Business articles

Breaking: EFCC arrests former Senate President Pius Anyim

Breaking: EFCC arrests former Senate President Pius Anyim

The Economic and Financial Crimes Commission (EFCC) has arrested the former Secretary to the Government of the Federation, SGF, Chief Pius Anyim.   Ayim was arrested by the EFCC for his alleged involvement in the Centenary City fraud in Abuja.   Reports have it that for Senate President, Anyim has been detained and presently undergoing

Court Reverses Decision To Freeze Accounts Without BVN

A Federal High Court judge in Abuja who granted an order for bank accounts not linked to Bank Verification Numbers (BVNs) to be frozen has reversed his decision. Justice Nnamdi Dimgba explained that he later learned that his October 17 order created an “awkward and unfortunate result.” The reversal means that those who have not

Allow consumers to buy meters, FG tells NERC

The Federal Government has directed the Nigerian Electricity Regulatory Commission to reinstate the regulation that allows power consumers to purchase meters from approved vendors. NERC had in September last year directed the 11 electricity distribution companies operating in the country to formally wind down the alternative meter financing scheme on or before November 1, 2016.

Reps probe non release of N1.1trn federal varsities intervention fund

The House of Representatives on Thursday resolved to investigate the non-release of the balance of N1.1 trillion National Economic Empowerment Strategy (NEEDS) intervention funds to federal universities in the country. The House then mandated its Committee on Tertiary Education and Services, to investigate the matter, and report back within four weeks. The House resolution followed

IGP sets up anti-electricity vandal response squad

The Inspector General of Police (IGP) Ibrahim Idris has sent notification to all police commands to set up an Anti- Electricity Vandal Response Squad. This is coming on the heels of the escalating rate of vandalism and theft of electricity distribution assets. Managing Director, Benin Electricity Distribution Company (BEDC), Mrs. Funke Osibudu made this known

BREAKING: Inflation declines for consecutive months to 15.91% – NBS

The National Bureau of Statistics on Wednesday released the Consumer Price Index  which measures inflation with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October. The bureau in the report which was made available to our correspondent said this is the ninth consecutive month since January this year that

Stanbic IBTC Pension Managers Ltd pays over N279 billion to retirees

Affirming its status as Nigeria’s largest Pension Fund Administrator (PFA), Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees since its inception in 2006. Between January and June this year, over 5,000 new retirees also received their benefits from the PFA increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6 billion was paid to retirees from January to June this