Tuesday, May 11

Tag: debt

Ogun State Paid ₦20 Billion Out Of its Debt In 2020 – Dapo Okubadejo
News

Ogun State Paid ₦20 Billion Out Of its Debt In 2020 – Dapo Okubadejo

The Ogun State Commissioner for Finance, Dapo Okubadejo, has said the state government paid over N20 billion out of its debt in the year 2020. This, according to him, was the reason the debt of Ogun State stood at N153billion as of December 2020. Okubadejo made this revelation in an exclusive chat with DAILY POST, when he was contacted to make clarifications on the state finances as published by the Debt Management Office (DMO). The Commissioner who declined comments on how much had been borrowed by the government of Governor Dapo Abiodun, told our correspondent that “N106.7 billion was the domestic debt as at May 2019,” saying “this has been written before, several times.” But, our correspondent called the attention of Okubadejo to the fact that the DMO report says the Ogu...
Sales Rep Fakes Own Kidnapping, Lodges in Edo hotel “to see if company would write off his N900,000 debt”
News

Sales Rep Fakes Own Kidnapping, Lodges in Edo hotel “to see if company would write off his N900,000 debt”

Operatives of the Anti-kidnapping And Cybercrime Unit of the Edo State Police Command have arrested a sales representative of a popular pharmaceutical company for allegedly faking his own kidnapping . The suspect, Chikezie Precious, 25, was employed as a sales representative with the company three years ago and supplies drugs to most states in Southern Nigeria. According to Standard Gazette, Chikezie owns the company over N900,000 from drugs sales. In a move to get the company to write off his debt, the suspect went into hiding and raised a false alarm that he was kidnapped on the road. On his way back to Benin from Auchi, he dumped the company van along Ewohimi-Agbor road, left the key on the driver’s seat and took public transport to Benin City, where he lodged into a hotel....
Haaland’s Father, Agent to Meet Four Premier League Clubs for Transfer Talks
Sport

Haaland’s Father, Agent to Meet Four Premier League Clubs for Transfer Talks

Erling Haaland’s father Alf-Inge and agent Mino Raiola will fly to England, to hold talks with at least four Premier League clubs over a potential summer transfer. According to Mundo Deportivo, Alf-Inge and Raiola will meet with Liverpool, Chelsea, Manchester United and City in London. The two were pictured in Spain on Thursday and are believed to have held discussions with Barcelona and Real Madrid. But they will explore a number of possibilities for Haaland, before making a final decision. Haaland himself is known to be very keen on the Premier League, with the 20-year-old having been born in Yorkshire and his dad having played for Nottingham Forest, Leeds and Manchester City. It certainly seems the English sides would be more likely to be able to afford Haaland, with ...
Man Beats his Son to Death Over alleged Theft in Kano
News

Man Beats his Son to Death Over alleged Theft in Kano

The police in Kano state has arrested a 40-year-old man, Awaisu Auwalu, for beating his 19-year-old son, Auwalu Awaisu, to death over alleged theft. The spokesperson of the state police command, DSP Abdullahi Haruna, who confirmed this to newsmen, said the father accused his son of stealing from his provision store and used a stick to beat him up mercilessly. Auwalu was later rushed to the hospital where he died while receiving treatment. "On March 27 2021, at about 1700hrs, information received revealed that one Awaisu Auwalu, 'm' 40 years old, of Samegu Quarters Kano, used a stick to beat his son, one Auwalu Awaisu, 'm' 19 years old. Upon receipt, the victim was removed from the scene and rushed to Murtala Mohammed Specialist Hospital Kano. He died on March 29 2021, at about 0...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...
Startimes Risks Winding-Up Court Order Over $11m Football Rights Debt
Business

Startimes Risks Winding-Up Court Order Over $11m Football Rights Debt

StarTimes, a Chinese electronics and media company with businesses in sub-Saharan Africa, is at risk of getting a winding-up court order, GlobalData is reporting. The sports market intelligence platform reports that StarTimes has not paid BeIN Media Group for broadcasting rights to Ligue 1, the French football league. In 2018, StarTimes signed a deal with BeIN Media Group which holds international Ligue 1 rights from 2018-19 to 2023-24 to broadcast English- and local-language Ligue 1 in sub-Saharan Africa. The pay-TV operator is reported to now owes BeIN $11 million, including interest. A monthly payment plan was agreed upon between both parties after the matter was taken to court in Hong Kong before the start of the 2019-20 season, but StarTimes missed the first instalment...
Nigeria To Disconnect Niger, Benin Over ₦2.60 Billion Electricity Debt
News

