N387b Bad Debts: AMCOM seeks court’s nod to liquidate Arik

Presents airline’s liabilities to court Indications emerged Wednesday that Arik Air might be sold or liquidated by the Federal Government. This is because the Asset Management Corporation of Nigeria (AMCON) has already filed an affidavit at the Federal High Court, Lagos in a bid to recover its debts put in excess of N387 billion. It was learnt More...

by Bar and Bench | Published 2 weeks ago
By Bar and Bench On Monday, April 10th, 2017
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CBN pumps another $418m into Forex market

The Central Bank of Nigeria (CBN) at the weekend auctioned the sum of $418 million at the retail-SMIS at a marginal rate of N310/$. The bank said the continuous injection was to ensure constant supply of foreign More...

By Bar and Bench On Wednesday, April 5th, 2017
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Forex: CBN makes $10,000 special midweek sales to 2991 BDCs

The Central Bank of Nigeria (CBN) in its bid to sustain foreign exchange liquidity said it would make a special intervention forex sales of 10,000 dollars to each of the 2991 licensed Bureau de Change (BDC) on More...

By Bar and Bench On Wednesday, April 5th, 2017
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Naira overvalued by 20% – IMF

The International Monetary Fund (IMF) on Wednesday said the naira is overvalued by 10 to 20 per cent. The IMF mission chief for Nigeria, Gene Leon, said the overvaluation of the naira is “somewhere to the tune More...

By Bar and Bench On Tuesday, April 4th, 2017
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$100m Bank Guarantee: After 13 years, NNPC gets reprieve from UK S’Court

By a unanimous verdict, the Supreme Court of the United Kingdom, on Tuesday granted the Nigerian National Petroleum Corporation (NNPC) a  reprieve over a $100 million bank guarantee in a case involving the Corporation More...

By Bar and Bench On Monday, April 3rd, 2017
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Naira falls further to N395/Dollar

The naira on Monday depreciated further at the black market despite the commitment of the Central Bank of Nigeria (CBN) to boost liquidity in the market. The naira lost two points to exchange at N395 to the dollar More...

By Bar and Bench On Monday, April 3rd, 2017
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CBN directs banks to pay cash to forex users, injects $240m into market

The Central Bank of Nigeria has directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The Acting Director of Corporate Communications Department of the apex bank, Mr Isaac Okoroafor, More...

By Bar and Bench On Monday, April 3rd, 2017
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NNPC: Nigeria drops to seventh highest gas flaring country

The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that Nigeria has in the last 10 years dropped from being the second highest gas flaring nation in the world to the seventh position, According More...

By Bar and Bench On Monday, April 3rd, 2017
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MultiChoice hikes DStv, GOtv subscription rates

Leading satellite cable TV, MultiChoice Nigeria on Sunday said it would effect a price adjustment of five per cent on all its DStv and GOtv packages from May 1, 2017. As a result, subscribers on the DStv premium More...

By Bar and Bench On Sunday, April 2nd, 2017
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No going back on tanker drivers’ strike–NUPENG

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has said its Petroleum Tanker Drivers had been mobilised to ensure no movement of petroleum tankers as their nationwide strike begins on Monday. Alhaji More...