EEDC Effects STS Prepaid Meter Upgrade In S/East In February 24

By NewsBits The Enugu Electricity Distribution Company (EEDC) has said that it will effect its technical implementation for the Standard Transfer Specification (STS) prepaid meter upgrade on Feb. 24 within its network in the South-East. The company said that from 6a.m. to 10p.m. on the Feb. 24, EEDC’s vending platform would be shut down for technical work for rollover in readiness for the STS prepaid meter upgrade. EEDC’s Head, Corporate Communications, Mr Emeka Ezeh, told newsmen on Friday in Enugu that as a result of this development, customers would not…

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CBN To Hike BDC Minimum Share Capital To N2billion

The Central Bank of Nigeria (CBN) is mulling an increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1 and Tier 2 licenses. It was previously N35 million for a general license. This was contained in the draft Revised Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria published by the apex bank. The new guidelines contain several new changes to the guidelines for BDC operations in the country. If endorsed, the new guidelines will be effective at…

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President Bola Tinubu Changes The Executive Management Of AMCON, NCC, NIGCOMSAT

By NewsBits Nigeria President Bola Ahmed Tinubu has approved the appointment of a new four-man management team for the Asset Management Corporation of Nigeria (AMCON). The appointments are pending confirmation by the Nigerian Senate led by Senator Godswill Akpabio. The appointees, according to a release issued on Thursday by presidential spokesperson, Mr Ajuri Ngelale, include Gbenga Alade — Managing Director/CEO, who takes over from Mr Ahmed Lawan Kuru OFR; Aminu Ismail — Executive Director who retained his position. The other two newcomers who were also appointed Executive Directors include Mr…

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IMF Predicts Further Depreciation Of Naira By 35% To Hit N2,081/$1 In Official Market

The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing Assessment and Staff Report, noting that the nation’s monetary policy is currently insufficiently tightened to bring inflation below 20 per cent while pressures on the Naira persist. The report noted that amid the absence of…

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Naira Gains As Security Operatives Sustain Raids On BDCs

The raid of bureau de change (BDC) operators continued on Wednesday with the operatives of the Economic and Financial Crimes Commission (EFCC) storming major hubs in Lagos, Abuja, Ibadan, Kano and Aba. Consequently, the NAFEX rate depreciated by 2.89% to close at N1,621.41/USD, while the BDC rate depreciated by 0.82% to close at N1,840/USD. Findings by our correspondent revealed that the operatives stormed the Allen Avenue hub around 12 pm on Wednesday and arrested no fewer than 10 people. In Ilorin, a BDC operator at Kwara Hotel confirmed to our…

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Lagos State Taskforce Arrests 110 Suspects Vandalising Rail Tracks

The Lagos State Environmental Taskforce, on Thursday, arrested 110 persons suspected to be destroying and stealing rail track. The suspects were arrested at midnight in an ongoing operation to clean up and secure the Redline rail track around the Pen-Cinema-Iju Fagba corridor. Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed the arrest, in a post on his X handle on Thursday morning. Wahab said “In an ongoing operation to clean up and secure the Redline Rail Track around the Pen Cinema – Iju Fagba corridor as ordered by the…

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FG To Restart Direct Cash Transfer To 15million Households Says Wale Edun

Latest news reaching our news desk has it that the Federal Government led by President Ahmed Bola Tinubu has concluded plans to restart the direct cash transfer to the poorest and most vulnerable Nigerians. This is coming in the face of hardship faced by millions of Nigerians with escalating prices of goods and food items as well as the continuous fall of the naira. With about three million Nigerians benefitting from these programmes, the federal government projects that an additional 12 million people, households can benefit from these direct payments,…

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ARCON DG Talks Tough On Breach Of Nigeria’s Advertising Codes

By Abimbola Mohammed In an exclusive chat with Marketing Edge, Dr. Fadolapo emphasized that even when a campaign has been reviewed and approved by the Advertising Standards Panel (ASP), AOPs, influencers etc must still submit their hype messages to the council for approval before it can air on any medium. His words: “Any hype that is brand- related or for brand communication must not only be censored, but also align with Nigeria’s code of Advertising. It has been observed that a portion of Influencers engage in actions that are even…

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Dana Air Introduces Exclusive Rewards, Fares For Miles Club Members

Dana Air, a leading airline committed to exceptional service, has introduced an array of additional rewards for its frequent flier club members. A statement signed by the Head, Corporate Communications, Dana Airlines Limited, Kingsley Ezenwa said the unveiling of extra reward is in response to the escalating costs of air travel. This initiative, the statement said, is aimed at expressing gratitude to loyal customers and to also ensure that they continue to enjoy seamless travel experiences despite the current challenges in the industry. Speaking on the new initiative for Dana…

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Nigeria Government, Cement Manufacturers Peg Price At N7,000 And N8,000 Per Bag

The Federal Government and major cement manufacturers have pegged the price of 50kg bag of cement at between N7,000 and N8,000 depending on the location nationwide. Minister of Works, David Umahi, made this known to newsmen after a protracted meeting with major cement manufacturers in the country on Monday, February 19, 2024, in Abuja. The Cement Manufacturers came to an agreement to sell a 50kg bag of cement at a retail price of between N7,000 and N8,000, depending on the location. However, the manufacturers stated that the price drop from…

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