The Nigeria Labour Congress (NLC) has expressed strong disapproval of the Federal Government’s decision to allocate N8 billion for sensitization on electricity bills, calling it an unnecessary expenditure in the face of pressing national challenges. In a statement, the NLC criticized the allocation as wasteful, arguing that such funds could be better utilized to address the lingering issues in Nigeria’s power sector, including infrastructure deficits and erratic electricity supply. The union described the move as insensitive to the struggles of Nigerians grappling with high energy costs and unstable power supply. “It is unacceptable that such a huge sum is being…
Author: Temitope N.
Borno State Governor Babagana Zulum and Senator Ali Ndume have been commended for their humanitarian effort in sponsoring free cataract surgeries for 1,000 patients in the state. The initiative, aimed at restoring sight to those affected by cataracts, has been lauded as a life-changing intervention for many underserved residents. The surgeries, carried out at a specialized medical camp, were facilitated by a team of local and international eye care professionals. Beneficiaries, many of whom had suffered from severe vision impairment, expressed gratitude for the program, describing it as a blessing that has renewed their hope and improved their quality of…
The Federal Government is preparing to impose a fine of N300 million on Royal Air Maroc for alleged infractions against passenger rights in Nigeria. The proposed sanction follows multiple complaints from passengers regarding the airline’s failure to comply with aviation regulations and standards. According to the Nigerian Civil Aviation Authority (NCAA), the infractions include consistent delays, flight cancellations without adequate notice, and poor handling of passenger complaints. Officials stated that these breaches have caused significant inconvenience and financial losses to Nigerian travelers. “The Federal Government is committed to ensuring that airlines operating in Nigeria adhere strictly to aviation rules and…
The Federal Government has granted approval for the establishment of a refinery with a capacity to process 10,000 barrels of crude oil per day. This move is part of ongoing efforts to boost local refining capacity, reduce reliance on imported petroleum products, and enhance energy security in Nigeria. The refinery, which will be privately owned and operated, is expected to contribute significantly to the domestic supply of refined petroleum products such as petrol, diesel, and kerosene. It aligns with the government’s broader strategy to encourage private sector participation in the downstream oil and gas sector. In a statement, the Ministry…
Portugal has announced plans to increase natural gas imports from Nigeria and the United States as part of its strategy to diversify energy sources and reduce reliance on Russian supply. The move aligns with the broader European Union (EU) initiative to secure alternative energy partners amid ongoing geopolitical tensions. In a statement, Portugal’s Minister of Environment and Climate Action emphasized the importance of energy security and the need to foster long-term partnerships with reliable suppliers. “Diversifying our gas supply is crucial for safeguarding our energy needs and ensuring resilience in the face of global uncertainties,” the minister stated. Nigeria, one…
Kebbi State Governor, Atiku Bagudu, has lauded President Bola Ahmed Tinubu’s economic policies, asserting they have set Nigeria on the right path to recovery and growth. Bagudu highlighted key reforms under Tinubu’s administration, emphasizing their potential to stabilize the economy and attract investments. Speaking at a recent event, Bagudu pointed to the removal of fuel subsidies and the unification of exchange rates as bold moves that demonstrate the President’s commitment to economic transformation. According to him, these steps, though initially challenging for citizens, will yield long-term benefits by fostering transparency and improving resource allocation. Bagudu also praised the administration’s focus…
The Federal Government has stood firm in its decision to implement a tariff hike, despite growing resistance from the Socio-Economic Rights and Accountability Project (SERAP) and numerous consumer advocacy groups. Critics argue that the increase will impose undue hardship on citizens already grappling with economic difficulties. SERAP has expressed its readiness to take legal action against the government, citing a lack of transparency and insufficient public consultation in the decision-making process. According to SERAP, the hike violates fundamental human rights by further marginalizing economically vulnerable populations. Subscribers, too, have voiced their dissatisfaction, with many taking to social media and other…
Ecobank has announced a strategic partnership with CrediCorp to provide more flexible and accessible loan options for its customers. The collaboration aims to address the financial needs of individuals and businesses by offering innovative credit solutions tailored to their unique circumstances. In a statement, Ecobank highlighted that the partnership will leverage CrediCorp’s expertise in credit financing to simplify the loan application process and improve access to funds. Customers can expect faster approvals, competitive interest rates, and repayment plans designed to accommodate varying financial capacities. “This partnership underscores our commitment to empowering our customers with financial solutions that enhance their lives…
Fidelity Bank has strengthened its leadership team with the appointment of three new board members, signaling its commitment to driving innovation and delivering enhanced value to stakeholders. The appointments, which have been approved by regulatory authorities, bring a wealth of experience and fresh perspectives to the bank’s strategic direction. The newly appointed members include professionals with extensive backgrounds in banking, finance, and corporate governance. Their expertise is expected to bolster the bank’s efforts in achieving its growth objectives and maintaining its position as one of Nigeria’s leading financial institutions. In a statement, the bank’s management expressed confidence in the new…
The shareholders of Arik Air have pushed back against the Asset Management Corporation of Nigeria (AMCON) over its assertion that the airline owes a staggering N455 billion. Describing the claim as inflated and misleading, the shareholders are demanding clarity and transparency regarding the debt restructuring process. In a statement, the shareholders accused AMCON of mismanaging the airline since its takeover in 2017, alleging that the corporation’s actions have significantly eroded Arik Air’s value and operational capacity. They argued that the debt figure being circulated by AMCON does not reflect the airline’s actual liabilities before the government intervention. “The N455 billion…
