Dr. Adamu Abdullahi, Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), has disclosed that Multichoice submitted a four-page letter detailing the reasons for the price hikes in their cable services, GOtv and DStv. In a recent interview with Channels TV uploaded on Sunday, Abdullahi stated that the company cited the cost of electricity, generator operations and poor access to dollars as some of the reasons for the price increase. He said the commission will review the reasons identified by Multichoice, noting that the agency will involve regulatory bodies such as the National Broadcasting Commission (NBC) and…
Author: Temitope N.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has confirmed that about 150,000 individuals received the sum of N50,000 this week from the Conditional Grant Scheme initiated by the Federal Government. The Minister made this disclosure in a statement on her X (formerly Twitter) account on Thursday. Uzoka-Anite also urged the public to be cautious of fraudulent and unscrupulous individuals demanding payments for processing the grant, emphasizing that the scheme is entirely free and does not require any fees. She reiterated that the grant scheme is targeted at 1 million people in total, adding that a list of all…
Inflation in key African countries is expected to slow down into next year but remain high in Nigeria due to acute flooding and a difficult terrain for the Naira currency, a Reuters poll indicated. According to Reuters, the Acute shortage of Dollars in much of the continent including Angola, Nigeria, and Zambia has often boosted home inflation due to a reliance on single commodity currency inflows such as crude oil and copper. The polls conducted by 15 analysts in the past week showed that inflation would be less in countries with better diversified means of dollar revenue such as Kenya. Inflation…
A Swiss multinational, Glencore Plc has indicated interest in investing in Nigeria’s solid mineral sector with a specific focus on nickel, cobalt and zinc. This was made known following a meeting of the company’s representatives led by its Chief Executive Officer (CEO), Mr Gary Nagle with the Minister of Solid Minerals Development, Dele Alake The CEO of the company expressed satisfaction with the efforts of the current administration especially in moving the economy away from oil and gas into solid minerals. He stated, “We are ready to invest provided the government ensures stability in the business climate and creates an enabling…
The Acting Director, of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Dr Adetona Adedeji, has affirmed the bank’s decision to prioritize combating inflation over tackling rising unemployment rates. He said this on the second episode of the CBN Talk podcast, which was uploaded to the bank’s YouTube page on Friday. During his talk, Adedeji emphasized that the central bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas. He said: “The ultimate objective is for us to combat inflation. That is exactly what the central bank is doing today. Whatever it…
Multichoice Nigeria, a prominent Pay-TV operator, has once again announced a price increase for its DStv and GOtv packages, this time by at least 25%. This marks the third increment since last year, following the initial adjustment implemented on May 1, 2023. Multichoice stated that the latest increase will take effect from Wednesday, May 1, 2024. While last year’s increment ranged between 19% to 20% depending on the bouquet, the company is now announcing a 25% to 26% increase across its packages. The new subscription fees were communicated to customers via an email titled “Price Adjustment on DStv and GOtv Packages” on…
Uganda’s Ministry of Finance recently disclosed that gold trade in Uganda is back at the top becoming Uganda’s major export. This declaration was based on data compiled from the last 12 months leading up to February when gold trade accounted for 37% of all export revenues. According to Business Insider, Gold was a big deal in Uganda before accounting for over 44% of Uganda’s export income but tax issues hampered the trade and watered down its effect on the Ugandan economy. This interruption of the gold trade by tax issues lasted for over a year. Back in May 2023, the Ugandan…
The Lagos State Government, on Thursday, closed Oniru Market in Eti Osa due to violations of environmental regulations. Tokunbo Wahab, the Commissioner of Environment and Water Resources for Lagos State, announced the closure on his official X (formerly Twitter) account. He shared a video of the market being sealed by officials of the Lagos State Environmental Sanitation Corps and posted a brief note stating the market was sealed over environmental infractions.. “Lagos State government sealed Oniru Market over environmental infraction,” Wahab post read. Over recent months, the Lagos State Government has actively closed several markets across the state, enforcing its…
At least 118 prison inmates escaped from a prison facility in Suleja, Niger state close to the Nigerian capital after heavy rains on Wednesday night damaged the prison facility a prison spokesperson confirmed. According to Reuters, the rain which lasted for several hours wrecked part of the medium-security prison, including the perimeter wall and surrounding buildings spokesperson Adamu Duza said in a statement on Thursday. Responsible Security agents are now hunting down the fugitives and have successfully recaptured 10 of them with the help of other security agents. “We are in hot chase to recapture the rest,” Duza said. “The public is…
The Federal Ministry of Industry, Trade and Investment (FMITI) recently launched a $10 billion Nigeria Diaspora Fund, urging eligible firms to indicate interest in providing services as managers. The announcement was made by the Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite on Thursday. She said the ministry initiated the policy to foster investment in the private sector and inject foreign direct investments into the Nigerian economy. Uzoka-Anite noted that the federal government established a committee to design and develop the framework for a Diaspora Fund. The Minister further highlighted that diverse stakeholders in the capital markets, investment community, and diaspora…
