Tag: nigerian energy

The Corporate Affairs Commission has reaffirmed its commitment to taking significant steps to reposition itself as a customer-focused organisation, meeting the needs of both national and international businesses. The Registrar-General/CEO of the CAC, Hussaini Magaji, made this statement while declaring open the 2024 Management Retreat, themed “Repositioning the Corporate Affairs Commission for Enhanced Service Delivery,”…

Justice Emeka Nwite of the Federal High Court in Abuja has set October 25 for an update on the health condition of detained Binance executive, Tigran Gambaryan, following his absence at his scheduled trial continuation. Gambaryan is facing $35.4m in money laundering charges brought against him by the Economic and Financial Crimes Commission. At the…

The Department of State Services, DSS, has filed a N5.5billion defamation suit against the Socio-Economic Rights and Accountability Project, SERAP, for allegedly making a false claim against it. The security agency, in the legal action it instituted before the High Court of the Federal Capital Territory, FCT, alleged that SERAP falsely alleged that its Abuja…

A Kano High Court presided over by Justice Usman Naabba has granted a restraining order stopping the Federal Government from constructing a railway on landed properties at Kuyan Ta Inna Layout in Kano. Justice Na’abba gave the order on Thursday, October 17. The defendants in the suit are the Federal Ministry of Transport, the Federal…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the weak naira presents a major opportunity for the country to enhance its exports to other nations. Cardoso made this assertion on Wednesday in Abuja during the Nigerian Economic Summit (NES). According to the CBN governor, despite the challenges posed by…

The Bus Rapid Transit driver, Andrew Ominikoron, standing trial for allegedly raping and murdering 22-year-old fashion designer, Oluwabamise Ayanwole, on Thursday, opened his defence. Ominikoron, who testified in his defence before the Lagos State High Court in Tafawa Balewa Square, told the court that he did not rape nor kill Oluwabamise. He testified that he…

The World Bank has advised the federal government to maintain its commitment to ongoing economic reforms, warning that reversing course could worsen the situation. The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, gave this advice during the presentation of the Nigeria Development Update (NDU) in Abuja on Thursday. “We need to stick to…

The Federation Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the Federal, State and Local Governments as revenue for September 2024. This was disclosed at the end of the October 2024 FAAC meeting in Abuja on Thursday. The total distributable revenue comprises several components: N124.716 billion in statutory revenue, N543.518 billion in Value Added…

A High Court of the Federal Capital Territory (FCT) in Maitama has acceded to the request by the Economic and Financial Crimes Commission (EFCC) to be allowed to present two witnesses virtually in the trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. In a ruling on Thursday, Justice Maryanne Anenih…

Staff of the Nigerian National Petroleum Company (NNPC) Limited have demanded that Justice Charles Agbaza of the High Court of the Federal Capital Territory (FCT) recuse himself from a case over the leadership in the NNPC Staff Multipurpose Cooperative Society. The request is contained in an application filed by 15 members of the cooperative society…

A Federal High Court in Abuja on Thursday adjourned a N2 billion fundamental rights enforcement suit filed by a former Caretaker Chairman, Southern Ijaw Local Government of Bayelsa, Mr Lucky Okodeh, until November 28. Justice Binta Nyako adjourned the case following an oral application by Okodeh’s counsel, Asmau Yunusa, to enable her to respond to…

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has clarified that the apex bank does not determine the foreign exchange rate, stating that it is driven by economic fundamentals. Speaking as a panelist at the launch of the Nigeria Development Update in Abuja this afternoon, Cardoso emphasized that he would adhere…

The Economic and Financial Crimes Commission (EFCC), on Thursday, called its 15th witness in the money laundering trial of a former Governor of Ekiti state, Ayodele Fayose. The witness, Mr Joseph Machleb, was led in examination by the prosecutor, Mr Rotimi Jacobs (SAN). In his examination in chief, on Thursday, the witness who is not…

Hon. Justice Joyce Damachi of the Lagos Judicial Division of the National Industrial Court, Hon. Justice Joyce Damachi has dismissed the case filed by one lecturer, Catherine against the University of Lagos challenging her employment termination from service for lacking merit. The Court held that the University of Lagos Act does not require the Governing…

Great Nigeria Insurance Plc has appealed the decision of an Ogun State High Court sitting in Ijebu-Ode ordering it to pay Ade Distribution and Investment Company Limited a total of N16,056,370. On July 5, 2018, Justice Akinbiyi awarded the sum as the amount due to Ade Distribution both for the cost of the burglary insurance…

Chairman/CEO of Global Signature Hotel and Total Grace Group Limited, Dr. Henry Mobolaji Akinduro, has filed a N5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC) for allegedly declaring him wanted unlawfully. In the suit filed yesterday at the Federal High Court, Lagos, Akinduro submitted that the EFCC declared him wanted without any…

A businessman from Delta State, Mr. Onainor Patrick Ewere, has filed a lawsuit against the Comptroller-General of the Nigerian Customs Service (NCS) and others at the Federal High Court in Asaba over the ownership of a Lexus GX 460 with Chassis Number JTJBM7FX6C5045457. In the writ of summons dated October 4, 2024, in a suit…

Minister of Power, Adebayo Adelabu, says most Nigerians have stopped complaining about the high cost of petrol because they no longer rely solely on their generators for electricity. According to THISDAY, the minister stated this in Lagos, during his keynote address at the ongoing 2024 edition of the Nigeria Energy Exhibition and Conference, with the…

Justice Emeka Nwite of the Federal High Court, Abuja on Wednesday, ordered the final forfeiture of the sum of N2,739,836,331.31 being proceeds of illegal mining of solid minerals in Endo community, Nasarawa State. The Judge gave the order following an application filed by the Economic and Financial Crimes Commission, through its counsel, Ekele Iheanacho, dated…

Regulatory agencies responsible for overseeing the activities of Deposit Money Banks in Nigeria have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences. These agencies, including the Central Bank of Nigeria and the Securities and Exchange Commission, imposed fines totalling N1.502bn as penalties within the first six months of 2024. These…