Nigeria To Disconnect Niger, Benin Over ₦2.60 Billion Electricity Debt

Nigeria may be forced to cut off power supply to the Republics of Niger and Benin over an outstanding N2.60 billion electricity debt. Details of the unpaid electricity debt owed by the two countries are contained in the Nigerian Electricity Regulatory Commission (NERC) second quarter 2020 report released yesterday in Abuja. The report indicated that of the N4.10billion (US$13.39 million) invoice issued by the Market Operator(MO) to international customers which included Societe Nigerienne d’electricite – NIGELEC, Societe Beninoise d’Energie Electrique – SBEE and Compagnie Energie Electrique du Togo–CEET), only CEET paid the sum of N1.51bilion (US$4.92million) in respect of services it received from the Nigerian MO. The Federal Government had in December 2019, threatened to disco...
WAEC Yet To Release Result Of 70,000 Students In Kano Over Debt
Education

WAEC Yet To Release Result Of 70,000 Students In Kano Over Debt

About one month after the West African Examination Council (WAEC) released the results of candidates who sat for its November/December examination, the fate of over 70,000 students in Kano State is still hanging in the balance. It was gathered WAEC decided to withhold their results over the State government’s failure to settle their registration fees as earlier promised. This, Daily Trust further learned, has made most of the affected candidates indecisive, especially those seeking admission into higher institutions with awaiting results. A source in WAEC said the examination body has decided to hold on to the results until when the State government settles the registration fees, as it has released results of private candidates. When Daily Trust correspondent contacted the ...
China’s N3.2 Trillion Loan to Nigeria is Nothing to Worry About — DMO DG, Patience Oniha
News

China’s N3.2 Trillion Loan to Nigeria is Nothing to Worry About — DMO DG, Patience Oniha

Director-general of the Debt Management office, Patience Oniha has revealed that Nigeria’s loans from China are about N3.2 trillion and constitute about 11 per cent of its total external debt. In an interview with Premium Times, Oniha said the loans are all concessional loans that are project-tied and that there are no reasons for Nigerians to be worried about them. She also revealed that Nigeria’s debt to Gross Domestic Products (GDP) is currently sustainable, but that there is a need for the country to do much better in terms of debt services to revenue. Oniha said; “I know that last year there were a lot in the public space about borrowing from China. So all of the loans we had from China, the stock of the bilateral credits which is where China belongs, that we have, is sm...
Teacher Fakes her Own Kidnap in Kwara to Extort N250, 000 From her Father
News

Teacher Fakes her Own Kidnap in Kwara to Extort N250, 000 From her Father

The police in Kwara state have arrested a 24-year-old teacher, Medinat Ibrahim,  for allegedly faking her own kidnap just to extort N250, 000 from her father. Medinat, who was paraded alongside two other suspects identified as Amudalat Wahab (30) and Hammed Lekan (28) said she committed the crime to raise money to settle a debt which accrued from the monthly contribution at the private school where she serves as a teacher. She alleged she was maltreated by her stepmother who also caused friction between her and her father, adding that she decided to fake her own kidnap to get money to offset debts she incurred during COVID-19 lockdown.   I teach in a private school where I was paid N15,000. We organised monthly contribution which I collected and invested in a business, b...
Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt
Business

Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt

As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, 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 th...
N392bn Debt: FG To Focus On Priority Projects, Says Fashola
Politics

N392bn Debt: FG To Focus On Priority Projects, Says Fashola

Minister of Works and Housing, Babatunde Fashola (SAN), has disclosed that due to the burden of unpaid certificates totaling over N392 billion, the federal government would carefully select projects to execute in the 2021 budget, instead of starting new ones. A statement signed by the Director of Press and Public Relations in the ministry, Boade Akinola, noted that Fashola stated this during the 2021 budget defence of his ministry before the House of Representatives Committee on Works, and reiterated that the budget would focus on road projects, especially those on routes A1-A9. Fashola explained to the committee that the disparity between the liabilities in unpaid certificates and the budgetary provisions over the years had compelled the ministry to prioritise its capital propos...
Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed
Politics

Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed

Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, the total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020. “The total public debt stock comprising the External and Homes debts of the Federal and state governments and the federal capital territory stood at N31.01 trillion (USD85.90 billion) as at June 30, 2020,” she said. “It is projected, based on exist...
Science Ministry Settled N2m Debt With N17m Vehicles – Senate
Politics

