Category Archives: Business

JUST IN!! We Posted Misleading Information About GTBank, Supreme Court Judgment – Innoson

GTBank Vs Innoson At The Supreme Court: What Really Happened

The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

BREAKING!!! Supreme Court Orders Gtbank To Pay Innoson Boss N12bn In 14 Days

Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal. Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

BREAKING!! Innoson Boss, Innocent Chukwuma Cries Out, Reveals Why Police Declared Him Wanted!

Nigeria, China Finally Seal The Yuan Deal

China’s central bank said Thursday that it has inked a currency swap agreement with its counterpart in Nigeria. The agreement will allow the two sides to swap a total of 15 billion Chinese yuan (2.35 billion dollars) for 720 billion Nigerian naira, or vice versa, in the next three years, the People’s Bank of China (PBOC) said on its website.

Naira Rain In Aba As Orji Kalu Foundation & Mascot Kalu Foundation Storm Eziama(See Photos)

Naira Rain in Aba: Orji Kalu Foundation & Mascot Kalu Foundation Petty Loan Scheme(Photos)

Court stops planned sale of 9mobile

Court stops planned sale of 9mobile

…Shareholders demand refund of $43.33m Investment

The Abuja division of  Federal High Court has halted the planned sale of embattled telecommunication firm, Etisalat (now 9mobile) following opposition to the move by some

aggrieved shareholders

The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out in the firm’s decision-making processes and are therefore demanding the refund of their investment estimated at $43,330,950 (N1.56 billion). The decision was consequent upon a suit filed before the court by the shareholders.

In the said suit marked: FHC/ABJ/CR/288/2018, Karlington Telecommunications Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria (CBN), Etisalat International Nigeria Ltd and Nigerian Communication Commission (NCC) were all been listed as defendants.

Justice Binta Nyako had, after listening to Mahmud Magaji, who  moved an ex-parte motion on behalf of the aggrieved shareholders, ruled that “an order is made for the maintenance of status quo as at today (yesterday).”

Justice Nyako, who said, “the defendants ought to be heard,” also ordered the service of processes on them (the defendants), including the 3rd and 5th (First Bank and Etisalat), whose addresses are outside jurisdiction.

The judge, who also ordered that “the writ be marked as concurrent,” adjourned to May 14 for mention. The plaintiffs said in a statement of claim that they bought shares in Etisalat from the 1st and 2nd defendants (Karlington Ltd and  Premium Holdings) through “a private placement memorandum  in which the 3rd defendant (First Bank) served as a custodian of the plaintiffs’ share certificate.”They said while the 1st plaintiff (Afdin Ventures) “bought 1,300,391 Class A shares at $13,003,910,” which it paid for on August 14, 2009, the 2nd plaintiff (Dirbia Ltd) acquired 3,300,004 Class A shares at $30,030,040, for which it made payment on September 3, 2009.

Delta state has become dumping ground for Donkey meat – Butchers cry out

Delta State chapter of the National Butchers’ Union of Nigeria Wednesday lamented that Delta state has become a dumping site for donkey meat otherwise known as “Jackie”.

The Chairman of the Board of Trustee of the butchers union, Comrade Toju Awala made this disclosure in a chat with newsmen in Pessu Market in Warri South Local Government Area.

Awala, who doubles as the Warri branch chairman of the butchers union, said most of the donkey meat come from Agbor to Warri and Udu markets as early as 4 o’clock every morning.

He lamented that their business is being hampered by persons, who deal on donkey meat, and operate private abattoirs in several parts of the state.

Awala stated that the Delta state government is not helping matters as they have written several petitions to the Ministry of Agriculture in Delta State as well as the Warri South Local Government Council to assist in developing an abandoned abbatoir in Pessu market so as to monitor what people consume.

While disclosing that the only response they got from the government is that the issue is before the Delta Assembly for debate whether “Donkey meat is fit for consumption”, Awala “called on the government to support the union in fighting those involved in the sale of donkey meat.

“Delta State has become a dumping site of Jackie. It is not supposed to be. We are advising them. They should desist from it and those who normally go to the forest and buy from their hand, it is not good for consumption.

