Author: Mary Osisanya-Bello

The Federal Government has approved the transfer of N2.5 billion from the Bank of Industry to the Solid Minerals Development Fund, aimed at enhancing funding access for indigenous miners. The Minister of Solid Minerals Development, Dr. Dele Alake, announced this during a meeting with stakeholders in the mining sector. The fund transfer is intended to provide more favorable terms for indigenous miners, facilitating their access to funding. The meeting also discussed recent developments in the sector, including the hike in license fees and its impact. The government has reached a consensus to review mining license rates, aligning them with current…

The Federal Airports Authority of Nigeria (FAAN) has announced plans to set up magistrate courts at airports nationwide to ensure swift judgment for violators of airport rules. This move is part of FAAN’s ongoing efforts to combat rogue activities at airports and enhance passenger experience. At a meeting with security agency heads at Nnamdi Azikiwe International Airport, Abuja, FAAN’s Managing Director/Chief Executive, Mrs. Olubunmi Kuku, highlighted the challenges posed by unauthorized individuals and loitering at airports. She emphasized the need for a safe and comfortable environment for genuine airport users. FAAN will prosecute onsite those engaging in illicit activities, such…

A stern warning has been issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to fuel station owners against selling petroleum products directly to customers, citing safety concerns. This comes as residents in the Federal Capital Territory, Abuja, continue to face fuel scarcity. During a recent inspection, an NMDPRA official emphasized the gravity of the situation, urging fuel station owners to take it seriously and seek security reinforcements if needed. The agency believes that fuel stations are selling products from their premises, and has warned against the illegal sale of petroleum products, particularly Premium Motor Spirit, in jerrycans.…

In a significant boost to the insurance industry, Continental Reinsurance has trained approximately 1,700 professionals in the first half of 2024. The comprehensive training programs, attended by participants from Nigeria and Ghana, covered a wide range of topics including agriculture, reinsurance accounting, emerging risks, oil and gas, engineering, credit life, mortgage protection, and fraud detection. The sessions, which began in February, aimed to support the growth of insurance professionals in the region. According to Regional Director Ogadi Onwuaduegbo, “These capacity-building initiatives demonstrate our long-term commitment to enhancing local insurers’ capabilities. We will continue to organize training sessions in the second…

The Nigeria Customs Service has been directed to start the implementation of the zero per cent import duty and exemption of Value-Added Tax on basic food items.This was after President Bola Tinubu approved the implementation of zero per cent import duty and exemption of Value-Added Tax on basic food items.The Ministry of Finance confirmed the approval in a letter to the Nigeria Customs Service dated August 8, 2024. The Nigeria Customs Service also confirmed the development in a document shared with one of our correspondents on Wednesday.Responding, the Comptroller-General of the NCS, Bashir Adeniyi, instructed officials of the service to…

The recent decline in Dangote Group’s stock prices, including Dangote Sugar Refinery and NASCON Allied Industries, has been attributed to foreign exchange losses and the Securities and Exchange Commission’s (SEC) rejection of their merger request. Analysts believe that ongoing inflationary pressures and forex volatility have exacerbated these challenges. Stock Price Declines – Dangote Sugar Refinery’s stock price fell by 18.67% from N45.00 to N36.60 between May and August 2024, due to supply chain disruptions and volatile sugar prices.- NASCON Allied Industries’ stock price decreased by 12.57% from N37.00 to N32.45 over the same period.- However, Dangote Cement achieved a 41%…

The Nigerian National Petroleum Company Limited (NNPC) has announced the discovery and confiscation of 63 illegal refineries in the past week, as part of its intensified efforts to combat oil theft. A recent documentary highlighted the progress made in the fight against oil theft. According to the NNPC, 177 incidents were recorded between August 3 and 9, including: – 19 illegal pipeline connections recovered- 63 illegal refineries discovered and confiscated in Bayelsa, Rivers, Abia, Imo, and Delta States- 17 vehicular arrests made in Delta, Bayelsa, Rivers, and Akwa Ibom States- 15 wooden boats conveying stolen crude confiscated in Rivers and…

