NLC in the Dark About LP Merger Plans for 2027, Ajaero Reveals

The President of the Nigeria Labour Congress, Joe Ajaero, has said the congress was not aware of merger talks involving the Labour Party with some political parties in the country. The LP, which is a socio-democratic political party, was founded by the organised labour. There have been speculations about the possibility of a merger between the LP and the Peoples Democratic Party, following the meeting between the 2023 presidential candidate of the Labour Party, Peter Obi, and the presidential candidate of the PDP in the election, Atiku Abubakar. Obi also reportedly met with some PDP stalwarts in Abuja, including a former Senate President, Bukola Saraki, and a former governor of Jigawa State, Sule Lamido. In 2019, both Atiku and Obi ran on the PDP joint ticket but were defeated by former President Muhammadu Buhari of the All Progressives Congress. However, due to internal conflict within the PDP, Obi left the party in 2022 and contested the 2023 presidential election as the candidate of the Labour Party. Speaking after the meeting with Obi on Monday, May 13, 2024, Atiku said party …

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Federal Government Directs Registration of 1.9 Million PoS Operators

The Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.  Speaking at the meeting, the CAC boss said the measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy.  He further stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.  The CAC boss said the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at providing protection for businesses. A statement by the commission read, “The Corporate Affairs Commission …

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Why I Took MultiChoice to Court Over Tariff Increase, Activist spills

Multichoice Nigeria, owners of Nigerian pay television, DStv and GOtv, late last month announced a price increase for its packages. Despite court order, the new prices took effect from May 1, 2024 The south-african owned company blamed the latest increase on a “rise in the cost of business operations.” The development has been attracting angry reactions from Nigerians. The pay-TV firm said customers on the DStv premium bouquet will be paying N37,000 as against the current N29,500, and those on Compact+ would pay N25,000 from N19,800. Customers on Compact bouquet will pay N15,700 — up from N12,500. To subscribe to Confam, Yanga, and Padi packages, customers will pay N9,300, N5,100, and N3,600 from N7,400, N4,200, and N2,950 respectively. For GOTV package: Supa plus increased from N12,500 to N15,700; Supa old increased from N7,600 to N9,600; Max increased from N5,700 to N7,200; and Jolli increased from N3,950 to N4,850;. Also, Jinja package increased from N2,700 to N3,300; and the Smallie package increased from N1,300 to N1,575. Reacting to the announcement, some Nigerians, including the General Overseer of the Omega Power Ministry, …

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A.A Rano: Meet Ice block seller who became billionaire, owns 120 filling stations, 600 trucks, 60m litre tank farm

Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano, transformed from a humble boy from Kano Village into a billionaire magnate, overseeing a conglomerate that includes 200 filling stations across Nigeria. Born into an average family in Lausu, Kano State, Rano started small, with an ice block and groundnut oil business, including other local items. Rano has gone into building a multi-billion naira enterprise spanning various sectors of Nigeria’s economy. Today, Rano owns AA Rano Oil & Gas industry in Nigeria with 56 ML Tank farms in Lagos, 120 retail outlet/filling stations across Nigeria and over 600 trucks & LPG terminals as well as an acquired vessel (M.T LAUSAU). His ventures include RanoGaz, a state-of-the-art Liquified Petroleum Gas (LPG) terminal, a rice milling company, Rano Lubricant, Rano Air, Lausu Marine and Logistics, AA Rano Terminal, and AA Rano Road Haulage.

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Dangote Refinery receives valid operating licence soon

The Federal Government, on Tuesday, announced that it was set to issue a fully valid operating licence to the 650,000 barrels per day capacity Dangote Petroleum Refinery. It announced this at the  Stakeholders’ Consultation Forum on Midstream and Petroleum Host Community Development Trust Regulations organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja. The NMDPRA, an agency of the Federal Government, however, explained that though it had awarded a pre-commissioning licence to the $20bn refinery, a fully valid operating licence would be issued to the Dangote refinery soon. Dangote refinery was inaugurated by former President Muhammadu Buhari in May 2023. The facility started releasing Automotive Gas Oil, popularly called diesel to the domestic market in April this year. It has yet to release Premium Motor Spirit, popularly called petrol. Speaking at the forum in Abuja on Tuesday, the Chief Executive, NMDPRA, Farouk Ahmed, told industry players and other stakeholders that the authority would issue a fully valid operating licence to the refinery very soon. Ahmed, who was represented by the Executive Director, Distribution Systems, Storage and Retailing …

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Shettima Returns to Nigeria After IDA-21, Meets UN Deputy Secretary

