Author: Mary Osisanya-Bello

In a recent webinar, industry stakeholders urged the government to fully deregulate the downstream oil sector, eliminating price controls and subsidies. The Major Energies Marketers Association of Nigeria, alongside other industry groups, emphasized the need for market-driven pricing to promote competitiveness and efficiency. Participants discussed the implications of recent price hikes and advocated for complete deregulation, citing benefits such as improved efficiency, enhanced product availability, and increased private sector participation. They also stressed the importance of supporting local refineries, transitioning to cleaner energy sources, and investing in infrastructure. The stakeholders proposed establishing new committee structures to enhance collaboration and regulatory…

Sulaiman Gumi, Chairman of the House of Representatives Committee on Safety Standards and Regulations, has emphasized that Nigeria will not compromise public safety in the power sector. He made this statement at the Nigeria Electricity Supply Industry Safety Conference in Abuja, highlighting the committee’s commitment to ensuring safety standards. Despite government efforts, safety issues persist, including vandalism, theft, and the use of sub-standard electrical materials. Gumi identified these challenges and emphasized the need for effective legislative actions. The conference aimed to address safety standards and regulations, bringing together stakeholders to share prospects and challenges. It sought to enhance capacity building,…

In a significant ruling, the European Court of Justice has upheld the European Commission’s 2016 decision, ordering Apple to pay 13 billion euros ($14.4 billion) in back taxes to Ireland. The court found that Apple benefited from illegal tax breaks, artificially reducing its tax burden to as low as 0.005% in 2014. The European Commission had accused Ireland of granting Apple sweetheart deals, allowing the company to pay significantly less tax than other businesses. The court’s ruling confirms that Ireland provided unlawful aid to Apple, which must now be recovered. Apple expressed disappointment, arguing that the European Commission is trying…

The Federal Government has announced a significant 30% growth in Nigeria’s financial sector during the first half of 2024. Minister of Finance Wale Edun, represented by Dr Armstrong Takang, highlighted this growth at the 17th Annual Banking and Finance Conference in Abuja. Edun noted that this growth indicates a strong recovery from the contractions observed in 2021, contributing to Nigeria’s economic stability. He emphasized the sector’s vital role in driving economic growth and highlighted Nigeria’s GDP improvement, with growth rising from 3% to 3.2% in the second quarter of 2024. The minister also acknowledged sector-specific developments, including 10% growth in…

The Nigerian naira has continued its downward slide against the US dollar, hitting a new low of N1637.59 at Tuesday’s close. According to data from the Nigerian Autonomous Foreign Exchange, the naira depreciated by N14.63 against the dollar, marking a 0.90% drop in value. The foreign exchange market witnessed significant trading activity, with a turnover of $143.15m. However, the naira’s performance was tumultuous, with the spot rate closing at N1637.59, a slight appreciation of N3.61 from the opening rate. The forward rate showed significant fluctuations, ranging from N1,499.00 to N1,655.00. Despite a brief recovery on Friday, with the naira appreciating…

The National Union of Pensioners FBN Unit has condemned FirstBank of Nigeria’s alleged refusal to comply with court orders, pension reforms, and signed agreements. In a press statement, National Chairman Pastor Gimbason John criticized the bank’s disregard for former employees’ rights, leaving pensioners frustrated and underpaid. Despite winning a case in 2010, FirstBank allegedly failed to comply, opting to appeal and stall proceedings. Meetings between the union and the bank have yielded no results, with the bank’s repeated delays frustrating the union. Key issues include FirstBank’s alleged failure to review pension payments every five years, as mandated by a 2016…

The Private Telecommunications and Communications Senior Staff Association (PTECSSAN) has begun a seven-day strike, threatening to cripple telecom services nationwide. The union, comprising mostly contract staff, demands recognition, improved working conditions, reinstatement of sacked workers, and remittance of membership dues. The strike, which started on Monday, involves 800 workers who manage critical infrastructure like base stations for companies such as IHS, Huawei, and others. PTECSSAN’s Secretary-General, Okonu Abdullahi, warned of massive disruptions to telecom operations, leaving millions of subscribers facing a potential communication blackout. The union’s demands include: Reinstatement of sacked workers Recognition of the union Improved working conditions Remittance…

In commemoration of its 75th anniversary, UBA has rewarded 30 loyal customers with over N17 million in its August draw. The event, held in Lagos, featured a transparent draw overseen by representatives from the National Lottery Regulatory Commission. The top tier saw 10 winners receive N1 million each, including Joshua Izenobor, Chigozie Abel, and Cornelius Nwankwo. Another 10 customers won N500,000 each in the second tier, with recipients including Elizabeth Warekoromor and Deborah Ijeoma Simon. The third category awarded N250,000 each to 10 account holders, with winners such as Olusegun Oke and Salisu Adamu. Congratulating the winners, UBA’s Group Head…

The delay in announcing the price of Premium Motor Spirit (PMS) produced by the Dangote Petroleum Refinery has raised concerns among oil marketers. The landing cost of imported PMS is now around N1,120/litre, and marketers fear that a high price from the Dangote refinery could lead to increased importation. The Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre in July, while the pump price ranged between N600 and N700/litre. However, the price was increased last week to between N855 and N897/litre by the Nigerian National Petroleum Company Limited (NNPC), with some independent dealers…

Africa’s youth have bounced back from the ravages of COVID 19, but they aren’t happy with the direction their governments are taking. They are unafraid to speak out and they are unequivocal about what the greatest threat to their futures is – corruption.Corruption is now front and centre in the minds of youth in the rest of the continent. They believe that corruption in their countries is robbing them of their birth right; the single greatest hurdle they face to achieve their own potential and achieve the better life that was denied their parents and their grandparents. Most of all,…