“They should desist from it. Come to the abattoir approved by the government, public place, and buy meat.”

Awala observed that dealers do not slaughter donkeys in the government-approved abattoir in Pessu market, Warri.

According to him, “We operate in government abattoir here. As far as government abattoir is concerned, we have veterinary doctors on ground who monitor the cows before slaughtering. Even the slaughtering, they monitor it.

Those people who deal on Jackie have a private abattoir they operate in. Most Jackie come from Agbor down to Warri to Udu markets.

“My state chairman, Comrade Akusu, who lives in Agbarho,we met, we set up a task force on this issue. We got some group of people along Ughelli road by NEPA there. They have a hideout there. We had to put ourselves together to monitor,” Awala said.

Kenya Airways Sacks 22 Of Its 26 Nigerian Workers

BREAKING!! Buhari’s Declaration For Second Term Crashes Stock Market To 3-Month Low (Photo)

5 Reasons Why Should Become A Business Owner

BREAKING!! MMM Founder And Russian Businessman, Sergei Mavrodi Dies At 62

Orji Kalu Showcases His Made in Aba Shoes, Woos Investors (See Photos)

 

Former governor of Abia state, Dr. Orji Uzor Kalu is discussing with some big Italian investors to come into the Aba Shoe industry,  IGBERE TV has learnt.

Beer, cigarettes to cost more

Consumers of alcoholic beverages and tobacco are soon to pay more as President Muhammadu Buhari at the weekend approved an amendment to the excise duty rates with effect from Monday, June 4, 2018.

Minister of Finance, Mrs. Kemi Adeosun, who made this known yesterday in Abuja, stated that the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

She disclosed that the new excise duty regimes followed all-inclusive engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.

According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the government’s fiscal revenues and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.

“The Tariff Technical Committee (TCC) recommended the slight adjustment in the excise duty charges after cautious considerations of the government’s Fiscal Policy Measures for 2018 and the reports of the World Bank and the International Monetary Fund Technical Assistance Mission on Nigeria’s Fiscal Policy.

“The effect of the excise duty rates adjustment on trade and investment was also assessed by the Federal Ministry of Trade and Investment and it adopted the recommendations of the TTC.

“Furthermore, peer country comparisons were also carried out showing Nigeria as being behind the curve in the review of excise duty rates on alcoholic beverages and tobacco,” she said.

Following the president’s approval, Adeosun disclosed that the new excise duty rate on tobacco was now a combination of the existing ad-valorem base rate and specific rate while the ad-valorem rate was replaced with a specific rate for alcoholic beverages.

“For alcoholic beverages, the current ad-valorem rate will be replaced with specific rates and spread over three years to moderate the impact on prices. This will curb the discretion in the unit cost analysis (UCA) for determining the ad-valorem rate and prevent revenue leakages.

“For tobacco, the government will maintain the current ad-valorem rate of 20 per cent and introduce additional specific rates with the implementation to be spread over a three-year period to also reasonably reduce the impact on prices,” she explained.

Under the newly approved excise duty rates for tobacco in addition to the 20 per cent ad-valorem rate, each stick of cigarette will attract a N1 specific rate per stick (N20 per pack of 20 sticks) in 2018, N2 specific rate per stick (N40 per pack of 20 sticks) in 2019 and N2.90k specific rate per stick (N58 per pack of 20 sticks) in 2020.

The minister explained that Nigeria’s cumulative specific excise duty rate for tobacco was 23.2 per cent of the price of the most sold brand, as against 38.14 per cent in Algeria, 36.52 per cent in South Africa and 30 per cent in Gambia.

Wines would attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for spirits in 2018, N1.75k per Cl in 2019 and N2.00k per Cl in 2020.

The president has also granted a grace period of 90 days (three months) to all manufacturers before the commencement of the new excise duty regime to enable them adjust accordingly.

There is, however, no increase in excise duty of other locally excisable products at the moment.

The minister added that the new excise duty regimes are in line with the Economic Community of West African States (ECOWAS) directive on the harmonisation of member-states’ legislations on excise duties.

