Ibadan Disco budgets N91bn for network, meters, others
As part of measures to improve network, meter customers and automate its operations in the next five years, the management of Ibadan Electricity Distribution Company (IBEDC) has set out to invest N91 billion in the plans. Of the amount, the sum of N18.2 billion would be invested on network expansion in 2021. Chief Operating Officer of the company, Mr. John Ayodele,...
PIA, gas initiatives’ll transform Nigeria’s energy sector – Osinbajo
The passage of the Petroleum Industry Bill (PIB), as well as Nigeria’s gas initiatives, will help transform Nigeria into a gas-based industrialized nation. This will also create a better-managed petroleum industry with more value addition for both investors and Nigerians alike. Vice-President Yemi Osinbajo (SAN) made the submission in his remarks delivered at a virtual event to commemorate the 25th anniversary...
Edo Modular Refinery set to begin operations – Obaseki
The Edo Modular Refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) in Ologbo, Ikpoba - Okha Local Government Area of Edo State is set to commence operations. Governor Godwin Obaseki recently gave the assurance shortly after he was conducted round the facilities by the Managing Director in charge of the refinery, Mr. Tim Tian. The 6000bpd Edo Modular...
Heritage Bank’s unorthodox debt recovery
When the now-viral video of some staff members of Heritage Bank protesting at the house of a supposed debtor first surfaced online recently, many took it with a pinch of salt. This was in spite of the narration that accompanied the video, stating that Senator Andy Ubah had been owing the banks for years and they were at his...
Bank chiefs back anti-graft policy, call for regular engagement
Chief Executives of Nigerian banks have pledged to support the anti-corruption policies of the government. The CEOs spoke during an interactive session with the Economic and Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa, at the Conference Hall of the Lagos Zonal Command of the agency. Kennedy Uzoka, Group Chief Executive Officer of United Bank for Africa (UBA), UBA, described the engagement...
EFCC to bank chiefs: Steer clear of election financing
Nigeria’s anti graft agency, the Economic and Financial Crimes Commission (EFCC), has sought greater collaboration with financial institutions in the country as a way of tackling fraudulent election financing, foreign exchange malpractices, and money laundering. Speaking during an interactive session with managing directors of banks in Nigeria at the Conference Hall of the Lagos Zonal Command of the EFCC, the...
How Indian banks recover $1bn from defaulting billionaire
Seventeen Indian banks have received 71.82 billion rupees ($967 million) by selling defaulter and former billionaire Vijay Mallya's stake in the United Breweries Ltd. According to a statement by the Enforcement Directorate, the shares were seized by the agency, which specialises in investigating financial crimes, after banks alleged that Vijay Mallya had defrauded them. Mallya, who is known as the “King of Good Times” in...
Bank MD bags 5-year jail term for N4.7m scam
The Managing Director of Workman Microfinance Bank in Bauchi State, Sarita Aliyu Hello, has been sentenced to five years imprisonment on a two-count charge bordering on misappropriation and forgery brought against her by the Economic and Financial Crimes Commission (EFCC). Delivering judgement on the case, Justice M.M. Abubakar of Bauchi State High Court said the offence is contrary to Section...
Kaduna seals FirstBank, GTB, Access, Sterling branches over N300.5m unpaid taxes
The Kaduna State Internal Revenue Service (KADIRS) has sealed the branch offices of four banks in Kaduna over N300.5 million unpaid taxes. Executive Chairman of KADIRS, Dr. Zaid Abubakar, identified the affected banks as First Bank, Access Bank, Guaranty Trust Bank (GTB), and Sterling Bank. Abubakar told journalists after the exercise in Kaduna that the money was arrears of taxes payable...
CBN: Banks refunded N89.2bn to customers in June
Commercial banks in Nigeria refunded N89.2 billion to customers as at the end of June 2021 over several complaints. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, disclosed this during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financial stability and economic development”. Represented by Mr. Osita Nwanisobi, Director, Corporate Communication Department...
