By Margaret Nongo-Okojokwu The Federal High Court in Lagos has restrained the Securities and Exchange Commission from giving effect to its decision contained in a May 31, 2019 letter in respect of Oando Plc. SEC in the said decision, had imposed a fine N91, 125,000 on Oando’s Group Chief Executive Officer, Adewale Tinubu. It also barred…
As the executive management of the Securities and Exchange Commission (SEC) meets today to decide the way forward on Oando Plc after a Federal High Court sitting in Lagos suspended the sanctions the capital market regulators imposed on the company for alleged infractions, stakeholders have raised concerns over the failure of the commission to release…
Fresh 3.5 million subscribers were connected to the Internet in the month of April by the service providers in the country. Latest April statistics released by the Nigerian Communications Commission (NCC), showed that from 115.9 million Internet users in March, the figure rose to 119.5 million within one month. However, the operators, the quartet of…
Electricity Generating Companies (GenCos) comprising gas-fired and hydro stations released an average of 3, 919 MegaWatts (MW) of power into the national grid on Monday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice President, was made available to the News Agency of Nigeria…
Russia’s ESPO Blend oil exports from the Far East Kozmino port were set at 7.7 million tonnes for July-September 2019 against 7.8 million planned for loading in April-June, three industry sources familiar with the plan told Reuters. Rosneft will be able to load some 2.8 million tonnes from Kozmino in the third quarter of this…
Lagos — Following the Security and Exchange Commission, SEC’s order on Oando Plc last week, policemen were on Monday, spotted barricading the firm’s Wings office on the Island. The development comes after SEC on Sunday, said it had constituted an interim government pending Oando’s next general meeting in July where new directors will be appointed. SweetcrudeReports was…
The price of OPEC basket of fourteen crudes stood at $64.15 a barrel on Friday, compared with $67.10 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
Total Marketing & Services and PowerChina International Group Limited have strengthened their ties by signing a business-to-business preferred supplier agreement to extend their existing relationship to a worldwide perimeter. With this agreement, Total will consider PowerChina and its affiliates as “higher priority customers”, which may have access to privileged services, secured products supply, and favourable…
Glencore’s head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said on Monday in yet another management shake-up amid U.S. probes into its activities. Glencore, founded by trader Marc Rich, has come under U.S. scrutiny in the past year…
Ibadan Electricity Company, IBEDC, has ordered for equipment required for the rehabilitation of the Oke-Omiru Injection Substation in Ilesha, according to the firm’s Chief Operating Officer, Mr. John Ayodele. Ayode said in a statement on Monday that administrative and technical team would visit the substation to begin clean-up and system replacement, among others. It would…