The National Agency for Food and Drug Administration and Control (NAFDAC) says it received safety information from the European Rapid Alert System for dangerous non-food products (RAPEX) that a cosmetic product, Placentyne Hair Lotion, has been banned. This disclosure is contained in a public alert with No. 0033/2022, and titled, ‘European Rapid Alert System for Dangerous Non-Food Products (RAPEX) Banned Cosmetic Product, Placentyne Hair Lotion’, issued by the management of the agency. NAFDAC said. ‘’The product is sold in a 12 ampoules x 10ml cardboard box manufactured by an Italian company, Linea Italiana di Benazzi Anna & SAS with a…
Author: Temitope N.
Bread makers and caterers in Nigeria are set to embark on a two-week strike from July 13, 2022, due to a hike in the prices of baking materials. This was disclosed by the Association of Master Bakers and Caterers of Nigeria (AMBCN) via a communique issued, which was signed by the association’s executives, led by Mansur Umar, its national president, after a meeting of its national executive council in Abuja. According to the statement, the group will embark on the strike if the federal government does not give the necessary attention to their demands. It stated, “Increase in prices of…
First City Monument Bank (FCMB), through EasyAgents, its agency banking network and other channels, has successfully onboarded and empowered one million financially excluded Nigerians, ensuring they have a better and more sustainable future through access to financial services. As part of its financial inclusion programme, the Bank has provided microloans valued at N40 billion to over 300,000 beneficiaries comprising 200,000 women traders across the country who have accessed over US$51.28 million (N28.7 billion) of the total loan sum. Committing to affordable and sustainable financial services for unbanked and underbanked Nigerians, the Managing Director of FCMB, Mrs Yemisi Edun, said: “We are proud of our…
The domestic debt stock of the 36 states in Nigeria, including the federal capital territory rose to N4.84 trillion in the first quarter of 2022, representing an 8.6% increase compared to N4.46 trillion recorded as of the previous quarter. This is according to information released by the Debt Management Office (DMO). On a year-on-year basis, the debt stocks of the states increased by 17.5% compared to N4.12 trillion recorded in the corresponding period of 2021. A further look at the data shows that Lagos, Ogun, and Rivers States led the list of states with the highest domestic debt stock as…
World Bank has said that inflation in Nigeria, which it stated is already one of the highest in the world before the war in Ukraine, is likely to push an additional one million Nigerians into poverty by the end of 2022. This was disclosed by the global financial institution in its latest Nigeria Development Update (NDU) report, titled, “The Continuing Urgency of Business Unusual”, which was released on Tuesday. The report, which was shared with infostride, stated that the additional 1 million is different from the 6 million Nigerians that were already predicted to fall into poverty this year because of the rise in…
Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%. This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS). The consumer price index, which measures the rate of inflation rose by 17.71% year-on-year in May 2022, which is 0.89% points higher than the 16.82% recorded in the previous month (April 2022). On a month-on-month basis, the headline index increased by 1.78% in May 2022, compared to the 1.76% increase recorded in the previous month. Similarly, the urban inflation rate increased to…
The International Monetary Fund (IMF) has stated that improving trade balance is having a limited impact on Foreign Exchange (FX) strains with the exchange rate premiums in the parallel market staying in the 35-40% range since October 2021. This was disclosed in the IMF staff meetings with the Nigerian authorities from June 6-10, 2022, to discuss recent economic and financial developments and the economic outlook for the country. Yesterday, the exchange rate between the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window. However, the black market maintains a wide premium to closed at…
A London high court on Tuesday ruled in favour of JPMorgan Chase & Co. in a $1.7billion suit over its role in the disputed 2011 Malabo oil deal. Nigeria alleges that JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an escrow account controlled by a former Nigerian oil minister, Dan Etete. The court held that there was not sufficient evidence to prove that the Nigerian government was defrauded in the oil deal. In 2017, Nigeria had instituted a legal action against American banking and financial service group, JP Morgan…
The Shell Petroleum Development Company (SPDC) has asked the Federal High Court in Yenagoa to stay proceeding in the N700 billion oil spill compensation suit filed by members of Aghoro I Community in Bayelsa. It made the request on Wednesday while challenging the jurisdiction of the Court to hear the suit. The people of Aghoro community had sued Shell Petroleum Development Company (SPDC) over the May 17, 2018 oil leak from the oil firm’s Trans Ramos Pipeline. At the resumed hearing, SPDC’s Counsel, Mr Michael Amadi informed the court that his client is challenging the jurisdiction of the court to…
Justice Mahmood Namtari of the National Industrial Court, Abuja Division has dismissed a defamation suit filed by Mr Godwin Akpan against Mobil Producing Nigeria. The judge dismissed the suit on Wednesday for lacking in merit. He held that a servant who claims a wrongful termination of employment must show in what manner the wrong was done. The court declared that the termination of Mr Akpan’s employment by the first defendant was wrongful. Consequently, the court awarded damages. The claimant, (Mr Akpan) told the court that he was offered employment as a Laundryman by Gins Global Ltd, who was a labour…