Vice President Kashim Shettima has returned to Nigeria after representing President Bola Tinubu at the just concluded International Development Association (IDA21) Summit in Nairobi, Kenya. On arrival at the Nnamdi Azikiwe International Airport, Abuja on Tuesday, Shettima met behind closed doors with the US Deputy Secretary Kurt Campbell and his team. A statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, says that issues discussed at the meeting were security, bilateral relations, shared visions, technological cooperation, and economic and mutual partnership. Both countries also pledged to work more on deepening their bilateral relationships and their connectivity. Deputy Secretary Campbell has been in Nigeria where he was the co-chair of the sixth U.S-Nigeria Binational Commission with Foreign Minister Yusuf Tuggar.

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Insight into Federal Government’s consumer credit scheme: 8 Facts every Nigerian should know

President Bola Tinubu recently approved the takeoff of the first phase of the Consumer Credit Scheme. According to a statement on Wednesday, Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, and paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations. Below are 8 key facts every Nigerian should know about this new credit scheme. 1. It Is for Working Nigerians The Consumer Credit Scheme put together by Nigeria’s CreditCorp, has been initiated in line with the company’s mandate to accelerate consumer credit access to 50% of working Nigerians by 2030. To achieve this, the CrediCorp will fix the structural barriers to accessing consumer credit in Nigeria, and catalyze the market with capital, guarantees, and policy. According to a statement by his spokesman, Ajuri Ngelale, President Tinubu believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision. 2. How Will the Scheme …

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Kaduna Authority takes action, seals UBA branches over unpaid tax sum of N14.3m

The Kaduna Internal Revenue Service (KADIRS) said it has sealed branches of United Bank for Africa, UBA in the state metropolis over alleged refusal of the bank to pay N14.3 million tax. Hajiya Aysha Ahmad, the KADIRS Board Secretary/Legal Adviser told journalists that the enforcement was to ensure tax compliance in the whole state regarding withholding taxes and money agents. She said the branches of the UBA were sealed after the bank failed to respond to demand notices for the tax obligation. “We sent so many demand notices to them. We have asked them to pay the money but they refused, we are left with no other option but to enforce,” she said. Ahmad added that the service wants voluntary compliance of tax payment while lamenting that the defaulter had been recalcitrant. She, however, said when the defaulters pay, the service would unseal the premises. Speaking further, the board secretary said the enforcement was part of a process to achieve the N120 billion revenue target set by the Kaduna state government. “To achieve a target, there is always a starting …

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Cardoso reveals strategy behind clearing FX backlog, restoring confidence

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that it was important to clear about $7bn foreign exchange backlog to restore the confidence of investors. He stated this on Wednesday in Washington DC where he is attending the IMF-World Bank Spring Meetings. “I thought it was very important to clear it and restore investors’ confidence,” Cardoso stated, saying that he had to reach out to various stakeholders to make this a reality. “Whatever policy we make, if they don’t impact the man on the street, then you have not done anything,” Cardoso stated. He also said the era of intervention was gone as it was not the core responsibility of the apex bank.

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Rise in value of naira sign that CBN had convinced investors – Cardoso

…Says Shifts in FX Reserves Not Due to Defending Naira By Ogechi Okorie WASHINGTON – Central Bank of Nigeria Governor Olayemi Cardoso has said the rise in the value of the currency (naira) was a sign that the central bank had convinced investors that it was willing to do whatever was necessary to stabilize inflation. Cardodo also said the naira’s recent sharp rise is a positive verdict on policy action to curb inflation, not because the authorities have been intervening in its support. “It is not our intention to defend the naira,” he said on Wednesday during an event at the spring meetings of the International Monetary Fund and World Bank in Washington. “The shifts you’ve seen in our reserves has really little or nothing to do with defending any naira and that’s certainly not our objective.” Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria. Cardoso, …

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33 additional EKEDC feeders join Band A 

The Eko Electricity Distribution Company says the Nigerian Electricity Regulatory Commission has approved the migration of 33 additional feeders to Band A under its franchise area. The feeders are Adeleke Adedoyin, Ajeast, Annex, Army Resettlement, British America Tobacco, CIG, Coker, Dideolu, Droyers, Empire Court, Estate, Etim Inyang, Firro, Freeman, Glover, Heritage, M&K Express, Mega Plaza, Montgomery 1, Moore Road, Nest Oil, NIMR, Nipost, Osborne, Ozumba Mbadiwe, Palace Road, Rocky Estate, Rumens, Smith, Station Feeder (Nitel), Victoria Arobieke, DPR andNitel. The DisCo disclosed this Friday in a statement made available to our correspondent by the General Manager, Corporate Communications of EKEDC, Babatunde Lasaki. Recall that on April 3, the Federal Government, through the NERC, announced that subsidy would no longer be paid on the electricity consumed by Band A customers. From N68 per kilowatt-hour, Band A customers now pay N255/KWh, while others maintain the old tariffs. Lasaki said customers in these areas would experience “a guaranteed minimum of 20 hours of power supply daily in line with the newly approved Multi-Year Tariff Order”. He assured customers within the EKEDC network of …

