Category: BUSINESS

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to reconsider its monetary policy stance and avoid further increases in the interest rate. The News Agency of Nigeria (NAN) reports that the CBN, on March 26, increased the Monetary Policy Rate (MPR) from 22.75 per cent to 24.75 per cent. In a statement on Friday in Lagos, LCCI Director-General, Dr Chinyere Almona, argued that while the CBN’s objective of containing inflation and stabilising exchange rate is commendable, it must be pursued in a…

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By Tony Adibe The Enugu State Government on Friday advised the Federal Government of Nigeria to Actualise its resolve and pledge to build the Enugu International Trade Fair complex to international standard in line with its master plan. Enugu State Governor Peter Mbah made gave the advice on Friday in Enugu while declaring open the 35th Enugu International Trade Fair. Themed, “Promoting Made in Nigeria products for global Competitiveness,” the international trade fair , an annual event, is being organized by the Enugu Chamber of Commerce Industry Mines and Agriculture…

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Aero Contractors, countering NAAPE’s claims, confirms payment to 225 of 237 staff made redundant in 2017, accounting for 94.94%. Additionally, the airline asserts it hasn’t shirked its responsibility, actively addressing, and resolving the issue. Expressing dismay at NAAPE’s approach, Aero Contractors Management highlights its efforts in resolving outstanding benefits before the ultimatum. It underscores the company’s transparency and engagement with affected staff throughout the process. Aero’s statement clarifies that 95% of affected personnel have been compensated, with plans underway to settle the remaining 5%. Despite industry challenges, including operational shutdowns…

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The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review. The Nigerian Midstream and Downstream Petroleum Regulatory…

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By NewsBits The Divine Era Development and Social Rights Initiative (DEDASRI), and Media Awareness Advocacy Foundation (MAWA-Foundation), have accused the Nigerian National Petroleum Corporation Limited (NNPCL), of concealing details of contract awarded to Macready Oil and Gas Services Company Ltd for the rehabilitation of Suleja Depot in Niger state. The two Non-Governmental Organisations (NGOs) described the refusal of NNPCL to disclose particulars of the contract awarded to Macready Oil and Gas Services Company Ltd, as a grave violation of the provisions of the 1999 Constitution (as amended), the Freedom of…

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Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Best Banks Awards 2024, winning the award for the fourth time since 2019. The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 31st Annual Best Bank Awards Winners. The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Factors considered in selecting the top banks ranged from the quantitative objective to the informed…

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By Tony Adibe A socio-cultural organization, the Ala-Igbo Development Foundation (ADF), has advised all Igbo in the Diaspora to henceforth bring home their investments to fast-track the development of southeast zone and reduce the ongoing migration of Igbo youths who are chasing greener pasture outside their homeland. NewsBits recalls that the ADF, which was founded by author and former university don, Professor Timothy Uzodinma Nwala, has among others, as its key objectives; the protection and ensuring the survival of Ndigbo, their culture and civilization as well as strong advocacy for…

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By NewsBits In the first six months after taking office, 13 new state governors collectively borrowed N226.8bn from domestic and external financiers. This emerged as findings by Sunday Punch showed that 16 state governors also increased the debt profile of their states by N509.3bn with domestic and external debt of N243.95bn and $298.5m (N265.37bn), respectively. The external debt was calculated based on the exchange rate of N889/$ used by the Debt Management Office in its report. This is according to an analysis of the latest sub-national debt reports released by…

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The Federal Airports Authority of Nigeria has shut down a branch of a popular food outlet, KFC, at the Murtala Muhammed Airport, Lagos State. FAAN stated this on Thursday in a statement signed by its Director, Public Affairs and Consumer Protection, Mrs Obiageli Orah. The statement, titled, ‘FAAN shuts down KFC outlet at MMIA,’ noted that the food outlet violated the Lagos State law on People with Special Needs, Part C, Section 55 of General Provisions on Discrimination. The statement added that the directive followed a social media report by…

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