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N69.4bn Debt: AMCON Takes Over Jimoh Ibrahim’s Assets

Consequent upon the order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) on Wednesday took possession of 12 assets belonging to Barrister Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja over N69.4 […]

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CBN Director, Others To Appear As Witnesses In Mompha’s Trial

Following his pleading not guilty to a 14-count charge of money laundering, unauthorised forex trade and failure to comply with government’s trade and exchange policy, a Federal High Court in Lagos on Monday remanded a suspected money launderer, Ismaila Mustapha (aka Mompha) over his arraignment for alleged N33 billion fraud. This is even as the […]

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We Have Zero Tolerance For Corruption In Our Operations – NDIC Boss

The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, has restated the corporation’s zero tolerance for corruption and all forms of malpractices in the implementation of its mandate and activities. Giving the assurance during the inauguration of four new members to the corporation’s Anti-Corruption and Transparency Unit (ACTU) by the Chairman of […]

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N25bn Damages Suit: FIRS, First Bank, Plaintiff To Settle Out Of Court

A Federal High Court, Abuja has granted granted the prayers of the  Federal Inland Revenue Service (FIRS), First Bank of Nigeria Limited and an indigenous company, Biatemp Ventures Ltd, seeking an out of court settlement in a N25 billion damages suit filed against the lender and the FIRS by the firm over alleged account manipulation. […]

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Tax Dispute: Court Adjourns MTN’s Suit Against AGF Till January 31, 2020

A Federal High Court Lagos on Tuesday adjourned  the hearing on a suit filed by MTN Nigeria Communication Ltd, against the Attorney General of the Federation (AGF), Abubakar Malami, over alleged N242 billion and 1.3 billion dollars import duties and withholding tax assessments until Jan. 30 and Jan. 31, 2020, It would be recalled that […]

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FG To Pay 2.5% Commission To Facilitators Of Recovered Loots

Minister of Justice and Attorney-General of the Federation, Abubakar Malami, has disclosed that the Federal Government has formally requested the National Assembly to approve payment of 2.5% commission to those who assisted government in recovering stolen funds from foreign countries. Malami, who gave this hint while defending his ministry’s 2020 budget proposals before the Senate […]

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CBN Directs Banks To Report Suspicious Transactions

The Central Bank of Nigeria (CBN) has advised banks to intensify their surveillance and monitoring of all transactions involving persons and entities designated under the United Nations Security Council Resolution 1718 and all other subsequent resolutions relating to the Democratic People’s Republic of Korea (DPRK) and report such immediately. The apex bank in a circular […]

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S6.9Bn Fine: P&ID Plead Guilty To 11-Counts, Forfeits Assets To FG

Amid growing anxieties among Nigerians on recent UK court’s judgment  awarded in favour of Process and Industrial Development Ltd (P&ID) to seize Nigeria’s assets worth $6.9bn over alleged breached of contract, a Federal  High Court in Abuja on Thursday accepted the guilty pleas of two employees of the foreign company and its Nigerian affiliate – P […]

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Nigerian Returnees From S/A To Get Soft Loans, Other Incentives

The Federal Government on Thursday promised to provide hundreds of Nigerians returning from South Africa following rising incidents of xenophobic attacks in the country soft loans to be provided by the Bank of Industry (BOI) to support those interested in small trade and businesses. The Chairman and Chief Executive Officer (CEO) of the Nigerians in […]