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Subsidy: Solar Developers, Operators To Enjoy FG’s $750m World Bank Loan

The federal government plans to provide subsidy to developers and operators of solar mini-grids in unserved and underserved areas in the country. The subsidy will be provided through a World Bank approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up (DARES) project. This was disclosed in the financing agreement for the loan project seen by Nairametrics. The financing agreement for the loan was signed by the Minister of Finance, Wale Edun, on March 31, 2024, and World Bank’s Country Director for Nigeria, Shubham Chaudhuri, on February 19, 2024. The loan project is fundamentally aimed at augmenting the supply of electricity to both households and micro, small, and medium-sized enterprises (MSMEs) through a surge in private sector-led distributed renewable energy initiatives. The document noted that the loan will be partly used to provide “Support to the development and operation of privately owned and operated solar hybrid mini grids in unserved and underserved areas through: 1.1. Minimum Subsidy Tender Carrying out of Minimum Subsidy Tender processes and provision of Minimum Capital Cost Subsidies to selected developers/operators of: (a) …

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Why Nigeria’s Currency Rebounded and What It Means for the Economy

Nigeria pumps almost 1.5 million barrels of oil a day, making it the continent’s biggest producer. Yet this petrodollar nation faces repeated shortages of hard currency that choke its economy. President Bola Tinubu, who took office in May 2023, has moved to overhaul the country’s foreign exchange market and attract investment, but the process has been bumpy. The devaluation of the local naira currency stoked inflation, and the central bank reacted by sharply increasing borrowing costs — at the risk of further stifling business activity. The measures appear to be reaping dividends, however, with the naira having staged a recent rebound. 1.What’s wrong with Nigeria’s economy? The country has suffered decades of mismanagement, its oil riches largely exploited for the benefit of a politically connected elite. Corruption is endemic, many state institutions are dysfunctional, and armed bandits and Islamist militants have free rein across swathes of the country’s north. About 40% of Nigeria’s more than 200 million people live in dire poverty, according to the World Bank, and the spike in living costs is adding to their ranks. Besides dollar …

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NAFDAC recalls Benylin cough syrup amidst toxicity scare

The National Agency for Food and Drugs Administration and Control (NAFDAC) has recalled the popular cough syrup, Benylin Paediatrics, manufactured by Johnson & Johnson following recent toxicity findings in the laboratory on the product. In a statement published on its website on Wednesday, the agency said laboratory analysis conducted on the product showed that it contains an unacceptable high level of Diethylene glycol and was found to cause acute oral toxicity in laboratory animals. “Benylin Paediatric syrup is indicated for the relief of cough and its congestive symptoms and for the treatment of hay fever and other allergic conditions in children aged 2 to 12 years. “Diethylene glycol is toxic to humans when consumed and can prove fatal. Toxic effects can include abdominal pain, vomiting, diarrhoea, inability to pass urine, headache, altered mental state, and acute kidney injury which may lead to death. The details of the affected product showed that the Benylin Paediatric was produced by Johnson & Johnson, Cape Town, South Africa With batch number 329304, the product was manufactured in May 2021, and it is to expire this …

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Why New Electricity Tariff Took Immediate Effect – NERC Commissioner

The Nigerian Electricity Regulatory Commission (NERC) on April 3, 2024, raised electricity tariffs for customers enjoying 20 hours of power supply daily. Customers in this category are said to be under the Band A classification. The increase will see the customers paying N225 kilowatt per hour from the current N66. This development has been heavily criticised by many Nigerians, considering the immediacy of the tariff hike and the current hardship in the land. NERC Commissioner for Planning Research and Strategy, Yusuf Ali, was on Channels Television’s Politics Today programme during the week and he provided perspectives to what informed the decision of the regulatory body. I know you have heard how angry people are about this increase. What goes through your mind? I think it’s unfortunate but also understandable the circumstances facing Nigerians. I think the current review is seen as part of reforms that are not so easy to accommodate now but I want to that this tariff review is focused on only 15% of the customer base. The difficulty on the government is very clear; the cost of …

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