Saudi Arabia King Approves Building Of Nigeria Refinery
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Saudi Arabia King Approves Building Of Refinery In Nigeria

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Saudi Arabia King

The Saudi Arabia King, Salman bin Abdulaziz Al Saud the Crown Prince, H.R.H. Mohammed bin Salman bin Abdulaziz Al Saud embrace the Memorandum of Understanding set up by Nigeria and the Kingdom of Saudi Arabia to take part in the oil and gas business. The Nigeria Ministry of Petroleum uncovered the report on Friday in a report which state that the report was sourced out from Minister of Energy, Industry and Mineral Resources of Saudi, Khalid bin Abdulaziz Al-Falih, NIGERIA NEWS reports.

 

 

 

Saudi Arabia King Approves The Construction Of Nigeria Refinery…

 

 

 

However, it is noted that the MOU would incorporate Nigeria’s endeavor to redo her run down refineries in Kaduna, Warri and Port Harcourt. It is also revealed that the MOU would be prepared in the early week of May. The Saudi minister expressed that his group would embrace the MoU layout and therefore be put across through the bureaucratic channels for endorsement and support.

 

Dr. Omar Farouk, governor at the Organization of Petroleum Exporting Countries, OPEC and a Saudi Arabia representative for OPEC, Adeeb Al-Aama were selected to make the procedure for the endorsement to be quick. Al-Falih revealed that Saudi Arabia considers Nigeria the best point to get to other African nations.

 

 

Kachikwu also makes a note that his visit to Saudi Arabia is to make the connection between Nigeria and Saudi Arabia to be strong and to make them both strive well in the global oil business. He further stated that the two lead people for the MoU drafting are well prepared OPEC governors with the required amount of fitness to carry out the task within a short while.

 

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BREAKING

GTB Vs Innoson: Courts Grants Innoson Chairman To Take Over Bank Over Debt

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GTB Vs Innoson: Courts Grants Innoson Chairman To Take Over Bank Over Debt

The Federal High Court in Awka grants the Innoson chairman to take over Guarantee Trust Bank Plc, GTBank after the court proceedings on the 20th of May, 2019, NIGERIA NEWS reports.

An order is made on 27th of March, 2019 in which Innoson Nigeria Ltd was granted victory over the case and to start the taking over of the Bank operation in some of her branches. The court case between the Innoson Nigeria Ltd. and GTBank are explicitly quoted below:

“Recall that the Federal High Court, Awka Division, on March 27th, 2019 granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court Coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.

“As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte Orders made by the Court granting Innoson leave to enforce the judgment and to issue the processes of executing the same.

“The court further held that the order is made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; and also that all the steps are taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.

“However, the court stayed further proceedings- proceedings relating to contempt against GTB to enable the Supreme Court to hear GTB’s newly filed motion at the Supreme Court in respect of the matter. “Subsequently, the matter was adjourned to 17th October 2019 for the hearing of the pending applications – the contempt application.

“It will be recalled that through a motion on notice dated April 24th, 2019, Innoson Nigeria Ltd asked the court to commit GTB and its MD, Chairman and Secretary for contempt of court.”

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MTN Nigeria: See names of real owners as it goes public

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MTN Nigeria

MTN Nigeria has gone public on Thursday  and therefore the company is under the oversight of those  looking to invest. All its progress  will now be subject to the Nigerian Stock Exchange’s legal and regulatory laws.

In track with the above, the media has a responsibility to track at each and every stage in its administrative history how open or opaque a public company is.

The Cable acquired the investor list, that now owns billions in the Nigerian Stock Exchange’s second most important company. Even though MTN Nigeria is still dominated by MTN Group, the parent country, in the mobile operator, some prominent Nigerians hold billions.

Here is the Full List of the Shareholders.

Company owners

ShareholderValue (NGN)Hold
MTN Nigeria1.68 Trillion76%
STANBIC IBTC213.7 Billion9.64%
Mobile Telephone Network60.95 Billion2.75%
Gov. Employees Pension Fund38.69 Billion1.75%

Personal Owners

ShareholderValue (NGN)Hold
Victor Odili87.87 Billion3.96%
Pascal Dozie37.07 Billion1.67%
Sani Mohammed Bello28.87 Billion1.30%
Babatunde Folawiyo23.83 Billion1.08%
Gbenga Oyebode19.80 Billion0.89%
Ahmed Dazuki19.35 Billion0.87%
Karl Olutokun Toriola100.1 Million0.005%
TOTAL2.22 Trillion100%
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