June 25, 2017

Review Category : BUSINESS

Shell Nigeria to sell four onshore oil blocks over crude theft, pipeline vandalism

Shell Nigeria has announced plans to sell off four onshore oil blocks in Nigeria over increasing crude theft, vandalism and oil spills. The company’s inability to renew licenses of some of the fields is also motivating the sales. A report stated that the blocks are in joint ventures with the Nigerian National Petroleum Corporation – OML 13 and 16 onshore in the Niger Delta, and OML 71 and 72 in shallow waters. OML 13 and 16 are located in the Ogoniland, a community that has long accused Shell of multiple oil spills and environmental damage. The report further stated that ...

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President Jonathan hails NASS on passing 2013 budget, seven months into the year

With only five months left in the year, the National Assembly has finally passed the amended 2013 Budget, a move for which President Goodluck Jonathan has expressed gratitude. Special Adviser to the President on National Assembly, Senator Joy Emodi, described the passaged of the 2013 Appropriation Amendment Bill as a “triumph of constructive dialogue”. Addressing the press in Abuja, Senator Emodi said: “I commend them for the eventual passing of the 2013 Appropriation (Amendment) Bill. This is indeed a boost for national development, as it will go a long way to keep the targets of the 2013 Budget on track ...

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Harvard-trained executive Michael Ikpoki to head MTN Nigeria

(Reuters) – Africa’s largest mobile operator MTN Group on Wednesday named its Ghana chief executive to head up its key Nigerian business, in a job reshuffle sparked by the abrupt resignation of its chief financial officer. Nigeria is the second-biggest revenue earner for Johannesburg-based MTN, which has operations in nearly two dozen countries in Africa and the Middle East. Harvard-trained Michael Ikpoki is replacing Brett Goschen, who took over as CFO after Nazir Patel resigned this week following an investigation into allegations against him. The company has said the allegations against Patel were over governance and would not impact its ...

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Speaker Tambuwal urges calm over 2013 budget controversy

Speaker of the House of Representatives, Aminu Tambuwal, on Friday asked Nigerians to remain calm and not panic over the controversy trailing the 2013 budget. He addressed the matter quickly in a meeting with newsmen in Benin where he was visiting with the Oba of Benin. The panic he warns against began after media reports cited Finance Minister Ngozi Okonjo-Iweala as saying that unless the squabble over the 2013 budget is resolved, and quickly, the Nigerian government will be unable to pay workers their salaries from October. What’s the controversy about the budget? Seven months into 2013, and the Nigerian ...

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President Jonathan set to visit China next week

President Goodluck Jonathan is set to visit China next week, reports have said. The visit is aimed at boosting trade between both nations and securing infrastructure deals. China is already financing several infrastructure projects in Nigeria and Beijing is showing growing interest in the country’s lucrative oil industry. During his visit next week, from July 9 through 12, Jonathan will meet with President Xi Jin Ping, Premier Li Keqiang and Chinese leaders and businessmen. “We want to build trade and economic relationships and we want to have a good exchange of knowledge,” Finance Minister Ngozi Okonjo-Iweala told reporters. Okonjo-Iweala added ...

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Dangote to aid rebuilding in flood-affected areas

A relief committee headed by African business mogul Aliko Dangote and former president of the Nigerian Bar Association, Olisa Agbakoba announced plans on Thursday to rebuild homes destroyed by floods in some 22 regions across the country in 2012. The affected areas included: Delta, Adamawa, Taraba, Rivers, Bayelsa, Cross River, Niger, Akwa Ibom, Benue, Kogi, Kebbi, Yobe, Plateau, Taraba, Anambra and Kano. Over two million people were displaced in the widespread floods and the victims in the affected areas have long awaited the relief. Dangote and Agbakoba announced that their committee will be building two and three bedroom flats and ...

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Dolce & Gabbana sentenced to 20 months in jail for tax evasion

Powerhouse designers, Domenico Dolce and Stefano Gabbana, were given a suspended jail sentence of one year and eight months for hiding hundreds of millions in tax euros, Channel 4 News reports. The designers behind the famous Dolce & Gabbana have dressed many a Hollywood stars and are both influential in the fashion world. Despite their clout, a court in fashion capital Milan, Italy found the designers guilty of failing to declare £850million ($1.34billion) in income tax to authorities. Prosecutors argued that the pair had evaded taxes on income of £356million ($558million) each and £172million ($268million) through a Luxembourg-based company, according ...

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Chevron to sell two Nigerian oil blocks

(Reuters) – U.S. energy firm Chevron is selling its stake in Nigerian shallow water oil blocks OML 83 and OML 85, the company said on Tuesday, the latest oil major seeking to sell assets in Africa’s biggest oil producer. “As part of a continuous process of portfolio evaluation and business prioritisation, Chevron Nigeria Limited … has put forward its interests in two oil mining leases for auction,” a company spokesman said by telephone. Chevron owns a 40 percent stake in the blocks with Nigeria’s state oil firm NNPC having the other 60 percent. The company did not say what oil ...

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