PRESIDENT Umaru Yar’Adua has said that the deregulation of the downstream sub-sector of the petroleum industry is inevitable, but that government is still holding consultations with stakeholders on the necessity of the action.

THE Central Bank, CBN, yesterday, raised an alarm on rising cases of fraud in the nation’s financial institutions even as it granted the request of shareholders of Equatorial Trust Bank Limited to recapitalise the bank, following a proposal by the bank’s shareholders to the apex bank.

The CBN Wednesday said it has granted the request of the board of Equatorial Trust Bank to recapitalise the banks following a proposal its shareholders sent to the apex bank implying that the bank will be returned to its shareholders to recapitalise. Meanwhile the apex bank has decried the rising wave of frauds and forgeries in the banks.

THE Federal Government, yesterday, commenced the post-amnesty programme in the Niger Delta region as it directed 3,000 former militants who had accepted the amnesty offer to report to camp between now and November 11 towards rehabilitating them just as the government approved N2 billion for immediate construction of physical development projects in the region.

THE Management of Capital Oil, an operator in the downstream oil and gas sub-sector has accused major marketers of petroleum products of masterminding the artificial fuel scarcity currently experienced across the country.

THE major shareholders, investors and other stakeholders in the eight troubled banks are making moves to reclaim them, vowing to co-operate with the Central Bank -installed managements there.
They also pledged to seek new investors and recapitalise the banks if CBN will accept the proposal.

*Abductors threaten the ‘worst’ The abductors of Pa Simeon Soludo have scaled down their ransom from N500 million to N300 million with a warning that “the worst” may befall him if their demand is not met immediately. Pa Soludo, 78, father of the immediate past governor of the Central Bank (CBN) Professor Chukwuma Soludo was […]

LABOUR and its civil society allies, have written President Yar, Adua to prepare for unprecedented nationwide industrial action should the government deregulate the downstream sector of the Petroleum industry.

The public university system, comprising over 53 federal and state universities that were shut for more than three months, bounced back to academic activities when the Federal Government and Academic Staff Union of Universities (ASUU) finally signed an agreement both parties reached last week in Abuja.

THE Court of Appeal, Ibadan Division, yesterday, nullified the election of Chief Iyiola Omisore, as Senator representing Osun East Senatorial District and ordered a re-run within 60 days.
Until yesterday, Omisore was Chairman, Senate Committee on Appropriation.

IBADAN – THE Court of Appeal sitting in Ibadan Thursday has nullified the election of Senator Iyiola Omisore representing Osun East Senatorial Constituency in the National Assembly.

LAGOS — FORMER Chief Security officer to the late Head of State, General Sani Abacha, Major Hamza Al-Mustapha, was one of the high-profile inmates of the Kirikiri Maximum-Security Prison who welcomed Chief Bode George, a chieftain of the Peoples Democratic Party, PDP, to the prison on his arrival, Monday, Vanguard can authoritatively reveal.

FORMER Chairman of the Nigerian Ports Authority, NPA, and a chieftain of the Peoples Democratic Party, PDP, Chief Olabode George and five other members of his board were yesterday sentenced to 28 years jail term without an option of fine by an Ikeja High court.

A Lagos State High Court, Ikeja division, handling the trial of the former Chairman of the Nigerian Ports Authority (NPA), Chief Olabode George and five others charged over alleged contracts splitting and inflation today convicted Chief George and others of 35 out of 63 charges.

GOVERNOR of the Central Bank, CBN, Mr. Lamido Sanusi, has said that no Nigerian has been mentioned in relation to the $10 million polymer bribery scandal.