 2019, 1.3trillion higher than its 2018 target. Fowler made these details available at the opening of a stakeholders retreat organised by the body in Lagos on Monday. Speaking on the comparison between oil and non-oil collections since 2015, Fowler said: “We are also quite aware that our focus has to be on non-oil revenue and in the past three years, when you look at the percentages in terms of contributio

EXCLUSIVE: Fresh Woes for 9Mobile As Owner Teleology Pulls Out

Business
Teleology Holdings, the new owners of 9mobile, have withdrawn from further participation in the 9mobile project, SaharaReporters can exclusively report. Teleology acquired 9mobile, known then as Etisalat, in November 2018 — about eight months after it made an initial $500million non-refundable deposit to acquire the telco, and a cumulative 10 months after the takeover was billed to have been finalised. Etisalat, the fourth of Nigeria’s GSM service providers, began trading as ‘9mobile’ following the financial consequences of defaulting in the servicing of a syndicated loan of $1.2billion owed a consortium of 13 Nigerian banks. In the aftermath, its erstwhile technical partners Etisalat exited the business and requested that the use of the ‘Etisalat’ brand name by the company be discontinue

Lagos Domestic Airport Records 228,239 Passengers For December 2018

Business
The General Aviation Terminal (GAT) of the Murtala Muhammed Airport (MMA), Lagos, recorded 228,239 passengers in December 2018, thereby maintaining its status as the busiest domestic airport in the country. Of the 228,239 passengers recorded within the period, inbound passengers stood at 104,168, while outbound passengers were 124,071. The statistics is, however, not inclusive of the Murtala Muhammed Airport Two (MMA2), Lagos, which is controlled by Bi-Courtney Aviation Services Limited (BASL). The statistics was made available by Adekunle Aderibigbe, the Terminal Manager of GAT. Aderibigbe noted that before the festive season, the management of the terminal took several measures aimed at ensuring seamless passenger facilitation by servicing the conveyor belts, cooling system...

Nigerian Airline Threatens To Withdraw From UK Over ‘Hostile’ Treatment Of Pilot

Business
A Nigerian airline says it could pull its business out of the United Kingdom after one of its pilots was arrested by immigration officials on suspicion of being a stowaway and threatened with deportation. Max Air, which is based in Nigeria, condemned the move by border staff at Bournemouth International Airport, stating that it is an example of the Home Office’s “hostile environment policy”. The company says it is now losing £180,000 a day, because it cannot find another pilot to fly the plane after Captain Adam Dilli Ibrahim, aged 36, returned home voluntarily on another flight. Captain Ibrahim was detained for questioning, fingerprinted and photographed, before being told he would be forcibly removed — even though pilots do not legally require visa to enter the UK for seven