Author: Mary Osisanya-Bello

Prices of some perishable food have crashed by about 50 per cent amid the ongoing nationwide hunger protests.The protest with hashtag #EndBadGovernanceinNigeria is planned to end on 10 August.It is aimed at calling the Federal Government’s attention to the economic hardship facing Nigerians.Some traders and buyers at the Ile-Epo food market in Alimosho/Agege area of Lagos state, confirmed the development in separate interviews with NAN on Friday in Lagos.The reports that local food markets across the area witnessed fewer activities than usual due to the ongoing nationwide hunger protests.A tomato trader at Ile-Epo market, Agege area, Mr Rabiu Aliu, said…

IGoGlobal Inc. has launched two new health products, Iroko African Root, a herbal solution and Pure Virgin, an antifungal solution.In a statement, IGoGlobal Inc.’s CEO, Victor Legend, disclosed that the products were unveiled during its recent stakeholders’ dinner held in Abuja.Legend, alongside his team, gave a business presentation emphasising the company’s commitment to advancing African health through scientifically researched and clinically formulated herbal products.According to the firm, Iroko African Root supports the body’s natural detoxification process and promotes overall health by addressing problems, such as high blood pressure, arthritis, infections, hormonal imbalances, and low sexual drive, among other challenges.It added…

S&P has reported that according to tracking data, Dangote refinery will transform global crude flows when it reaches full capacity.Nigeria’s $20 billion Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January, trading sources and ship tracking data as shown.Nigeria is sub-Saharan Africa’s largest oil producer, pumping 1.5 million b/d in June, according to the Platts OPEC Survey from S&P Global Commodity Insights.Until this year, all of the country’s oil was exported due to lack of refining capacity, with gasoline, diesel and jet fuel imported…

Personal views by Otedola and Elumelu don’t represent banks’ collective position on windfall tax, Fidelity Bank Chairman Chike-Obi.Chairman of Fidelity Bank Nigeria, Mustafa Chike-Obi, has announced that the “banking community” will soon release its official position on the contentious windfall tax imposed on banks by Nigeria’s federal government.Chike-Obi made this known in a tweet from his X (formerly Twitter) handle on Friday. He said that personal views expressed by some bank chairmen on the matter do not represent the collective stance of the banking community.Chike-Obi said, “I have read the personal views of some bank chairmen on the windfall tax…

Entrepreneurs are concerned that the August 1 protest could affect productivity and inflict an estimated loss of N400bn on the economy.Industry stakeholders appear apprehensive of the likely fallout of citizen demonstrations on lives and property, particularly their business holdings.The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the fear of arson from the EndSARS protest still haunts Nigerian business owners who almost lost their factories.“Our factories were nearly torched and we would have been without businesses,” Kuti-George told The PUNCH, recounting the joint experiences of business owners in the EndSARS protest.Also referred to as the…

Boost for Legal Aid Council: Minister Promises Improved Funding The Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, has pledged to increase budgetary allocation to the Legal Aid Council of Nigeria in 2025. This move aims to tackle the council’s funding challenges and strengthen justice administration in the country. Speaking at the council’s management retreat in Lagos, Fagbemi emphasized the need to build the council’s capacity to meet the changing needs of the legal landscape. He encouraged lawyers to volunteer their services, especially in rural areas, to support the council’s mission of providing legal aid to the less…

Apple Inc. has reported a stellar third quarter, with iPhone sales surpassing predictions and revenue growth forecasted for Q4. The iPhone 15 series has been a game-changer, outperforming its predecessor, the iPhone 14. “We’re thrilled with the iPhone 15 family’s performance,” said Chief Financial Officer Luca Maestri. “It’s been a strong seller from day one, and we’re confident about its continued success.” Apple’s shares rose nearly 1% in extended trading, outpacing other tech stocks. The company’s revenue is expected to grow at a similar rate to the 4.9% increase reported in the previous quarter, beating analysts’ estimates. While iPhone sales…

OPEC+ has reaffirmed its commitment to existing output cuts, with the option to adjust the phase-out based on market conditions.A meeting of top ministers of the Organisation of Petroleum Exporting Countries and its allies known as (OPEC+) on Thursday kept oil output policy unchanged.This included a plan to start unwinding one layer of output cuts from October, but the oil cartel repeated that the hike could be paused or reversed if needed.The OPEC ministers and allies led by Russia, or OPEC+ as the group is known, held an online joint ministerial monitoring committee meeting (JMMC).OPEC+’s policy as agreed in June…

According to recent data from Semrush, the United Bank for Africa (UBA) has emerged as the leading banking website in Nigeria, attracting 2.36 million visitors in June. This ranking, titled “Top Websites in Nigeria (Banking Industry)”, highlights the bank’s strong online presence. Nigerian financial institutions have been investing heavily in technology, expanding their digital offerings, and enhancing customer experience, which has led to increased online engagement. The top 10 ranking includes: 1. UBA – 2.36 million visits2. Paystack – 2.23 million visits3. Guaranty Trust Bank – 1.25 million visits4. Zenith Bank – 1.17 million visits5. Access Bank – 1.15 million…

Guinness Nigeria Plc has reported a remarkable 31% year-on-year revenue growth for the financial year ended June 30, 2024. Despite operating in a challenging macroeconomic environment, the company achieved significant growth, particularly in the second half of the year, with revenue increasing by 41%. This success can be attributed to an optimized product mix, innovative offerings, and strategic price adjustments. The company’s non-alcoholic malt, ready-to-serve beverages, and international premium categories showed resilience and notable growth. Additionally, Guinness Nigeria intensified its engagement efforts through digital platforms, activations, and brand visibility. Although the company faced increased costs due to inflation, currency devaluation,…

