Didier Drogba paid $74 million for 5% stake in Ivory Coast Gold Mine

Ivorian soccer legend and former striker for London’s Chelsea, Didier Drogba, has bought a five per cent stake in the country’s largest gold mining company, say local press reports.

According to the media reports carried on Friday, Drogba reportedly paid $74 million to acquire part of the state’s holding in the company.

This sale is part of the government’s plan to offload 10 per cent of its stake to private investors. The Ivorian government had encouraged the football star to purchase the shares.

President Alassane Ouattara congratulated the star for purchasing the stake, which is up to half of the shares set aside for local private investors.

We’re Still Waiting for Response on Economy, House C’ttee Reminds Okonjo-Iweala

The House of Representatives Committee on Finance has responded to a report by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, that she needed more time to answer the 50 questions handed to her by the committee on December 19 on the state of the economy.

Last week, Okonjo-Iweala likened the 50 questions on the state of the economy posed to her by the committee as an examination.

The committee chairman, Abdul-Mumini Jibrin (APC  Kano), who described the statement of the minister as a vindication of the decision it took last year when it gave her two weeks to answer the questions posed to her, noted that "the minister appears to be taking the memories of Nigerians for granted.

Enterprise Bank Sacks 150 Staff

Enterprise Bank Ltd., one of the nationalised banks, has retrenched about 150 workers.

Checks by the News Agency of Nigeria on Monday showed that the affected workers were part of the 250 staff nationwide pencilled down for rationalisation.

Sources close to the bank told NAN that the sack caught across all units of the bank.

At some of the branches on the Lagos Island, workers who confirmed the rationalisation, said that fear and apprehension had enveloped workers in most of the branches.

He said that the bulk of them were living in fear as the management could call on anybody to resign.

Efforts by NAN to confirm the reasons for the retrenchment from the banks’ management proved abortive.

Nigerian Community in Zimbabwe Asked The Government Not To Kick Them Out

Simon Udemba, president of the Nigerian Community in Zimbabwe, has urged the government to reconsider its ban on foreign businesspeople in some sectors.

"I would like to plead with the Zimbabwean government and people to be considerate in effecting this exercise," Udemba told AFP.

"As an African and resident of Zimbabwe I am particularly concerned if the approach will be economically beneficial for the country."

He said Nigerians in Zimbabwe are contributing to the development of the country and that they should not be forced out of business.

"I believe Nigerians are providing necessary services. Nigerians have been here with Zimbabweans through all these years of isolation by the West, they never deserted Zimbabwe," he said.

₦20.6 Trillion Fraudulently Transferred out of Nigeria in 10 Years – EFCC

The Economic and Financial Crimes Commission (EFCC) Tuesday said about $129 billion (N20.6 trillion) was fraudulently transferred out of Nigeria in the last 10 years through various sources.

The commission, quoting Global Financial Integrity, based in Washington D.C., cited some of the sources to include tax avoidance, corruption, tax evasions, illegal mining activities, drugs and human trafficking.

In 2012 however, the commission collaborated with the Nigeria Customs Service (NCS) to address illicit financial flows out of the country and recovered about $13 million suspected to be proceeds of criminal activities.

Nigerian Traders and Shop Owners To Be Chased Out Of Zimbabwe Come Jan 1 2014

This is obviously not the best of times for Nigerian retailers and shop owners plying their trade in African countries.

Last year, Nigerian retailers and petty traders were asked to close shop in Ghana because petty trading by Ghanaian law is reserved for Ghanaians.

Well, this time around the government of Zimbabwe is set to arrest Nigerian and Chinese retailers unless they close shop by the end of the year.

According to a report by newzimbabwe.com, the Permanent secretary for Zimbabwe’s empowerment ministry, George Magosvongwe, told a Parliamentary committee that the government would enforce regulations which reserve certain sectors of the economy to Zimbabweans on January 1, 2014.

Raymond Dokpesi’s Ray Power & AIT Slammed with ₦10 Billion Suit

Copyright Society of Nigeria (COSON), Nigeria’s government approved collective management organization for musical works and sound recordings has filed a Ten Billion naira copyright infringement action against DAAR Communications Plc, Nigeria’s biggest privately owned broadcast network which operates stations such as Ray Power FM, Faaji FM and Africa Independent Television (AIT) scattered all over Nigeria. The suit No. FHC/L/CS/1392/13 filed on October 7, 2013 on behalf of COSON at the Federal High Court, Lagos by crack Intellectual Property lawyer, Mr. Justin Ige, is the biggest known copyright infringement action ever in the African continent.

In the action, COSON is asking for the sum of N724, 500, 000. 00 (Seven Hundred and Twenty Four Million, Five Hundred Thousand Naira) being amount due as royalties or license fees.

Tallest Hotel in West Africa Unveiled by Gov Fashola in Lagos [PHOTOS]

Governor Babatunde Fashola of Lagos today unveiled the tallest hotel in West Africa, Intercontinental Lagos, built at a cost of ₦30 billion.

