Monthly Archives: March 2013

Jonathan returns 2013 budget to NASS

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President Goodluck Jonathan Tuesday forwarded the 2013 budget amendment bill to the National Assembly.

The President who sent a letter to the Senate, seeking amendment of Clauses 6 (11), 7 and 10, also called for a review of the Subsidy Reinvestment and Empowerment Programme (SURE-P). The President also submitted a budget proposal of N273.522 billion for programme for the 2013 financial year.

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FG sues bank, two staff for allegedly conspiring with alleged drug barons

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THE Federal Government has instituted a charge before a Federal High Court sitting in Lagos, against a new generation bank and two of its top staff for allegedly conspiring with some alleged drug barons to conceal large sums of money, allegedly realised from illicit dealing in hard drug.

The bank, its staff and others are being tried by the Federal Government through the National Drug Law Enforcement Agency, NDLEA, and are standing trial on a five-count charge. The matter is before Justice James Tsoho.

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FAAN terminates lease agreements with Bi-Courtney

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The Federal Airports Authority of Nigeria, FAAN, yesterday, terminated two leases granted Bi-Courtney Limited at the Murtala Muhammed Airport, Ikeja for the development and management of a four-star hotel and conference centre, respectively.

This was contained in a statement by the General Manager, (Corporate Communications), Mr Yakubu Dati.

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Court declares FG’s deregulation policy unlawful

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The Federal High Court, Abuja Division, may have thrown spanner in the works of the Federal Government with regard to its on-going effort at deregulating the downstream sector of the petroleum industry as it Tuesday declared it “unconstitutional, illegal, null and void”.

Delivering its verdict in the action brought by a Lagos-based lawyer, Bamidele Aturu, to challenge Federal Government’s decision in 2009 not to fix prices of petroleum products, the court held that the government was bereft of any constitutional authority to deregulate the sector and therefore cannot leave the fixing of price of petroleum products in the hands of individual marketers.

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CBN extends recapitalisation deadline for MfBs till Dec 31

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The Central Bank of Nigeria (CBN) has extended the recapitalisation deadline for microfinance banks (MfBs) to December 31, 2013. The deadline expired in December, last year.

Director, Corporate Communication, CBN, Mr Ugochukwu Okoroafor, told our correspondent that the deadline was extended following the MfBs’ plea.

Under the proposed recapitalisation, MfBs are required to have N20 million for a unit license, N100 million, state license, and N200 million, national license.

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FG cancels ALSCON sale to BFIG

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The National Council on Privatisation headed by Vice-President Namadi Sambo has voided the sale of Aluminium Smelting Company of Nigeria located in Ikot-Abasi, Akwa-Ibom State to BFIG Corporation of America.

A statement issued by the Head, Public Communications, Bureau of Public Enterprises, Mr. Chigbo Anichebe, in Abuja on Tuesday, attributed the voiding of the sale to the failure of the American company to meet the 15-day deadline for the payment of 10 per cent of the bid price.

According to Anichebe, by the end of the deadline on Monday, the company could not meet up with the payment of 10 per cent bid price within 15 working days of the execution of the Share/Sales Purchase Agreement as directed by the Supreme Court.

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FG agrees to pay PHCN workers’ full severance package

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The Federal Government has finally agreed to settle the severance entitlements of workers of the Power Holding Company of Nigeria, bringing to an end about 16 months of negotiations between both parties.

The government on Tuesday inaugurated an implementation committee for the settlement of the workers’ benefits, stressing that it had sufficient funds to offset their severance package.

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