Oil marketers have said they will embark on mass retrenchment following the failure of the Federal Government to pay the debt owed them for importation of petroleum products as well as the accrued interest on loans from banks and exchange rate differential.
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The Nigerian National Petroleum Corporation (NNPC) Thursday claimed that Capital Oil and Gas Limited owed it an outstanding sum of N9.1 billion resulting from the N11 billion worth of petroleum products allegedly diverted from the latter’s storage facility.
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South Africa’s Finance Minister, Malusi Gigaba, has defended government’s decision to bailout South African Airways from debts.
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The Asset Management Company of Nigeria, AMCON, has disclosed that it is close to selling Peugeot Automobile Nigeria, PAN, Ltd to Aliko Dangote, and two Nigerian states.
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The Asset Management Company of Nigeria (AMCON) has injected N1.5 billion in Arik Airline Ltd to safeguard its operations since its takeover.
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Arik Air risks being sold or liquidated by the Federal Government. Already, the Asset Management Corporation of Nigeria (AMCON) has filed an affidavit at the Federal High Court, Lagos in a bid to recover its debts put in excess of N387 billion. It was learnt that government is contemplating selling off or liquidating the airline to recoup its investment in […]
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Asset Management Corporation of Nigeria (AMCON) and Odengene Air Shuttle (OAS Helicopters) have began talks over debt payment plan and withdrawal of a takeover bid of the helicopter service company. AMCON, which sealed the company a fortnight ago, said essence of the action was to draw attention of the management, which OAS is currently doing to resolve the issues. The […]
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The administration of President Muhammadu Buhari inherited road contractual liabilities worth N1.5tn, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. Fashola said this in a statement made available to our correspondent in Abuja on Sunday by his Special Adviser, Communications, Mr. Hakeem Bello. The minister said the ministry inherited 206 roads that were not budgeted for […]
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Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million. The Guardian learnt at the weekend that unless the Federal Government intervened in the payment of the […]
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