GTBank and SCB Coordinate Commercial Bank Tranche of USD6.75 Billion Debt Financing for Dangote’s Refinery and Fertilizer Projects

MD/CEO GT Bank, Segun Agbaje

Dangote Industries Limited on Wednesday, 4 agreement with a consortium of both local and international banks to the tune of  $3.3billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical/ Fertilizer Plants in Nigeria.

The plants, which will cost a total of $9 billion will generate up to 9,500 direct and  25,000 indirect jobs, in addition to reducing current volumes of refined fuel imports by around 50 per cent and effectively stopping the importation of fertilizer.

Customs Close NAHCO, SAHCOL Over Illegal Exit of Goods

The Nigeria Customs Services, NCS, Murtala Muhammed International Airport command, on Wednesday ordered the closure of two cargo warehouses at the airport.

The warehouses were the Skyways Aviation Handling Company Limited, SAHCOL, and the Nigerian Aviation Handling Company, NAHCO.

AMCON Seeks Buyers For Mainstreet Bank

The Asset Management Company of Nigeria, AMCON, said it was seeking prospective investors to buy 100 percent of its share-holding in Enterprise Bank, the first of Nigeria’s three nationalised lenders to be put up for sale.
“Bad bank” AMCON, which holds non-performing assets of troubled banks, in July appointed Citigroup and Africa-focused investment bank, Vetiva Capital to manage the divestment.

BREAKING NEWS: UBA Positions For Pan African Banking Leadership

Rasheed Adegoke General Manager in charge of Group Information Technology

United Bank for Africa Plc (UBA), the Pan-African bank with operations in 19 African countries and New York, London and Paris, announces the launch of Project Alpha – the Group’s next stage focus of strategic transformation.

UBA has for [8] years executed a dedicated strategy of local, regional and global expansion, whose implementation has seen the Group transform from a national player to an institution of international prominence. Project Alpha is a 3 year route map of key transformation initiatives, designed to consolidate the Group’s strategic positioning and fully capture the opportunities from Africa’s economic renaissance and the Group’s unique platform.

Maevis Boss, Tunde Fagbemi In Debt Scandal***Staffers Strike Over 5 Months Unpaid Salaries

Tunde Fagbemi

When it comes to having connections, few Nigerian businessmen are as impressive as Maevis Nigeria Limited CEO Tunde Fagbemi. One of the powerful Ex-President Olusegun Obasanjo’s business stooges, he is as close to the maverick soldier turned politician as Bi-Courtney Ltd. boss, Dr. Wale Babalakin.

Stephaine Okereke, Others to Be Arrested Over Akpabio’s N50m Largesse to Nollywood

Stephaine Okereke

The Nigerian movie industry otherwise known as Nollywood is poised for a showdown as the Association of Nollywood Core Producers, ANCOP, has petitioned EFCC and SFU over the N50 million largesse donated by Governor Godswill Akpabio of Akwa Ibom State to support the industry.

The association is alleging massive fraud in the disbursement of the fund. It has petitioned the Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU) to investigate the matter.

According to a copy of the petition made available to HVP, signed by the association’s President, Comrade Alex Eyengho, the group is asking the agencies to invite the National President of the Association of Movie Producers, AMP, Zik Zulu Okafor, the National President of the Directors Guild of Nigeria, DGN, Andy Amenechi; the Secretary General of the Actors Guild of Nigeria, AGN, Yakubu Abubakar and actress Stephanie Okereke- Linus Idahosa for obtaining the fund and disbursing it without the consent of the industry’s stakeholders.

Part of the petition dated August 19, 2013 and addressed jointly to the EFCC and SFU, read thus:

“On June 15, 2013, news broke out that some Nollywood stakeholders under the auspices of a non-existent ‘Guild of Nollywood Stars’ visited Governor Akpabio in his office in Uyo for the purpose of collecting the N50 million pledge to Nollywood.

“The Governor presented to the visitors a prototype post-dated (25-06- 2013) Zenith bank cheque number 00063639 with Akwa Ibom State Government as the account name, issued in favour of Guild of Nollywood Stars. “We also gathered that the Governor, in his usual generosity, gave each of the visitors N500, 000 cash. “Expectedly, the massive publicity given to the entire episode by the press generated heated debates. In fact, it polarised the industry till today.

“Suspecting fraud, ANCOP immediately raised the red flag when it queried the use of a non-existent ‘Guild of Nollywood Stars’ to access the N50 million pledge, by those who visited Governor Akpabio.

“We are demanding that you immediately commence a full-blown investigation into the alleged fraudent act over the N50 million Governor Akpabio gave to Nollywood to carry out a specific task but now domiciled in the account of one of the the over 30 associations and guilds in Nollywood…Sir, anything short of this is an invitation to anarchy in Nollywood.”

Ex-Convict Ezeemo to Battle Ngige For APC Ticket

Chris Ngige

Nigeria’s All Progressives Congress (APC) has nullified the disqualification of Mr. Godwin Ezeemo from contesting for the party’s ticket to the 16 November governorship election in the eastern state Anambra.
The party’s interim National Secretary, Mr Tijani Tunsah, confirmed this to the News Agency of Nigeria (NAN) in a telephone interview on Saturday in Awka.

Governor Uduaghan Accused Of Using Multi-Billion Naira Oleri Leisure Park As Conduit Pipe*** Awards Contract To Daughter

In White Fabric: Gov. Emmanuel Uduaghan

Governor Emmanuel Uduaghan of Delta State has been accused of turning the Oleri Leisure Park, in which his state has sunk several billion naira, as a conduit for looting state funds. “The park has nothing to show for all the billions Delta State has put into it, and the purported investors have become contractors, collecting [the state’s] funds,” said one of the sources who spoke to us on the issue.