Science Ministry Settled N2m Debt With N17m Vehicles – Senate

Senate Committee on Public Accounts has uncovered how the Ministry of Science and Technology “gave out two vehicles worth N17m to pay N2m debt it owed contractors. The Auditor-General of the Federation, Anthony Ayine, had, in a report submitted to the Senate, queried the ministry over the disappearance of two official vehicles with registration M50-10FG and MGO-12FG. According to the report, during the verification of non-recurrent assets of the ministry, it was discovered that the two vehicles were not seen and their whereabouts was not explained. Responding, the permanent secretary of the ministry, Edet Akpan, explained that the vehicles were seized by a court as result of debt the ministry owed contractors. But the chairman of the committee, Senator Matthew Urhoghide...
Nigeria’s Total Public Debt Increased By ₦2.4 Trillion In Q2 2020 – NBS
Politics

Nigeria’s Total Public Debt Increased By ₦2.4 Trillion In Q2 2020 – NBS

Nigerian States and Federal Debt Stock data as at 30th June 2020 reflected that the country’s total public debt portfolio stood at N31.01trn. Further disaggregation of Nigeria’s total public debt showed that N11.36trn or 36.65% of the debt was external while N19.65trn or 63.35% of the debt was domestic. The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%. Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds. External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and...
Nigeria’s Debt Hits N31 Trillion – Debt Management Office
News

Nigeria’s Debt Hits N31 Trillion – Debt Management Office

The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s public debt stock, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020. For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT ...
“I Inherited A Debt Of N3.2bn in 2017” – NAFDAC DG, Mojisola Adeyeye
News

“I Inherited A Debt Of N3.2bn in 2017” – NAFDAC DG, Mojisola Adeyeye

Prof. Mojisola Adeyeye, the Director-General of the National Agency for Foods and Drugs Administration and Control (NAFDAC), said on Tuesday that she inherited a debt of N3.2 billion when she assumed office in November 2017. Adeyeye speaking at an online news conference to highlight the activities of the agency, said that, however, the debt had been settled. “I am happy to inform you that we have been able to pay our debts and we are also training our 2,200 members of staff to enhance competence, capability as well as productivity.” According to her, the sum of N7 billion was generated in 2017; while N2.5 billion and N3.1 billion were generated from the agency’s IGR windows in 2018 and 2019 respectively. She also said that the agency was in dire need of an overhaul to achi...
Satellite TV Company, TSTV Loses Office Due To Debt
Business

Satellite TV Company, TSTV Loses Office Due To Debt

The West African Business Platform Ltd., a law firm, has taken possession of the Abuja Headquarters office of Telcom Satellite Ltd. Television (TSTV) due to its inability to pay its rent. The Abuja Headquarters office of the television company is situated at Plot 1191, Jahi District, off Gilmore Construction Company, FCT. The property was taken over on Tuesday following the judgment entered in favour of the plaintiff by Justice Yusuf Halilu of the FCT High Court in Nov. 2019. Officers from the Execution Unit of the FCT High Court, including four police officers, were stationed in the premises during the takeover. The law firm through its principal, Raphael Adakole, had filed the suit in 2018 with No. CV/2739/18 against the television company and its Abuja Managing Director,...
IPPIS: ASUU Plunged FG Into N800bn Debt, Says Ngige
Politics

IPPIS: ASUU Plunged FG Into N800bn Debt, Says Ngige

The Minister of Labour and Employment, Dr Chris Ngige, has said there will be no going back paying University lecturers with the Integrated Payroll and Personnel Information System. While stating that IPPIS had improved the effectiveness and efficiency of payroll administration, Ngige said before its implementation in the university system, the Academic Staff Union of Universities allegedly plunged the Federal Government into N800bn debt resulting from irregularities in payroll. Ngige stated this in an interview with reporters in his Alor home, in the Idemili South Local Government Area of Anambra State. He said the main reason ASUU went on strike was because of the introduction of IPPIS that had allegedly blocked loopholes for pilfering and exposed huge fraud in the system. ...
“I Attempted Suicide Because, I Was In Debt Of Over 20 Million Naira”, Comedian Real Warri Pikin Reveals
Celebs

“I Attempted Suicide Because, I Was In Debt Of Over 20 Million Naira”, Comedian Real Warri Pikin Reveals

