The Federal Competition and Consumer Protection Commission (FCCPC) has revealed the existence of a cartel allegedly manipulating prices and creating artificial inflation across various sectors in Nigeria. This discovery follows months of investigation into persistent price hikes that have strained Nigerian households and businesses, particularly in essential commodities such as food and pharmaceuticals. The cartel’s activities, according to the FCCPC, have contributed to Nigeria’s rising inflation, prompting swift regulatory intervention. The Investigation and Discovery The FCCPC’s investigation began in response to consumer complaints about skyrocketing prices that seemed disproportionately high compared to international trends and input costs. Working alongside other…
Author: Temitope N.
The Nigerian government is actively seeking to attract investments in Africa’s burgeoning sugar market, estimated to be worth $7 billion. This initiative aims to bolster local production, reduce reliance on imports, and promote the development of the agricultural sector as part of the broader strategy to achieve self-sufficiency in sugar production. Africa’s Growing Sugar Market The sugar market in Africa has seen considerable growth over the past few years, fueled by increasing demand for sugar in various sectors, including food and beverages, pharmaceuticals, and biofuels. As the continent’s population continues to rise and urbanization accelerates, the demand for sugar is…
Transcorp Power Limited, a key player in Nigeria’s energy sector, has announced plans to increase its electricity generation capacity by an additional 150 megawatts (MW). This strategic initiative aims to enhance the company’s contribution to Nigeria’s energy needs and support the country’s ongoing efforts to improve power supply reliability. Understanding Transcorp Power’s Expansion Plans The announcement comes amid growing concerns over Nigeria’s electricity supply, which has struggled to meet the demands of its rapidly increasing population and industrial growth. Transcorp Power, a subsidiary of Transnational Corporation of Nigeria (Transcorp), operates the Ugheli Power Plant in Delta State, and its plans…
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported a significant surge in petrol consumption during the yuletide season, reaching an impressive 50 million litres. This increase is attributed to heightened economic activities and travel associated with the festive period, as more Nigerians engage in travel and social events. Seasonal Consumption Trends The holiday season traditionally witnesses a spike in fuel consumption due to various factors, including increased travel, holiday shopping, and family gatherings. This year, the NMDPRA’s data indicates a robust demand for petrol, driven by the return of festivities after years impacted by the COVID-19 pandemic.…
Nigeria LNG Limited (NLNG) has officially unveiled a new brand identity, marking a significant milestone in its journey as a leading player in the global liquefied natural gas (LNG) market. The rebranding initiative aims to better reflect the company’s growth, innovative spirit, and commitment to sustainable practices while aligning with its strategic vision for the future. Understanding the Rebranding Strategy The rebranding of Nigeria LNG is a response to the evolving landscape of the energy sector and the increasing importance of sustainability and corporate responsibility in business operations. As the world shifts towards cleaner energy sources, Nigeria LNG aims to…
The Nigerian equity market has extended its losses for the third consecutive day, reflecting a climate of caution among investors as they navigate various economic challenges. This recent downturn comes as the All-Share Index (ASI) faced pressure, dropping further amidst ongoing profit-taking and concerns over market volatility. Market Overview The sustained decline in the equity market highlights a growing apprehension among investors, many of whom are reevaluating their portfolios in light of recent economic indicators. The ASI, which serves as a benchmark for the performance of the Nigerian stock market, has shown a significant dip as investor sentiment wanes, driven…
In a remarkable effort to combat food insecurity and promote the health and well-being of schoolchildren, Mastercard has partnered with the Lagos Food Bank Initiative to distribute 300,000 meals across various schools in Lagos State. This initiative is aimed at addressing the pressing issue of malnutrition among children, particularly in underserved communities, where access to nutritious food is often limited. The Importance of Nutritious Meals for Schoolchildren Proper nutrition is vital for children’s growth, development, and academic performance. Studies have shown that children who receive adequate nutrition are more likely to perform better in school, have improved concentration, and exhibit…
Coronation Group, a leading investment and financial services company, has officially launched a breast cancer awareness campaign aimed at educating the public about the disease, its early detection, and the importance of regular screening. This initiative is part of the group’s broader commitment to health and wellness in the communities it serves, recognizing the critical role of awareness in combating breast cancer, which remains one of the leading causes of cancer-related deaths among women globally. Raising Awareness and Understanding Breast Cancer Breast cancer awareness campaigns are vital in increasing understanding about the disease, its risk factors, and the need for…
Minority shareholders have expressed support for the recent intervention by the National Insurance Commission (NAICOM) in taking over African Alliance Insurance Plc. This development, which has generated widespread attention in the insurance sector, is seen by shareholders as a decisive move to protect their interests, restore operational stability, and ensure the company’s long-term viability. The intervention comes amid financial challenges that had significantly affected the company’s performance and raised concerns over its ability to meet its obligations to policyholders and investors. Background on NAICOM’s Intervention The National Insurance Commission, the regulatory authority overseeing Nigeria’s insurance industry, stepped in to take…
A recent report by the United Nations Conference on Trade and Development (UNCTAD) has highlighted a significant 20% increase in port calls across Nigeria and several other African countries. This growth, noted as one of the most substantial globally, reflects an ongoing surge in trade and economic activity within the continent, further positioning African ports as emerging hubs in global shipping routes. For Nigeria, this uptick indicates promising developments in logistics and trade infrastructure as the nation seeks to expand its role within Africa and the global economy. Trade Growth in African Ports According to the UNCTAD report, the increase…