Economy Archives - Page 45 of 71

Jul

28

2023

100,000 firms to be removed from the CAC database – See Why

Business, Economy, MetroBusiness, CAC, Economy, Metro

100,000 registered firms will soon be deleted from the Corporate Affairs Commission's database, according to the organization. The Registrar-General and Chief Executive Officer of CAC, Alhaji Garba Abubakar, announced the commission's intention to remove 100,000 registered firms from its database during a training on "Use of the Beneficial Ownership Register" in Lagos. "CAC steps up enforcement of going off its register of 100,000 companies for failure to file an annual return," Abubakar added. He claimed that the Corporate Affairs Commission was scheduled to revoke the status of 100,000 businesses that had missed their deadline to submit yearly reports over the…

Jul

28

2023

By Amos Oge Kalu

DSS’s request to keep Emefiele in custody longer is denied by the Court

Economy, PoliticsCBN, Court, DSS/EFCC, Economy, Emefiele

A request by the Department of State Services for a "extended detention order" to hold Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, in its custody for an additional 14 days, was denied by the Federal Capital Territory High Court. Emefiele was taken into custody by the secret police on June 10 not long after President Bola Tinubu had suspended him . The DSS brought him before the Federal High Court in Lagos on Tuesday after holding him for more than a month, where he was charged with two counts of illegal guns possession. He was given…

Jul

21

2023

By Amos Oge Kalu

Production of electricity falls by 16% to 3,501MW

Business, Economy, MetroBusiness, Economy, Metro

Nigeria's electricity production fell by 16.4% week-in-week yesterday, from 4,187.6 MW recorded on Thursday last week to 3,501.20 MW.' Our checks revealed that a number of reasons, including the state of the plants and the inadequate gas supply to thermal facilities, contributed to the situation. The situation has compelled the Electricity Distribution Companies, or DISCOs, to implement load shedding in an effort to distribute the scarce electricity among many people at various times. The Nigerian Electricity Regulatory Commission (NERC) recently announced that eleven electricity distribution firms, or DISCOs, had submitted a request for a rate review to the agency. According…

Jul

19

2023

By Amos Oge Kalu

Otti to construct first six-lane road in Abia, grants Ndieze jumbo salary.

Abia State, Economy, Metro, Politics2023, Aba, Abia State, Alex Otti, Economy, Politics

Gov. Alex Otti has concluded arrangement fo build the first ever 6-lane road in Umuahia, Abia State capital. Wawa News Global reports that Otti who was sworn in on May 29, 2023, has severally said he was in a hurry to transform the state. Government confirmed that work would soon begin on the dualisation of Ossah Road Umuahia from the Enugu/Port Harcourt Express Tower Junction to Michael Okpara Square, right inside the Umuahia City centre. Commissioner for Information, Prince Okey Kanu who disclosed this during a press conference at the Government House Umuahia after the State Executive Council meeting, said…

Jul

17

2023

By Amos Oge Kalu

Gov. Alex Otti reveals why Obi Cubana, a billionaire businessman, visited him

Abia State, Business, Metro2023, Abia State, Alex Otti, Business, Economy, Next Level, Obi Cubana

On Sunday, prominent businessman and billionaire Obinna Iyiegbu, also referred to as Obi Cubana, paid Alex Otti, the governor of Abia State, a courtesy call. The meeting was held in Nvosi, Isialangwa South LGA, Abia State, at the governor's mansion. Obi Cubana, a well-known entrepreneur with a track record of accomplishment, declared his intention to base a sizable chunk of his operations in Aba. On July 16, Governor Otti posted pictures from the trip on his Twitter account. He stated in his caption, "Today, I hosted a well-known business tycoon and investor Obinna Iyiegbu, well known as Obi Cubana, and…