Thursday, January 17News That Matters

Business

NCAA Suspends Charter Operator’s Certificate For 180 Days Over Violation Of Regulations

Business
The Nigerian Civil Aviation Authority (NCAA) has sanctioned four airlines over violation of regulations and non-training of personnel as required by the airlines. The regulatory agency said the sanctioned airlines include scheduled and non-scheduled operators, and were fined between N1.5million and N2million each for the violations. While, the regulatory body refused to name the airline whose Air Operators' Certificate (AOC) was suspended for 180 days, investigation revealed that the airline in question may not be one of the scheduled operators, as all the scheduled airlines are still in operation. However, there are up to 70 non-scheduled operators, including helicopters, in Nigeria. A statement by Sam Adurogboye, the General Manager, Public Affairs of NCAA, noted that the operato...

Bankers Warehouse Demands Apology From EFCC Over Arrest Of Employees Carrying $2.8m Cash

Business
Bankers Warehouse Limited has countered the claim by the Economic and Financial Crimes Commission (EFCC) that the two men arrested at the Enugu Airport are criminals. According to the anti-graft commission, its Enugu zonal office intercepted the men carrying $2.8million cash at the Akanu Ibiam International Airport, Enugu. A statement by the anti-graft commission last Friday gave the names of the men as Ighoh Augustine and Ezekwe Emmanuel. See Also Corruption Two Arrested At Enugu Airport For 'Carrying' $2.8m Cash For 'Some Notable Banks' 0 Comments 2 Days Ago However, a statement by Bankers Warehouse Limited on Sunday, according to NAN, refuted the claims and called on EFCC to release the cash and its employees. Bankers Warehouse is a compa...

Yuletide: Machete Dealers Protest Planned Demolition Of Shops

Business
Traders dealing on machetes and knives at Onitsha main market, Anambra State, on Friday protested what they termed secret moves to demolish their shops and revoke their allocation papers during the yuletide break. The traders, under the aegis of Machetes Line Association, accused the authorities of Onitsha Main Market Traders Association (OMMATU) of perfecting the planned demolition and revocation exercises. The protesters, who marched round the main market, carrying placards with various inscriptions, also alleged that the plot was in conjunction with the authorities of Onitsha North local government council and the Amalgamated Traders Association of Anambra State (AMATAS). Chairman of the association, Chief Felix Mgbachi and the Secretary, Chimezie Ezeibekwe who led the dem...

Wike Terminates Sale Of State-Owned Power Plants Bought By APC Gov Candidate’s Company

Business
The Rivers State Government has approved the termination of the share sale contract for the sale of 70-percent equity of the state government-owned power generation assets held by First Independent Power Limited in Omoku, Afam, Trans-Amadi and Eleme Gas Turbines to NG Power-HPS Limited. Sahara Energy, owned by Tonye Cole, governorship candidate of the All Progressives Congress (APC), is most affected in the decision. Also terminated was the Olympia Hotel owned between Rivers and Bayelsa States, which is being run by Cenpropsaroten Hotel Management Limited. The state government further terminated the concession agreement between the Government of Rivers State and Kild Concession Limited, with respect to the construction of a toll road and secondary developments in Abonnema Whar...

Cryptocurrency Investors Train Nigerians On Profitable Trading

Business
Cryptocurrency traders, investors and entrepreneurs have trained Nigerians on how to engage in profitable trading and understanding the blockchain technology. Speaking at a summit held at the Civic Centre in Ikoyi, Lagos, on Wednesday, Ian Balina, an acclaimed global cryptocurrency investor, alongside other traders and investors, said the crypto business is a profitable venture if enthusiasts educate themselves about its workings. Faith Titus, Co-founder of Blockchain Nigeria User Group, said for the Blockchain and Cryptocurrency to be profitable, one needs to be educated. “Before one can be able to trade well, you need to be educated because if you are not educated, you won’t know how it’s being done," she said. "You can make a wrong deal and find yourself falling into scam. That

