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AfricaBusinessNewsSanusi II Calls for What is Right, Justice to Reject US External Inquiry Call on Adesina

Bada Yusuf Amoo (Reporter)May 29, 2020

The former Emir of Kano and former Governor of the Central Bank of Nigeria, Muhammadu Sanusi II, has called on Africans and friends of the continent to stand for what is right, justice to ensure that laid down rules are respected in the African Development Bank (AfDB) Group. The former Emir made the call following the US Government calls for an independent investigation after the Ethics Committee of the Banks has exonerated the President of...

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AfricaBusinessNewsThe US Calls on AfDB: “Its Governance Could be Hijacked Away from Africa” – Obasanjo

Bada Yusuf Amoo (Reporter)May 29, 2020

The former President of Nigeria, Chief Olusegun Obasanjo has joined other African leaders and figures calling for the defense of African Development Bank (AfDB) and its President, Dr. Akinwunmi Adesina against external forces. Obasanjo in an open letter called on past leaders and heads of states in the African continent to rise up and defend the bank from external forces. He alleged that the call by the United States for an external investigation into what...

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BusinessJobsNewsNigeriaFintiri Thumps Adamawa Teachers For Setting Up Petrol Station To Boost Revenue

Ibrahim Abdul' Aziz (Regional Correspondent)May 29, 2020

Governor Ahmadu Umaru Fintiri of Adamawa state has commended the Nigeria Union of Teachers (NUT) in the state for building a petrol station to boost its sources of revenue going by the dwindling economic resources in the country and across the globe. Fintiri who made the commendation during a ceremony to flag off Adamawa NUT Petro Gas Nigeria Limited, along Federal Housing in Girei local government area, described the initiative as the  ‘’right steps  in...

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CoronavirusEconomyNigeriaNEWS ANALYSIS: Will Nigeria’s Battle with COVID-19 Become Too Expensive to Sustain?

Adeola Oladipupo (Correspondent)May 28, 2020

For every COVID-19 test carried out on suspected persons, Lagos, Nigeria’s epicenter of the viral infection with a population of over 20 million, spends between N40,000 and N50,000 ($102.56 – $128.21), Professor Akin Abayomi, Lagos State Commissioner for Health disclosed. The revelation by Prof. Abayomi highlights the magnitude of the burden of the disease and raises questions about the sustainability of the fight against COVID-19. With an estimated population of 200 million and a virus...

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BusinessOil & GasWorldOil Drops as Surprise U.S. Stock Build Douse Demand Recovery Hopes

PilotnewsMay 28, 2020

Oil prices slid for a second consecutive session on Thursday as the U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organisation of the Petroleum Exporting Countries...

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CoronavirusEconomyNewsNigeriaCOVID-19: Intervention-Loan Repayment Suspended for One Year – CBN

Bada Yusuf Amoo (Reporter)May 28, 2020

The Central Bank of Nigeria has announced that it is giving a one-year moratorium on all principal repayments for COVID-19 intervention loans. This is done through its participating Other Financial Institutions (OFIs) taking effect from March 1, 2020. This was made known on Wednesday, in a circular signed by the Director, Finance Police, and Regulation Department, Kelvin Amugo. The circular also stated that as part of the continued efforts of the apex bank to mitigate...

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AfricaMoneyNewsNigeriaI Maintain My Innocence on Allegations – Adesina

PilotnewsMay 27, 2020

Dr Akinwumi Adesina, President of African Development Bank (AfDB), has maintained innocence with regards to allegations that seek to impugn his honour and the reputation of the bank. Adesina said this in a statement he personally signed and issued on Wednesday. The News Agency of Nigeria (NAN) recalls that United States Department of Treasury had called for an independent probe of allegations levelled against Adesina on corruption after being cleared by the bank’s ethics committee....

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BusinessCrime & SecurityNewsNigeriaPolice Confirm Arrest of Alleged Adulterated fertiliser Syndicate In Minna

PilotnewsMay 27, 2020

The police on Wednesday confirmed the arrest of the leader of a syndicate who allegedly specialises in adulterating Nigerian-made fertilisers in Niger. The Command PPRO, ASP Wasiu Abiodun, told the News Agency of Nigeria (NAN) on Wednesday over the telephone that the arrest was made possible following intelligence report. He said the suspect, identified as Alhaji Maikudi Abdullahi, was arrested following intelligence reports of the “surreptitious activities” in his factory called “Farm Centre ”. According...

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CoronavirusInvestingUnited StatesNew York Governor Rings Opening Bell at Exchange as Traders Return

PilotnewsMay 27, 2020

New York Governor Andrew Cuomo rang the opening bell on the New York Stock Exchange on Tuesday, as a limited number of traders returned to the historic floor for the first time since March. The coronavirus pandemic in New York City has been particularly severe. The city has suffered some 20,000 deaths, about a fifth of the total across the whole of the United States. The exchange floor closed after an outbreak of several cases within the building....

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BusinessCoronavirusTravelWorldChile’s LATAM Airline Files for Bankruptcy After COVID-19 Decimates Sales

PilotnewsMay 26, 2020

Latin America’s biggest airline, the Chile-based LATAM, on Tuesday filed for bankruptcy under the U.S. Chapter 11 bankruptcy code after the COVID-19 pandemic decimated passenger demand. “The Chapter 11 financial reorganization process is a proven legal framework under which LATAM and affiliates will have the opportunity to resize their operations to the new demand environment and reorganise their balance sheets,” the airline said in a statement. The group attributed its financial difficulties to the novel...

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