Popular Big and bold comedian, Real Warri Pikin has opened on why she attempted suicide in 2018. The happily married mother revealed on Tonto Dikeh’s food show, “Grub and Rub” that her husband and herself were in debt of over 20 million naira. According to her, they invested in businesses that didn’t compute . She revealed that they borrowed monies from friends and families to take a position , just for it to collapse. that they had to unload one among their cars, a Rav 4 and therefore the only land that they had in Kuje. Anita further added that everything wasn’t going well and her creditors were on her neck, she decided to require her own life, in 2018. Anita hails from Delta State. Her father is Ijaw from the Burutu government Area of the state, while her mother is U...
Invest In Education, Stop Borrowing From Other Countries – Harrysong Tells Buhari
Celebs

Invest In Education, Stop Borrowing From Other Countries – Harrysong Tells Buhari

Nigerian singer, songwriter and instrumentalist Harrysong has a excellent advise for the president of Nigeria, Mohammadu Buhari. According to the singer, He advised pres. Buhari to invest in education and stop borrowing money to cause more debt in the country, Nigerian He said “Buhari invest in education, it’s never too late. Start paying students. We need brains to sustain this country’s economy. And please stop borrowing from other countries oooooooooo I Dey shake ooooooooo”   View this post on Instagram   To the presidency A post shared by KINGMAKER||?? (@iamharrysong) on Apr 28, 2020 at 12:16pm PDT
Rapper, Kanye West officially becomes a Billionaire
Lifestyle

Rapper, Kanye West officially becomes a Billionaire

Kanye West has officially become a Billionaire, making him the second American rapper to reach that status after Jay-Z.   According to Forbes, ’Ye's Yeezy brand, which he owns in its' entirety and falls under the Adidas umbrella, helped push him over the $1 billion mark.   The publication said they dissected the Chicago rapper's success with Yeezy, while also sharing how they tabulated Kanye's net worth.   Nonetheless, a decent portion of Kanye's net worth can be attributed to his royalty agreement with Adidas. West receives a "royalty around 15% of Yeezy revenue from Adidas. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11 percent. At that rate, he would have received royalties of over $140...
IMF Grants Debt Relief To 25 Countries
News

IMF Grants Debt Relief To 25 Countries

Kristalina Georgieva, Managing Director of the IMF, made this known in a statement issued on Monday. “Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic,” the statement said. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.” The IMF said that CCRT can currently provide about US$500 million in grant-based debt service relief, incl...
African Countries Need To Quickly Ask For Debt Relief Over Coronavirus – Ngozi Okonjo-Iweala
Politics

African Countries Need To Quickly Ask For Debt Relief Over Coronavirus – Ngozi Okonjo-Iweala

Former minister of finance, Ngozi Okonjo-Iweala has advised Nigeria and other African countries to quickly pressure the G7 and G20 for debt-relief in order to deal with the economic and health issues arising from the novel Coronavirus. The economic expert who played a huge role in getting Nigeria an $18 billion debt-relief as minister of finance, stated a debt relief will aid in getting resources to tackle the spread of Coronavirus. Okonjo-Iweala averred that the money owed by some African countries can be channeled towards dealing with Coronavirus. She told BBC; “You know we have several sources, you’ve got the African Development Bank, which has just floated a social bond for $3 billion that will be available to the countries on the continent,” she said. “You have the ...
‘My Family Scattered In Relatives’ Houses’- Galadima Says, Threatens To Sleep Outside
Politics

‘My Family Scattered In Relatives’ Houses’- Galadima Says, Threatens To Sleep Outside

A former ally of President Muhammadu Buhari, Alhaji Buba Galadima, has said that his family members are now ‘scattered’ with relatives over the seizure of his houses by the Asset Management Corporation of Nigeria (AMCON). The corporation had announced the taken over of the residence and company of Alhaji Galadima, over “debts to the tune of N900 million”. But Galadima said the development was a witch-hunt and threatened to sleep outside the house, located in Wuse II, Abuja, so that Nigerians can see his plight. Galadima, however, told Daily Trust via telephone on Thursday that while he travelled to Lagos state over the matter, his families including wife, children and grandchildren were relocated to relatives’ houses in the FCT. “They (AMCON) have taken over the house and the fam...
‘I’m an old fool’ – Pamela Anderson’s ex husband, Jon Peters says as he reveals he paid off her $200k debt during their 12-day marriage
Entertainment

‘I’m an old fool’ – Pamela Anderson’s ex husband, Jon Peters says as he reveals he paid off her $200k debt during their 12-day marriage

