BUSINESS WRAP: Breeze through major business highlights during the last 7 days

Welcome to another edition of our Business Wrap.This is a featured post highlighting some of the major events that unfolded during the week ended 31th of August, 2019.

Headlines:

• AMCON obtains Court order to take over SEPLAT Petroleum chairman’s assets
• CBN, banks to seize loan defaulters’ deposits in other bank accounts
• DPR shuts 55 petrol stations in Port Harcourt
• CBN directs Nigerians to deposit ‘overused, mutilated’ naira notes in banks before September 2

Summary:

The Federal High Court in Abujahas granted an application by the Asset Management Corporation of Nigeria (AMCON) to take over the assets of the Chairman of SEPLAT Petroleum Development Company, Ambrose Orjiako. It may also interest you to know that on the heels of this development, the court equally ordered the takeover of the assets of two of Mr Orjiako’s affiliate companies, Shebah Exploration & Production Company Limited and Allenne Limited. Read the details here.

In a bid to ensure loan defaultersare closely followed up to pay their debts, a new development, where deposits in other bank accounts by these individuals would be seized to service the loans, has been considered. Timothy Enietan-Matthews reported that this was one of the decisions reached at the end of the 345th Bankers Committee meeting in Lagos on Monday. Clink link for the full story.

At least 55 petrol stations have been sealedby the Department of Petroleum Resources (DPR) in Port Harcourt in the last six weeks. The Operations Controller, DPR, Port Harcourt Zone, Mr Bassey Nkanga made this known to newsmen on Tuesday, as the department continued with its three-day inspection and surveillance of petroleum outlets in Rivers. Find out what led to this.

ALSO, the Central Bank of Nigeria (CBN)has directed Nigerians to deposit overused or mutilated Naira notes in any bank branch closer to them, on or before September 2, 2019. The apex bank said this was part of its efforts to improve the overall quality of the Naira notes in circulation. Here is what to do if you have any overused notes in your possession.

Meanwhile, on our editorial Business Review segment;

On Monday, our analyst did an expository featured story on the FBI fraud cases where he delved into the consequences of such incident. He exhaustively explained why the case mustn’t be handled with cold discernment. While enumerating how these convictions will add up to a backlog of existing negative stereotyping suffered by Nigerians on the global scene, government’s attention was draw on measures to be taken to manage the crises in other to redeem the nation’s image. The review is only a click away.

On Tuesday, a review on the Big Brother Naija TV show was served, detailing how the 60 million-naira-star-prize-reality show is supposedly currently the most watched TV hosting in Nigeria. The focus was to expose how its organizers are raking in millions of naira through the viewers’ vote window. To catch up on this undercover piece, follow here.

On Friday, focus was shifted to the telecos where 9mobile’s story was brought to the washroom. Taking off from the days when the company operated as Etisalat, the review extensively narrated what transpired that led to the change of name. with a long history of debt, there is fear as to whether 9mobile will be able to refund its recent $230 million received from AFC. You too can join the conversation here.

Thank you for joining us this time. Until next weekend when Business Wrap shall come your way again, you are recommended to follow us on all our social media handles to stay updated on events around the world. Goodbye.

 

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