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China launched an investigation into FedEx Corp on Friday  investigation into FedEx Corp over misdirected mail should not be regarded as retaliation against the U.S. company, state news agency Xinhua said on Sunday.  The inquiry was aimed at sending a message that any economic entity in China should abide by the country’s laws and regulations, it said in a commentary. “China is willing to share the opportunities in its courier market with foreign investors. Undermining Chinese clients’ legitimate rights and interests, however, is not acceptable,” Xinhua said. The move came after Huawei Technologies Co Ltd complained that the U.S. company had diverted parcels destined for the Chinese tech giant’s addresses in Asia to the United States. FedEx said the packages were “misrouted in error”. The investigation has fueled concerns that more U.S. companies with operations in China could be caught up in frictions between the two countries, after Washington put Huawei on a blackl...

Three banks failed to meet the 30 percent liquidity ratio requirement of the Central Bank of Nigeria, CBN, even as investigations revealed prevalence of major foreign exchange malpractices in the banking industry. The CBN disclosed this in its 2018 half year, H1’18, economic review released yesterday which indicated slight improvements in the banks’ financial health  buoyed by    sustained recovery in macroeconomic conditions, as reflected by the 1.9 percent and 1.5 percent Gross Domestic Product, GDP, growth rates recorded in the first quarter (Q1’18) and second quarter (Q2’18) of the year respectively. The CBN noted that while in the overall, the banking industry recorded improvement in capital adequacy ratio, liquidity ratio and asset quality (non-performing loans ratio), three banks, however, failed to meet the 30 percent minimum liquidity ratio requirement of the apex bank. It did not mention the names of the affected banks.

The Nigerian Stock Exchange, NSE, yesterday suspended trading on the shares of six listed companies for failure to file their relevant financial accounts to the Exchange within the stipulated time. The companies are Unity Bank Plc, Fortis Microfinance Bank Plc, Golden Guinea Breweries Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Integrated Foods Plc and Deap Capital Management & Trust Plc.  A circular to the dealing members signed by Godstime Iwenekhai, Head, Listings Regulation Department, NSE, said that the suspension became necessary following the failure by the companies to comply with the second filing deficiency notification issued them at the expiration of the ‘cure period’. Iwenekhai explained that the suspension, which became effective yesterday, will only be lifted upon submission of the relevant accounts by the companies. Read more at: https://www.vanguardngr.com/2018/11/nse-suspends-trading-in-shares-of-6-listed-firms/

NSUKKA—THE ongoing clearing of large hectares of land at Ogbagu Agbani community in Nsukka Local Government Area, Enugu State for an alleged housing estate in the area is raising dust as indigenes of the community in a peaceful protest told the state government to pay compensation for food crops and economic trees worth over N50 million which were  allegedly destroyed at the site of the proposed housing estate. Read more at: https://www.vanguardngr.com/2018/11/enugu-community-demands-n50m-compensation-from-govt-over-land. The indigenes, wailing while bearing placards protesting the destruction of their cash crops, yam  farms, yellow peppers, fruited pumpkins, coco- yam farms, vegetables and economic trees in the course of clearing the large hectares of land at Ogbagu Agbani community, said that the state government did not give them notice to remove the crops before embarking on clearing the site for the housing estate in the area. Some of the placards read: ‘’Our youths n...

Lagos – The Director- General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, said the Minister of Transportation, Mr Rotimi Amaechi, has initiated plans to create a national policy on Blue Economy. Peterside said this in Lagos on Thursday during an enlightenment workshop organised for directors of Nigerian Shippers’ Council (NSC). According to him, the national policy on Blue Economy would address issues bordering on aquatics, marine space and all aspects of the nation’s economy as it affects the seas and oceans. Peterside said that Africa remained underdeveloped in spite of the numerous geographical advantages as well as other natural resources in the region. He said that the continent’s inability to unlock the inherent potential in the seas and oceans stifled its economic growth over the years. Peterside said: “There is a relationship between the seas and oceans and wealth creation. “The problem with Africa is that it still relies on natural resou...

Nigeria will take $1 billion from a special account for oil-revenue savings to boost its war against Boko Haram Islamist militants in the country’s northeast. Governors of the country’s 36 states met with the federal government as the National Economic Council to deliberate on the expenditure, according to Godwin Obaseki, governor of southern Edo state. “The governors have given permission to the federal government to spend the sum of $1 billion in the fight against the insurgency,” he told reporters in Abuja after the meeting on Thursday. That will leave $1.32 billion remaining in the excess crude account, where oil income above budgeted estimates are saved, according to figures provided by the government. Boko Haram militants, who are opposed to Western education and seek to impose their version of Islamic law in Nigeria, are in the eighth year of their insurgency that has left at least 20,000 people dead, according to the government. President Muhammadu Buhari won elect...

Muslims nations grouped under Organisation of Islamic Cooperation(OIC) have declared East Jerusalem as the capital of the State of Palestine, while at the same time stripping America’s leader Donald Trump the role of a peacemaker in the region.  In a draft declaration prepared for the summit of the Muslim leaders in Istanbul, Turkey on Wednesday, the leaders said they considered Washington’s decision to recognise Jerusalem as the capital of Israel as a sign of U.S. withdrawal from its role as a sponsor of Middle East peace. The draft statement said leaders, ministers and officials from more than 50 Muslim countries “declare East Jerusalem as the capital of the State of Palestine, and invite all countries to recognize the State of Palestine and East Jerusalem as its occupied capital.” A copy of the draft declaration, tweeted by Turkey’s Foreign Minister Mevlut Cavusoglu, said the meeting rejected and condemned the U.S. move “in the strongest terms”. It described the U.S. decision ...

LAGOS — The Federal Government, yesterday, paid N421 million to the Ikoyi whistle blower, who provided information leading to the discovery of $43.5 million, £27,800 and N23.2 million at No. 16 Osborne Road, Ikoyi, Lagos. Vanguard exclusively gathered that the money was paid to the beneficiary by officials of the Ministry of Finance after which he left Nigeria for an undisclosed country It was further learned that the eventual recipient of the reward money was the person who had earlier been taken to Yaba Psychiatric Hospital, Lagos, by the Economic and Financial Crimes Commission, EFCC, on the suspicion that he could be mad. However, what government paid in line with the Whistle-blower Policy which recommended 2-5 per cent of any amount recovered for a whistle blower, was not the total amount due the Ikoyi whistle-blower. When the next tranche would be paid could not be confirmed by Vanguard. My client’s been paid — Lawyer The whistle-blower’s lawyer, Mr. Yakubu Galadima, had in Nov...

PRESIDENT-General of apex Igbo Socio-cultural organisation, Ohanaeze Ndigbo, Chief John Nnia, has vowed to sabotage any attempt to levy war on Igboland in the name of agitation for Biafra. Chief Nwodo made the vow, yesterday, while addressing Ndigbo in Lagos at the practice pitch of the National Stadium. Nnia Nwodo, President-General of Ohanaeze Recalling how he lost his best friend at the war front during the Nigeria-Biafra war, how more than two million Igbo lost their lives and how many dreams were aborted, Nwodo said as a leader he would not fold his arms and watch his people suffer such destruction again. Nwodo said he is not against the agitation for Biafra self determination and cries of the Indigenous People of Biafra, IPOB because the Igbo are truly marginalised and oppressed in Nigeria.  Recalling how he lost his best friend at the war front during the Nigeria-Biafra war, how more than two million Igbo lost their lives and how many dreams were aborted, Nwodo said as a le...