Sunday 13th October 2019
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Transparency agency wants oil revenue savings transferred to Sovereign Wealth Fund

Waziri Adio

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for the transfer of all the country’s oil revenue savings into the custody of the Nigeria Sovereign Investment Authority (NSIA). In an Occasional Paper titled: “The case for a robust oil savings fund for Nigeria”, NEITI stated that its position was informed by the transparency rating of the NSIA by the ...

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Ex Rangers coach to get N16.7m for wrongful dismissal

Rangers-International-FC

The League Management Company (LMC) has ordered the National Professional Football League (NPFL) champions, Enugu Rangers International Football Club, to pay Coach Imama Amakapabo a total of N16.7 million for wrongful dismissal. The LMC also imposed a hefty fine on a top Enugu Rangers Official for breach of mediation. The LMC directed Rangers to pay the sacked coach various sums ...

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Seven banks ordered to remit hidden funds to government

Godwin Emefiele

Justice Chuka Obiozor of the Federal High Court, Lagos on Wednesday, July 19, 2017 ordered seven commercial banks in the country to temporarily remit a total of $793,200,000 to the Federal Government (FG). The funds were allegedly hidden with the banks in contravention of the Federal Government’s policy on lodgment of funds into the Treasury Single Account (TSA). The judge ...

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Bayelsa judge denied leave to travel abroad as EFCC refuses service

Hyeladzira Nganjiwa

Efforts by a judge of the Federal High Court in Bayelsa Division, Hyeladzira Nganjiwa, who is currently facing trial over alleged unlawful financial enrichment before a Lagos State High Court in Igbosere to secure leave to travel abroad for training, failed on Wednesday, July 19, 2017. This was as a result of the inability of the prosecution to receive service ...

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EFCC to take possession of Victoria East Park Hotel and Suites

Victoria East Park Hotel and Suites

The Federal High Court in Lagos has ordered the temporary forfeiture of Victoria East Park Hotel and Suites located along Igbogbo-Mayegun Road, Ikorodu, Lagos over an alleged fraud of N53.7 million. Justice Chuka Obiozor ordered the Economic and Financial Crimes Commission to take over the hotel for 21 days to enable it to conclude its investigation of the alleged fraud. ...

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Ex-presidential aide, Dudafa, loses bid to regain international passport for medical tourism

Waripamo-Owei Dudafa

Former Special Adviser to ex-President Goodluck Jonathan on Domestic Affairs, Waripamo-Owei Dudafa, has lost his bid to travel abroad for medical treatment before a Federal High Court in Lagos. A vacation judge, Chuka Obiozor, refused to entertain his application to that effect. Dudafa in the application urged the court to order the release of his passport to enable him to ...

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Commonwealth Youth Games opens in the Bahamas

Nassau the Bahamas

The 6th edition of the Commonwealth Youth Games commenced on Wednesday, July 19, 2017 in Nassau, capital of the Bahamas. About 1,049 athletes are representing 65 Commonwealth countries in the four-day event, which is featuring nine sports. Twenty-six athletes are representing Nigeria in seven sports – Beach Volleyball, Boxing, Athletics, Cycling, Judo, Tennis and Beach Soccer. The Bahamas, a chain of ...

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Nigeria’s oil revenue savings among world’s lowest, says NEITI

Waziri Adio

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the time is now for the country to embrace fully a robust policy to save portion of oil and gas revenue for the rainy day and for the next generation. The urgent measures that need to be taken include the immediate transfer of all revenue savings in the stabilisation fund ...

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How Aluko, Omokore allegedly laundered $1.7bn

Aluko Omokore

Court papers in Lagos have detailed how oil businessmen, Kolawole Akanni Aluko and Jide Omokore, laundered some $1.7 billion through oil swap transactions between them and the Nigeria National Petroleum Corporation (NNPC), during the tenure of Diezani Alison-Madueke as Petroleum minister. The documents, which are filed in a Lagos court, have provided what appear to be the most insightful details yet into how ...

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FRSC decries incessant attacks on personnel

Boboye Oyeyemi

The Federal Road Safety Corps (FRSC) Corps Marshal, Dr. Boboye Oyeyemi, has condemned what he terms unprovoked attacks and molestation of operatives of the Federal Road Safety Corps on the highways and vowed to prosecute all those involved. According to Bisi Kazeem, Corps Public Education Officer, FRSC, the Corps Marshal’s response came on the heels of the recent shooting of two FRSC staff and the ...

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