How Buhari lost N2.7 trillion to a U.S firm out of spite for Jonathan

By Uche Mbah A recent judgement by a United States indicted Nigeria by a $6.59 billion arbitral award, plus $2.30 billion interest accruable with time. This translated to a total of N2.7 trillion at the Central Bank of Nigeria’s rate of N306 to one U.S Dollar.  In a judgement given in a case that spanned the regime of former president Goodluck Jonathan and the Buhari administration, the case was finally concluded in a U.S. District Court in Washington D.C. recently. According to Premium Times, an online portal, the country would…

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Fidelity Bank Records N20bn Profit

By Bayo Bernard Top new generation bank, Fidelity Bank Plc has surpassed last year profit margin with over N8 billion. The management of the bank disclosed this at the recent annual general meeting held in Lagos. According to the record made available to the magazine, the bank ended the 2017 fiscal year with 83.5 percent increase in profit after tax to N20.3bn from N11.1bn in 2016. The managing Director of the bank, Nnamdi Okonkwo said the phenomenal profit margin recorded by the bank came despite high inflationary environment in the…

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NSE sustains decline since Buhari declared for Presidency

When Buhari confirmed his intention to run for the presidency, the bears went on rampage at the Nigerian Stock exchange, NSE, with investors losing N150 billion on the run on the market. Since then, there has been a sustained run on the market, negating expectations from analysts who expected the market to pick after exiting recession. This was blamed on the political intrigues that followed hhis declaration and bank runs due to the local party primaries and the outlook for the big one. Since the past three months, however, a…

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CBN Hammer Hovers over Sky Bank, Others

There is palpable fear in the Banking sector as the Central Bank of Nigeria, CBN, over flouting of orders revolving  around the publication of their Financial statements as required by regulations. It was gathered that no fewer than eight Banks are under scrutiny. The CBN had warned Chairmen of Banks who fail to publish their Financial reports as at when due will face sanctions, and even removal depending on how long the delay was found to be, baring other parameters. Some banks, it was gathered, have even delayed the publication…

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Land owner fears for his life over legal tussles on his land

By Chibuike Osuji Aderotimi Lateef Balogun, a Lagos based business man has alleged that since he bought a piece of land from a Lagos Lawyer and Estate Agent, Babatunde Olabode Johnson, Principle Partner, Johnson and Johnson Solicitors, his life has been a nightmare following litigation that followed the land purchase and subsequent threat to his life. According to Balogun, he has been trailed by unknown men since the he bought the land in 2012 without being informed that it is under litigation. Trouble started in 2012 when Balogun purchased a…

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Adeosun Puts A Close On Agencies , As April Revenue Shared Drops

By Stephen Ubanna Kemi Adeosun, minister of Finance appears to have put a close tab on  statutory agencies to improve on government   revenue generation as  the amount  shared by the Federal, states and Local governments in the month of April drops. There are fears in both official and unofficial circles that the situation may not change for the better in subsequent months despite the increase in the price of a barrel of Crude Oil in the International Oil market unless the statutory agencies remit the operating surplus to the Federation…

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Ugochukwu Insists Diamond Bank Defrauded Him

By Chidiebere Onyemaizu   Twenty years lapse and unfavorable Supreme Court judgment have failed to thaw Prince Amaobi  Alfred Ugochukwu’s  insistence that one of Nigeria’s leading commercial Banks, Diamond Bank defrauded him 20 years ago and ruined his once  thriving business. Ugochukwu, Managing Director and Chief Executive Officer of Al-Clement Nigeria Limited is also not happy with the Economic and Financial Crimes Commission, EFCC over what he perceives as the anti-graft agency’s lack of interest in treating his petition dated March,29,2017, against Diamond Bank . Ugochukwu’s dates back to March…

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