Go Pro Forum

By Oluyemi Damilola The Organisation of Petroleum Exporting Countries, OPEC, has said Nigeria’s average daily crude oil production increased to 1.27 million barrels per day (bpd) in June. In its monthly oil market report released yesterday, the oil cartel said the production data was based on direct communication with Nigerian authorities. OPEC receives data on crude oil production from two sources: direct communication — which is from member countries — and secondary communication, such as energy intelligence platforms. According to the intergovernmental body, the current output figure represents a 1.57 per cent rise from the 1.25 million bpd recorded in May. Due to the current production figure, OPEC said Nigeria retained its position as the biggest oil producer in Africa, surpassing Angola, which produced 906,000 bpd in June. With 259,000 bpd in June, Congo ranked third among the biggest oil producers in Africa, according to OPEC.  “According to secondary sources, to...

By Olorunleke Samuel Unionized workers at Samsung Electronics have declared an indefinite strike to pressure South Korea’s biggest company to accept their calls for higher pays and other benefits SEOUL, South Korea (AP) — Unionized workers at Samsung Electronics declared an indefinite strike Wednesday to pressure South Korea’s biggest company to accept their calls for higher pays and other benefits. Thousands of members of the National Samsung Electronics Union launched a temporary, three-day strike on Monday. But the union said Wednesday that it was announcing an indefinite strike, accusing the management of being unwilling to negotiate. Samsung Electronics says there have been no disruptions to production. Samsung Electronics will ensure no disruptions occur in the production lines,” a Samsung statement said. “The company remains committed to engaging in good faith negotiations with the union.” However, in a statement posted on its website, the union said it has engaged i...

ByAdewole Anjolaoluwa  The House of Representatives has queried the Minister of Women Affairs, Uju Kennedy-Ohanenye, for spending unrelated expenditures, including N45m for a New Year party, N20m for sanitary pads, the News Agency of Nigeria reports on Wednesday. Others include N1.5m for vehicle fuel. NAN reports that Rep Kafilat Ogbara, Chairman of the House Committee on Women Affairs, led the interrogation of the minister, over the non-payment of N1.5bn to contractors despite the fund release in Abuja. She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry. The minister, however, denied the allegations of misappropriation, overspending, and non-payment to contractors. The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts. It would be recalled that the committee had at its last sitting summon...

By Aderemi musliudeen The Nigerian National Petroleum Corporation (NNPC) is planning to secure another $2 billion loan, backed by crude oil, to bolster the nation's economy, according to recent reports. This strategic move aims to address economic challenges and stimulate growth amid fluctuating oil prices and global economic uncertainties. The proposed loan will be utilized to finance critical infrastructure projects and support various economic sectors, aiming to enhance overall productivity and development. The NNPC's decision to leverage crude oil for securing the loan underscores the importance of the oil industry to Nigeria's economy, which relies heavily on petroleum exports for revenue. Economic experts have mixed reactions to this development. While some see it as a necessary step to inject much-needed capital into the economy, others express concerns about the increasing debt burden and its long-term implications. The effectiveness of utilizing the loa...

By AFOLABI OLUWASEUN The Nigerian National Petroleum Company Limited is in talks for another oil-backed loan to boost its finances and allow investment in its business, the Group Chief Executive Officer, NNPC, Mele Kyari, has said. Sources familiar with the situation said the oil firm aims to raise at least $2bn through the proposed new loan. In August 2023, NNPC announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank. When the $3.3bn loan is added to the newly proposed loan of $2bn, it means the national oil company is about raising its crude-backed loans to $5.3bn. The PUNCH could not ascertain how much the oil company had repaid from the $3.3bn loan as of press time on Tuesday. Kyari said the company wanted the new loan against 30,000-35,000 barrels per day of crude production, though he declined to say how much money it sought, Reuters reported on Tuesday. This came as the queues for Premium Motor Spirit, popularly c...

