Category: Business

Background checks can save employers from fraud, identity thefts -MICHAEL SAM WOBO

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Prince Michael A. Sam-Wobo is the lead consultant of Phoenix Risk Consult Ltd. Armed with professional trainings and certification in different areas of risk management which include Professional Diploma and Advanced Professional Diploma (Distinction) in Security Management and Strategic Operations from the International Institute of Professional Studies (IIPS) to mention few, he leads a team of associates in Security Risk Management and Consulting. With a proven track record of delivering customized security solutions for individuals, corporate bodies and public security organizations to mitigate identified risks,threats and vulnerabilities, he explains why…

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Multichoice loses 243,000 subscribers within six months

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Multichoice, the operator of DStv and GOtv, has reported a loss of 243,000 subscribers in Nigeria between April and September 2024, as part of a broader decline of 566,000 subscribers across its African operations. The company attributed the loss to Nigeria’s severe inflation rate, which has surpassed 30%, causing financial strain on many customers who can no longer afford the service. This decline follows a similar drop in subscribers earlier in the year, and the company is facing mounting criticism from Nigerian customers. Many subscribers are now threatening to switch…

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Court orders arrest of Dana Air MD over alleged N13billion fraud

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The arrest of the Managing Director of Dana Air, Mr. Hathiramani Ranesh, who is facing a criminal charge over his alleged complicity in a N13billion fraud has been ordered by the Federal High Court sitting in Abuja on Monday. Justice Obiora Egwuatu ordered the defendant’s arrest following his alleged refusal to appear before the court to enter his plea to a six-count charge the Federal Government preferred against him. The arrest order was anchored on section 184 of the Administration of Criminal Justice Act (ACJA), 2015. “The 1st defendant is…

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Harsh economy: ‘Pick N Pay’ sells 51percent stake to exit Nigeria

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South African grocery retailer, Pick n Pay has sold its 51 percent stake in a joint venture ahead of its exit from the Nigerian market. In an announcement made by it’s CEO, Sean Summers, he said the decision is part of a broader restructuring strategy outside its home market. Pick n Pay, entered Nigeria less than five years ago through a partnership with A.G. Leventis, currently operates two stores in the country. The grocery retailer dared to enter the Nigerian market four years ago when other giants in the retail…

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NNPCL increases petrol prices again

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While Nigerians are still groaning in pains over the price of petroleum products, the Nigerian National Petroleum Company Limited, NNPCL, yesterday, increased the price of Premium Motor Spirit, PMS, also known as petrol, to N1,025 per litre, from N998 per litre, in Lagos and environs. Also, in Abuja, the price of the product rose to N1,060 from N1,030, in what has become the third increase in the price of the product in two months. The latest increase came as the price of Nigeria’s Bonny Light crude dropped to $72 per…

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Abia lawmaker faces investigation for alleged assault on Bolt driver

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A viral video showing Hon. Alex Ikwechegh, a lawmaker representing Aba North & South Federal Constituency, allegedly assaulting an Uber driver during a delivery at his residence in Maitam, Abuja, has drawn negative publicity for the politician, and he is currently under investigation by the Federal Capital Territory Police Command. According to a trending video, the lawmaker slapped an e-hailing(Bolt) driver, Stephen Abuwatseya who requested the lawmaker to come and personally pick up his delivery and pay him his fees. In the video, the lawmaker repeatedly insisted that the request…

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Chevron discovers New Oilfield in Nigeria

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A new oil field has been discovered in Nigeria by Chevron Nigeria Limited (CNL). The “new gold mine” estimated to hold 17,000 barrels of oil per day (bpd), is located in the shallow offshore area of the Niger Delta. The development is expected to boost Nigeria’s ailing oil production. According to Chevron, the “near-field discovery” was made by the Meji NW-1 spud in Petroleum Mining Lease 49. Chairman and Managing Director of Chevron, Jim Swartz, confirmed the discovery in a statement on Friday issued by its General Manager of Policy…

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World Bank says naira among worst-performing currencies in Africa

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World Bank’s latest Africa’s Pulse report says Nigerian currency, Naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024. As of August 2024, the naira had depreciated by approximately 43% year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound. The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank. The report highlights that financial institutions, non-financial end-users, and money managers driving dollar…

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US$20m: Air Peace boss, Allen Onyema charged with money laundering in US

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Air Peace boss, Allen Onyema is facing new charges by the United States for alleged obstruction of justice in an ongoing investigation. Viral reports state that, the U.S. Attorney’s Office for the Northern District of Georgia accused Onyema and Air Peace’s Chief of Administration and Finance, Ejiroghene Eghagha, of submitting false documents in a bid to thwart a federal investigation into their activities. Recall that both Onyema and Eghagha have been under scrutiny since 2019 for alleged money laundering. The Air Peace CEO is accused of moving over $20 million from…

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Union Bank Reaffirms Support for Education in Nigeria; Backs 10th Edition of Maltina Teacher of The Year

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Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award. The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships. Union Bank,…

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