Tag: business today

Justice Alexander Owoeye of the Federal High Court in Lagos has ordered Zenith Bank Plc to pay Christomax Concept Limited the sum of N30 million as general and aggravated damages for fraudulently and illegally debiting the firm’s accounts. The plaintiffs—Christomax Concept Limited, Chris Integrated Company Limited, and Mr. Christopher Adayi—filed suit number FHC/L/CS/2039/2024 through their…

Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in Naira, effective immediately. This decision was communicated in a notice sent to petroleum marketers on Wednesday afternoon. The refinery explained that the suspension is a necessary step to address a mismatch between the sales proceeds from petroleum products and the…

The Federal High Court in Abuja has reversed its earlier ruling nullifying “any action” taken during the pendency of Senator Natasha Akpoti-Uduaghan’s suit challenging her suspension by the Senate over allegations of misconduct. Presiding over the case, Justice Obiora Egwuatu issued the ruling on Wednesday, setting aside his previous order that had barred further actions…

Disbursements from the Federation Account Allocation Committee (FAAC) to the federal, state, and local governments surged by 43% in 2024, reaching N15.26 trillion, according to a new report by the Nigeria Extractive Industries Transparency Initiative (NEITI). The NEITI FAAC Quarterly Review, released on Tuesday in Abuja, attributed the revenue increase to fiscal reforms by the…

Hon. Justice (Prof.) Elizabeth Oji of the Lagos Judicial Division of the National Industrial Court has ordered one Mr Edwin to pay Rockview Hotels Limited, and Kenneth representing himself and other members of the Rockview Hotel Staff Co-Operative, Thrift & Credit Society, the sum of N2,781,800.00 (Two Million Seven Hundred and Eighty-One Thousand Eight Hundred…

The Central Bank of Nigeria has approved a financial holding company structure, Greenwich Holdings Limited, for Greenwich Merchant Bank Limited. In a statement on Tuesday, the bank said that the regulatory approval marked a significant step enabling Greenwich Group to consolidate its existing financial service businesses, expand into new markets, and strengthen its position as…

A suspect, Adekunle Rotimi, 38, was on Tuesday docked before Chief Magistrate Olusegun Ayilara for allegedly attempting to kill a policewoman within the court premises. The Police prosecutor, Anifowose Saheed, informed the court that the defendant attempted to kill one woman police Babatunde Omotayo when after his effort to run away from court on February…

President of Dangote Group, Alhaji Aliko Dangote, said by the time he was done with his cement plants across Ogun State, the total capacity would be 18 million metric tons per annum, making the state the highest cement-producing state or region in Africa. Dangote, who said the vision and policies of Governor Dapo Abiodun brought…

Justice Inyang Ekwo of the Federal High Court in Abuja has struck out the preliminary objection of the Nigerian National Petroleum Company Limited (NNPCL), challenging the competence of the ₦100 billion import license suit instituted by Dangote Petroleum Refinery and Petrochemicals. In a ruling, Justice Ekwo held that the NNPCL failed to file a counter…

The Securities and Exchange Commission (SEC) has intensified its regulatory enforcement in Nigeria’s capital markets by cancelling the registration of Mainland Trust Limited and suspending Centurion Registrars Limited alongside its directors and sponsored individuals. The crackdown follows repeated non-compliance with regulatory directives and unresolved complaints against the firms. In a public notice on Sunday, the…

The Federal High Court sitting in Abuja has scheduled May 7, 2025, to hear a certificate forgery case against Mrs. Odom Anurika Anita, a Director at the Federal Capital Development Authority (FCDA). In a ruling delivered by Justice Binta Nyako, the court also granted the University of Port Harcourt permission to file relevant legal processes…

The President of Dangote Group, Alhaji Aliko Dangote, has revealed that a former governor of Ogun State, Senator Ibikunle Amosun, demolished his proposed cement plant in the Itori area of the state on two occasions. However, the renowned businessman and philanthropist did not disclose the reasons behind Amosun’s actions. In a viral video posted on…

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned two Chinese nationals and their company before the Federal High Court in Lagos over allegations of conspiracy aimed at destabilising Nigeria’s economic structure. The EFCC docked the foreigners Huang Haoyu, Friday Audu, An Hongxu, and Genting International Ltd before the court v a 12-count cybercrime…

-Seeks N500 Million Compensation Adamakin Investment and Works Ltd has issued a formal demand for an immediate retraction and public apology following defamatory allegations made by the Economic and Financial Crimes Commission (EFCC). The EFCC, in a publication titled “EFCC EXPOSES PONZI SCHEME TARGETING NIGERIANS,” falsely accused the company of operating a fraudulent Ponzi scheme…

A lady, Loveth Alo Helen, who allegedly made a false testimony of buying a duplex after prayers by Evangelist Ebuka Obi of the Zion Prayer Ministry, was on Tuesday arraigned at the Enugu North Magisterial Court on four counts of defamation, conspiracy, felony, and false pretence. The 34-year-old lady was accused of false pretence with…

A Customary Court of the Federal Capital Territory (FCT) in Dawaki, Abuja has barred Adaobi Alagwu, an ex-mistress of a former chairman of the now defunct Skye Bank, Tunde Ayeni from further parading herself as his wife. In a ruling on Tuesday, a three-member panel of the court found that, as against Adaobi’s claim, there…

The Supreme Court will today deliver judgment in the appeal filed by Peoples Democratic Party (PDP) candidate Agboola Ajayi, seeking to nullify the victory of Ondo State Governor Lucky Orimisan Aiyedatiwa in the November 16, 2024, governorship election. The apex court’s decision follows the dismissal of Ajayi’s case by both the Federal High Court and…

Olalekan F. Ojo, Managing Partner of Platinum & Taylor Hill LP and Counsel to the Taylor Family, called on the Lagos State Government to respect the rule of law and cease all obstruction of justice in the long-standing land dispute involving the E.J. Alex Kehinde Taylor Family. He said this in a press conference held…

Dr Abdulwahab Oyedokun, the Director of Legal Services, Joint Admissions and Matriculation Board (JAMB) on Monday, told the National Industrial Court that the dismissal of Mr Yisa Usman, a deputy director in the board, followed due process. Oyedokun told Justice Osatohanmwen Obaseki-Osaghae while being cross examined by Usman’s lawyer, Mallam Mohammed Shuaibu, in a suit…

Customers of one of Nigeria’s largest telecommunications companies, MTN, are protesting online over its fast data exhaustion. While many customers are concerned over the hike in data bundle prices, they are even more aggrieved over the rate of depletion. Some customers opted for turning off data usage and soon discovered that as soon as they…