Ardova Plc, an indigenous energy company, says it has acquired a 100 percent equity stake in Enyo Retail and Supply Holding in a share purchase agreement. A share purchase agreement is an agreement or the sale and purchase of a stated number of shares at an agreed price. Oladeinde Nelson-Cole, Ardova’s company secretary, made this known in a corporate filing on the Nigerian stock exchange group limited on Tuesday. The company notified its shareholders that the transaction is a share purchase agreement by both parties without stating further details. “This announcement follows the execution of a share purchase agreement by…
Author: Temitope N.
The Port Harcourt Electricity Distribution Company (PHED) says the Police Command in Rivers has arrested a middle-age man, Brian Anucha, for allegedly parading himself as PHED staff defrauding customers. Mrs Chioma Aninwe, Acting Manager of Corporate Communications, PHED, made this known in a statement in Port Harcourt on Wednesday. She said that Anucha allegedly scammed one Emmanuel Nte of N220,000, to activate his victim’s meter billing account. “Anucha paraded himself as PHED staff and was recently apprehended at the Aba Road axis of Port Harcourt. “The suspect, while presenting himself as a staff of the company, approached a customer, Emmanuel…
The World Bank has stated that inflationary pressure in Nigeria has pushed about seven million Nigerians below the poverty line in 2020 alone. The World Bank gave the data in its latest Nigeria Development Update (NDU), released yesterday, a few days after President Muhammadu Buhari in his Democracy Day broadcast claimed on Saturday that his administration had lifted 10.5 million Nigerians out of poverty in the past two years. The bank’s Country Director for Nigeria, Mr. Shubham Chaudhuri, while speaking on ‘The Arise Xchange,’ a programme of ARISE NEWS Channel, also said lack of economic opportunities was contributing to…
The Eko Electricity Distribution Company (EKEDC) has attributed the outage in some communities in Badagry to broken poles along the Badagry Expressway in Oko-Afo. The General Manager, Corporate Communications, EKEDC, Godwin Idemudia, said on Tuesday that the incident at Oko-Afo affected four electric poles and some equipment. “At around 1:46 p.m. on Monday, Oko-Afo 33KV feeder was faulty due to broken poles at Temole bus stop along the Badagry expressway. “The incident which occurred affected four electric poles and other equipment of the company,” he said. Idemudia said the fallen poles had been removed and the company’s technical team was…
Shell Petroleum Development Company of Nigeria (SPDC) says it has so far recorded 51 leaks from its oil production activities in the Niger Delta in 2021. According to data obtained from the oil firm’s website on Tuesday, 44 of the spill incidents were traced to sabotage by vandals. The firm said that seven of the leaks were caused by operational factors. “In May, eight spills which discharged 253.07 barrels of SPDC’s bonny light crude blended into the environment. “Of the eight spills recorded, six were caused by sabotage whereas two were from operational factors,” it said. The data also showed…
If there was ever a time Nigeria could have taken off, it was in 1999. Democracy had been restored, with its economy reopening after decades of mismanagement and plunder under military dictatorships. Tomi Davies, a systems analyst, was one of thousands of Nigerians who came home to help rebuild the country. After a few years working on public-sector projects, he was offered a bag full of dollars to add ghost employees to the payroll system he was installing. When he refused, a group of men attacked him at his home in the capital, Abuja. “I arrived like many others full…
The African Development Bank said on Monday it is returning to the Australian capital market with the launch of a 5.5-year $464 million Kangaroo social bond. The development bank said the deal was led by Nomura and RBC Capital Markets. It added that the second social bond, following a $3.1 billion 3-year issue launched last year to fight the coronavirus pandemic, will be used to improve access to electricity, water and sanitation, and other social programmes in the continent.
The Supreme Court of Nigeria has ruled that Investors in Nospetco Oil & Gas Ltd (Wonder Bank) whose N22.45 billion funds are being trapped in the Central Bank of Nigeria, for over 14 years, can go to the appropriate court for recovery of their money. With the ruling, the apex court affirmed the decision of the Court of Appeal, which held that the money actually belonged to the investors. The court also dismissed Nospetco Oil and Gas claims that the money should be paid into its coffers. Delivering the judgement through zoom, Justice Amina Augie leading Justice Osegi, said the…
The Central Bank of Nigeria (CBN) has agreed in principle to mint The Gambian Dalasi. The CBN Governor, Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of The Gambia, Buah Saidy, who led a delegation to visit him on Tuesday. Emefiele said Nigeria had a lot of capacity in currency printing as she has been minting since the 1960s and “we are willing to assist in printing your currency. We can be extremely competitive in terms of cost.” The Gambian Central Bank Governor said his country was running very low on currency and…
Nigerian National Petroleum Corporation (NNPC) through its subsidiary Duke Oil has sealed a pact to supply 30,000 barrels per day crude oil supply to Indonesia’s state oil corp, Pertamina, and Indian Oil Corporation. The development, which will strengthen the nation’s revenue outlook is coming in the face of the volatility and uncertainty in the oil industry. The move, which also signals the nation’s attempt to capture market share in Asia countries may push the profit of the entity to about $70 million in the 2021 trading year. Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in…