The Association of Master Bakers and Caterers of Nigeria has called on the Federal Government to intervene in the rising costs of flour and other ingredients affecting their operations. Despite the recent approval of a duty-free importation waiver on wheat and maize, flour prices continue to skyrocket. The association’s Chairman, Chief Matthew Ayoola, and General Secretary, Abraham Alabi, appealed to the government to probe the activities of the Flour Milling Association of Nigeria and sugar producers, accusing them of causing the price increases. The bakers proposed a reduction in the prices of wheat, flour, and other ingredients to ensure smooth…

NielsenIQ East & West Africa’s Managing Director, Faith Wanderi, emphasized the need for manufacturers and retailers to innovate and offer cost-effective options to meet consumers’ changing needs. Speaking at the 2024 Nigeria NielsenIQ Breakfast Conference, Wanderi noted that consumers are switching brands due to price sensitivity, with 7 out of 10 consumers changing brands in the past year. Wanderi stressed the importance of understanding consumer behavior and adapting to shifting market trends. Businesses must leverage data insights to inform pricing strategies and distribution channels. She warned that consumers will continue switching brands, and businesses must think creatively to sustain themselves…

Minister of Power, Adebayo Adelabu, has assured Nigerians of a stable and sustainable power supply nationwide. During an inspection visit to the Calabar power plant of Niger Delta Power Holding Company on Tuesday, Adelabu stated that the Federal Government is committed to reforming the power sector to ensure stability. He noted that energy demands have increased, and the government is working tirelessly to meet these demands. Adelabu urged associates in the oil and gas sector to be proactive, as the President Bola Tinubu administration is set to address issues in the sector effectively. The Minister emphasized the critical role of…

The Federal Government has taken delivery of 70 hybrid Jet Mover buses from Jet Motor Company, a Nigerian automobile manufacturer, to enhance the country’s transportation sector. The buses, which operate on compressed natural gas and premium motor spirit, will provide affordable and comfortable transportation for Nigerians. At the handover ceremony held at Jet Motor Company’s plant in Ajah, Lagos State, officials from the Ministry of Finance and representatives of the Presidential Initiative for Compressed Natural Gas praised the good quality of the vehicles. Dimas Hamidu, Technical Assistant to the Permanent Secretary of the Ministry of Finance, commended the company for…

The African Union (AU) has unveiled key strategies and policies to transform the world of work, focusing on the social economy, youth employment, fair recruitment, and minimum wage. Through its partnership with the International Labour Organization (ILO), the AU has made significant strides in promoting social justice and employment opportunities across Africa. The AU has adopted the AU-ILO Youth Employment Strategy and the Fair and Ethical Recruitment Strategy for Africa, in addition to the Social Solidarity Economy Ecosystem. These initiatives aim to promote fair distribution of resources, equality, and social justice, while giving voice and agency to the underprivileged. The…

The Nigerian Solidarity Support Fund (NSSF) has launched the “Ignite Campaign”, a groundbreaking initiative aimed at training and mobilizing one million young Nigerians as healthcare advocates by 2029. The six-month campaign, which kicked off on July 15, began with the training of 3,000 youths, marking the starting point of NSSF’s ambitious journey to empower young people in healthcare advocacy. According to Dr. Fejiro Nwoko, Managing Director/CEO of NSSF, “The Ignite Campaign represents a crucial step in our strategy to create a healthier Nigeria. By engaging and training 3,000 young Nigerians, we are addressing the immediate need for healthcare advocacy and…

The Dangote Refinery has refuted claims made by some oil marketers that it plans to sell petrol at N600-N650 per liter. In a statement released on Tuesday, the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, clarified that Dangote Refinery has not engaged in any discussions with marketers regarding petrol pricing. The statement was in response to reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had speculated about the refinery’s pricing plans. Dangote Refinery emphasized that IPMAN is not a business partner and has no authority to speak on its behalf. “We have not fixed a price…

