Monday, December 18Informations That Matters

BUSINESS

Monthly Revenue Allocation: FG, States, LGs Share N609.95billion For The Month Of November

Monthly Revenue Allocation: FG, States, LGs Share N609.95billion For The Month Of November

BUSINESS, NEWS
    The Federation Account Allocations Committee (FAAC) has distributed the November allocation to the three tiers of government; Federal, States and Local Government. This allocation which is based on revenue generated for the month amounted to the tune of N609.95 billion which is N77.23 billion more than what it shared in the month of October according to Ahmed Idris, the Accountant General of the Federation. Mr. idris gave the breakdown of the allocation to the three tiers with the Federal Government receiving N248.2 billion which represents 52.68%, the states got N125.9billion representing 26.72% and the 774 local councils receiving 97.06 billion which represents 20.06% of the allocation. He also said that Oil producing states got N54.48billion which repres...
World Bank Lauds Governor Okowa Job Creation Scheme, Says It Is A Model To Emulate

World Bank Lauds Governor Okowa Job Creation Scheme, Says It Is A Model To Emulate

BUSINESS, NEWS, NIGER DELTA
  Delta State Governor okowa’s job creation scheme has been endorsed by the world bank describing it as a model for other states to emulate. This was made known in Asaba on Thursday by a senior education specialist at the world bank,Dr. Tunde Adekola who was speaking on behalf of the international financial institution. Dr. Adekola observed that Delta state is the only state that has demonstrated its commitment to skills development in practical terms. According to reports available to BigPen online, Dr. Adekola who was present at the Products Exhibition and Business Fair by beneficiaries of the Delta State Government’s job creation scheme said “The world bank will continue to support the Delta State Government in the areas of skills and technical development and will
Access Bank, MD, Herbert Wigwe In Trouble, Arraigned Over Failure To Obey ICPC’s Lawful Invitation 

Access Bank, MD, Herbert Wigwe In Trouble, Arraigned Over Failure To Obey ICPC’s Lawful Invitation 

BUSINESS, NEWS
  The Managing Director Of Access Bank, Mr Herbert Wigwe, Access Bank Plc and top management staff of the bank have landed in trouble over a lawsuit against them. The trio, BigPen Online can report were arraigned on Thursday at an Abuja High Court in the Federal Capital Territory for alleged refusal to go obey ‘lawful invitation by the Independent Corrupt Practices and Other Related Offences Commission’, (ICPC). ICPC's invitation on the trio was in connection with alleged refusal of the bank to release the Post No Debit order on two firms, Blaid Construction Limited and Braid Properties Limited. Listed along as defendants in the charge number CR/032/17 are the Managing Director and CEO, Mr. Herbert Wigwe and Mrs Neka Adogu, who is a staff of the bank. The case was i
Why $16bn Egina Oil Project Is Still Under Probe

Why $16bn Egina Oil Project Is Still Under Probe

BUSINESS, NEWS
The $16 billion Egina Oil Field Project and two related Bonga South-West and ZabZaba projects are contentiously being investigated primarily over the local content elements and cost variations related to the execution of the project. The Senate had on Tuesday commenced a probe into the projects with the view to unravel the rationale behind the execution by Total Upstream Nigeria Ltd in partnership with CNOC Energy Nigeria Limited, Petrobas, and Sapetro without comply with the provisions of the Nigerian Oil and Gas Industry Content Development Act of 2010. Senator Solomon Adeola, in a motion co-sponsored by 18 others had notified the Senate of the possible loss of revenue by the Federal Government as a result of the handling of the project. His motion was adopted, leading t
Aliko Dangote On The Nasdaq Tower In Times Square, New York

Aliko Dangote On The Nasdaq Tower In Times Square, New York

BUSINESS, NEWS
  Aliko Dangote is the only African on the Bloomberg 50 list of this year's most influential people. A photo of Aliko Dangote was displayed on Wednesday on the Nasdaq Tower in Times Square, New York after Aliko Dangote was selected as the only African on the Bloomberg 50 list of this year's most influential people. The NASDAQ Tower is considered the most visible LED video display in Times Square and is one of the most valuable advertising spaces in the world. It's the largest continuous sign in Times Square. It has close to 9,000 square feet of display space -- about a quarter of an acre.
Court Awards N5m Damages Against Diamond Bank PLC For Negligence

