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BUSINESS

2019: Governor Okowa Capitulates, Inaugurates Gbagi’s New Plaza Under High Tension Wires In Effurun

2019: Governor Okowa Capitulates, Inaugurates Gbagi’s New Plaza Under High Tension Wires In Effurun

BUSINESS, NEWS
Governor Ifeanyi Okowa may have reconsidered the decision of the his administration to pull down structures erected under high tension cables in the state. This is coming following his inauguration of multi-million naira Robinson Plaza owned by former Minister for state Education, Olorogun Kenneth Gbagi at Effurun on Tuesday. Inaugurating the project, Governor Okowa expressed optimism that Effurun and Warri axis of Delta State would witness tremendous development in the next couple of years following the return of industrialists to the area. The Governor who also commissioned 18 pumps Falcon Bay Petrol Station at Effurun, Uvwie local government area of Delta State, stated that the good days are back again for Uvwie, Warri and environs as the people have not only embraced peace...
Court Declares Aiteo’s Boss, Benedict Peters Earnings, Assets As Legitimate…Clears Him Of Multiple Money Laundering Charges

Court Declares Aiteo’s Boss, Benedict Peters Earnings, Assets As Legitimate…Clears Him Of Multiple Money Laundering Charges

BUSINESS, NEWS
  A High Court sitting at the Federal Capital Territory, Abuja has declared that earnings and assets accruing to oil magnate and Aiteo Energy boss, Benedict Peters were acquired legally through legitimate sources. This follows a similar ruling squashing multiple money laundering charges and bribery of election officials indictment against Mr. Peters. Justice Valentine Ashi declared this on Thursday, 7 of December, 2017 while pronouncing judgment in proceedings brought before him, challenging the provenance and legality of the ownership of assets and properties belonging to the Aiteo boss. There was no evidence to support the suggestion that any aspect of his business showed any criminal conduct and as such, the allegations were declared as baseless. BigPen Online re
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. [Widget_Twitter id="1"]
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