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Nigeria has been dragged to the international court by Switzerland over the detention of a tanker vessel for over a year and four months. The ship, crew and cargo have been under detention off Port Harcourt. In a statement, the Swiss Foreign Ministry disclosed that it had since May 21 requested the International Tribunal in charge of the Law of the Sea to order Nigeria to release the tanker vessel, its crew and cargo. The tanker vessel was arrested for entering Nigerian waters illegally and trafficking on diesel. However, the captain of the ship had denied the allegations, saying he had all papers covering him and the transactions. Some cre members, except four Ukrainians, had already been allowed to leave the ship which has the capacity for 5,500 tonnes of cargo. The Swiss Foreign Ministry said the ship and the cargo had been losing their value, " causing increasing damage to the companies involved ." Source: Punch Newspaper

Oando Plc's share price had dropped by 9.52 per cent on Monday, after the Securities and Exchange Commission ordered the resignation of the company's Group Chief Executive Officer and other affected board members. SEC also made an announcement on Sunday night that it had set up an interim management team, headed by a former Managing Director of Shell Petroleum Development Company, Mr. Mutiu Sunmonu, to oversee the affairs of Oando. It said the term would conduct an extraordinary general meeting on or before July 1, 2019 to appoint new directors to the board of Oando who would subsequently select a management team for the company. The company's staff members were forced to stay away from work on Monday as policemen stormed the Head Office of the company in the morning. The Oil firm emerged the fourth biggest loser at the close of trading on the floor of the Nigerian Stock Exchange as it share price fell by N0.40 to N3.80. SEC announced on Friday, the conclusion ...

Dubai-based tycoon Sheikh Khaled Bin Zayed Al Nahyan has revealed his plans to complete a takeover at Newcastle after agreeing terms with Mike Ashley The Abu Dhabi Billionaire and Cousin of Manchester City owner, Sheik Mansour and a member of the Abu Dhabi royal family, insists he has "agreed terms" and is now attempting to "complete the transaction at the earliest opportunity". A statement released by the Bin Zayed Group, of which Sheikh Khaled is chairman, said " We can confirm that representatives of His Highness Sheikh Khaled Bin Zayed All Nahyan are in discussions with Mike Ashley and his team, about the proposed acquisition of Newcastle United Football Club. " We view it as an honour to have the opportunity to build on the strong support history and tradition of the club. We have agreed terms and are working hard to complete the transaction at the earliest opportunity " Although, Newcastle has not officially comment as at Monday, but s...