Saraki, former bank MD in police net over N8 bn loan

Saraki, former bank MD in police net over N8 bn loan

Former interim Managing Director of the defunct Intercontinental Bank Plc, Layi Alabi, in under investigation for his role in illegally writing off an N8 billion loan owed the bank by Senator Bukola Saraki and his companies. Alabi is already in police detention while Saraki is sought as part of the anti-fraud unit’s investigation of questionable […]

Subsidy fraud pits presidency, house against each other

Subsidy fraud pits presidency, house against each other

The Presidency and the House of Representatives may be heading for a clash following the release of the report of the subsidy probe and the insistence of the House to ensure implementation of its recommendations. The Ad Hoc Committee on Monitoring of the Subsidy Regime, headed by Honorable Farouk Lawan, made far-reaching recommendations chief of […]

Name and shame: Firms indicted in the subsidy probe

Name and shame: Firms indicted in the subsidy probe

MARKETER AMOUNT 1. ACORN PLC N8,514.900,513.00 2. ALIMINNUR RESOURCES LTD N2,543,800,931.00 3. AMG PETRO-ENERGY LTD N7,226,773,136.00 4 ANOSKYE GROUP OF COMPANIES LTD N1,318,443,535.00 5. ASCON OIL AND GAS COMPANY N4,451,932,090.00 6. AVANT GARDE ENERGY N1,154,824,298.00 7. A-Z PETROLEUM (Chika Okafor) N8,065,557,645.00 8.CAH RESOURCES ASSOCIATION LTD N24,206,727.00 9. CONOIL PLC (Mke Adenuga) N3,027,526,589.00 10. CRUST ENERGY […]

Pension Fraud: Indicted civil servants suspended

Pension Fraud: Indicted civil servants suspended

For their involvement in the Police pension fraud, five federal civil servants have been suspended from service. Atiku Abubakar Kigo (Permanent Secretary), Ahmed Inuwa Wada (a Director), John Yakubu Yusuf (an Assistant Director), Veronica Onyegbula (Cashier) and Sani Habila Zira (an ICT Officer) were all suspended by the Federal Civil Service Commission. where over N24 […]

Boko Haram: FG opens secret detention camp for suspects

Boko Haram: FG opens secret detention camp for suspects

The Federal government may have opened a secret detention centre for suspected high-level members of the radical Islamist sect, Boko Haram. The detention camp, believed to be located in Lagos, will serve as a key element in the fight against the dreaded sect as it is expected to handle all interrogation of suspects. The detention […]

Banks to undergo another stress test before December – CBN

Banks to undergo another stress test before December – CBN

All banks in the country will undergo another round of stress test before the end of the year, the Central Bank of Nigeria has said. A stress test usually examines the state of financial health of banks by conducting a comprehensive capital analysis that will determine the ability of the banks to survive in the […]

Subsidy: NNPC, PPPRA, 72 firms to refund N1tn

Subsidy: NNPC, PPPRA, 72 firms to refund N1tn

The Nigerian National Petroleum Corporation (NNPC), the Petroleum Products Pricing and Regulatory Agency (PPPRA) and seventy two other firms have been given three months within which to refund more than one trillion naira stolen from the subsidy funds. House of Representatives Ad hoc committee on the management of fuel subsidy, which submitted its much expected […]

FG, Oteh to blame for capital market woes

FG, Oteh to blame for capital market woes

The Director-General of the Securities and Exchange Commission (SEC), Ms Arunmah Oteh should be blamed for all the problems bedeviling the Nigerian capital market, a group of industry stakeholders has said. The group, Provider of Funds for the Capital Market also said the government had contributed to the collapse of the market by flouting its […]

Amended Constitution ready next year – Senate

Amended Constitution ready next year – Senate

The amended 1999 Constitution would be ready by July 2013, the Deputy Senate President and Chairman of the Senate Constitution Review Committee, Ike Ekweremadu has said. “Give and take, our estimation is that by July, 2013, we will be able to conclude another set of constitutional amendment,” he said. “We even planed to move faster […]

Boko Haram: US warns of attacks on Abuja hotels

Boko Haram: US warns of attacks on Abuja hotels

The United States Mission in Nigeria has said it has intelligence that the terrorist group Boko Haram maybe planning attacks in Abuja, including targeting hotels frequently visited by westerners. The mission,however, said it has no information with regards to the timing of the attacks, but added that the Nigerian government is aware of the threat […]