Canadian-American actress, Pamela Anderson's ex-husband, Jon Peters, has claimed he paid off her $200,000 debts and bought her a new wardrobe during their 12-day marriage. 'Everything she told you was a lie,' the 74-year-old called himself 'an old fool' in an email to Page Six. 'I welcomed her into my life with open arms and love since I have looked after her for many years,' he wrote. 'I paid… [her] bills since she was broke. I bought her a completely new wardrobe.' Refuting claims he had asked the Baywatch star to be his wife, he instead claimed the 52-year-old proposed to him - via text. He wrote: 'When she texted me that she wanted to get married, it was kind of a dream come true even though I was engaged to someone else and the lady was moving in. 'I dropped everythin...
Singer Zonke Hailed For Helping A Student Pay R30k Debt
Lifestyle

Singer Zonke Hailed For Helping A Student Pay R30k Debt

South African Afro-soul singer, Zonke Dikana is being hailed for showing some kindness towards a student who was in R30,000 debt. The student identified as Bubu Sithole, took to Twitter to share her ordeal after she was unable to register because she owed R29,000 in unpaid fees. In her tweet, she stated she had been rejected by NSFAS twice, and this was after she even provided proof that her mother had died and her father was living with a disability. Her tweet reads; “I’m currently packing my bags and going back home because I have outstanding fees and can’t register. I owe R29k and they want R17k for me to register provisionally. I was rejected by NSFAS twice in a row, even after I sent them my mother’s death certificate and my dad’s disability papers.” The celebrity r...
Buhari Alone Can’t Be Blamed For Nigeria’s Debt – Lai Muhammed
Politics

Buhari Alone Can’t Be Blamed For Nigeria’s Debt – Lai Muhammed

Amidst growing criticism of the country’s debt profile, the Minister of Information and Culture, Alhaji Lai Mohammed, said on Monday the regime of the President, Major General Muhammadu Buhari (retd.), alone could not be blamed for the country’s debt stock. He said the debt stock was “a cumulative figure of borrowings by successive governments over many years”. Speaking at a media briefing to present the Buhari government’s major achievements, Mohammed, however, said there was yet no cause for alarm over the country’s $83bn (about N25.5tn) debt. According to him, the country still operates within its debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product. Former President Olusegun Obasanjo, who headed one of the previous governments (1999 – 200...
Bankruptcy: Katie Price is almost unrecognizable again… loses drastic weight
Lifestyle

Bankruptcy: Katie Price is almost unrecognizable again… loses drastic weight

Katie Price has reportedly lost a stone of weight in just two weeks from the stress of her bankruptcy woes. The former glamour model, 41, has worried pals after her financial misery and spiraling debt has left her "rushing around the place" and unable to eat properly. The brunette bombshell is thought to be flogging her pricey possessions and selling products online in a last-ditch attempt to recover some of her finances, however, she is now rumoured to be physically suffering. A source close to the TV star spoke to Sun Online about Katie's "worrying" weight loss and "liquid diet" due to the stress of her problems, not only with the bankruptcy but also fears she could be homeless by Christmas. The insider revealed to the publication: "Katie's dropped around a stone in two wee...
Politics

FG To Arraign Ifeanyi Ubah Over N135bn Debt

The Federal Government has filed criminal charges against Ifeanyi Ubah and his Capital Oil and Gas Industries Limited over an indebtedness of N135bn to the Asset Management Corporation of Nigeria. In the charges filed before the Federal High Court in Lagos, the prosecution said the N135bn emanated from a July 2013 consent judgment between Capital Oil and Gas Industries Limited and AMCON but accused Ubah of frustrating AMCON’s efforts to recover the judgment debt. The prosecution alleged that in a bid to defeat the realisation of the judgment credit, Ubah and Capital Oil “made false claims in relation to the actual values of certain assets transferred to AMCON under the consent judgment delivered in Suit No. FHC/ABJ/CS/714/2012.” The prosecution alleged that they “did obstruct ...
Politics

Buhari Inherited $63 Billion Debt, BMO Tells Atiku

The Buhari Media Organisation has faulted former Vice President Atiku Abubakar’s assertion that President Muhammadu Buhari’s administration took more loans in the last three years than the preceding administrations did in 30 years. The group said the claim by the Peoples Democratic Party’s presidential candidate in the 2019 general elections was a co-mixture of “outright lies and conjectures.” In a statement signed by its chairman, Niyi Akinsiju; and secretary, Cassidy Madueke, the group said Atiku had “a penchant for twisting facts for political expediency.”It cautioned the former Vice President to always check his facts and figures before making them public. The BMO accused Atiku of hiding under the banner of Prof. Anya O. Anya of the Nigeria Economic Summit Group “to add credib...
See how Didier Drogba fulfilled a 10-year debt to Kylian Mbappe at the 2019 Ballon d’Or awards
Sport