The Bank Directors Association of Nigeria (BDAN) has expressed strong reservations about the proposed 70% windfall tax on foreign exchange transaction profits, deeming it excessive and ill-timed. In a statement after their board meeting, BDAN acknowledged the government’s intentions but raised concerns about the tax rate’s magnitude, timing, and implementation ambiguities. BDAN Chairman Mustafa Chike-Obi stated, “The 70% tax rate is burdensome and ill-timed, particularly during bank recapitalization efforts. It may stifle growth, innovation, and service quality, ultimately affecting the broader economy.” He emphasized the need for stakeholder consultation and open dialogue to ensure equitable and effective policies. The association…

Following the recent nationwide hunger protests, Kaduna has witnessed a significant surge in food prices and cooking gas. A News Agency of Nigeria correspondent’s market survey on Monday revealed steady price increases across various food items, including provisions, grains, and staple foods. The prices of essential commodities like rice, beans, yams, garri, and noodles have risen for the fourth time this year alone. For instance, a kilogram of cooking gas now costs N1,400, up from N1,100-N1,120 in July. At the Sheikh Abubakar Gumi market, a 50kg bag of foreign rice increased from N79,000 to N86,000-N90,000. Other price hikes include yams…

The Nigerian equity market began the week on a negative note, with the All Share Index declining by 0.72% to 97,881.75 points. This moderated the market’s year-to-date return to 31.87%, month-to-date to 0.16%, and week-to-date to -0.72%. Market capitalization ended at N55.58 trillion, with investors trading 498.27 million shares in 10,645 deals, valued at N11.77 billion. Despite the overall downturn, market breadth closed positive, with 29 gainers outpacing 23 losers. Julius Berger Nigeria led the gainers, surging 10% to N121.00 per share, followed by National Salt Company (10%), Total Nigeria (9.98%), and Oando (9.98%). On the losing side, BUA Cement…

Prestige Assurance Plc has reaffirmed its commitment to expanding its retail business, aiming to reach a wider customer base and drive growth. Managing Director/CEO Rajesh Kamble announced this at the company’s 54th annual general meeting in Lagos. Despite a challenging operating environment, Prestige Assurance reported a profit before tax of N1.40bn for the 2023 financial year, up from 2022. Kamble outlined the company’s strategic focus on retail businesses, including developing new products tailored to the retail market, building stronger customer relationships, and leveraging digital platforms. He emphasized the importance of adaptability, cost-consciousness, and innovation in responding to emerging trends and…

Centre Point Hall was abuzz with excitement and nostalgia as MTN executives, staff, and distinguished guests gathered to bid farewell to outgoing Chief Operating Officer, Hassan Jaber, after an illustrious 29-year career. Jaber’s remarkable journey with MTN began in 1998 as IT Manager at Spacefon (now MTN) in Accra, Ghana, where he played a pivotal role in shaping the company’s technology strategy. He went on to lead MTN’s IT departments in Benin and Liberia, before serving as Chief Information Officer in MTN Yemen and MTN Syria. Jaber’s leadership prowess took him to the helm of MTN operations in Guinea, Sudan,…

Olam Agri, a leading agribusiness, has committed to a four-year development plan, investing approximately ₦6.5 billion in corporate social responsibility and sustainability initiatives. These initiatives aim to drive socioeconomic growth in communities where Olam Agri operates, focusing on five key areas: supporting farmers, enhancing education and skill development, economic empowerment of women, promoting health and nutrition, and reducing carbon emissions. The investment is part of Olam Agri’s award-winning Seeds for the Future program, designed to foster a brighter future for all. The expanded commitment will support sustainable development across Olam Agri’s business portfolio from 2024 to 2028. In 2024, Olam…