The Oyo State Government has set aside N691.3 million to invest in any future rights issuances by Wema Bank Plc. The announcement was made in a press statement released after the Oyo State Executive Council meeting on April 23rd, 2024. The statement read, “The sum of N691,307,039.86 to be invested in Wema Bank rights issuance programme as part of plans to secure the future of Oyo State.” Investors in Wema Bank Concerning Wema Bank’s shareholding structure, strategic shareholders own 51.69% of the bank with Neemtree Limited, SW8 Invest Company, and Petrotab Limited holding 28.25%, 14.90%, and 8.54% respectively. Governments…
The United Kingdom has pledged to sponsor 50 green investment projects in Kenya worth £6.6 million to battle climate change. A total of 10 counties in the country have been selected to develop these projects. According to Business Insider Africa, the fund is set to be distributed among 10 counties to create the 50 projects and bring them to reality. The investment by the UK Government is also intended to create jobs in the East African country and preserve the country’s rich Bio diversity and distinctive landscape. A Kenyan media outlet reported that the 10 counties set to receive the funds and…
The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, has said that the federal government plans to create 2.5 million jobs through the Labour Employment Enhancement Programme (LEEP). She said this at the pre-inaugural ceremony for the LEEP in Abuja on Thursday. She emphasized that in a quickly changing global environment, it was crucial to LP provide the Nigerian workforce with the essential tools and opportunities to succeed in the digital era. She noted that the LEEP aimed for zero hunger, zero poverty, economic growth, and decent jobs through six strategic initiatives. “The LEEP vision is to train…
The Manager of Calabar Ports, Olumati Festus, has disclosed that the port has not received a single container vessel in the past 25 years. This startling admission was made during an investigative visit by the House of Representatives Adhoc Committee on Ports and Harbours on Friday in Calabar, the News Agency of Nigeria stated in a report as seen by The Infostride News. Festus attributed the situation to the port’s shallow channel, which has not been dredged to accommodate larger vessels. “Bigger vessels can’t come in because of this. The situation is affecting the economy of the zone. If more vessels…
The President of the Trade Union Congress of Nigeria (TUC), Mr. Festus Osifo, announced that the anticipated new minimum wage is unlikely to be declared on May 1. He made this statement during a press interaction on Friday in Abuja. However, he mentioned that the N615,000 demanded by organized labour is not set in stone. He added that this figure was reached after conducting thorough research. He stated, “The negotiation by the Tripartite Committee is still ongoing. If you remember, the TUC earlier submitted N447,000 as the new minimum wage but we have harmonised our figure with the Nigeria Labour Congress…
A relatively unknown Dubai-based company is currently eyeing a $12.9 billion oil-for-cash deal with South Sudan. The company seeks to lend the country $12.9 billion in exchange for oil in a deal that may last for 20 years. This deal marks one of the largest oil-for-cash deals ever brokered and has garnered significant attention from the United Nations, considering the terms of the deal. According to Bloomberg, the information was revealed in a report by a panel of investigators appointed by the United Nations Security Council. In the report, it was noted that Dubai-headquartered Hamad Bin Khalifa Department of Projects (HBK…
The Acting Senior Trade Commissioner, Deputy High Commission of Canada, Dindembolo-Zaya Kuyena, has said that Nigeria is the largest African foreign investor in Canada. He revealed that Nigerians’ total investment in the country was $1.7 billion invested as of 2021. Kuyena disclosed this on Thursday at a partnership event between a Canadian Company, SpeechLogix, and MTN Nigeria. The partnership aims to deliver a video conferencing platform for Small and Medium Enterprises (SMEs) called Meetings+, which leverages Zoom technology. According to Kuyena, Canada has been actively collaborating with Nigeria on trade policy, including negotiation and agreements, to enhance market access and…
Following a brief uptick on April 25, 2024, the NGX resumed its downward trajectory on Friday, April 26, concluding the week with minimal movement. The All-Share Index settled at 98,152.91 points, marking a marginal decline of 0.02% compared to the previous day’s close of 98,169.30 points. Equities lost N11.1 billion, as the market capitalization closed at N55.51 trillion, representing a slim decline from the N55.52 trillion posted yesterday. Despite the bearish sentiment in the market, there was an optimistic outlook from banking stocks, as FBNH and STANBIC posted 10% gains respectively to lead the gainers. While ACCESSCORP and UBA gained…
The Transmission Company of Nigeria (TCN) has confirmed the full restoration of the national grid that collapsed earlier today following a fire incident at the Afam Power Generating Station, in River State. The spokesperson for the commission, Ndidi Mbah, disclosed this in a statement on Monday. This will be the third time in 2024 the national grid has collapsed, resulting in nationwide power outage in the country. According to Mbah, the collapse was caused by a fire which erupted at the Afam V 300kV bus bar coupler, leading to the tripping of units at Afam III and Afam VI. He…
The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that are unable to procure it locally. Only after fulfilling these domestic supply commitments are producers permitted to export crude. The NUPRC will serve as a middleman between local refiners and producers when agreements on crude supply cannot be finalized, helping to arrange a sales purchase…