Business Tips

PAN To Begin 2-shifts vehicle production lines in 6 months-MD

The new management of Peugeot Automobile Nigeria (PAN), has said that, it will in the next six months, commence two shifts of its vehicle production lines. Acting Managing Director of PAN, Ms. Taiwo Oluleye, who disclosed this during the graduation of 2019/2020 Batch trainees of Modern Auto Maintenance Techniques at the PAN Learning Centre, said …

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BREAKING: Nigeria’s inflation rate hits 13.7%, highest in 30 months.

Nigeria’s inflation rose to 13.7 per cent in September, hitting its highest level since its 13.34 per cent rate of March 2018 . The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday . Part of the report read , “The consumer price index which measures inflation increased …

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Okonjo-Iweala makes final two in WTO race.

World Trade Organization, WTO, members have selected two final candidates – Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee – to advance to the final round in the race to lead the Geneva-based trade body, Bloomberg has reported. By advancing two women to the final round of the selection process, the WTO will likely have …

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Discos obey NERC, begin 14-day tariff hike suspension.

Some power distribution companies are beginning to comply with the order of the Nigerian Electricity Regulatory Commission by suspending the September 1 , 2020 tariff increase . On Tuesday night , NERC issued an order suspending the hike in electricity tariffs for 14 days . Labour unions and the Federal Government had reached a truce …

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NIGER TO CUT WATER SUPPLY TO ARMY BARRACKS OVER N700M UNPAID BILLS

 Niger government has threatened to stop water supply to the Army Barracks in Minna over unpaid bills amounting to over N700 million. It is total debts for water supply owed by the army, police, DSS and other agencies. The state commissioner for Water Resources, Yusuf Suleiman said this during a media round-table in Minna when …

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COMMISSIONER SEEKS PRESIDENTIAL ASSENT FOR AIB BILL

The Accident Investigation Bureau Commissioner, Akin Olateru, has sought presidential assent for a bill to empower the bureau to investigate rail, road, and marine accidents and serious incidents. Olateru noted that the bill was currently before the Senate for second reading while at the House of Representatives, a public hearing is being awaited. He said, …

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FOREX INACCESSIBILITY STOPPING US FROM IMPORTING PETROL — MARKETERS

Independent oil marketers are not fully back into the business of importing petrol due to their inability to access foreign exchange. Dealers stated that since the downstream oil sector was deregulated in March this year, the Nigerian National Petroleum Corporation had remained the major importer of PMS into the country. It was gathered that although …

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CBN FREEZES 38 FIRMS’ ACCOUNTS OVER FOREX INFRACTIONS, OTHERS

The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a report by The Cable on Saturday. One of the companies, Premier Lotto, is owned by Adebutu Kessington, a Nigerian businessman …

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Contractors picket finance ministry over N18bn debt

  Indigenous contractors on Monday staged a protest at the headquarters of the Federal Ministry of Finance, Budget and National Planning to kick against the non-payment of their N18bn contract sum by the ministry. Speaking on behalf of the aggrieved contractors, the Publicity Secretary, Local Contractors of Nigeria, Dandy Rowland, told journalists that the affected …

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