See how Didier Drogba fulfilled a 10-year debt to Kylian Mbappe at the 2019 Ballon d’Or awards

On Monday night, Didier Drogba fulfilled a 10-year debt to Kylian Mbappe by taking a selfie with the French football star at the 2019 Ballon d'Or awards. The Chelsea legend revealed that he denied a then 10-year-old Mbappe a picture after a Champions League semi-final with Barcelona in 2009,  because he wasn't happy by the poor officiating of referee Tom Henning Ovrebo after Barcelona knocked out Chelsea. At the ceremony last night, Drogba, who hosted the ceremony alongside Sandy Heribert invited the PSG striker to the Ballon d'Or stage to fulfill his '10-year debt' to the French star. He said on stage: 'Ten years ago after a match, a child came to me and wanted to take a picture. 'That day I said no because of the result [and the refereeing]. I learned that the child was Kyl...
Actress Mercy Aigbe Called Out By Chinese Fabric Seller Over Unpaid Debt
Celebs

Actress Mercy Aigbe Called Out By Chinese Fabric Seller Over Unpaid Debt

Nollywood renown actress and businesswoman, Mercy Aigbe seems to be in a serious mess over a business deal with a Chinese Fabric seller, which became sour.... The seller with the Instagram name, @unique_fabric_gallery, accused the actress and mother of two of getting away with 20 yards of fabrics and breaching their agreement. While details of what actually transpired between the aggrieved seller and the Nollywood actress is a bit sketchy, the numerous screenshots of their conversation shared by the fabric seller, suggests Mercy Aigbe neither advertised their business on her page as agreed nor pay for some fabrics.
Putin Wrote Off $20 Billion Debt Owed By African Nations
Politics

Putin Wrote Off $20 Billion Debt Owed By African Nations

Russian President, Vladimir Putin, has written off $20 billion of accumulated debt owed by African countries during the Soviet era. Putin said this during the Russia-Africa forum in Sochi. He added that the funds from those debts were being used to set up special programmes to support Africa’s economic development. “Russia had recently written off $20 billion of debt owed by African countries,” Putin said, adding, “funds from those debts were being used to set up special programmes to support Africa’s economic development.” “It was not only an act of generosity but also a manifestation of pragmatism because many of the African states were not able to pay interest on these loans,” he said. The Russian president also said Africa was attractive to Russian businesses as many...
Nigeria’s Debt Hits N25.7trn, Rises By N3.3trn In One Year
Politics

Nigeria’s Debt Hits N25.7trn, Rises By N3.3trn In One Year

The nation’s total public debt rose by N3.32trn in one year to N25.7trn as at the end of June 2019, the Debt Management Office said on Tuesday. The Federal Government owed N20.42trn as of June 30, 2019, while the 36 states and the Federal Capital Territory had a total debt portfolio of N5.28trn. The debt stock is made up of N8.32trn ($27.16bn) external debt and N17.38trn borrowed domestically, according to the DMO. The nation’s public debt, which stood at N22.38trn as of June 2018, increased to N24.39trn in December 2018 and N24.95trn in March 2019. The Monetary Policy Committee of the Central Bank of Nigeria noted last month that the rising public debt was one of the headwinds to the nation’s growth prospects. The Minister of Finance, Budget and National Planning, Mrs Z...
Actress Rosaline Meurer Calls Out Producer, Ideh Chukwuma Over 2-Year Debt
Celebs

Actress Rosaline Meurer Calls Out Producer, Ideh Chukwuma Over 2-Year Debt

Actress Rosaline today took to her Instagram page to call out a popular producer Ideh Innocent also known as thisisonesoul asking him to pay her what he owed her for the past 2 years . The actress stressed on the fact that she has tried several times to get her money and a master copy of a production but the producer in the person of Mr Innocent onesoul has been playing smart given her one excuses or the other. I don’t do this usually but It has been 2 years now! You have given me one excuse or the other, I have been very patient and understanding. @thisisonesoul PAY ME WHAT YOU OWE ME!!! Send me my master copy! I have all your chats please respect yourself. Please guys help me beg this scam producer/ liar here to pay me what he owes me. I have worked too hard for one person to just si...
Niger State Pays NECO N200m Debt, Over 30,000 Students’ Withheld Results
Education