By Bolanle Esther Feranmi The Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, has stated that the N23.1bn allocated for rehabilitating and repairing airport facilities nationwide is grossly insufficient. The FAAN MD, during an interview on The Morning Brief, a Channels TV programme, on Tuesday, said that airports, terminal areas, land sides and air sides are some of those things that require urgent improvements and the amount appropriate may not suffice. Kuku emphasized that the aviation sector, particularly airports, is critical and requires substantial capital investment. ”When you refer to N23.1 billion or N23 billion, it may not actually scratch the surface if you look at where we are in terms of infrastructure development and upgrades. Yes, we do have some money earmarked for capital-intensive projects this year, and maybe slightly more. What I do want to say is that the Federal Government, through FAAN actually has 22 airports under ...

By Ganiyu Abass The Nigerian Naira has experienced a significant decline against the U.S. dollar, losing critical support levels. This drop comes as the U.S. dollar continues to strengthen, fueled by robust economic data and hawkish monetary policy from the Federal Reserve. Economists are concerned about the implications for Nigeria’s economy, which relies heavily on imports priced in dollars. The weakened Naira is likely to drive up the cost of goods and services, increasing inflationary pressures. The Central Bank of Nigeria is under pressure to intervene, but its options may be limited by existing economic constraints. Market analysts suggest that the Naira's depreciation could impact various sectors, including manufacturing and consumer goods, which depend on imported materials and products. The rising cost of imports may also affect everyday Nigerians, leading to higher prices for essential items. As the global economy navigates post-pandemic recovery, the Naira’s ...

By Adewole Anjolaoluwa As part of efforts to address the food crisis in the country, the Federal Government is sending 60 trucks of fertiliser to each of the states of the federation. Each of the 109 senators will also receive two trucks of fertiliser for distribution to farmers in their constituents, while the 360 members of the House of Representatives will get one truck each to distribute in their constituencies. The Senate, which disclosed the plan on Tuesday while debating on the food crisis at plenary, called on the Federal Government to expedite action on the fertiliser distribution. The call followed a motion moved by Senator Sunday Karimi, representing Kogi West and co-sponsored by Senator Ali Ndume of Borno South at the Tuesday plenary. The motion titled, “Urgent Need to Address Food Insecurity and Market Exploitation of Consumables In Nigeria,” noted that in the last few months, the price of goods and household consumables had been on an abysmal rise in the count...

By Adewole Anjolaoluwa The House of Representatives on Tuesday, commenced the consideration of the N1.91tn 2024 budget of the Niger Delta Development Commission. Leading the defence of the commission’s budget, NDDC Managing Director, Samuel Ogbuku, said the commission plans to source the money for the budget through borrowing of N1trn from commercial and development banks. The NDDC hopes to receive the sum of N170bn, being arrears owed it by the Federal Government and recoveries by government agencies; a Federal Government statutory contribution of N324.8bn, an ecological fund of N25bn, oil companies contribution of N375bn, and an Internally Generated Revenue of N1bn. He disclosed that the commission planned to find its legacy projects with the N1 trillion to be borrowed from the banks, while about N835. 222 billion will be spent on other development projects. Ogboku emphasised the need for the development of critical infrastructure, adding that the management of the NDDC w...

By  Abuja, Nigeria – The Federal Government has announced the release of N1.2 trillion for capital projects across the country, signaling a significant boost to infrastructure development and economic growth. This allocation is part of the 2024 budget and underscores the government's commitment to addressing critical infrastructure needs. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed the release, emphasizing the importance of timely funding for capital projects. "The disbursement of N1.2 trillion is aimed at accelerating the completion of ongoing projects and initiating new ones that are crucial for national development. This investment will enhance our transportation networks, power supply, healthcare facilities, and educational institutions," Ahmed stated. Key sectors to benefit from this funding include transportation, where significant portions are allocated for the construction and rehabilitation of roads, bridges, and ra...