The Securities and Exchange Commission (SEC) has issued a stern warning to market operators, emphasizing that failure to renew their registration could result in hefty fines and other regulatory actions. The directive is part of SEC’s ongoing efforts to ensure compliance and maintain transparency in Nigeria’s capital market. In a recent circular, SEC reminded operators that registration renewal is a mandatory requirement for all entities engaging in capital market activities. The commission noted that non-compliance not only undermines regulatory oversight but also poses risks to the integrity of the market and investor confidence. “Operators who fail to renew their registration…
A Bauchi-based firm has raised concerns over the surging cost of commercial rent in the state, describing it as a significant barrier to business sustainability and growth. The firm highlighted that exorbitant rental prices are not only impacting businesses but also discouraging investment in the local economy. Speaking to reporters, a representative of the company explained that the rising rents for commercial spaces have become unsustainable, particularly for small and medium-sized enterprises (SMEs). “The cost of renting business premises has more than doubled in recent years, putting immense pressure on operational budgets and threatening profitability,” the representative said. The company…
The Nigeria Labour Congress (NLC) has condemned the recent increase in petrol prices, describing the move as a display of insensitivity by the Federal Government. The hike, which has sparked widespread concern, comes at a time when many Nigerians are grappling with rising living costs and economic challenges. In a statement, the NLC expressed disappointment, arguing that the decision to raise fuel prices without providing adequate palliatives or alternatives places undue hardship on citizens. The labor body emphasized that the rising cost of petrol directly impacts transportation, food prices, and other essential goods, worsening the plight of the average Nigerian.…
Nigeria’s equity market recorded a significant downturn, losing N1.45 trillion in market capitalization over the past week. This decline has raised concerns among investors and analysts about the short-term outlook of the market amidst prevailing economic challenges. The drop in market value was attributed to widespread sell-offs across various sectors, fueled by uncertainties around macroeconomic policies, rising inflation, and fluctuating foreign exchange rates. The All-Share Index (ASI) of the Nigerian Exchange (NGX) also fell sharply, reflecting negative sentiment among market participants. Key sectors, including banking, consumer goods, and industrials, experienced notable declines, with several blue-chip stocks taking substantial hits. The…
The National Pension Commission (PenCom) has announced that the Bank Verification Number (BVN) will be mandatory for all Retirement Savings Account (RSA) holders starting February. This move is aimed at enhancing data integrity, improving the efficiency of pension administration, and safeguarding contributors’ funds. In a statement, PenCom emphasized that the integration of BVNs into the pension system would help eliminate issues related to multiple registrations, identity theft, and fraudulent activities. By linking RSAs to BVNs, the commission seeks to ensure that contributors’ records are accurate and up-to-date, thereby streamlining pension processes. PenCom has directed all Pension Fund Administrators (PFAs) to…
Renowned economist Taiwo Oyedele has identified illicit demand as the primary factor undermining Nigeria’s foreign exchange (FX) market. Speaking at a recent economic forum, Oyedele highlighted how unauthorized transactions, speculative trading, and unregulated capital flows have intensified pressure on the naira, exacerbating exchange rate volatility. According to Oyedele, the prevalence of illicit demand distorts the supply-demand dynamics in the FX market, making it difficult for genuine businesses and individuals to access foreign currencies at stable rates. He emphasized the need for stricter regulatory oversight and collaborative efforts to curb activities that undermine the integrity of the financial system. “The root…
Universal Insurance has announced the appointment of a new Chief Executive Officer as part of its strategic efforts to strengthen leadership and drive sustainable growth. The company expressed confidence in the incoming CEO’s ability to steer the organization toward greater innovation, customer satisfaction, and market expansion. The newly appointed CEO brings a wealth of experience in the insurance and financial services sectors, having held various leadership roles that emphasize operational excellence and innovative practices. With a proven track record of delivering results, their expertise is expected to enhance Universal Insurance’s competitive edge and deepen its engagement with stakeholders. In a…
The insurance sector has solidified its position as a critical player in Nigeria’s economy, with 20 firms collectively achieving a market capitalization of N519 billion. This milestone underscores the resilience and growth potential of the industry amidst challenging economic conditions. The achievement is a testament to the sector’s ability to attract investor confidence, bolstered by regulatory reforms and innovative strategies adopted by companies to enhance service delivery and risk management. Analysts highlight the pivotal role these firms play in mitigating financial uncertainties, ensuring business continuity, and safeguarding assets. In recent years, the insurance industry has undergone significant transformation, with increased…
The Federal Government has unveiled plans to modernize the operations of free trade zones across Nigeria to enhance their efficiency and global competitiveness. This initiative aims to attract more foreign and local investments, boost exports, and create jobs. Minister of Industry, Trade, and Investment, Doris Anite, disclosed this during a recent meeting with stakeholders in Abuja. She emphasized that the modernization efforts would focus on streamlining processes, leveraging technology, and improving infrastructure within the free zones. “Our free trade zones are critical drivers of economic growth and industrialization. By modernizing their operations, we aim to position Nigeria as a hub…
The Federal Government of Nigeria has announced plans to raise N1.8 trillion from the bond market in the first quarter of 2025. This initiative is part of its broader strategy to finance critical infrastructure projects, manage budget deficits, and stimulate economic growth. The Debt Management Office (DMO) disclosed the details in its quarterly issuance calendar, outlining a mix of short- and long-term instruments to be offered to investors. The bonds, ranging in tenors from five to 30 years, are designed to attract a diverse pool of institutional and retail investors. According to the DMO, the funds raised will primarily be…