The ECOWAS Council of Ministers had at its 62nd and 79th Ordinary Sessions in Abuja in May 2009 and December 2017, respectively, issued directives on the harmonisation of the ECOWAS Member States’ Legislations on Excise Duties.

The directives seek to harmonise member-states’ legislations on excise duties of non-oil products and also stipulate the scope of application, rate of taxation, taxable event and amount.

 

Traders Weep As Fire Guts Timber Market In Enugu

Happening Now!! Jubilations As Orji Uzor Kalu Foundation Gives Out Multi Million Naira Free Loan In Umunneochi, Abia State (Photos)

Biafra Got Talents: Biafra Man Shows Off His Invention In Nnewi (Photos,Video)

An Nnewi based man has attracted the attention of as he shows off his invention.Crowd gathered to watch as he drives his latest invention around.
See below and watch the above
WATCH VIDEO  HERE

DPR shuts stations hoarding fuel in Warri as scarcity worsens

Warri, Delta state

The worst offenders were Godstime Petroleum Ltd, which was sealed for selling above the approved pump price; Melmic Ltd for hoarding and Kinmason for under dispensing of products. The station was cheating customers by as much as two litres for every 10 litres purchased.

The DPR team visited stations armed with a list of the stations that loaded fuel from NNPC depots at the weekend. Chit-Tim filling station on Airport Road was forced to start selling fuel after it was caught hoarding fuel it loaded few days ago. However, some of the stations that were forced to start selling fuel to the public stopped when the DPR team left prompting second visits and warning notices served to them.

Some of the marketers said they were not to blame for selling fuel at N190 a litre, saying the private depot they bought from sold to them at exorbitant price urging the DPR to monitor the activities of the private depots.

However the DPR Manager Operations, warned the marketers to stop buying expensive fuel from private depots if they can’t conform to the approved pump price

“The Secret Revealed: 1 NGN Can Equate 1 USD If Nigerian Government Can Do This”

FG Hands Over Apapa Road Design To Dangote, Raises Trailer Park Cost To N9.55bn

The Federal Executive Council (FEC) wednesday said it had completed the design for the reconstruction of a major part of Apapa-Oworonshoki expressway in Lagos meant to be concessioned to Dangote Group and consequently handed it to the company.

The council also approved the augmentation of the contract cost for the construction of trailer and truck park on Tin Can Island in Lagos from the initial N8.66 billion to N9.55 billion.

Minister of Power, Works and Housing, Babatunde Fashola, who made the disclosure while briefing State House correspondents at the end of the weekly FEC meeting in the State House, said the truck park project which was part of the move to ease acute traffic crisis along the collapsed Oshodi – Apapa express way, would be completed this year.

“The Ministry of Power, Works and Housing presented only one memo – a memorandum seeking the augmentation of the price due to the need for increased scope of work especially shoreline protection of the Tin Can Trailer and Truck Pack, which is almost finished.

“It is an ongoing project. We sought council’s approval to augment the price from N8.66 billion to N9.553 billion which was an augmentation of N892.177. 289 million. We expect that truck pack will now be completed this year and it will be one of the many multi-prong efforts being pursued to give relief to the Apapa area, to facilitate vehicular truck and trailer movement and also maritime and import and export business and general economic activity for Apapa in particular, Lagos at large and the country as a whole. The memorandum was approved,” Fashola said.

Fashola who also provided clarification on the planned concession of the reconstruction of some parts of Apapa – Oshodi express way as well as Ijora end to Wharf Road, disclosed the planned collaborative reconstruction agreement between Dangote Group, Flour Mills and Nigeria Ports Authority (NPA) as their corporate social responsibility. He also highlighted the challenges posed by the move.

According to Fashola, the portion conceded to Dangote Group for reconstruction between the Apapa Creek Road and Coconut bridge had been designed and handed over to the Dangote Group, explaining that the next move is to go for procurement and eventual FEC approval before the eventual kick-off of the reconstruction.

He said: “I think road development is clearly the mandate of the Ministry ofPower,Works and Housing, especially the work sector by legislation. There is multi-agencies’ collaboration. The Nigerian Port Authority, the Apapa Port, Tin Can Island that are critical to the economy are affected. So, there is multi-agencies’ interaction and that is what we have been having really and truly.

