Business

DON’T PAY FOR ELECTRICITY TRANSFORMERS, CABLES – NERC WARNS NIGERIANS The Nigerian Electricity Regulatory Commission (NERC):has warned Nigerians against paying for electricity distribution infrastructures such as transformers, cables or poles. In a statement shared alongside a video on X on Tuesday, NERC emphasised that consumers should not be coerced into purchasing transformers, cables, or poles, as this responsibility lies squarely …

NIGERIA GETS NEW WORLD BANK COUNTRY DIRECTOR The newly appointed Country Director for Nigeria, Dr. Ndiamé Diop, assumed his new position on Monday. He is succeeding Shubham Chaudhuri who completed his term in the same capacity. Prior to his assignment to Abuja, Dr. Ndiamé Diop served as the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand, based in …

EEDC TO REFUND OVER N11B TO SOUTH EAST CUSTOMERS FOR OVER-BILLING The Enugu Electricity Distribution Company (EEDC) is to refund over N11 billion to customers in the southeast region, being the sum it over-billed them between January to September 2023. This is contained in an order by the Nigerian Electricity Regulatory Commission (NERC), which insisted that the EEDC over-billed 1,011,402 …

FG ALLOCATED N732B ON VALUE EMPOWERMENT PROJECTS IN 2024 BUDGET – TRACKA Tracka, a subsidiary of BudgIT, has said that Nigeria allocated N732 billion on vague empowerment projects higher than the N646.5 billion allocated to health projects in the 2024 national budget. Ayomide Ladipo, the Head of Tracka disclosed this in a statement on Sunday. Tracka maintained that Nigeria’s empowerment …

ENUGU LEADS SOUTH EAST IN EXTERNAL DEBT OF $494.72M, RECORDED ZERO FOREIGN INVESTMENT – DMO/NBS Nigeria’s five South-East states have accumulated a total of $1.89 billion external debt in four years, between 2020 and 2023; but recorded a paltry $261.6 million foreign investment during the period, The South-East region comprises Abia, Anambra, Ebonyi, Enugu and Imo states. Data from the …

JOB LOSSES AS 16 MULTINATIONALS EXIT NIGERIA IN THREE YEARS As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years. Diageo is the latest to announce its departure on Tuesday, …

SUBSTANDARD PETROL FLOOD NIGERIAN MARKET – SENATE The Senate has raised the alarm that substandard Premium Motor Spirit or petrol, and Automotive Gas Oil or diesel have flooded the Nigerian market. Senator Asuquo Ekpeyong, in a matter of urgent national importance, observed that on June 16, 2024, a report revealed that 12 diesel cargoes conveying a total of 660 kilotons …

DON’T PAY TO APPLY FOR PREPAID METERS – EEDC WARNS CUSTOMERS The Enugu Electricity Distribution Company PLC, EEDC, has cautioned its customers against falling victim to any individual or group demanding money from them to process their electricity meter application. The Head of Corporate Communications, EEDC, Mr. Emeka Ezeh on Tuesday in a statement reacting to a claim circulating on …

31 STATES RECORD ZERO FOREIGN INVESTMENTS IN FIRST QUARTER OF 2024 Data released by the National Bureau of Statistics (NBS) has shown that 31 states failed to receive any capital importation in the first quarter of 2024. The states are; Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, …

WARRI, PORT HARCOURT, KADUNA REFINERIES TO BEGIN OPERATIONS BY DECEMBER .The Downstream Committee of the Nigerian Senate has stated that the three government-owned refineries in the country will begin full operations before January 2025. According to the Vice Chairman of the Committee, Senator Jide Ipinsagba, who is representing Ondo North Senatorial District, the retrofitting of the Kaduna, Warri, and Port …