The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could undermine confidence in the Nigerian economy. Mr. Segun Ajayi-Kadir, the Director-General of MAN, made this statement on Tuesday in Lagos. His remarks came following the successful rescue of the Managing Director of Fouani Group, Mohamed Fouani, and four others by the Lagos State Police Command. Ajayi-Kadir emphasized that the issue of insecurity poses a significant threat to the business community and the overall economic development of Nigeria. He praised the security agencies for the safe release of Mr. Fouani, noting that their efforts were…
Author: Temitope Nlewemchi
President Biden of the United States (U.S.) has unveiled a major immigration initiative designed to offer legal status and a streamlined pathway to U.S. residency and citizenship for approximately half a million illegal immigrants married to American citizens. President Biden stated that these measures would take effect “later this summer.” This new policy will allow eligible immigrant spouses and children of U.S. citizens, who have resided in the country for at least a decade, to apply for lawful permanent residence without the current requirement of leaving the U.S. first—a process that could previously separate families for years. Previously, marrying a U.S. citizen…
The Federal Government has expressed concern over the impact of lower crude oil production volumes on its revenues, which is jeopardizing its ability to achieve the N19 trillion revenue projection in the 2024 budget. This was outlined in the Accelerated Stabilisation and Advancement Plan (ASAP), developed by the federal government’s Economic Management Team (EMT) Emergency Taskforce (EET), and presented by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. According to Minister Edun, the federal government’s retained revenue for January and February 2024 was approximately 60.0 percent of the budget, mainly due to lower crude oil production…
Investors showed strong interest in the one-year Open Market Operations (OMO) bills auction held on Wednesday, with yields climbing to an attractive 28.55 percent. The auction for the 357-day OMO bills was oversubscribed by N487.95 billion, which was more than three times the N150 billion offered. This auction marked the first OMO bill sale following the Monetary Policy Committee’s decision to increase interest rates by 150 basis points to 26.25 percent, resulting in real returns narrowing to a negative 2.3 percent. Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) had earlier outlined strategies to combat Nigeria’s high inflation…
Households in Nigeria are finally experiencing some relief as the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has dropped to N900 per kilogram (kg). This reduction marks a significant decrease from the previous price of N1,500 per kg, which had placed a heavy burden on many families’ budgets. Oladapo Olatunbosun, the president of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), highlighted the impact of the federal government’s decision to suspend LPG exports, which was announced on February 22, 2024, aimed at stabilizing the cost of cooking gas. During a meeting with Ekperikpe Ekpo, the…
Livestock Feeds Plc, a prominent manufacturer of animal feeds in Nigeria, has reported a remarkable surge in earnings, with its after-tax profit soaring by 774.4 percent in just one year, according to its latest financial statement. The company’s financial report reveals that its after-tax profit jumped to N181 million in the first quarter of this year from N20.7 million in the same period of 2023. A deeper analysis of the statement shows that Livestock Feeds recorded a significant increase in revenue from contracts with customers, climbing to N7.14 billion from N4.8 billion. This increase was primarily driven by robust sales…
Global energy investment this year is on track to exceed $3 trillion, with around $2 trillion directed towards “clean energy” financing, according to the International Energy Agency (IEA). This amount is double the investment being made in fossil fuels. The IEA defines clean energy to include renewables, electric vehicles, nuclear power, electricity grids, storage, heat pumps, and efficiency improvements. It also encompasses “low-emissions fuels” such as bioenergy, low-emissions hydrogen, and carbon capture, use, and storage (CCUS) associated with fossil fuels. The remainder of the energy investment, just over $1 trillion, is allocated to coal, gas, and oil. For the first…
It has been a week of red eyes. Everybody’s eyes are red in Nigeria at the moment. While the eyes of workers are red as a result of hunger and suffering, driving the agitation for an increased minimum wage, the Federal Government’s eyeballs are like red charcoal. The dingdong between the Organised Labour and the FG, which started as an ordinary push, entered into shove on Monday. Nothing has been settled, except that Abuja cried out, begging for two days to make use of its calculator in order to be well advised. Labour is anxiously waiting on the wings of…
The International Air Transport Association (IATA) has revealed that passenger demand has been on a consistent upward trajectory for 36 consecutive months. The IATA Passenger Survey highlights that 88% of respondents believe that “air travel makes my life better.” Willie Walsh, IATA’s Director General, commented on this positive sentiment: “As our members prepare for the IATA Annual General Meeting and World Air Transport Summit in Dubai next week, this strong endorsement of air connectivity’s ability to enhance lives and economies is significant. However, it underscores the critical need to achieve net-zero carbon emissions by 2050, ensuring that the benefits of…
Renowned Nigerian chess prodigy Tunde Onakoya is gearing up for an epic showdown against Deborah Quickpen in what is being dubbed as a ‘mother of chess battle’ scheduled for Tuesday, June 11, 2024. The much-anticipated chess match aims to advocate for education and unearth the latent potential of numerous children across Nigeria. Onakoya, holder of the Guinness World Record for the longest marathon chess game, in anticipation of the formidable challenge posed by 12-year-old women’s candidate master Deborah Quickpen, described the upcoming three-hour chess duel as his ‘hardest match yet.’ In a statement posted on his official X account on…
