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BGL: Court refuses to grant SEC’s request

The court battle between the Security and Exchange Commission (SEC) and the BGL Group was enacted again at the Federal High Court, Lagos today. The case which came up before Justice Yinusa Mohammed saw two Senior Advocates of Nigeria (SANs) Mr. Kemi Pinheiro and Mr. Kanyisola Ajayi. In the legal fireworks that ensued, Mr. Kanyisola Ajayi had called on the ... Read More »

N5.8b debt: Court rejects Albert Okumagba & BGL’s antics to slow trial

  A Federal High Court in Lagos has rejected the prayer by BGL Group not to urgently hear a case it filed against the Security and Exchange Commission to challenge its suspension from capital market activities. BGL had on May 27, 2015, obtained an interim injunction by Justice Saliu Saidu restraining SEC from suspending it from participating in capital market ... Read More »

SEC forgives Standard Allaince Capital & Strand Capital

  The Securities & Exchange Commission on August 10, 2015 has lifted the suspension of Standard Alliance Capital & Asset Management Ltd. as Issuing House and Fund Manager. It has also gone ahead to reinstate its registration. In the same vein, SEC also lifted the suspension it placed on Strand Capital Partners Limited and its sponsored individuals.  The lifting of ... Read More »

Change in AMCON: Chike-Obi kicked out, Kuru in

  President Muhammadu Buhari on Tuesday approved  sacking of Mustapha Chike Obi and the entire executive management team of the Asset Management Corporation of Nigeria (AMCON). A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said Buhari also approved the reconstitution of a new management team for the corporation. With the announcement, Mr Chike-Obi, ... Read More »

Ecobank Transnational Directors resign

Ecobank Transnational Incorporated (ETI) has announced the resignation of Mrs. Sheila Mmbijjewe from its Board. Mrs Mmbijjewe’s resignation follows her appointment as Deputy Governor of the Central Bank of Kenya. Her replacement on the ETI Board will be announced in due course. ETI also announced the resignation of Mr. Graham Dempster following his retirement from Nedbank. Mr. Dempster has been replaced ... Read More »

Fuel crises: Sahara Energy, Obat, four others are cheats-DPR

The Department of Petroleum Resources (DPR) has sealed facilities of six major depot owners in Apapa Lagos, for selling petrol above the N77.66 per litre ex-depot price to filling stations. The depots that were closed by the agency are Sahara Energy, Integrated Oil, Ascon, Obat, Swift Oil and AA Rano. Branding them cheats, the DPR noted that it was clear ... Read More »

Skye Bank Chairman, Tunde Ayeni, Tejusoso, Dantata listed as bank debtors

The latest expose in the CBN-ordered name and shame campaign of banks’ delinquent debtors has revealed some new heavy weight names including Chairman of Skye Bank, Mr. Tunde Ayeni and Sayyu Dantata, cousin of Africa’s richest man, Alhaji Aliko Dangote. The two and others were named in the lists published by First City Monument Bank Limited and Ecobank Nigeria published ... Read More »

Dangote’s Refinery gets $997.4m US grant, opens Cement Factory in Zambia

By Leke Abidoye Africa’s richest man, Alhaji Aliko Dangote is set to climb higher on the Forbes rich list in years to come as he has just secured a United States Trade and Development Agency (USTDA) Thursday in Lagos grant of $997.4 million dollars as training support for the proposed refinery by his Dangote Group. The grant was announced at ... Read More »

Arunma Oteh becomes New World Bank VP & Treasurer

Barely a few months after leaving her position as the Director-General of Securities and Exchange Commission of Nigeria, Ms. Arunma Oteh has been appointed as the Vice President and Treasurer of the World Bank. In a letter signed by World Bank President, Jim Yong Kim, Ms Oteh was selected to the position through an international competitive search and her appointed is ... Read More »

SIFAX Boss, Taiwo Afolabi gets refinery Licence

Mustapha Isiaka Executive Vice Chairman/Chief Executive Officer of SIFAX Group, Barr. Taiwo Afolabi is a very happy man. Though, the  ever cheerful gentleman hardly wears a frown, his face is  even more joyous these days with the news that he is about to move from a shipping magnate to an oil czar having now been given the licence to build ... Read More »