Court Awards N5m Damages Against Diamond Bank PLC For Negligence

BUSINESS, NEWS
  A Delta State High Court sitting at Otor-Udu, in Udu Council Area has awarded the sum of N5m (five Million Naira) as damages for negligence against Diamond Bank PLC. Hon. Justice Clara Emuobor Ashilefu, while delivering her judgment on Tuesday, 5 December, 2017 in suit No. W /546/2013 between Chief Francis Ometan and others and Diamond Bank PLC, stated that the Bank was negligent in the handling of the document kept in her custody for safe keeping. The court also awarded N50,000.00 (fifty thousand naira) as cost against the Bank, noting that 17 years was not too long for the bank to be careless about the safety of documents kept in her custody. Recalls that the suit which was instituted in 2013 at a Warri High Court was later transferred to the High Court at Otor-Udu
We’ve Not Totally Left Delta, Shell Declares, Inaugurates Multi-million Modern Town Hall In Ogunu

We’ve Not Totally Left Delta, Shell Declares, Inaugurates Multi-million Modern Town Hall In Ogunu

BUSINESS, NEWS
Against insinuation that Shell Petroleum Development Company (SPDC) has totally left Delta State, the oil firm on Wednesday says it is still around and implementing its Joint Venture projects for its host communities. SPDC's General Manager, External Relations, Mr. Igo Weli stated this during the commissioning of a multi-million naira 400-sitting capacity town hall for Ogunu community, near Warri. BigPen Online reports that this is coming just as SPDC on Wednesday endowed a Professorial Chair in Light Weight Automobile Engine Department at the Federal University of Petroleum Resources, Effurun, both in Delta State. According to Weli, there is no better way to correct the erroroneous assumption than the inaguration of the project which was conceived in 2011 when SPDC took the d...
Maritime Workers To Shutdown Saipem Over N10.6bn Debt

Maritime Workers To Shutdown Saipem Over N10.6bn Debt

BUSINESS, NEWS
The Maritime Workers Union of Nigeria (MWUN), has vowed to shut down the operations of Saipem in Nigeria over the company’s indebtedness running into more than $29 million (N10.6 billion) for various services at the port. President-General of MWUN, Comrade Adewale Adeyanju, disclosed this to journalists in Lagos over the weekend. Saipem owes the Nigerian Ports Authority (NPA) $19.3 million (N6.9 billion) for pilotage services and also owes dockworkers, who are members of MWUN, through their stevedoring contractor, Agwut A. International Ltd, more than $10.4 million (N3.7 billion) for accumulated stevedoring services. According to Adeyanju, “This matter has been ongoing for more than a year and the workers that are working under them have been disturbing us but they (Saipem) ar
BREAKING! Excluding Rivers, Anambra, Ebonyi, States Generate N1.05trn In Q1- Q3 2017 NBS IGR Report

BREAKING! Excluding Rivers, Anambra, Ebonyi, States Generate N1.05trn In Q1- Q3 2017 NBS IGR Report

BUSINESS, NEWS
  The National Bureau of Statistics, (NBS), has released the report of the Internally Generated Revenue (IGR) of States for Q3 2017, pegging the total revenue available to states at N1.05trn, excluding those of Rivers, Anambra and Ebonyi States. The report which was released by the NBS on Thursday morning, November 30, shows that a total of N149.45bn was generated by States in Q3 2017 while the Q3 2017 YTD revenue generated by states was put at N473.08bn. The report however excluded Sokoto, Nasarawa, Niger, Kwara, Kano, Katsina, Kebbi, Kogi, Gombe, Edo, Borno, Bauchi, Adamawa, Abia, Ebonyi and Anambra who are yet to report their IGR figures for Q3 2017. The NBS report says a shortfall of N334.84bn was recorded as at Q3 2017 compared to the full year 2016 and Q3 201...
Bloodbath Averted As Delta Govt Wades Into IPMAN Crisis, Moves Election To Asaba

Bloodbath Averted As Delta Govt Wades Into IPMAN Crisis, Moves Election To Asaba

BUSINESS, NEWS
  Prompt intervention of Governor Ifeanyi Okowa of Delta state may have averted a possible clash by members of Independent Petroleum Marketers Association of Nigeria (IPMAN), Warri depot, Delta state at the wake of their forthcoming elections. BigPen Online recalls that IPMAN's elections are always marred by violence and bloody tussel over who controls the soul of the association. It was gathered that a clash was actually averted when the state government took over the process of the election of the union, starting with the accreditation of registered petroleum marketers in the state. Anticipating troubles, our source disclosed that the governor had deployed his Executive Adviser on Security who held several meetings with the leadership and members of the association a...