“You will recall that I briefed you about a four-kilometre stretch between the bridge from the Apapa Police when you are coming from Ijora, just to the junction of Point Road right through to Wharf Road, to the entrance of the Apapa Port. That is the stretch that the Dangote Group, the Flour Mills, and the NPA agreed to do as Corporate Social Responsibility as soon as possible. That is going on. It is a problem because after the works started, we found that the gas lines that supported most of the industries there and keep them in operation were within the right of way.

“Now we are faced with two choices – relocate the entire gas line which will cause a lot more in terms of relocation of services and reinstallation which was essentially outside the scope of what was a donation to them or to change the alignment of the road so that we don’t damage that gas pipeline.

So, that is what we are dealing with and those who know will tell you that construction in built up areas like where vehicular traffic has to also pass through – cargo gas to move in and out of the port – is not a construction that is always easy to do because we can’t shut down as it were.

“The other side from Creek Road, Liverpool Road to the Coconut Bridge Tin Can Island part, is the part that is going to be concessioned to the Dangote Group which showed interest to take it over, build it under the tax credit scheme of the federal government. That requires first a design so that we can know what the quantities are.

We have finished the design. We have handed over the designs to them. It also requires for them to get their engineers to say this is the price of this item or that item. And then, we will now go to the Bureau of Public Procurement (BPP), fix the price because it is public funds, even though they are advancing the money, they are going to claim it back.

“So, we are at that process. We have finished the evaluation process on the sections involving Liverpool Road and the first five kilometers out of the Tin Can. So, as soon as we get BPP approval, we will come back to FEC because this is public fund for which they will claim tax credit back. So, we might as well get the price right,” he stated.

In his own briefing, the Minister of Budget and Planning, Udo Udoma, said in pursuit of the implementation of Economic Recovery and Growth Plan (ERGP), the government is organising a focused laboratory in March with a target of $25 billion investment.

According to him, the programme will bring in investors with focus on specific sectors such as agriculture, transportation, power, manufacturing and processing, pointing out that a number of federal ministers will be brought on board to drive the programme. He also said the move is aimed at generating a significant sum of money for domestic investment.

Vice President Yemi Osinbajo had while inaugurating a Nestle project in Agbara, Ogun State last week announced the plan of the government to generate $24 billion from focused laboratories on the implementation of ERGP. The vice-president had also stated that the planned project would generate 150,000 jobs.

Udoma stated that the ongoing implementation of ERGP is yielding positive results as evident in the increasing level of capital inflow, improved foreign reserve which he said now stood at over $40 billion while inflation has continued to trickle down.

According to Udoma, the development only shows that all indices of a growing economy are visible.

