Africa’s richest man, Aliko Dangote, has said that substandard petrol products imported into Nigeria are responsible for the damages many cars have suffered across the country. While speaking at an event recently, Dangote who is currently at loggerheads with regulatory bodies over the operations of his private refinery, stated that he stands by his…
The Central Bank of Nigeria (CBN) has mandated banks and other financial institutions to transfer unclaimed balances and funds from dormant accounts to accounts held by the apex bank. The CBN has also released regulatory guidelines for account holders and beneficiaries to reclaim funds that have been dormant for up to a decade.…
The dollar-to-naira exchange rate on Thursday, July 18, reached N1,615 on Nigeria’s foreign exchange black market. A quick check by LIB on the streets of Lagos showed that dollar was bought between N1560- N1590 and sold between N1600 and N1615. According to FMDQ data, the Naira fell to N1,581.65 against the Dollar on Wednesday…
The Nigeria Labour Congress (NLC) says it will shut down the economy for one month if the National Assembly decentralises the minimum wage. The president of the NLC, Joe Ajaero, stated this during the Nigeria Employers’ Consultative Association (NECA) annual general meeting in Lagos on Tuesday, July 16. Ajaero stated that the Labour…
The Nigeria Civil Aviation Authority (NCAA) has said it would sanction airlines engaged in deceitful departure time scheduling. The Acting Director-General, NCAA, Capt. Chris Najomo, disclosed this in a statement signed by the Director of Public Affairs/Consumer Protection, Mr Michael Achimugu, on Tuesday, July 9. The NCAA warned the airlines to desist…
The Nigeria Labour Congress (NLC) has reacted to the proposal by the Southern Governors Forum that states should determine the minimum wage in their domains. The Southern Governos had met in Abeokuta, Ogun state during the week where deliberations on the new minimum wage was had. In a communique they released after their…
A Senior Customs officer, Essien Etop Andrew, present at the Public Accounts committee of the House of Representatives slumped and died while responding to a question from members of the committee today June 25. The Customs officer had appeared before the committee carrying out an investigation, Sadly while responding to a question, he developed…
MultiChoice has readjusted its subscription rates for DStv and GOtv users in Nigeria, following a court order mandating a halt to its planned price hikes. The move comes after the company faced legal challenges and lost over a million subscribers of its Nigerian customer base. The Competition and Consumer Protection Tribunal in Abuja had…
The National Buereau of Statistics says Nigeria’s inflation rate increased to 33.95 per cent in May 2024. In its latest report released today June 15, the bureau stated that there was an increase of 0.26% points when compared to the April 2024 headline inflation rate. The data revealed that on a year-on-year basis,…
Guinness has announced it will exit the Nigerian market and sell off its controlling shares to Singaporean conglomerate Tolaram Group on Tuesday, June 11. Guinness has joined a long list of multinationals, like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate in the country. The brewery company recorded a staggering N61.9…