The hotel located at Kofo Abayomi Street, Victoria Island, Lagos, Nigeria is a 23-storey building containing 358 rooms and 37 suites and a Presidential suite.

The Intercontinental Lagos, a subsidiary of the Intercontinental Hotel Group, IHG, is owned by the Milan Group.

Unveiling the 5-star hotel, Fashola said the edifice would surely boost the hospitality and tourism industry in the state, while urging other entrepreneurs to look inward and invest their money in hotels and public utilities such as roads.

MORE PICS ON THE FLIP

FG Orders Private Jet Owners to Pay $4,000 Luxury Tax

The Federal Government has imposed a luxury tax on private jet owners and operators in the country.

As a result, the Nigeria Civil Aviation Authority has directed the owners and operators of private jets to pay the sum of $4,000 for every flight departure within the country.

According to a memo to all private jet operators, the NCAA ordered that Nigerian-registered private jets would henceforth pay the sum of $3,000 for every departure, while foreign registered private jets would pay $4,000 per departure.

Reps summon Mainstreet Bank MD over sack of 670 workers

Sunnews: Miffed by the failure of the Managing Director and Chief Executive Officer of the Mainstreet Bank, Mrs. Faith Tuedor-Matthews, to honour the invitation of the House of Representatives Committee on Banking and Currency, the members of the committee yesterday resolved to issue a bench warrant to arrest her if she fails to appear on October 2.

The committee, currently holding a public hearing had invited Mrs. Tuedor-Matthews to appear before it and answer to a petition against the bank for refusing to pay terminal benefits to some staff of the establishment whose appointments were terminated last year.

Rather than appear in person, the MD delegated the Executive Director in charge of Operations, Mr. Anogwi Anyanwu, to stand in for her and on behalf of the company.

Chairman of the committee, Jones Onyereri, who did not hide his anger over the development, insisted that the committee would not accept anybody else to speak for the bank apart from the MD.

Nigerian Government Orders 53 Real Gold iphones for 53rd Anniversary

A Dubai based businessman, Amjad Ali has been contracted by Nigerian government to supply 53 real gold iPhones to mark the country’s 53rd independence.

The Bristol-born Amjad supplies royal families, governments, and minted customers across Russia, China and the Middle East with gold-plated devices that cost up to £50,000. Meanwhile, basic models in gold or rose gold cost from £3,000.

According to Ali, he is currently working on an order from the Nigerian government for 53 gold iPhones to mark the country’s 53rd year of independence from Britain next month.

“We will engrave them with the coat of arms, a shield and two horses,” he said.

Commenting on how his team at Gold and Co. handles customers order, Ali said “we strip the units down and then plate them in copper, nickel and then pure gold. We have limited units per region and each is numbered and placed in a handmade wooden box with a certificate of authenticity and wax seal,” he told the Independent UK.

Africa's richest man, Dangote plans Nigeria's largest oil refinery

A company run by Africa's richest man received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country's reliance on international markets.

Aliko Dangote, president of Dangote Group, signed a loan worth $3.3 billion from 12 Nigerian and international banks toward the project which will be built in Nigeria's southwest.

"At the completion of these projects we expect Nigeria to become not only self-sufficient in fertilizer and refined petroleum products but indeed to become recognized as a leading exporter of these products," Dangote said at Wednesday's signing.

AMCON Offers Femi Otedola’s Aircraft for Sale

Thisday: Indications have emerged that the Asset Management Corporation of the Nigeria (AMCON) has offered the private aircraft it took over from the Chairman of Forte Oil Plc, Mr. Femi Otedola, for sale.

The aircraft, a Bombardier Challenger 605, was put up for sale following Otedola’s transfer of his assets to AMCON as settlement of his indebtedness to AMCON.

Following the assumption of Otedola debts from the banks, AMCON went into negotiations with the Forte Oil chairman in a debt payment deal that involved the transfer of his assets, including the aircraft, as full and final payment for the debts.

Investigations revealed that the price tag placed on the aircraft by AMCON is between $45 to $50 million.

The aircraft was flown in June this year and parked at the local wing of the Murtala Muhammed Airport in Ikeja.

Author Jane Austen to be face of the Bank of England £10 note

Do you remember the novel ‘Pride and Prejudice’? Well, the the Bank of England has announced that the author, Jane Austen will become the new face of the £10 note starting from 2017. Jane would replace Charles Darwin, who has featured on the £10 note since 2000.

This gesture is in response to critics who say there are not enough women represented on banknotes.

Just wondering when the likes of Flora Nwapa, Buchi Emecheta, Adaora Lily Ulasi, Molara Ogundipe, and others would appear on our currency.