Niger State Pays NECO N200m Debt, Over 30,000 Students’ Withheld Results

Niger State Government has concluded talks with the National Examination Commission (NECO) to release the result of about 30, 000 students of the state withheld by the examination body. A statement issued by the Chief Press Secretary to the Governor, Mrs. Mary Noel Berje indicates that the state government has paid over N200 million to NECO this year to offset part of the students examination fees. According to the statement, government has also paid well over a billion Naira, from 2017, to various examination bodies to date. It reiterated the commitment of the state government to providing free and compulsory basic education in the state. The statement said the state government has agreed to pay the examination body N50 million monthly for the outstanding balance that have accrued ...
CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt
Politics

CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt

Two days after Nigeria’s Minister of Finance, Zainab Ahmed, faulted financial experts, stating that Nigeria’s N24.9 trillion debt was not a problem, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have countered her claim. The members of the MPC raised a concern about the debt level of the states and the Federal Government which they said was worrisome when compared to other countries that the Minister of Finance used to defend the current debt problem. Nairametrics reported that Ahmed decried the insensitivity of experts concerning the debt situation of the country at a meeting with the management staff of the Ministry of Finance and Budget & National Planning on Monday. She said that despite the misgivings amongst experts over the rising debt...
Court Orders Takeover Of Donald Duke’s Ikoyi Property Over N537.3m Debt
Politics

Court Orders Takeover Of Donald Duke’s Ikoyi Property Over N537.3m Debt

The Federal High Court in Lagos has ordered the takeover an Ikoyi, Lagos property owned by former Governor of Cross River State, Donald Duke, over an alleged debt of N537,334,360.77. The court made the takeover order in an August 8, 2019 ruling by Justice Chuka Obiozor, ordering the Asset Management Corporation of Nigeria, AMCON and the United Bank for Africa, UBA to take possession. The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA. Listed as first to third defendants were Stonehedge Investment Limited, Mr Donald Duke and Mrs Owanari Bob-Manuel Duke, respectively. The applicants had prayed the court for “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoy...
No One Paid Tithe So I Stole A Car To Pay My Debt – Pastor Jeremiah Ehindero
Crime

No One Paid Tithe So I Stole A Car To Pay My Debt – Pastor Jeremiah Ehindero

Fleeing Pastor Jeremiah Ehindero, the G.O of Jesu Miracle Church, Sango-Ota, Ogun State, has been arrested by the Federal Special Anti-robbery Squad, for allegedly stealing a Toyota High Lander valued N1.2 million from a car dealer. He was alleged to have sold the Sports Utility Vehicle, SUV, in Ore, Ondo State, for N600,000 and escaped. Other suspects arrested with him over their involvement in the alleged crime included Lateef Oyetunde who allegedly purchased the stolen SUV from the pastor; Jamiu Abiodun, 35 and Lukman Moyoyesa, both of who allegedly introduced the buyer to the pastor. According to the police, trouble started for the pastor when he went to the car sales outlet belonging to one Jamiu to introduced himself as a pastor and that he needed a Toyota Highlander to ...
Bobrisky reacts to getting ‘arrested’ over N665k debt
Lifestyle

Bobrisky reacts to getting ‘arrested’ over N665k debt

Celebrated Lagos socialite and Cross-dresser, Okuneye Idris, popularly known as Bobrisky has reacted to reports of getting ‘arrested’ today, over a N665k debt he owed a boutique. Bobrisky was reportedly ‘arrested’, over an alleged breach of endorsement agreement between him and the management of the bouqitue. However, after he signed an undertaking to pay N300k today and balance up later, he was granted bail at the police station. Bobrisky in his reaction to the arrest report via Instagram, alleged that the lady behind his ‘arrest’ was pained that he dropped her contract. He added that she thought the ‘almighty Bobrisky’ will be detained by the police. “?????? haters she is pained I drop her contract. She carry me go police thinking they will detain almighty Bobrisky . I’m not int...
Ubi Franklin’s Soon-To-Be Baby Mama Reveals MC Galaxy Paid Her His N4m Debt
News

Ubi Franklin’s Soon-To-Be Baby Mama Reveals MC Galaxy Paid Her His N4m Debt

Triple MG boss, Ubi Franklin’s soon-to-be 4th baby mama, Sandra Iheuwa, has revealed how she got paid her N4million debt. According to the expectant mother who announced today that she’s finally been paid her money, MC Galaxy paid Ubi Franklin's debt for him. This is coming after MC Galaxy gave Ubi N3miilion in appreciation for what he did for him in the past. See Sandra's post saying MC Galaxy paid her here;
FAAN shuts Gombe, Kebbi airports over debt
News

