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Whistleblower petitions EFCC, justice minister over corruption in maritime academy
Pool Photo A whistleblower in the Maritime Academy of Nigeria (MAN), Oron in Akwa Ibom State, has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute the management of the institution over multiple fraud, as well as systemic and perennial corruption. In a two-page petition to EFCC by Mr. Adamu Jibrin, a staffer of the Academy dated 6th April 2021 through his Attorney, Michael Edet and Associates, and made available to newsmen in Uyo titled, “Petition of Fraud, Embezzlement, Misappropriation and Criminal Conversion of Public Funds to Personal Use by the Rector of Maritime Academy of Nigeria, Oron,” the petitioner alleged that millions of naira have been siphoned from the treasury of the academy. Copies of the petition to the EFCC Chairman, the Attorne...
Seplat issues $650 million oil and gas bond
Seplat Petroleum Development Company, a Nigerian independent oil and gas firm, has issued $650 million in aggregate principal amount of senior notes due in 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. A senior note is a type of bond that must be repaid before most other debts in the event that the issuer declares bankruptcy. It is more secure than other bonds. The dual listed company said the five-year bond was well-received in the market with orders from high quality institutional investors. “The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of 9.25%,” a statement by the company read. “The offering was well oversubscribed with deman...
Court refuses to unblock Shell’s bank accounts
Getty Images Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Tuesday declined to vacate an interim injunction directing 20 banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts. The court also insisted that two of the banks’ secretaries and chief financial officers accused of disobeying the order made on January 25, 2021 must appear before it on March 29, 2021. The affected banks and their officials are: Citi Bank Ltd, its Company Secretary Sola Fagbure and Chief Financial Officer, Sharaf Mohammed; United Bank For Africa (UBA) Plc, its Company Secretary Bill Andrew Odum and Chief Financial Officer, Ebenezer Kolawole. The judge threatened to issue a warrant of arrest against them if they failed to appear before her on the ...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Bulls on rampage, NSE market indices up 6.23 percent
The bulls continued to dominate activities on the Nigerian Stock Exchange (NSE) with the All-Share Index rising above the set five per cent threshold to trigger circuit breaker. The post Bulls on rampage, NSE market indices up 6.23 percent appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
