How international oil company, 5 others stole $8.4m diesel oil — witness tells court

By Thompson ABISOLA  An EFCC prosecution witness on Monday told an Ikeja Special Offences Court how an international oil company allegedly connived with five Nigerian associates to steal six million  metric tonnes of diesel oil, worth $8.4 million. Trafigura Beheer BV Trafigura PTE Ltd is facing trial alongside two oil marketers – Osahon Asemota and Yusuf Kwande. Other defendants in the suit were Mettle Energy and Gas, Renbrandt Ltd. and Jil Engineering and Oil Services Limited. They are facing a three-count charge of conspiracy, stealing and receiving stolen property proffered against…

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France: Macron promises 100-euro monthly rise in minimum wage

By Meletus EZE President Emmanuel Macron is promising a 100-euro monthly rise in France’s minimum wage (about 114 dollars) that will not cost employers anything. In a 13-minute televised speech addressing the demands of the Yellow Vests protest movement, the president said on Monday he is declaring a “social and economic state of emergency.” Macron also announced that planned tax rises on pensions will not apply to those with incomes of less than 2,000 euros. Employers, who can afford it should pay their workers a special end-of-year bonus that will…

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Businessss dialogue: Osinbajo showcases Nigeria’s potential to German investors

By Elizabeth ADENUGA  Nigeria is a leading investment destination for potential and serious investors and the business opportunities are abundant and increasing, Vice President Yemi Osinbajo has told German investors. Laolu Akande, Senior Special Assistant to the President, Media and Publicity, Office of the Vice President, in a statement, said Osinbajo spoke on Monday at the first Nigeria-German Business Dialogue in Germany. Osinbajo showcased the investment potential of Nigeria at the Adlon Kempinski Hotel in Berlin, as the special guest at the well attended forum with German investors. According to…

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Nigeria’s GDP records growth in Q3 — NBS

By Thompson ABISOLA  The National Bureau of Statistics (NBS)  said the nation’s Gross Domestic Product (GDP) grew by 1.81 per cent  (year-on-year) in real terms in the third quarter of 2018. The bureau disclosed this in its Overview of GDP in the third quarter of 2018. According to the NBS, the figure is 0.64 per cent greater than the growth rate of 1.17 per cent recorded in the third quarter of 2017. It said the second quarter of 2018 had a growth rate of 1.50 per cent, showing a rise of…

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NSE: Index closes southward with 0.82% loss, amid Yuletide mood

By Giwa SHILE The Nigerian Stock Exchange (NSE) All-Share Index resumed trading for the week on Monday southward, shedding 0.82 per cent. The  index closed lower at 30,614.73 compared with 30,866.82 achieved on Friday, following huge loses posted by some blue chip. In the same vein, the market capitalisation, which opened at N11.268 trillion, dipped N92 billion or 0.82 per cent to close at N11.176 trillion as investors prepare for Yuletide celebrations. Nestle topped the losers’ chart, dropping by N64 to close at N1,485 per share. Mobil Oil followed with…

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Youthshs protest alleged maltreatment by NNPC in Aba

By Aliyu DANLADI Youths from Okpokoroala in Uratta Autonomous Community, Osisioma Ngwa Local Government Area of Abia, on Monday protested what they termed “maltreatment” of their indigenes by the Nigeria National Petroleum Cooperation (NNPC). Okpokoroala is the host community of the Aba Depot of the NNPC. The youths, who flocked the road leading to the depot, barricaded the entrances and exits into and out of the depot demanding change of attitude from the company. The protest took a different dimension when the community’s Chief Priest accompanied by some youths brought…

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UN says world loses $2.3trn to corruption annually

By Meletus EZE The Country Representative, United Nations Office on Drugs and Crime (UNODC), Mr Oliver Stolpe, has said that the world loses 2.3 trillion dollars to corruption annually. He disclosed this at the Corruption Risk Assessment (CRA) training organised for Heads of Anti-Corruption Agencies of member-countries of African Union (AU) in Abuja, on Monday. The training was organised by the Independent Corrupt Practices and other Related Offences Commission (ICPC). The  event was to also commemorate the 2018 UN International Anti-Corruption Day. Stolpe quoted World Economic Forum which estimated the cost…

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Power distribution: FG not ready to accept excuses from DisCos –Minister

By Thompson ABISOLA  The Federal Government would  no longer accept excuses from Electricity Distribution companies for failure to distribute power to consumers. Minister of State I for Power, Works and Housing, Alhaji Mustapha Shehuri, who gave the warning on Monday during an inspection of a 132 KVA Transmission Substation in Uyo,  expressed dissatisfaction over the inability of  DisCos to  distribute available power to consumers. “Their excuses of not taking power from transmission stations will no longer be acceptable. “They are expected to abide by the electricity sector roadmap from the…

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BEDC, TCN forge alliance for customer satisfaction in power sector

By Thompson ABISOLA The Benin Electricity Distribution Company (BEDC) and the Transmission Company of Nigeria (TCN) have held a joint coordination meeting to resolve common operational issues affecting both parties. The  coordination meeting is the first of its kind and held at the BEDC Head Office in Benin on Monday. The BEDC and TCN resolved that they would continue to work together as critical, dependent partners in the power sector value chain. The meeting comes on the heels of the ongoing preparation by the TCN to move a replacement transformer…

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Sex video tape played in Lagos court

By Olaleke ASHAFA Proceedings in an Ikeja High Court took an unusual dimension on Monday when an excerpt of a sex video tape between a married father of three and his ex-lover was played in the courtroom. The  father of three, Peter Omokaro, is an ex-banker, while his ex-lover, Titilayo Nosa-Igiebor, is a businesswoman. Omokaro who is in his early 60s had sued Nosa-Igiebor,  33, over her non-payment of an alleged N15 million loan he gave her during their relationship. The tape was played when Mr Victor Okpara, counsel to…

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