Business

NORTH-SOUTH CATTLE TRADE DECLINES by 50 PERCENT Cattle traders are facing an existential threat, especially in the northeastern part of Nigeria, with stakeholders calling for urgent intervention to save the sector. Investigation by Weekend Trust revealed that as a result of the spate of insecurity ravaging parts of the country and the ban on open grazing in some states, with …

FIRST BANK SHAREHOLDERS PLOT REMOVAL OF OTEDOLA AS CHAIRMAN, CALL FOR EXTRA-ORDINARY GENERAL MEETING The crisis in the leadership of First Bank Holdings of Nigeria worsened on Wednesday as a group of stakeholders called for the removal of its board chairman, Femi Otedola, and non-executive director, Mr Julius B. Omodayo-Owotuga. This comes as the group calls for an immediate extraordinary …

TINUBU GOVT OKAYS TARIFFS HIKE BY MTN, AIRTEL, GLO Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani says telecom tariffs will soon increase but not by 100 per cent. Rising from a stakeholders’ meeting with Mobile Network Operators (MNOs) on Wednesday in Abuja, Tijani said consultations and engagements were ongoing. The MNOs were proposing a 100 pee cent …

NIGERIAN GOVT GETS $255M CHINESE LOAN FOR KANO -KADUNA RAILWAY PROJECT China Development Bank, CDB, has approved the first tranche of a $255 million loan for the Nigerian government’s Kaduna-Kano railway project. This was disclosed in a statement by CDB on Tuesday. The loan, according to the China Development Bank, will provide crucial financial backing to ensure the smooth construction …

AUDIT REPORT UNCOVERS N514BN INFRACTIONS IN NNPCL TRANSACTIONS Nigeria’s Office of the Auditor-General for the Federation has uncovered a minimum of four financial infractions amounting to N514 billion in the operations of the Nigerian National Petroleum Company Limited, NNPCL, in the 2021 financial year. This was disclosed in an audit report of non-compliance/internal control weaknesses in the MDAs for the …

SIX YOUNGEST MOST SUCCESSFUL ANAMBRA INDUSTRIALISTS Anambra State is known for a lot of great things but particularly its rich supply of quality human resources. While the older generation of successful people are giving way, the younger ones are emerging almost in quick succession in various sectors.In manufacturing, a new generation of dynamic entrepreneurs are coming up and are reshaping …

TELECOM TARIFF HIKE WILL STIFLE FREEDOM OF EXPRESSION – HURIWA Human Rights Writers Association of Nigeria (HURIWA) has strongly criticised move by telecommunications operators in the country to hike tariff. HURIWA referred to a planned 40 per cent hike in tariffs, which they claimed the Nigerian Communications Commission (NCC) approved, but which the regulator had denied. HURIWA said the hike …

ABA DISCO ANNOUNCES ELECTRICITY TARIFF HIKE Aba Power, a Nigerian electricity distribution company, has announced a more than 50 percent electricity tariff hike for customers within its franchise in Abia State. The company disclosed this in a notice to customers shared through its official X handle. According to the Disco, the hike comes after the Nigerian Electricity Regulatory Commission, NERC, …

SELL WARRI, KADUNA REFINERIES – PETROLEUM MARKETERS TELL NIGERIAN GOVT Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged the Nigerian government to sell the Warri and Kaduna refineries. PETROAN disclosed this in a statement on Saturday titled, ‘Retrospect of Nigeria’s Oil and Gas Downstream Sector in 2024′, signed by its National President, Billy Gillis-Harry; Secretary, Adedibu Aderibegbe; …

FUEL PRICE MAY CRASH TO N500 PER LITRE – MARKETERS Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025.Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as …