Justice Inyang Ekwo of the Federal High Court, Abuja Division has adjourned to September 26, a suit filed by CEC Africa Investment Limited and KANN utility company against the Attorney General of the Federation and others over the take over of Abuja Electricity Distribution Company (AEDC). The judge made the adjournment sequel to an application by counsel to the plaintiffs seeking to adjourn to enable them explore more settlement options. The Plaintiffs had sought an order of the court restraining the AGF and others from interfering in the operations of AEDC. The plaintiffs had approached the court on December 8,…
The House of Representatives has asked the Independent National Electoral Commission (INEC), to extend the voter registration exercise by 60 days. The house gave the directive following the adoption of a motion moved by Ben Kalu (APC, Abia) during plenary on Wednesday. June 30 is the scheduled deadline for the closing of the Continuous Voter Registration (CVR) exercise. While moving the motion, Mr Kalu said the extension will enable more eligible Nigerians to register. Mr Kalu noted that the decision to extend the voters’ registration was in line with the provisions of the Electoral Act, 2022, which required INEC to…
Nigeria’s presidential candidates have kept mute concerning Nigeria’s galloping inflation rate, which hit 17.71% for the month of May 2022. This is according to a recent report released by the National Bureau of Statistics (NBS). The frontline presidential candidates have remained silent on the issue of inflation despite being at the forefront of most conversations relating to the state of the Nigerian economy. A cursory look at the Twitter handles of Atiku Abubakar, Peter Obi, Ahmed Tinubu, Rabiu Kwankwaso, and Omoyele Sowore, revealed no comments concerning the record-high inflation recorded in May, as Nigeria continues to suffer significant blowback from…
Long-term Bitcoin holders are sitting on their largest losses since the March 2020 COVID-19 selloff and the 2018-2019 bear market but may have to keep waiting for relief. According to Glassnode’s weekly report, the report calculated the long term holder losses by measuring the value of coins deposited to exchanges, aggregated realized losses from long-term holders (LTH) of Bitcoin (BTC) exceeded 0.006% of the market capitalization by May 29. The report explains that the losses may continue for some time if historic loss patterns from previous bear markets are to be repeated. From 2018 to 2019, LTH losses reached a…
Billionaire businessman and investor, Warren Buffett has a tip for people looking to grow their wealth. And in simple terms, it is for them to focus on learning how to write and speak clearly. Buffett stated this in a posted by Michael Hood, the co-founder of the Toronto based start-up Voiceflow, which enables users to design, build and launch skills for Amazon’s smart speaker, Alexa, without needing to know how to code. Michael Hood, who is just 22 years old, was Buffett’s escort for the day when he was heading to the Canadian Walk of Fame Inductee Gala. An event…
The Tata Group is an Indian multinational conglomerate headquartered in Mumbai, India and founded by Jamsetji Tata and currently employs 800,000 people globally (FY 2021). It is listed on the Stock Exchange and is India’s largest conglomerate, founded in 1868, with products and services in over 150 countries and operations in 100 countries across six continents. The group operates in the following industries: Metals, IT, Financials, Automotive, Retail, Infrastructure, Telecoms, Tourism & Travel, Aerospace and Defense. TATA Africa Services (Nigeria) Limited was founded in 2006 and serves as the focal point for Tata businesses in West Africa. The company is…
The Association of Corporate Trustees (ACT) has stated that the organization is positioned to create a more robust capital market, hinging on the adequate implementation of its fiduciary responsibility. This was disclosed in the 2022 Business Luncheon organized by the organization in Lagos State, tagged; “An appraisal of the Nigerian Trust Industry vis-à-vis global trends in Trusteeship.” According to Mrs. Olufunke Aiyepola, Managing Director/CE, UTL Trust Management Services Limited and one of the panellists during the conversation, corporate trustees serve as the third party who shoulder the will and monitors transactions in the capital market from the structuring stage to…
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says investors should suffer from Fear of missing out (FOMO) when considering investing in Africa. Emefiele, represented by his Deputy and Board Chairman of AFC, Dr Kingsley Obiora disclosed this at the Africa Finance Corporation (AFC) Live Infrastructure Solutions Summit. He claimed that Africa had seen several crises in the last two years, each with serious consequences for the continent’s economies. He called on African governments, central banks, corporate leaders and investors to rally together and be bolder in “our ambitions and support our continental champions and institutions like…
Halo Financial Services Limited, a fintech start-up has launched an innovative approach to offer financial solutions to communities and grow their money. According to the firm, focusing on communities will enable it to assist more Nigerians, especially at the grassroots level to grow their finances. Halo defines a community as any group of people with defined membership and identifiable leadership, which includes; professional or trade associations, cooperatives, social clubs, unions, even old boys and girls associations and more. Speaking at a media roundtable to introduce the company, the Chief Executive Officer and co-founder, Chidimma Onyeokoro, disclosed that Halo enables communities…
Minister of Aviation, Senator Hadi Sirika has appealed to member states and the African Civil Aviation Commission (AFCAC) to call on the Secretary General, International Civil Aviation Organisation (ICAO), Juan Carlos Salazar to use his good offices to revive the ICAO Human Resource Development Fund (HRDF), which has remained inactive since 2018. Sirika said Nigeria generously contributed to the fund and equally benefited from the inaugural secondment of officers to ICAO under the programme. The exposure, experience and knowledge gained by the officers attest to the usefulness of the HRDF programme. Sirika stated this at the seventh Africa-Indian Ocean (AFI)…