CBN, OSGF, NIPOST, NIBSS, FIRS Fail To Account For N20trillion Stamp Duty Revenue

Business
This story is from a LEAKSNG investigation Details of the revenues from stamp duties estimated at N20 trillion still remain opaque as the federal agencies involved in the collection have refused to provide information, despite the Freedom of Information (FOI) request filed by The International Centre for Investigative Reporting (ICIR). The FOI request was sent on July 31 on behalf of LeaksNG to the Central Bank of Nigeria (CBN), Office of the Secretary to the Government of the Federation (OSGF), Nigerian Postal Service (NIPOST), and the Nigeria Inter-Bank Settlement System (NIBSS) PLC. Information requested include a report of stamp duty remittances by Deposit Money Banks and other financial institutions, the current status of the Stamp Duty Central Account domiciled in ...

EXCLUSIVE: Lack Of Aircraft Forces Dana Air To Suspend Flight Operations

Business
Barely two weeks after celebrating its 10 years of flight operations in Nigeria, Dana Air has suspended flight operations. The airline, which has over the past four years been struggling with two its two McDonnell Douglas MD-83 aircraft, suspended flight operations last week. A source close to the airline confided in our correspondent that the airline, which had a fatal crash on June 3, 2012, killing about 159 souls onboard and on the ground, is currently going through recertification of its Air Operators’ Certificate (AOC) with the Nigerian Civil Aviation Authority (NCAA). The recertification exercise is carried out every three years, but while the exercise goes on the airlines don’t necessarily suspend flight operations. It was gathered that the airline also suspended operations because

Nigerians Urge CBN to Stop Charges on ATM Transactions

Business
Nigerians have urged the Central Bank of Nigeria (CBN) to stop charges on Automated Teller Machines (ATM) transactions. Noting that the charges were "worrisome and fraudulent, they made the call in Abuja on Monday during an interview with NAN. The bank users noted that customers’ withdrawals with the ATMs of other banks had been unattractive because of the continued charge of N65 for every transaction, while commercial banks in the Federal Capital Territory had re-programmed their ATM. The customers also lamented that if they had cause to withdraw N100,000 or more through other banks’ ATMs, it meant they would be made to part with more cash under the guise of ATM charges. Godwin Onmonya, a Zenith Bank customer in Gwagwalada, said the ATMs of virtually all the banks in the nei

EXCLUSIVE: Jonathan Govt’s Dubious OPL 245 Contract With Shell To Cost Nigeria ‘Up To $5.8bn’

Business
Once the Zabazaba and Etan Integrated Development Project comes on stream in 2020, Nigeria will lose out on 30 per cent of all revenues from crude oil sales made from the field. This is thanks to the resolution agreement on the ownership of Oil Prospecting Licence (OPL) 245 proposed by oil giants Royal Dutch Shell and Eni S.p.A. in 2010 and signed by the Goodluck Jonathan administration. According to industry experts, the #0percent revenue loss will be $4.5billion at the minimum, and could be up to $5.8billion.   In new email leaks seen by Sahara reporters, discussions between executives in Shell Petroleum Development Company (SPDC), its subsidiary Shell National Exploration Company LTD (SNEPCO), its parent company Royal Dutch Shell, and Eni, identified the OPL 245 field as no longer...

NDE Trains 50 Bayelsa Youth On Environmental Beautification

Business
Fifty indigent Bayelsa Youth have emerged beneficiaries of the Environmental Beautification Training Scheme initiated by the National Directorate of Employment (NDE) for the unemployed. The beautification training scheme, which is under the Special Public Works of the NDE, is part of the Federal Government's effort to gainfully engage those who dropped out of school, as well as those who have senior school cerctificates, in soft and hard landscaping skills such as interlock making, POP designs, block making and other skills. The scheme will last for three months. Director General of the NDE, represented by Kenneth Okafor, dceclared open the orientation programme for the Environmental Beautification Training Scheme in Yenagoa last Friday. According to Okafor, the beautificatio...