Shareholder
Minister: Nigerian government to scale up domestic gas expansion, monetisation drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its current domestic gas expansion drive as well as its monetisation programme to increase the country’s supply of the much needed foreign exchange earnings. Speaking when he appeared virtually at the formal opening of the new headquarters of the Nigeria Liquefied Natural Gas Limited (NLNG) in Port Harcourt, Rivers State, the minister stressed that the company was expected to play a major role in achieving the objective. Sylva noted that the country’s gas reserves must be fully explored for the full benefit of Nigerians, noting that has remains a major game-changer for Nigeria, especially with the renewed attention to the commodity as a lower carbon energy source. “In ...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
Man handed 15-year prison sentence for murder of Maltese journalist
Vince Muscat, one of three men accused of murdering Maltese investigative journalist Daphne Caruana Galizia in 2017, was sentenced to 15 years in prison on Tuesday after changing his plea to guilty. The judge accepted the plea bargain presented by Muscat’s lawyers and prosecutors after he had told the Valletta courtroom that he was admitting to all charges, in a shock development that could prove crucial in the high-profile murder case. Muscat must also pay 43,000 euros (52,240 dollars) in court fees. Muscat is one of three men accused of planting and detonating the bomb that killed Caruana Galizia in her car in October 2017. A fourth man, business tycoon Yorgen Fenech, stands accused of having paid the three men to carry out the assassination. He denies the charges. In a statement read ou...
Report: Jack Ma’s Ant Group considers overhaul due to regulatory pressure
Chinese financial technology giant Ant Group plans reorganisation that would allow it to be regulated more like a bank, Bloomberg reports. Jack Ma’s besieged Ant Group Co. is planning to fold its financial operations into a holding company that could be regulated more like a bank, according to people familiar with the situation, potentially crippling the growth of its most-profitable units. The fintech giant is planning to move any unit that would require a financial license into the holding company, pending regulatory approval, said the people, who asked not be named because the matter is private. The plans are still under discussion and subject to change, the people said. Ant declined to comment. The operations that Ant is looking to fold into the holding company include wealth managemen...
Norwegian Air furloughs staff, pleads for help to survive in 2021
Norwegian Air’s cash crisis could force the debt-laden budget airline to halt operations early next year, the company warned as it issued another plea for rescue funding after reporting quarterly results on Tuesday. The rapid expansion of the pioneer in low-fare transatlantic flights has left it with heavy debts and problems that have been compounded by the COVID-19 pandemic. It is now serving domestic routes only, with just six of its 140 aircraft flying. “Norwegian is dependent on additional working capital in order to continue operating through the first quarter of 2021 and beyond,” the carrier said. The company held cash and cash equivalents of 3.4 billion kroner ($380m) at the end of September, down from 4.98 billion kroner ($550m) three months earlier. Its latest plea comes after Nor...
President Buhari urges stakeholders commitment as NLNG signs Train 7 project construction
Nigeria LNG Limited (NLNG), Bonny, Rivers state, says it has signed Engineering, Procurement and Construction (EPC) Contracts for much-anticipated Train 7 Project with the SCD JV Consortium, comprising affiliates of Saipem, Chiyoda and Daewoo. The development signifies the commencement of the Detail Design and Construction phase of the project expected to increase the capacity of NLNG’s current six-train plant by 35% from the extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA. Tony Attah, Managing Director, NLNG, said, “The award of the EPC Contracts clearly demonstrates our Shareholders’ determination and resolve to sustain the economic dividends NLNG’s monetization of our vast natural gas reserves offers Nigeria” Group Managing Director (NNPC) and a Director on the NLNG Board, Mele Kya...
