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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