Tinubu stops electricity tariff hike, insists on subsidy

Tinubu stops electricity tariff hike, insists on subsidy

President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed on Wednesday. Adelabu also stated that the Federal Government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies, stressing that the operating licences of the firms would have expired on October 31, […]

November 9, 2023 65

NEWS

Gunshots at Rivers assembly as lawmakers begin governor’s impeachment

There were gunshots and firing of teargas within the Rivers State House of Assembly Complex on Monday as some lawmakers sat to begin an impeachment process on Governor Siminalayi Fubara. About 23 lawmakers, including the Speaker, Martin Amaewhule, who presided over the sitting, resolved to begin the process. The lawmakers also suspended the leader of the House, Edison Ehie, and some of their colleagues believed to be loyal to the […]

October 30, 2023 80

NEWS

Abia uncovers 70 bodies in forest raid

The Abia State Governor, Alex Otti, has disclosed that 20 decomposing bodies and skeletons were discovered by security operatives during a raid of forests around the Lokpanta Cattle Market in the Umunneochi axis of the Enugu-Port Harcourt Expressway. He said another 50 bodies were also found around the market, while the payment of ransom to suspected kidnappers was equally traced to the market. Otti disclosed this on Sunday during the […]

October 30, 2023 92

NEWS

Contributory pension: NLC, retirees lament as 26 states fail to join scheme

•Lagos, five others in full compliance, contributory pension scheme inevitable, says PenCom •Withholding pension immoral, says NLC, retirement now death sentence, retirees kick Only six states and the Federal Capital Territory have fully implemented the Contributory Pension Scheme as of the end of June 2023, according to the National Pension Commission. According to PenCom’s second quarter report for 2023, apart from the FCT, states fully implementing the CPS are Lagos, Osun, […]

October 19, 2023 92

BUSINESS

Investors record N409bn gain on NGX in one week

Equities market investors gained N409bn in the past week as the Nigerian Exchange Limited saw a marginal increase in trading activities with the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. Market capitalisation of listed equities also increased by 1 per cent week-on-week to reach N36.919tn and the year-to-date return of the ASI rose to 31.12 per cent. Analysts at Cowry Assets Management Limited in their […]

October 16, 2023 23

BUSINESS

Sahara Group promotes intra-African collaboration

Leading energy conglomerate, Sahara Group is set to reinforce its call for more intra-African collaboration and investments towards enhancing access to energy on the continent at the Africa Energy Week 2023 scheduled to hold in Cape Town from October 16 – 20. An annual event, the AEW brings together leaders, innovators, and experts in the energy sector to discuss and shape the future of energy in Africa. The 2023 theme […]

October 16, 2023 77

BUSINESS

Fuel imports gulp N843bn, stakeholders lament inactive refineries

Oil marketers said the average ex-depot price of petrol from the only importer of the commodity was N580/litre. NNPCL is the sole PMS importer currently. Other marketers stopped importing the product due to their inability to access foreign exchange, among others. With the average daily consumption of petrol at 48.43 million litres and an average ex-depot price of N580/litre, the national oil company would spend N28.1bn daily on PMS imports. […]

October 16, 2023 74

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BUSINESS

New listing, consumer goods stocks drive NGX gain by N140bn

The Nigerian Exchange Limited on Thursday closed positive with a gain of N140bn added to investors’ wealth on the local bourse. The market capitalisation had shed N158bn on Wednesday on the back of losses recorded by MTN Nigeria (-3.85 per cent), Wema Bank (-10 per cent), Fidelity Bank (-3.57 per cent), Sterling Financial Holding Company (-2.72 per cent, Unity Bank (-2 per cent), FCMB (-0.33 per cent) and FBN Holdings […]

October 6, 2023 112 2

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BUSINESS

German-Nigerian trade volume hit €3bn in 2022- Envoy

The German Ambassador to Nigeria, Annett Günther, on Thursday, said both country’s trade volumes hit €3bn in 2022. Günther stated this at a press conference on Thursday. She said Germany’s main exports to Nigeria are “Machines at 28 per cent; food products at 20 per cent; and chemical products at 19 per cent while Nigeria’s main exports to Germany are crude oil at 83 per cent, food products at 12 […]

October 6, 2023 89 2

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