Former Zambian President asked for $1m for 2011 presidential campaign – Nigerian Witness

A Nigerian state witness has testified that former President Rupiah Banda asked for US$1 million (K5.4 billion) from his company for the 2011 presidential campaign.
SARB managing director Akpan Ekpene yesterday told the court that Mr Banda asked his fugitive son Henry to handle the money.
Mr Ekpene was testifying in a matter in which the former President, 75, of house number 3 plot 2759 off Leopards Hill Road in Lusaka is charged with one count of abuse of authority of office.
Mr Ekpene told the court that he informed Banda that he would “do his best” to find the money as Zambia sought to purchase oil from Nigeria.
Banda is alleged to have procured a US$2.5 million Nigerian government-to-government oil contract in the name of the republic of Zambia “which he in fact meant to benefit himself and his family”.
Mr Ekpene testified that in an earlier meeting with Banda, he had mentioned that the government-to-government oil transaction would be good for the country and would also support his political party (MMD).

CBN Deputy Gov. Sarah Alade bags Kwame Nkrumah Leadership Award

The West Africa Students Union (WASU) has conferred the 2012/2013 Kwame Nkrumah Leadership Award on the Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN), Dr. Sarah Alade, OON, in recognition of her immense contribution to Nigeria’s economic growth.

The Kwame Nkrumah Leadership Award, which is conferred on institutions, corporate concerns and eminent persons of West African origin, who have distinguished themselves in their chosen endeavour, was presented to Dr. (Mrs.) Alade on Thursday, July 11, 2013, at the Headquarters of the Central Bank of Nigeria.

According to the Secretary General of WASU, Comrade Bamikole Oladele Babs, who led the

Francis Atuche, his wife and former CFO of defunct Bank PHB must answer ₦25bn theft charge – EFCC

Economic and Financial Crimes Commission on Wednesday insisted at a Lagos High Court, Ikeja, that the former Managing Director of the defunct Bank PHB Plc, Mr. Francis Atuche, had a case to answer over the ₦25.7bn theft charges it instituted against him and others.

The anti-graft agency had charged Atuche, his wife, Elizabeth; and the former Chief Financial Officer of the bank, Mr. Ugo Anyanwu, with 27 counts of stealing the bank’s ₦25.7bn while he (Atuche) was the MD of the bank.

Opposing the accused persons’ “no-case submission” on Wednesday, EFCC’s counsel, Mr. Kemi Pinheiro (SAN), said with the witnesses the agency had called to testify in the case, sufficient evidence had been adduced to prove their guilt.

He said evidence before the court was “potent, cogent and very forensic linking the defendants to the alleged crime”

VIDEO: I don't want to go back to Kenya, I just want my money back – Anthony Chinedu opens up on his deportation

There seems to be no end to Nigerian businessman Anthony Chinedu's saga with the Kenyan Government – the seven Kenyan officials and five-airline crew of a private jet hired to deport Chinedu and others are still be held in Nigeria.

In a recent interview conducted by Larry Madowo of NTV Kenya, Chinedu claimed he was far from being a drug dealer as alleged by the Kenyan Government, that the criminal charges against him were fabricated lies by his estranged wife, Joyce Akinyi.

When asked if he would like to return to Kenya, the businessman who speaks fluent Swahili said “i dont want to go back to Kenya, i just want my money back”

Meanwhile, KandF learnt that in a recent report, Chinedu was quoted saying “We are doing Kenya a favour by marrying their women. I have never heard of a Kenyan man marrying a Nigerian. Without Nigeria’s patronage, Kenyan Airways would fold up”

Check out the exciting interview!

Africa's Youngest Billionaire to Invest in Cross River

Given the conducive business environment put in place by the Cross River State Government, Africa's youngest billionaire, Ashish J. Thakkar has made known his intention to invest in Calabar.

Thakkar, who is president, Mara Group stated this while delivering a key note address at the 2013 edition of the Africa CEO Roundtable and Conference on Corporate Sustainability and Responsibility (AR-CSR) at Tinapa Business and Leisure Resort, Calabar.

According to the Ugandan, the decision to establish his presence in Calabar was based on what he has seen and heard of Cross River, which remains a veritable place to invest.

He explained that his investment in the state will be part of his effort to encourage young entrepreneurs to improve their capacity.

Ladies Protest Discrimination against Pregnant Employees

Young women wore fake pregnant belly prosthetics and staged a protest in front of the office of a well-known group purchasing website in Beijing on June 18, 2013, to support the rights of a pregnant employee who was recently fired by the company.

The women distributed letters in front of the offices of Meituan.com, appealing to pregnant employees to stand up for their own rights in response to the firing of Meituan employee Bao Yating.

Bao began working at Meituan.com in May 2011. In March this year, she became pregnant and informed her boss. When she was asked to work overtime, she applied to the company for permission not to work overtime in consideration of her pregnancy, but the company refused. She went to the media in the hopes of drawing the company’s attention to her problem. Instead, the company fired her without compensation.