By Ganiyu Abass Abuja, Nigeria – The Federal Government has launched an investigation into the rampant smuggling of fuel across Nigeria’s borders and has consequently reduced the supply of petroleum products to border towns. This measure is part of a broader strategy to curb illegal fuel trade and ensure that subsidized fuel benefits Nigerians rather than being diverted to neighboring countries. The Nigerian National Petroleum Corporation (NNPC) announced the probe following reports that significant volumes of fuel meant for domestic consumption were being smuggled out of the country. These illegal activities have contributed to fuel shortages and inflated prices in many parts of Nigeria, exacerbating the economic hardship faced by ordinary citizens. In a statement, the NNPC's Group Managing Director, Mele Kyari, emphasized the government’s commitment to addressing the issue. "We are working closely with security agencies and other relevant stakeholders to identify...

By Ganiyu Abass Lagos, Nigeria – A recent report has revealed that 43% of small businesses in Nigeria are less than five years old, highlighting a vibrant entrepreneurial spirit despite the country's challenging economic environment. The study, conducted by the Nigerian Association of Small and Medium Enterprises (NASME), underscores the critical role small businesses play in driving economic growth and job creation. The report, titled "State of Small Business in Nigeria 2024," surveyed thousands of small business owners across various sectors, including retail, agriculture, manufacturing, and technology. It found that nearly half of these businesses were established within the past five years, a testament to the resilience and determination of Nigerian entrepreneurs. NASME President, Eke Ubiji, commented on the findings, stating, "This data is indicative of a robust entrepreneurial ecosystem. Despite economic hurdles such as access to finance, infrastruc...

By Ganiyu ABASS Warri, Nigeria – The Warri-Itakpe train service is set to resume operations on Monday, following a temporary suspension due to an accident. This vital rail link, which connects the southern city of Warri with Itakpe in the central region, had been halted for repairs and safety assessments after the incident. The Nigerian Railway Corporation (NRC) announced the resumption, emphasizing that extensive inspections and maintenance work have been conducted to ensure passenger safety. The accident, which occurred last month, involved a derailment near the Kogi State section of the line. Fortunately, no fatalities were reported, though several passengers sustained minor injuries. In a statement, the NRC Managing Director, Fidet Okhiria, assured the public that all necessary measures have been implemented to prevent future occurrences. "We have thoroughly investigated the cause of the derailment and taken corrective actions. Our priority is the safety and comfor...

By: Damilola Ouyemi Justice Dehinde Dipeolu of the Federal High Court in Lagos has directed the former Minister of Humanitarian Affairs, Disasters Management and Social Development, Sadia Umar-Farouk, to give details of how N729bn allegedly disbursed to 24.3 million poor Nigerians was carried out. The court ruled that the ex-minister should provide a list of all the beneficiaries, including their bank details, that received the N5,000 disbursed for six months. The judge gave the orders while delivering judgment on a suit, marked FHC/L/CS/853/2021, filed by Social Economic Rights and Accountability Project. According to SERAP, the judgment was delivered in June while the certified true copy was released by the court on Friday. In a statement on Sunday, SERAP’s Deputy Director, Kolawole Oludare, explained that Umar-Farouk filed a preliminary objection to challenge the suit but the court dismissed it. According to SERAP, Justice Dipeolu, while delivering the judgement, held th...

In the ongoing debate over minimum wage policies, economic considerations play a pivotal role in shaping outcomes that affect millions of workers and the broader economy. As governments and policymakers deliberate on appropriate wage floors, they must balance the goals of economic growth, business sustainability, and social equity. Setting a minimum wage involves complex economic analyses to determine its impact on employment, inflation, productivity, and poverty alleviation. Proponents argue that a higher minimum wage boosts consumer spending, as low-income workers have more money to spend on goods and services, thus stimulating the economy. Additionally, it can reduce poverty and income inequality, ensuring a fairer distribution of wealth. However, opponents caution that significant increases in minimum wage might lead to job losses, as businesses could struggle with higher labor costs. Small businesses, in particular, may face difficulties, potentially leading to closure...

