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BUSINESS

Tony Elumelu Injects N.5Billion Into Okowa’s Wealth Creation Programmes

Tony Elumelu Injects N.5Billion Into Okowa’s Wealth Creation Programmes

BUSINESS, NEWS
  Mr. Tony Elumelu on behalf of the Tony Elumelu Foundation and other conglomerates he heads, has donated N500million naira to support the wealth creation programmes of Delta State Governor, Senator Dr Ifeanyi Okowa. Elumelu announced the donation when he led some beneficiaries of Tony Elumelu Foundation Programme on courtesy call to Governor Okowa at Government House Asaba, the state capital on Thursday. Making the donation, Elumelu expressed joy that within three years of being in office, the Okowa-led administration has impacted a lot on the lives of the people both in terms of provision of infrastructure and encouraging the jobless to be wealth creators through different skill acquisition and entrepreneurship programmes of the administration. “This is homecoming fo
Delta Seals 25 Companies, Schools Over Tax Evasion

Delta Seals 25 Companies, Schools Over Tax Evasion

BUSINESS, NEWS
  The Delta state Board of Internal Revenue (DBIR) has sealed off 25 private companies, including schools and Petrol Stations operating in Udu, Warri and Effurun, for different acts of tax default running into millions of naira. The was contained in a press statement by the Public Relations Officer of DBIR, Mr. Mike Epue on Thursday in Warri, Delta state. Epue said that the sealing off of these business premises is consequent upon the verdicts of the State Revenue Courts in Warri, Otor-Udu and Effurun, in cases filed by DBIR for tax evasion and failure to file their annual tax returns within the stipulated time. Mr. Joel Ogege, Director of Enforcement and Compliance, who led the enforcement team comprising Court officials, security agents and staff of the Board, reiter
We May Delay Salaries Till FAAC Deadlock Is Resolved -Adeosun

We May Delay Salaries Till FAAC Deadlock Is Resolved -Adeosun

BUSINESS, NEWS
Minister of Finance, Kemi Adeosun says the stalemate at the federation account allocation committee (FAAC) meeting will delay the payment of salaries. Adeosun revealed this while briefing state house correspondents on the deliberations at the national economic council (NEC) meeting presided over by Vice President Yemi Osinbajo. She noted that the council was briefed on the FAAC shambles where states resolved to wait until the remittance made by the Nigeria National Petroleum Corporation is reconciled before they receive their allocations. “We operate NNPC as a business, we have invested public capital in that business and we have an expectation of a return. and when that return falls lower than our expectations then the owners of the business, which in this case is the federal
World Bank Approves Nigeria’s Loan Of $2.1bn

World Bank Approves Nigeria’s Loan Of $2.1bn

BUSINESS, NEWS
The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria. Earlier this year, top executives from the bank toured some projects in the country. TheCable reports, according to a statement released on Thursday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. Meanwhile, the projects were approved by the International Development Association (IDA), the bank’s low-interest arm. According to the Bretton Wood institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency. A $7 million grant was also approved
FG To Borrow $2.8bn For 2018 Budget

FG To Borrow $2.8bn For 2018 Budget

BUSINESS
The Federal Government is planning to borrow $2.8 billion to fund the deficit of the recently passed 2018 budget. Director General of the Debt Management Office (DMO), Patience Oniha made this known while speaking to Reuters on Wednesday. “We will explore all options keeping in mind our twin objectives of extending the tenor of the debt stock and lowering costs,” she said, not providing details. Last year 2017, the federal government deployed a number of debt instruments to fund the budget deficit. These included FGN Savings bond, Eurobond, Green bond, Diaspora bond and Sukuk. Addressing at the listing of the FGN 30 year $1.5 billion Eurobond and FGN 10-year $1.5 billion Eurobond on the Nigerian Stock Exchange (NSE) in December 2017, Oniha had said the federal government
FAAC Meeting Ends In Deadlock