Banks in Bwari Area Council and along the airport road in the Federal Capital Territory didn’t open for business activity on Thursday leaving customers stranded.This is due to ongoing protests to end bad governance in the country.The protest, which began in the early hours of Thursday, aimed to draw attention to the hunger and low purchasing power of citizens.A visit to several banks by our correspondents showed that banks were locked, with security officers barricading customers from accessing the banking halls.At the First Bank of Nigeria branch, a private security guard said, “We are not open yet, we are still…

The electricity subsidy obligation of the Federal Government rose from N252.76bn to N633.30bn in the first quarter of 2024, a report by the Nigerian Electricity Regulatory Commission has disclosed.The NERC said the electricity subsidy skyrocketed to N211.10bn per month in the first three months of 2024, from N84.25bn in the last quarter of 2023.NERC revealed that the increase was largely attributable to the government’s policy to harmonise the exchange rates while also issuing a policy directive that end-user customer tariffs remain at the rates that came into effect in December 2022.“Due to the absence of cost-reflective tariffs across all distribution…

The Federal Government has been advised that for the country to achieve the projected $1tn economy, it needs to grow beyond the banking sector.This was stated by the Group Managing Director of Afrinvest, Chioke Ike, at the launch of its 2024 Banking Sector Report, themed Recapitalisation: Catalyst for a $1 Trillion Economy?’The apex bank ahead of announcing the new capital requirements of the banks said that the banks needed to be stronger and more stable to be able to drive the $1tn economy projected by President Bola Tinubu.Chioke emphasised that while the recapitalisation exercise would enhance the capacity of banks…

The Chairman of FBN Holdings, Femi Otedola, has declared his support for the implementation of the federal government’s proposed windfall tax on the foreign exchange (FX) gains of banks.In a statement yesterday, Otedola said that the revenues generated from the tax can be channeled into essential public services such as healthcare, education, and infrastructure to the benefit of all citizens and help to reduce social inequalities.He said the endorsement aligns with the ongoing efforts to reform the Nigerian banking sector, aimed at enhancing economic stability and integrity within the country’s financial institutions.According to him, taxing these extraordinary gains ensures a…

Nigeria’s World Bank Loans: A Brief Overview Nigeria has a history of securing loans from the World Bank to address various developmental challenges. These loans typically come with specific conditions and are intended to support sectors like infrastructure, education, healthcare, and economic stability.Recent World Bank Loans to NigeriaHere are some of the recent World Bank loans to Nigeria: $500 million loan: Proposed for dam safety and water resource management. The goal is to address water security challenges and boost agricultural productivity. $2.25 billion loan: Approved in April 2024, this loan aims to bolster Nigeria’s economic stability and support vulnerable populations.…

The Federal Government of Nigeria has recently announced the suspension of import duties and taxes on essential food items. This decision is aimed at addressing the rising cost of food and mitigating the impact of hunger on the population.Key Points Purpose: To alleviate the burden of food inflation on Nigerians. Items Affected: Essential food items such as maize, husked brown rice, wheat, and cowpeas. Duration: The suspension is initially set for a 150-day period. Additional Measures: The government is also collaborating with states to expand land cultivation and has introduced a Recommended Retail Price (RRP) for imported food commodities. This…

NCC Orders Reactivation of Blocked SIM CardsThe Nigerian Communications Commission (NCC) has ordered telecommunication companies to reactivate all SIM cards blocked due to unverified NINs. This decision comes as a relief to numerous subscribers who faced communication disruptions.* Reason for blocking: The initial directive to block SIMs without verified NINs was part of the government’s efforts to enhance security and improve SIM registration.* U-turn: Due to unforeseen circumstances, the NCC has reversed the decision to unblock all affected lines.* Potential impact: This move is expected to restore communication services to millions of subscribers who were affected by the initial block.Would…

The Nigeria Airspace Management Agency (NAMA) proposed a staggering 800% increase in navigation fees. This would have significantly impacted the aviation industry, leading to a substantial rise in air ticket prices for passengers. Reason for the proposed hike: NAMA cited rising operational costs, including fuel, staff salaries, and equipment maintenance. Potential impact: A sharp increase in air ticket prices, making air travel less affordable for many Nigerians. Public outcry: The proposal faced strong opposition from airlines and passengers alike, raising concerns about the affordability of air travel.However, it’s important to note that the proposed fee hike has been suspended. This…

African Startups Raise £1 Billion in Seven MonthsIt’s impressive to see the growing momentum of African startups. The ability to raise$1 billion in just seven months is a testament to the increasing investor interest in the continent’s tech ecosystem.Key Implications: Increased investment: This trend signals a significant increase in investor confidence in African startups. Job creation: The growth of these startups is likely to lead to job creation and economic development in the region. Technological advancement: The influx of capital can fuel innovation and drive technological progress in Africa. Competitive landscape: The competitive landscape for startups in Africa is becoming…

The Customs Area Controller, CAC, Apapa Port Command, Comptroller Babatunde Olomu, yesterday, reassured port users operating in Apapa that activities of the Nigeria Customs Service, NCS would continue uninterrupted despite apprehensions about an impending nationwide protest.A statement from Customs Public Relations Officer, Apapa Port Command, Usman Abubakar, said Olomu gave the assurance at a stakeholders meeting in Apapa.Olomu said it has become imperative to rebuild confidence of importers, exporters, licensed customs agents, freight forwarders, haulage operators and other port users on the availability of NCS officers in Apapa Port on all working days as usual.He stated that customs officers attached…