Lagos, Nigeria, July 4, 2024 – Chemical and Allied Products Plc (CAP) has announced that its shareholders have approved a dividend of N1.26 billion for the financial year ended December 31, 2023. The decision was ratified at the company’s Annual General Meeting (AGM) held yesterday in Lagos. The approved dividend translates to N1.80 per share, reflecting CAP’s commitment to rewarding its shareholders for their trust and sustained support over the years. The dividend is expected to be paid out on July 20, 2024, to shareholders whose names appear in the Register of Members as of the close of business on July 10, 2024. During the AGM, the Chairman of CAP, Mr. Akinwande Johnson, expressed gratitude to the shareholders for their unwavering support and confidence in the company’s leadership and strategic direction. He noted that despite the challenging economic environment, CAP has remained resilient, delivering consistent growth and profitability. “Our robust financial performan...

The Aliko Dangote University of Science and Technology in Wudil, Kano State, has been facing severe disruptions following the disconnection of its power supply by the Kano Electricity Distribution Company (KEDCO). The disconnection, which occurred about a week ago, is due to the institution's inability to settle its outstanding electricity bill amounting to over N248 million. Prof. Abdulkadir Dambazau, the Dean of Students’ Affairs, explained the university's predicament to newsmen on Monday. Despite various efforts to negotiate with KEDCO, including a recent payment of N20 million from the university’s enhanced monthly subvention provided by the state government, the power company has remained adamant about reconnecting the institution without full settlement of the bill. The disconnection has severely impacted the university's operations, particularly affecting academic activities and essential services like water supply. With a student population of 28,000, t...

Awka, Anambra State – In a significant move to uplift vulnerable community members and stimulate local economic growth, Prof. Lilian Orogbu, the House of Representatives member for Awka North and South Federal Constituency, has successfully empowered over 200 widows and youths in the region. The initiative provided essential skills and resources to help participants establish small-scale businesses. The empowerment program, a collaborative effort between the Federal College of Horticulture, Norton Innovation Services Ltd, and the Federal Ministry of Agriculture and Food Security, focused on equipping participants with practical business skills. This initiative aimed at addressing the economic challenges faced by these groups and promoting sustainable development within the community. Held at St. Mathews Parish, Amawbia, the program followed an intensive training session at Ndi Ichie village hall, Umudioka, Awka, from June 25 to 28, 2024. During the training, participants le...

In the midst of heated debates over the proposed traditional institution law in Sokoto State, the state’s High Court has issued an injunction restraining Governor Ahmed Aliyu from removing two district heads who were recently dismissed from their positions. The court order specifically protects Alhaji Buhari Tambuwal, District Head of Tambuwal, and Alhaji Abubakar Kassim, District Head of Kebbe, from being sacked. These district heads were among 15 traditional leaders removed by the state government on allegations of insubordination and aiding insecurity. The injunction was granted by Justice Kabiru Ibrahim Ahmed in response to separate lawsuits filed by the affected district heads. Represented by Senior Advocate of Nigeria, Prof. Ibrahim Abdullahi, the plaintiffs challenged their removal, seeking the court's intervention to halt the governor's actions. Justice Ahmed directed Governor Aliyu, the state's Attorney General, and the Sokoto Sultanate Council to maint...

Amazon is set to introduce a new discount section on its platform that will facilitate direct shipping from China. This move is aimed at offering more affordable products to customers while streamlining the supply chain. By allowing products to be shipped directly from Chinese manufacturers to consumers, Amazon hopes to reduce costs and delivery times significantly. The new discount section will feature a variety of products shipped directly from Chinese suppliers, bypassing intermediate warehouses. This initiative is expected to attract price-conscious shoppers and enhance Amazon's competitive edge in the e-commerce market. The decision aligns with Amazon's broader strategy of leveraging its global logistics network to improve efficiency and customer satisfaction. This direct shipping model is anticipated to lower prices and provide faster shipping options, making Amazon's offerings more appealing to a global audience. This launch represents a significant step ...