• 700 companies apply for EFCC contracts

    700 companies apply for EFCC contracts

    At least 700 companies in the insurance, assets management and supply sectors of the economy have applied to the Economic and Financial Crimes Commission (EFCC) for contracts.

    This was disclosed, yesterday, by the commission’s Head of the Procurement Unit, Ibrahim Mohammed, at the opening of bids for contracts, in accordance with the Public Procurement Act.

    The exercise, he said, was done towards ensuring “a free and fair process for contractors and consultancy firms bidding to engage with the commission.”

    The anti-graft agency had, […]

  • Court convicts companies of laundering Patience Jonathan’s $15.5m

    Court convicts companies of laundering Patience Jonathan’s $15.5m

    A Federal High Court in Lagos on Thursday convicted four companies of laundering $15.5m kept in their accounts with Skye Bank.

    The companies – Pluto Property and Investment Company Limited; Seagate Property Development & Investment Co. Limited; Trans Ocean Property and Investment Company Limited and Avalon Global Property Development Company Limited – are linked with a former Special Adviser on Domestic Affairs to ex-President Goodluck Jonathan, Waripamo-Owei Dudafa.

    The Economic and Financial Crimes Commission had in August frozen the accounts of the […]

  • Governor Ambode bans multiple inspections of companies by MDAs

    Governor Ambode bans multiple inspections of companies by MDAs

    Lagos State Governor Akinwunmi Ambode has banned ggovernment Ministries, Departments and Agencies, MDAs from carrying out multiple inspection of industries and work places in the state, to avert the pitfalls associated with the practice.

    Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, who disclosed this on Tuesday at a press conference in Lagos said the state government has introduced the harmonized inspection of factories and other workplaces in the state instead of each MDAs going for different inspections in workplaces.

    “This […]

  • $15.5m scandal: Court dismisses application to change companies in guilt pleas

    $15.5m scandal: Court dismisses application to change companies in guilt pleas

    A Lagos Federal High Court yesterday dismissed two applications seeking to change the guilty pleas of four companies linked to Patience Jonathan’s controversial $15.5 million USD.

    Justice Babs Kuewumi dismissed the application on the ground that it is an abuse of court processes. The applications had challenged the court’s jurisdiction to take the plea of the companies through their purported directors, and also wants the court to reverse the guilty pleas of the purported directors of the companies.

    The two applications were […]

  • Money Laundering: Patience Jonathan denies link with companies that pleaded guilty

    Money Laundering: Patience Jonathan denies link with companies that pleaded guilty

    Former President Goodluck Jonathan’s wife, Patience, Thursday denied allegations that her accounts were used to launder huge sums.

    In a statement by her media aide, Yemi Akinbode, Mrs Jonathan said she was constrained to respond to “tissues of lies being churned out” by the Economic and Financial Crimes Commission (EFCC).

    The statement said: “That Mrs. Patience Ibifaka Jonathan is laying claim to ownership of a whopping sum of $31.7 million dollars fund recovered by EFCC is a complete fallacy. Mrs. Jonathan does […]

  • Companies dump dirty fuel in West Africa – report

    Companies dump dirty fuel in West Africa – report

    Swiss commodity trading companies are blending and dumping dirty fuel in West Africa with sulfur levels far higher than those allowed in Europe, causing health and environmental hazards, a new report said Thursday.

    The companies take advantage of weak African standards to use cheap and dirty additives to create what’s called “African Quality” fuels, according to the report from Swiss watchdog group Public Eye.

    The practice is not illegal. The report quotes companies Oryx, Trafigura and Vitol as noting that the blends […]

  • Dutch companies not leaving Nigeria – Embassy

    Dutch companies not leaving Nigeria – Embassy

    The Embassy of the Kingdom of the Netherlands in Nigeria, on Thursday, said that the current economic situation in Nigeria would not force Dutch companies already in Nigeria to leave the country.

    Ms Tessel Kuijten, First Secretary for Economic Affairs of the Netherlands Embassy in Lagos told the News Agency of Nigeria (NAN) in Lagos that the companies were still interested in doing business in Nigeria.

    The Netherlands official said that her office had recently met with the companies, during which they […]

  • Trump companies owe $650 million – Report

    Trump companies owe $650 million – Report

    Companies belonging to Donald Trump have at least $650 million in debt, more than twice the amount shown in public filings made by his presidential campaign, the New York Times reported Saturday.

    The paper employed a property information firm to search publicly available data on more than 30 US properties connected to the Republican candidate, including offices and golf courses.

    In addition to the $650 million liabilities, “a substantial portion of his wealth is tied up in three passive partnerships that owe […]

  • Maritime workers petitions minister over activities of shipping companies

    Maritime workers petitions minister over activities of shipping companies

    Maritime Workers Union of Nigeria (MWUN) has petitioned the Minister of Transport, Rotimi Ameachi, over activities of some shipping companies, consignees and agents considered anti-workers and inimical to the nation’s economy.

    They urged Ameachi to intervene to forestall a nationwide industrial unrest.

    The union, in the petition dated July 11, 2016, claimed that some of the affected shipping companies would berth without submitting their manifests to the Stevedoring Contractors for billing or allowing all the statutory bodies to board the vessels for […]

  • Politicians’ documents disappear at CAC as EFCC storms commission office to verify companies owners

    Politicians’ documents disappear at CAC as EFCC storms commission office to verify companies owners

    Operatives of the Eco­nomic and Financial Crimes Commission (EFCC) last week stormed the corporate headquarters of the Corpo­rate Affairs Commission (CAC) in search of docu­ments relating to compa­nies owned by high profile politicians being tried for corrupt practices.

    The missing files, accord­ing to a source, were those placed on caveat on the request of security agen­cies and kept in the office of the Registrar, Mr. Bello Mahmud, for strict protec­tion from public access.

    Some of the files were said to contain details […]

  • PanamaPapers: 12 offshore companies linked to Tinubu … see full list

    PanamaPapers: 12 offshore companies linked to Tinubu … see full list

    No fewer than 12 offshore companies have been linked to the Group Chief Executive of Oando PLC, Mr. Wale Tinubu, who is also a nephew of the National Leader of the All Progressives Congress, Asiwaju Bola Tinubu.

    The companies include: Sigma Technology Inc; Techventure Inc; Anglesey Management SA; Caine Trading Corp; Keligh Engineering Corp; Hud Trading Corps; Meridian Procurement International Services Ltd; Lynx Shipping Ltd; Equinox Shipping Ltd; Everglade Oil Inc; Framlingham Ltd and Triton Trading Ltd

    The latest revelation was contained […]