FAAC Meeting Ends In Deadlock

BUSINESS, NEWS
The monthly meeting of the Federation Accounts Allocation Committee, FAAC, ended on Wednesday in a deadlock. However, no reason was given for the suspension of the meeting. Mr Mahmood Yunusa, the Chairman of FAAC’s Forum of Finance Commissioners, said they were going back to confer with the state governors. The Director of Press at the Ministry of Finance, Mr Hassan Dodo, said the meeting would reconvene before the end of the week. Meanwhile, this is not the first time the FAAC meeting would end in a deadlock. In March, disagreement over the revenue figures of the Nigerian National Petroleum Corporation (NNPC) caused the meeting to end in a deadlock with representatives of states accusing the corporation of failing to remit the full revenue accrued in February. More d
BREAKING! After BigPen Online Exclusive, Governor Okowa Reverses Sack Of 568 Workers Of Delta Line

BREAKING! After BigPen Online Exclusive, Governor Okowa Reverses Sack Of 568 Workers Of Delta Line

BUSINESS, NEWS
Governor Ifeanyi Okowa has reversed the sadden sack of 568 workers of Delta Line Transport Services Limited by the new management of the transport company, God is Good Motors. The reversal is coming hours after BigPen Online had exclusively reported that the Good Is Good Motors (GIGM) and the state government had disengaged the workers to dodge payment of their outstanding gratuities and other entitlements. Recalls that workers of Delta Line had since Tuesday laid siege to all the company's offices across the state to protest their controversial retrenchment without condition for payment of their gratuities spelled out in the disengagement letter. In an earlier exclusive story by this medium, we had reported that the Governor Ifeanyi Okowa-led administration, following a recom...
Exclusive: Okowa Plans To Layoff 568 Workers Of Delta Line Without Payment Of N531m Gratuities Backfire

Exclusive: Okowa Plans To Layoff 568 Workers Of Delta Line Without Payment Of N531m Gratuities Backfire

BUSINESS, NEWS
  *As Protesting Workers Shut Down Good Is Good Motors In Delta   Protesting workers have shut down all Good Is Good Motors (GIGM) offices, formerly known as Delta Line Transport Services in Delta state to protest the failure of Governor Ifeanyi Okowa-led government to pay their outstanding gratuities and other entitlements before their controversial retrenchment. The protesting workers who seized the premises of the transport line in various locations where Delta Line formerly operated from at the wee hours of the day vowed to continue their protest today (Wednesday) until the Delta state government attend to their demands. BigPen Online recalls that the management of Good Is Good Motors (GIGM) who buy off 60 percent of the company from Delta state Government ...
Report: SPDC JV Paid N5.31 Trillion To Nigeria Government In 4 Years

Report: SPDC JV Paid N5.31 Trillion To Nigeria Government In 4 Years

BUSINESS, NEWS
  Shell Petroleum Development Company, (SPDC), joint partner's economic contribution to the Nigerian government between 2013-2017 is $23 billion (N5.31 trillion). The monies were paid under the joint venture agreement between government-owned Nigerian National Petroleum Corporation (NNPC 55% share), SPDC, (30% share), Total E&P Nigeria LTD (10%) and the Eni subsidiary Nigerian Agip Oil Company Limited (5%). Shell's share of royalties and corporate taxes paid to the federal government in 2017 stood at approximately $1.1billion (N333.33 billion), SPDC $0.4billion; SNEPCo $0.7 billion). This was contained in latest edition (April 2018) of "Shell In Nigeria Briefing Notes" which was presented to journalists in Warri, Delta state on Thursday. The copy of the document...
Boosting Maritime Business Top Chant Of Forthcoming Warri Economic Summit

Boosting Maritime Business Top Chant Of Forthcoming Warri Economic Summit

BUSINESS, NEWS
The need to re-energize the socio-economic life of Warri, the commercial nerve center of Delta state with the view to identifying growth and profit centres like the moribund Maritime business is the key objective of hosting the Warri Economic Summit 2018. Chairman of Warri South Council Area of Delta State, Hon. Michael Tidi stated this while addressing newsmen on Thursday, on the summit tagged; “Warri Rising” in partnership with the other organizations. He said the summit is also aimed at drawing national and International attention to the economic and security challenges facing the oil city. According to him, the non-dredging of the Warri river to allow bigger vessel free passage to the Warri Port would be dweller on by resource persons who would proffer solution to the prob