NNPCL Restores Crude Oil Production at Forcados Terminal One Month After Shutdown

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya The full deregulation of the downstream petroleum sector in Nigeria has led to the importation of 536,000 metric tonnes of petrol by oil marketing companies, the Petroleum Products Pricing Regulatory Agency (PPPRA) has said. In a statement in Abuja, Executive Secretary of the PPPRA, Mr Saidu Abdulkadir, added that the policy has also increased investment in local refining, a development he said would bring about fair competition and bring down prices. “Since the commencement of the new price regime which heralds full deregulation of the sector, a considerable increase in the level of oil marketing companies’ (OMC)

By Adedapo Adesanya President Muhammadu Buhari has inaugurated a locally-built Seaward Defence Boat (SDB) 111 in Lagos State to boost the nation’s water territories. According to a statement by his presidential aide, Mr Femi Adesina, the vessel was inaugurated on Thursday and was built by NNS Oji, the third of its series to be built by the Nigerian Navy. President Buhari during the event noted that the new inductions to the Naval fleet would increase the agency’s capacity in securing the nation’s maritime domain. ‘‘We should note that we are in a critical period where our country is faced with

By Modupe Gbadeyanka Shares of Zenith Bank Plc performed woefully on Wednesday after news of the retirement of one of the longest serving members on the company’s board hit the market. A notice to the Nigerian Stock Exchange (NSE) from Zenith Bank said a non-executive director of the financial institution, Mr Baba Tela, retired after 12 years on the board. “Zenith Bank wishes to announce the retirement of Alhaji Baba Tela (independent non-executive director) from the board of the bank with effect from October 2, 2018. “This follows the expiration of his tenure of office, having served the group for

By Aduragbemi Omiyale Financial institutions operating in Nigeria have been warned to be very careful of transactions from the Benin Republic and should put measures in place to scrutinise them. This warning came from the Central Bank of Nigeria (CBN) via a circular dated April 11, 2022, stressing that the West African neighbour is gradually becoming a conduit for laundering illicit funds from drug trafficking. In the notice signed by the Director of Banking Supervision Department of the CBN, Ms Asuquo Evelyn, the apex bank said Nigerian lenders must not be used for such high-risk transactions. The central bank, therefore,

The Ekiti State Governor, Ayodele Fayose, has alleged that he was restricted from attending the national convention of the Peoples Democratic Party (PDP) on Wednesday by security agents. Mr Fayose, in a statement issued by his media aide, Mr Lere Olayinka, said despite his pleas to the security operatives, he was still not allowed to be at the controversial event. The Governor described the action as unfortunate. On Wednesday, Mr Fayose was not present at the occasion because he was not allowed to leave the old Presidential lodge in Rivers State Government House, Port Harcourt, where he lodged. The Governor

By Dipo Olowookere Federal Government has commenced the assessment of applicants of its N-Power job programme conducted online. The test kicked off today, Saturday, July 1, 2017 and it started with those who applied under the N-Tax segment of the scheme. The test for N-Tax applicants will last till Monday, July 3, 2017. From Tuesday, July 4 to 6, 2017, it would be the turn of N-Health applicants, while the N-Agro applicants will have their test from Friday, July 7 to Monday, July 10, 2017. The assessment would be wrapped up with the N-Teach applicants, which starts on Tuesday, July

By Modupe Gbadeyanka For the umpteenth time, the Central Bank of Nigeria (CBN) has warned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria. The central bank gave this fresh warning in a statement on Wednesday, February 28, 2018, signed by its Acting Director in charge of Corporate Communications, Mr Isaac Okorafor. The apex bank’s spokesman reiterated that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx were not licensed or regulated by the CBN. Mr Okorafor emphasized that dealers and investors in any kind

By Dipo Olowookere The Nigerian chapter of International Facility Management Association IIFMA) is planning to celebrate the 2018 World Facility Management Day with the students of the Government Technical College, Agidingbi, Ikeja, Lagos on May 16, 2018. This is part of the strategies for capacity development and the need to inspire the next generation of Facility Managers. The theme for the celebration is ‘Enabling Positive Experiences: Inspiring the Technical Students for a better tomorrow.’ Speaking during an interview, President of IFMA, Engr Pius Iwundu, stated that the World FM Day has become a veritable platform that promotes the importance of