Category: BUSINESS

Dr Ernest Mupwaya, Deputy Managing Director (DMD) of Enugu Electricity Distribution Company (EEDC), has assured of electricity bands classification fairness and transparency to South-East consumers of electricity. It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) recently classified electricity consumers to various bands, starting from Band-A (a minimum of 20 hours supply per day) to Band-E (a minimum of four hours supply per day). Mupwaya gave the assurance on Friday in Enugu in the ongoing three-day Customer Complaints Resolution Meeting organised by NERC for electricity consumers, customers and…

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These, are certainly not the best of times for Akinola George-Taylor led Heritage Bank Plc., as reports reaching us right now has it that the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has shut down the bank’s head office in Lagos. Sources squealed to us that the action of the union came following the sack of over 1000 personnel by the management of Heritage Bank without following due process. The union we gathered said it had resolved to continue with the picketing until the management of the…

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Dangote Petroleum Refinery on Tuesday announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre. While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre. This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

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The Naira on Monday appreciated at the official market, trading at N1,136.04 to the dollar. Data from the official trading platform of the FMDQ Exchange revealed that the Naira gained N6.34. This represents a 0.55 per cent gain when compared to the previous trading date on Friday, April 12, exchanging at N1,142.38 to a dollar. However, the total daily turnover reduced to 251.60 million dollars on Monday down from 281.34 million dollars recorded on Friday. Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,227 and N1,000…

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A Central Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. He…

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