The presidency has refuted claims regarding documents suggesting ongoing N5.4 trillion fuel subsidy expenditures, emphasizing that the costly venture ceased on the day President Bola Tinubu declared its end. Bayo Onanuga, the special adviser to the president on Information and Strategy, clarified in a Thursday post on his X account that the viral documents were not approved by the federal government but were rather policy proposals under review. One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” and the other, a 65-page draft document labeled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing…
The Nigerian naira maintained its stability on Thursday, exchanging at N1,495 against the dollar on the parallel market, also known as the black market. This steady rate represents a marginal change of 0.33 percent compared to the previous day’s exchange rate of N1,490. The data, sourced from online trading platforms and street traders, indicates a consistent performance in the currency market. Meanwhile, at Broad Street Lagos, the dollar was observed selling at N1,475. This attracted a considerable crowd around some banks, reflecting the ongoing demand for the greenback. Despite an increase of 1.45 percent in foreign currency reserves within a…
The Maritime Workers Union of Nigeria (MWUN) announced it will join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on Monday, June 3rd. The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. Kennedy Ikemefuna, spokesman for MWUN, stated on Saturday that the strike would affect port operations nationwide. “The Maritime Workers Union of Nigeria has directed its members in all ports, jetties, terminals, oil and gas platforms to ensure total compliance with the strike as directed by the NLC and TUC,” Ikemefuna…
Nigeria’s oldest financial institution, First Bank, recently appointed a risk expert as Chief Executive Officer, highlighting its increased focus on controls. This comes after a staff member reportedly embezzled a staggering forty-four billion Naira over a two-year period. The immediate past Chief Executive Officer, Adesola Adeduntan, suddenly resigned in April with a brief letter sent from Washington during the annual World Bank/IMF meetings. “I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” said Adeduntan, who joined the bank in 2014. First Bank has not explained the circumstances of Adeduntan’s departure. However,…
Flight delays and cancellations are expected on Monday, June 3rd, as aviation workers join the indefinite strike action declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). The strike is in response to the Federal Government’s refusal to raise the proposed minimum wage from N60,000. In a letter from the Association of Nigeria Aviation Professionals (ANAP), signed by Secretary General Abudul Rasaq Saidu, the association expressed solidarity with the complaints and hardships faced by the working class. “Despite the masses’ outcry, the federal government did not take the necessary steps to pay acceptable wages,” Saidu stated.…
The International Air Transport Association (IATA) disclosed on Sunday that $19 million remains uncleared in Nigeria due to the Central Bank’s ongoing verification of outstanding forward claims filed by commercial banks. According to IATA, in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly impacting airline operations and finances in the country. The organization stated that airlines faced difficulties repatriating revenues in US dollars, which led some carriers to reduce their operations and one to temporarily cease operations in Nigeria, severely affecting the country’s aviation industry. As of April 2024, IATA reported that 98 percent of these funds have…
The Nigeria Union of Railway Workers, an affiliate of the Nigeria Labour Congress (NLC), has announced an indefinite nationwide strike beginning at midnight on Monday, June 3rd, 2024. This decision follows what the union describes as the Federal Government’s ‘insensitivity’ to two critical issues: the failure to agree on a new national minimum wage as directed by organized labour, and the government’s refusal to revert electricity tariffs to N66 per kilowatt-hour (kWh), along with its implementation of a banded electricity system. The union claimed that the government failed to meet their demands for a new minimum wage by the end…
The Federal Government has labelled the strike action called by the organized labour, set to commence on Monday, June 3rd, as “premature, illegal, and illegitimate.” The government asserts that the labour unions have failed to comply with Sections 41 and 42 of the Trade Dispute Act of 2004, which mandates a 15-day notice before embarking on a strike. In a letter addressed to the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), Lateef Fagbemi, the Minister of Justice and Attorney General of the Federation, emphasized that the strike is “premature” as the Federal Government and…
At the recent Lagos Career Fair 2024, Otunba Odeyeyiwa Olayemi, Group Managing Director of Repton Group, outlined the essential elements for achieving career advancement. As the keynote speaker, Olayemi emphasized the importance of passion, focus, diligence, special skills acquisition, strategic positioning, and resilience in today’s competitive job market. Olayemi highlighted that the digital technology explosion has transformed the job market into a global village, dismantling geographical boundaries and intensifying competition. Job-seekers now face millions of competitors worldwide, making it crucial to stand out. “You need to sharpen your employability skills, strategically position yourself, and be resilient to stay ahead of…
Guinness Nigeria Plc has reaffirmed its dedication to women’s empowerment and economic development with the successful conclusion of the Plan W training recap and asset handover ceremony held recently in Ibadan. This event marks a significant milestone in the company’s ongoing mission to foster economic empowerment and social progress among women across Nigeria. Speaking at the ceremony, Adebayo Alli, Managing Director of Guinness Nigeria, highlighted the initiative’s extensive impact. “Since 2019, we have empowered 1,150 women across Nigeria. Our vision is bold, our ambitions are high, and our commitment is unwavering. By the second quarter of 2024, we aim to…