Bombed oil pipeline causing ‘massive spills’
Militants bombed a state-run oil pipeline in Warri on Monday causing massive spills, in the latest attack on the country’s oil infrastructure, said an industry official.
“The pipeline is operated by the Pipelines and Products Marketing Company (PPMC) at Batan near Warri. It was blown up early yesterday (Monday),” a senior official of a major oil firm told AFP Tuesday. Guardian
Lawyer sues NASS over proposed immunity, pension laws
A Lagos-based lawyer, Kabir Akingbolu has asked a Federal High Court, Lagos to restrain the National Assembly (NASS) from sitting and debating for the purpose of passing into law any bill seeking to grant immunity and life pension to principal officers of the parliament.
Akingbolu, in an originating summons, said the move by the lawmakers is not only detrimental to the wellbeing of every citizen of the country but amounts to gross violation of constitutional provisions, which frown against corrupt practices and abuse of power, adding that it is also a coup against the people. Guardian
Fayose spending state money on court cases – APC
The All Progressives Congress in Ekiti State has accused Governor Ayodele Fayose of spending the state’s money to prosecute his legal matter with the Economic and Financial Crimes Commission.
The state Publicity Secretary, Taiwo Olatunbosun, said in statement in Ado Ekiti on Tuesday that the party was in possession of a fact that the N22m allegedly spent to charter airplane that conveyed his lawyer, Mike Ozekhome (SAN) from Lagos to Akure airport was allegedly taken from the state’s treasury. Punch
Buhari: My ministers, officials ‘tarred with brush of corruption without evidence’
President Muhammadu Buhari has appealed to “discerning” Nigerians to ignore orchestrated attempts to sully the integrity of ministers and other senior government officials, who are being tarred with the brush of corruption without any concrete evidence, a statement by presidential spokesman, Femi Adesina, said Tuesday.
According to the statement, the president was reacting to reports, particularly by online media, that the immediate past Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), who is also Minister of State for Petroleum, Ibe Kachikwu, is being investigated over crude oil swap deals and gas liftings during his tenure as GMD of the petroleum corporation. Premium Times
EXCLUSIVE: Judicial panel indicts Nigerian Army General, others for Zaria massacre of Shiites
The General Officer Commanding the Nigerian Army’s 1st Division, Adeniyi Oyebade, a Major General, authorized last December’s military operation that massacred at least 347 members of the Shi’a Muslim group in Zaria, and should be prosecuted, a judicial commission of inquiry into the killings, has said in its final report.
The commission of inquiry, set up by the Kaduna State government, indicted Mr. Oyebade and other senior army officers for the attack, PREMIUM TIMES can authoritatively report.
The panel’s report was submitted to Gov. Nasir el-Rufai on Friday, but its details are yet to be made public. Premium Times
Business News
Getting your bank to waive account fees
Here are some tips that will make your bank to waive those fees, according to bankingadvice.com.
Ask them to waive the fee: Simply call your bank and ask them to waive the fee. Or, visit the bank in person and ask to speak to an account representative. Simply taking this extra step can sometimes make the difference in being able to get a waiver of the fee.
Part of this discussion will hinge on whether you are asking your bank to waive a one-time late fee or single transaction fee, or whether you are looking not to pay a monthly or periodic account maintenance fee. Your bank will almost certainly be more likely to waive a one-time charge.
Ask for your account to be ‘grandfathered’. If you are looking for some relief from ongoing account fees because of a change in the terms applicable to your account, then ask whether you can have your account terms ‘grandfathered’ – which means that the prior terms will continue to apply, even though new accounts of the same type will be subject to the less favourable terms. Punch
IMF says Nigeria heading into recession
The IMF slashed its growth forecast for the Nigerian economy this year on Tuesday, saying a combination of plunging oil revenues and weakened investor confidence will push it into recession. The International Monetary Fund said it expects Africa’s largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion. Nigeria’s stall, and sluggish activity in the number two economy, South Africa, is expected to pull down economic growth across sub-Saharan Africa, the IMF said, forecasting a “dramatic implication.” Vanguard
Unilever Nigeria Records N1.1Billion in First Half of 2016
Unilever Nigeria Plc monday announced its financial results for the half year ended June 30, 2016, showing profit after tax (PAT) of N1.094 billion.
According to the unaudited results, Unilever posted a revenue of N32.272 billion in 2016, up from N28.721 billion in the corresponding period of 2015.
An analysis of the results indicated that cost of sales increased by 16 per cent from N18.972 billion to N21.924 billion. Gross profit stood at N10.353 billion, compared with N9.75 billion in 2015. Selling and distribution expenses went up from N1.274 billion to N1.50 billion, while marketing and administrative expenses fell from N6.979 billion to N6.689 billion in 2015. As a result operating profit improved from N1.567 billion to N2.161 billion in 2015. Thisday
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.