Companies

Nigerians Get Dutch Court Clearance To Sue Shell

It has been made known to Nigerian farmers by a Dutch court that they can sue Royal Dutch Shell in Netherlands for the pollution they blame on oil spills from the pipelines of the company’s Nigerian subsidiary. Shell had challenged the authority of Dutch courts to rule on its activities in Nigeria. Judges in The […]

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NUPENG

NUPENG Warns NNPC Against Sacking 1,100 Workers

The Nigeria Union of Petroleum and Natural Gas Workers has warned the management of the Nigerian National Petroleum Corporation against the plan to sack about 1,100 employees of the corporation. The oil workers’ union, in a statement on Friday, said it would resist the impending job losses, which according to it, is contrary to the […]

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NCC Sues MTN For Copyright Infringement

The Nigerian Copyright Commission has filed criminal charges against MTN Nigeria and its Chief Executive Officer, Ferdi Moolman, for copyright infringement. According to a report by ThePunchNg, the charge was filed in the Federal High Court, Abuja The charge, with number ABJ/CR/379/2015, was filed at the Federal High Court, Abuja, on Friday. In the two-count-charge, […]

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Sterling Bank

Sterling Bank To Raise N35bn In Fresh Capital

Sterling Bank Plc will raise N35bn ($177m) in Tier II capital between January and February to expand its loan book next year, its Chief Executive Officer, Mr. Yemi Adeola, has said. He said the mid-tier lender saw no need to raise fresh equity capital, adding that the commercial lender had N90bn in shareholders’ fund with […]

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MTN To Sue NCC Over Challenge $3.9bn Fine

Mobile phone operator, MTN Nigeria has resolved to challenge the $3.9 billion fine imposed on it by the Nigerian Communications Commission (NCC), TechCentral is reporting. MTN, in a statement to shareholders today, said it decided to take this route after exhausting all other options to have the fine reduced. MTN said that “All factors having […]

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Ijaw, Itsekiri Leaders Threaten To Shut Down Shell Operations

Agrrived Ijaw and Itsekiri ethnic groups in Delta State have vowed to shut down all Shell Petroleum Development Company, SPDC, operations in their land, if the Anglo-Dutch oil company fails to comply with the agreement reached with them some time ago. Addressing newsmen, yesterday in Warri, the people, under the aegis of their Forum also […]

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Etisalat Seeks $2b Bank Loans

The United Arab Emirate (UAE)-based telecoms operator, Etisalat is looking forward to raising a $2 billion loan as the telecommunications firm seeks funding amid a shift in Gulf loan markets. It joins a flurry of regional companies seeking to secure funding before a likely rise in United States (U.S.) interest rates pushes up borrowing rates, […]

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PZ Cussons Blames Nigeria Operating Environment Woes

Consumer goods company, PZ Cussons Plc, with a major presence in Nigeria have blamed the Nigerian operating environment for its slowing performance according to reuters. Group operating profits were broadly flat versus comparative period. The company’s fortunes has witnessed strong performance in Europe offsetting a difficult trading environment in Nigeria and impact of weaker currencies […]

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Oando Gets Approval For N80bn Rights Issue

The Board of Directors of Oando Plc has received approval from shareholders for a N80bn Rights Issue. The shareholders also approved the partial divestment of the firm’s midstream and upstream services businesses as was done with its downstream business in order to attract substantial capital to fuel its growth initiatives. Oando, which is Nigeria’s largest […]

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Sanction: MTN To Down Size Workforce By 50%

Unless major mobile telephone operator MTN Nigeria secures a reasonable reduction in the recent N1.04 trillion fine slammed on it by the Nigerian government, the company is mulling a considerable downsizing of its work force by a whooping 50% reduction to be able to remain in business, it was gathered at the weekend. Insider sources […]

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Would Anyone Want To Buy Yahoo

What is it about Yahoo that makes it worth buying? The company is said to be exploring a sale of some of its most important properties, which aren’t growing as quickly as some investors have hoped despite a years-long effort by chief executive Marissa Mayer to engineer a revival of the Internet giant’s brand. Now, […]

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S’Africa minister speaks on MTN’s Nigeria fine

Mobile network MTN [JSE:MTN] hasn’t yet asked South Africa’s department of telecommunications and postal services for help in regards to its multi-billion dollar fine in Nigeria. This was according to Minister Siyabonga Cwele in an interview with Fin24. MTN announced on October 26 that the Nigerian Communications Commission (NCC) had fined it $5.2bn for failing […]

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