In today’s crowded marketplace, attention is the ultimate prize. To build brand awareness, generate leads, and drive sales, businesses must stand out. Google tools can help achieve these goals. Many businesses use advertising to reach their target audience, but the advent of Artificial Intelligence is changing the digital marketing landscape. Google Ads has introduced innovative AI-powered tools to enhance creativity and performance. These tools provide advanced analytics, AI-powered image enhancement, automated asset generation, and streamlined workflow integration with creative platforms. With Google Ads, businesses can: Track conversion metrics and asset-level reporting Edit images with AI-powered tools Generate high-quality images with…

Get ready for the 2025 Intra-African Trade Fair (IATF2025) in Algiers, Algeria, from September 4-10, 2025! This premier trade and investment event promises groundbreaking opportunities, expanding markets, and a showcase of Africa’s economic potential. Over 35,000 visitors from 140 countries and 2,000 exhibitors will converge to explore a wide range of goods and services. IATF2025, organized by Afreximbank, the African Union, and the AfCFTA Secretariat, focuses on the theme “Gateway to New Opportunities.” The event aims to tap into the vast potential of the AfCFTA, representing a market of 1.4 billion people and a combined GDP of $3.5 trillion. Former…

FBN Holdings Plc has announced the sale of its 100% equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP, a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries. The sale follows a competitive bidding process, with EverQuest emerging as the preferred bidder. In a statement filed with the Nigerian Exchange Limited, FBN Holdings’ Acting Company Secretary, Adeware Arogundade, disclosed that the divestment aligns with the company’s strategy to optimize its portfolio and streamline its focus across the group. FBNQuest is the unified brand identity for FBN Holdings’ merchant banking and asset management businesses. The sale is…

The Senate has postponed a public hearing on alleged sabotage in the petroleum industry, citing the need for wider consultations with stakeholders and legislative exigencies. The hearing, initially scheduled for September 10-12, 2024, aimed to investigate billions spent on maintaining refineries, overpayments to transporters, and alleged importation of hazardous petroleum products. The Senate Ad-hoc Committee, led by Senator Opeyemi Bamidele, had concluded pre-investigation undertakings and held interactive sessions with MDAs and private oil firms. However, after consulting with members and key actors, the committee decided to postpone the hearing to ensure a more comprehensive approach. Bamidele explained that the decision…

Labour leaders in Nigeria have expressed concern that the failure to transmit the reviewed labour laws to the National Assembly for passage has worsened casualization and precarious working conditions. They argue that the legal delay has left many workers without adequate protections, exposing them to exploitation and job insecurity. Chris Onyeka, National Assistant General Secretary of the Nigeria Labour Congress, noted that loopholes in the law have allowed various forms of precarious work to persist. He emphasized that the National Labour Advisory Council, a tripartite body comprising the government, unions, and employers, had reviewed the laws to protect workers. However,…

Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), has commended Oando Energy Resources for its successful acquisition of Eni’s assets, describing it as a turning point for Nigeria’s oil and gas future. During a meeting with Oando’s management team, led by Managing Director Alex Irune, Lokpobiri emphasized the significance of indigenous oil companies taking over from International Oil Companies (IOCs). Lokpobiri expressed his aspiration for Nigeria to create its own IOCs, citing Oando’s acquisition as a step in the right direction. He noted that indigenous companies like Oando and Seplat have demonstrated enormous local capacity, and he expects them…

The Manufacturers Association of Nigeria (MAN) has cautioned that the persistent increase in petrol price may force businesses to raise their product prices, scale down operations, or even shut down. In a statement titled “MAN Enumerates Impacts of Petrol Price Hike on Economy,” Director General Segun Ajayi-Kadir highlighted the negative impact of the price hike on the economy and manufacturers’ production costs. The association noted that the increased cost of transportation, logistics, energy, and other production expenses will negatively affect manufacturing performance, profit margins, and consumer purchasing power. Small and medium-sized enterprises (SMEs) may be particularly vulnerable to the price…

Slack’s Workforce Lab research and interactive quiz provide a roadmap for employers to onboard workers to “The AI Team,” where humans and AI agents collaborate successfully. The study identifies five AI personas, each with unique motivations and perspectives on AI adoption: 1. The Maximalist (30%): Enthusiastic AI adopters who use it frequently and encourage others.2. The Underground (20%): Cautious AI users who don’t share their experiences with colleagues.3. The Rebel (19%): AI skeptics who avoid using it and consider it unfair.4. The Superfan (16%): AI admirers who haven’t yet fully utilized it at work.5. The Observer (16%): AI newcomers who…

Lagos State Commissioner for Agriculture, Abisola Olusanya, announced plans to monitor agricultural investments to track state support and ensure accountability throughout the food value chain. Speaking at the Agriculture & Allied Group 2024 Symposium/Fair, Olusanya explained that the government aims to build food logistics hubs to trace food items and investments from production to market. The initiative seeks to promote transparency and fairness, ensuring that farmers receive fair margins for their labor. Olusanya emphasized the need to track food production costs, distribution channels, and market prices to hold all stakeholders accountable. The Lagos State Government has already launched the Mushin…

The Bank of Industry (BOI) has announced a landmark €1.43 billion loan syndication, exceeding its target by 42.5% and representing a 142.5% subscription rate. This achievement demonstrates confidence in the bank and the Nigerian economy from foreign investors. The facility, which includes fully and partially guaranteed tranches by Africa Finance Corporation (AFC), will finance growing demand for BOI funds across Nigeria. Managing Director/Chief Executive, Dr. Olasupo Olusi, stated that this syndication is the largest in the bank’s history and aligns with President Bola Ahmed Tinubu’s vision to support Nigeria’s private sector. BOI appointed AFC and Standard Chartered Bank as Global…