FAAN shuts Gombe, Kebbi airports over debt

The Federal Airports Authority of Nigeria (FAAN) has closed down the Gombe and Kebbi airports respectively as a result of over N800 million debts. The shutdown took effect May1, 2019. FAAN Wednesday in a Notice to Air Men NOTAM sent to the airports announced the withdrawal of men of the safety and fire rescue and aviation security personnel attached to the two airports. FAAN two weeks ago warned that its services will be withdrawn should the two state governments failed to clear their debts. The Nation investigations revealed that FAAN gave the state governments enough time to settle their debts but remained adamant. It was gathered that the debt drive which are in phases will be shifted to other airports after that of Gombe and Kebbi. FAAN it was learnt wanted to carry o...
Finance Minister okays IMF advice on subsidy removal
News

Finance Minister okays IMF advice on subsidy removal

Finance Minister, Mrs. Zainab Ahmed, on Thursday, described the International Monetary Fund’s (IMF’s) advice to the Federal Government on the need to remove fuel subsidy as a good advice. Speaking at the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington D.C, she said: ” The advice from the IMF on fuel subsidy removal was good one but also we have to implement it in a manner that is both successful and sustainable. “We are not in a situation to wake up one day and just remove subsidy. We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be. So,  we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go, it has to be graduated and the public has to be well-in...
Fuel Subsidy To Be Removed- PMB Gov. Hints
News

Fuel Subsidy To Be Removed- PMB Gov. Hints

The Minister of Finance, Mrs. Zainab Ahmed, has said the Federal Government will look into gradual removal of fuel subsidy as part of strategies to boost revenue. Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings taking place in Washington DC, United States of America. Ahmed made the disclosure while reacting to the IMF’s advice to Nigeria and other countries, who still subsidise fossil fuel to stop doing so. “It’s a good advice, but we have to implement it in a way that will be successful as well as sustainable. “We are not in the position to wake up one night and just remove subsidy. We have to educate the people; we have to show the Nigerian citizens what the replacement for this subsidy will be. “So, we have a lot of work to do because subsidy ...
IMF advises Nigeria to remove fuel subsidies
News

IMF advises Nigeria to remove fuel subsidies

The International Monetary Fund (IMF) on Thursday advised Nigeria to remove fossil fuel subsidy and deploy savings from the scheme to fix social infrastructure. IMF Managing Director, Christine Lagarde gave the advice during the opening ceremony at the ongoing World Bank/IMF Spring Meetings in Washington DC. She urged Nigeria to establish Social protection Safety Net to help government meet the needs of people at the lower cadre of the society, saying about $5.2 trillion has so far been sent on fuel subsidies and the consequences thereof. She said: “I will give you the general principle. For various reasons and as a general principle, we believe that removing fossil fuel subsidies is the right way to go. “And the Fiscal Affairs department has actually identified, how much would have be...
Lil Wayne pays off $14 million tax debt
Celebs

Lil Wayne pays off $14 million tax debt

Legendary rapper, Lil Wayne, has reportedly paid off a massive $14 Million Tax Debt, according to court records obtained by The Blast. Lil Wayne recently coughed up $14 million to settle his tax debt. The IRS filed releases of two separate federal tax liens against Wayne. In February 2011, Wayne paid off a $1.13 million tax lien and later on the year he was hit with another lien, this time for $5.6 million. By 2012, the rapper paid $7 million to the IRS to get them off of his back, but in 2016, it was reported that he owed them $900,000. Back in 2017, the liens accused Wayne of failing to pay $7,341,399.07 in 2011 and $6,853,545.77 in 2012 for a grand total of $14,194,944.84. It’s understood the rapper must have cleared off the massive debt from the settlement money he received...
Senate laments lopsided payment for contracts
News

Senate laments lopsided payment for contracts

The Senate Committee on Local and Foreign Debts has frowned at what it described as lopsided payment to local contractors. Chairman of the committee, Sen. Shehu Sani, made the remark when the Ministry of Finance and Debt Management Office appeared before the committee for their budget defence. Sani expressed concern that the debt repayment to a contractor from a particular region of the economy was more than all others put together. He further noted that there were complaints that some local contractors who executed projects recently were allegedly being considered for payment, while some who were owed for about 10 years, were not considered. He requested for explanation from the Ministry of Finance on the criteria used in carrying out such payments. “Budget defence is an in...

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