Presidency in tears as Nigerian stock market loses N370 billion on Tuesday

The Nigerian Stock Exchange (NSE) on Tuesday sustained seven-day falling streak with the market capitalisation shedding N370 billion in one day.
The News Agency of Nigeria (NAN) reports that the market capitalisation lost N370 billion or 2.41 per cent to close at N14.967 trillion against N15.337 trillion achieved on Monday.
Similarly, the All-Share Index which opened at 42,737.89 lost 1,029.74 points or 2.41 per cent to close at 41,708.15 following huge losses by some highly capitalised stocks.
Some financial experts in an interview with NAN attributed the persistent loss to decline in global stock markets, especially in the U.S. and Europe, contributed to the bearish trend in the market.
Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University Keffi, said investors reactions to the global stock market trend led to sell pressure on the exchange.
Uwaleke said drop in crude oil price following increased supply and profit taking by investors in respect of over-priced stocks, particularly those of tier 11 banks contributed to the development.
He said relative uptick in returns from money market securities led to movement of funds from capital market to the money market securities.
Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun said the bearish trend was expected because the stock market usually reacted to economic conditions.
“This is New Year and the budget is yet to be passed, so money is not yet being released and people need to buy lots of things.
“Fortunately, the market was bullish recently such that the values of shares went up making it possible for profit taking,” he said.
Tella said the bearish trend would bring new opportunities for new investors as well as old ones who would want to adjust their financial portfolio.
He said that these investors would go the market shortly to take advantage of the lower prices of shares.
“We will start seeing bullish activities in the market again.
“It is the nature of the market to facilitate between bullish and bearish swings as dictated by market forces,” he said.
An analysis of the price movement showed that Nestle recorded the highest loss depreciating by N40 to close at N1, 320 per share.
Dangote Cement trailed with a loss of N13.30 to close at N258.70, while Nigerian Breweries dipped N5.20 to close at N127.80 per share.
Guinness was down by N5 to close at N105, while International Breweries depreciated by N2.50 to close at N57.50 per share.
On the other hand, Lafarge Afeica led the gainers’ table growing by N1 to close at N51 per share.
Zenith International Bank followed with a gain of 60k to close at N30, while Berger Paint gained 45k to close at N9.45 per share.
Access Bank increased by 45k to close at N12, while Dangote Sugar Refinery advanced by 30k to close at N21 per share.
The banking sub-sector was the toast of investors with Diamond Bank emerging the most traded, trading 67.69 million shares worth N181.14 million.
FCMB Group followed with an account of 49.22 million shares valued at N126.18 million, while Fidelity Bank sold 42.78 million shares worth N129.55 million.
United Bank for Africa traded 39.16 million shares valued at N437.59 million, while FBN Holdings exchanged 32.59 million shares worth N358.64 million.
In all, the volume of shares traded closed lower with an exchange of 470.52 million shares valued at N3.68 billion transacted in 6,309 deals.
This was against the 517.44 million shares worth N5.19 billion traded in 5,852 deals on Monday.

Naira Crashes Against Dollar

The Nigerian currency, Thursday depreciated to N360.4 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window rose to N360.40 per dollar, Thursday, from N360.21 per dollar on Tu

esday, indicating a 19 kobo appreciation of nai

Meanwhile, the volume of dollars traded in the window rose by 2.3 per to $170.46 Thursday from $166.58 million on Tuesday.

The naira also fell by N1 in the parallel market as the parallel market exchange rate dropped to N363 per dollar Thursday from N364 per dollar on Wednesday.

Again, Petrol Prices Go Up

See a Biafran Man, Okeke, Who Buys Arnold Schwarzenegger’s Bugatti Worth $2.5m

Biafran Man, Okeke,Buys Arnold Schwarzenegger’s Bugatti For $2.5m

Obi Okeke, popularly referred to as Doctor Bugatti, has purchased Arnold Schwarzenegger’s Bugatti Veyron for $2.5m

According to TMZ, the Bugatti dealer has intentions to resell the vehicle.

The Bugatti Veyron 2015 model goes 0-60 mph in 2.5 secs and has only had about 1,000 miles on it.

Punch reports that Okeke was the one who sold a similar whip to heavyweight champion, Floyd Mayweather, and he seems to be on the lookout for a buyer for his new ride.

“When you’re in the business for as long as I’ve been, you meet a lot of people,” Okeke said in 2015, according to the Business Insider.

“When I came here, people knew about me. I’ve been very fortunate to build a deep client database for finding cars.”

Igberetvnews learnt that Mayweather had purchased at least 40 cars from Okeke, including Koenigsegg CCXR Triveta for $4.8m, the Business Insider said in 2015.

Busted!! See The Yahoo Plus Guy That Killed Osun Slay Queen, Classic White (Photos)

BREAKING!! Innoson Boss Exposes GTBank And EFCC(This Will Shock You)

Customer Hacks Unity Bank System, Steals N23 Million With ATM Card & This Happened

OAP Stephanie Coker’s Hubby Arraigned For Fraud, Hides Face With Handkerchief (Photos)

Chima Anyaso Conferred With Forbes’ African Achievers Award 2017 in London (Photos)

 
Businessman, philanthropist and managing director / chief executive officer of Ceecon Energy Oil and Gas LTD, Dr Chima Desmond Anyaso has been recognized in London by the Forbes rated Africa Achievers Awards for his outstanding service to humanity.