News and analysis of global and local business trends, markets, and industry developments.
The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands. Otedola had accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent. Although…
The Central Bank of Nigeria (CBN) has refuted allegations that it plans to revoke the licenses of three banks following regulatory action against Heritage Bank Plc. This clarification was provided in a statement issued by the apex bank on Tuesday. The CBN described the allegations as false and intended to incite panic within the financial…
In light of the nationwide strike by Organized Labour, the Nigerian Medical Association (NMA) has announced that doctors are not participating in the strike. In a statement released on Monday, NMA National Secretary General, Dr. Benjamin Egbo, clarified that the association is not affiliated with Organized Labour and that doctors would remain at their duty…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have suspended their nationwide strike for one week. TUC President Festus Osifo announced this on Tuesday in Abuja, following a joint extraordinary national executive council meeting of the unions. Osifo indicated that a formal communique would be issued soon. The strike, initiated on Monday, was…
Amid the ongoing nationwide strike, the Labour Union has shut down the national grid, resulting in a widespread blackout across the country. The Transmission Company of Nigeria (TCN) confirmed the development in a press statement signed by General Manager of Public Affairs, Ndidi Mbah. According to the statement, the national grid was shut down around…
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision was announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. “The action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management…
Domestic flights across Nigeria have been halted as the ongoing strike by the Nigeria Labour Congress (NLC) continues to impact air travel. At the Lagos airport’s local terminal, both entry and exit gates are locked, leaving passengers, some of whom arrived as early as 6 a.m., stranded outside. Similarly, at the privately managed Terminal Two,…
The federal government has been urged to reinstate the N35,000 wage award to workers, which was suspended in February 2024 pending further negotiations on a new minimum wage. This request was part of an agreement reached during a last-minute meeting convened on Sunday by Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas,…
On Sunday, labor unions in the aviation sector announced plans to shut down airports nationwide, adhering to the directive from the Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), starting Monday, June 3. Newsmen reports that the NLC and TUC called for an indefinite nationwide strike on Friday, citing the federal…
The Federal Government has cautioned the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) against abandoning ongoing negotiations over the new minimum wage. The government has urged the organized labor groups to suspend their planned nationwide indefinite strike set to commence on Monday, June 3. In a statement on Sunday, Attorney General of…
The Federal Government has formalized a partnership with the Nigerian Economic Summit Group (NESG) by signing a Memorandum of Understanding (MoU) aimed at developing a framework for financing and unlocking the potential within the creative industry. The MoU, signed in Abuja, aims to revitalize the creative sector and make significant contributions to Nigeria’s Gross Domestic…
Attorney General and Minister of Justice, Prince Lateef Fagbemi, has condemned the call for industrial action by organized labour, deeming it “premature, ineffectual, and illegal.” This statement follows the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) declaration of an indefinite nationwide strike starting June 3, 2024. Prince Fagbemi pointed out that discussions on…
Africa’s largest oil refinery, Dangote Refinery, has marked a major achievement with the successful export of its first jet fuel shipment to Europe. The milestone follows the refinery’s rapid production ramp-up since its launch in April 2023. The inaugural cargo, loaded onto the “Doric Breeze” vessel, departed from the Lekki Free Zone in Lagos on…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have announced an indefinite nationwide strike starting Monday, June 3, 2024, due to a deadlock in negotiations over a new minimum wage and increased electricity tariffs. TUC President Comrade Festus Osifo made this announcement during a joint news conference with NLC and TUC leaders…
The Tripartite Committee on the new minimum wage is set to reconvene on Friday, May 31, 2024, as the Federal Government and Organised Labour continue their discussions. This announcement was made by the Committee’s Secretary, Ekpo Nta. In the previous meeting held on Tuesday, labour unions revised their demands, lowering the proposed minimum wage from…
The Federal Government has granted the International Organization of Legal Metrology (OIML) Certification System to Zonal Coordinators of Weights and Measures. This announcement was made by Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, during a three-day capacity-building workshop in Nasarawa State, north-central Nigeria. Rimi emphasized that these standards are…
The Naira showed some positive movement against the dollar in the foreign exchange market on Wednesday. Data from FMDQ revealed that the Naira appreciated to N1329.65 compared to N1339.33 on Tuesday, marking a gain of N9.68 against the dollar. Similarly, in the parallel market, the Naira improved to N1480 per dollar on Wednesday from N1500…
On Tuesday, the naira traded at N1,339.33 to the dollar in the official market, maintaining the same rate as the previous day. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the naira’s value remained unchanged from Monday to Tuesday. The volume of currency traded, however, saw a…
Organised Labour has once more rejected the Federal Government’s proposal of a N60,000 minimum wage. Comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Organised Labour has turned down the latest offer of N60,000 as the new minimum wage. In a recent development, Organised Labour reduced its demand from N497,000 to N494,000….
The Central Bank of Nigeria (CBN) has reportedly dismissed 200 staff members amidst the country’s economic difficulties. A senior staff member, who requested anonymity, confirmed this development to newsmen on Friday night, stating, “Over 200 staff members were issued sack letters from the Central Bank of Nigeria on Friday. However, the exact number of dismissed…
The Federal Government is poised to finalize a $20 billion deal to enhance oil and gas production in Nigeria, according to the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri. Lokpobiri made this announcement on Thursday in Abuja during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global…
Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained why they will be investing $6 billion in energy projects in Angola instead of Nigeria. Explaining why they took the decision, Pouyanne who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policy making decisions led to the diversion of…
The Debt Management Office (DMO) has successfully raised N4.5 trillion for domestic borrowing out of the N6 trillion earmarked to support the 2024 budget. Patience Oniha, Director-General of the DMO, announced this achievement during a strategic meeting with Primary Dealers Market Makers (PDMMs) in Lagos, aimed at enhancing the nation’s economic growth. Oniha emphasized the…
The Federal Government, on Monday, urged the United Arab Emirates to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. It also stated that Nigeria and the UAE were on the same page concerning oil exploration as crude oil drilling would…
The Nigerian Meteorological Agency (NiMet) labor unions have suspended their planned strike, which was set to commence on Monday, May 20. This decision followed an agreement and resolution reached during a special session convened by the House Committee on Aviation and Technology. Committee Chairman Mr. Abiodun Akinlade Ishaq announced the resolution after a nearly nine-hour…
The Nigeria Labour Congress has warned that it would rather mobilise workers to remain at home with their families or offer free services than accept the paltry N48,000 new minimum wage being offered by the Federal Government when they meet on Tuesday. On Wednesday, the NLC and the Trade Union Congress had walked away…
The United Kingdom Civil Aviation Authority has written Nigeria’s Civil Aviation Authority stating Air Peace has reportedly violated some aviation safety regulations The development came barely three months after the Nigerian carrier commenced the Lagos-London route. Two mandatory occurrence reports on Air Peace had been reportedly sent to the United Kingdom Civil Aviation Authority. The…
The Accountant General of the Federation, Oluwatoyin Madein, has revealed that the Federal Government amassed a total revenue of N318.5 billion in the first quarter of 2024. Mrs. Madein disclosed this information during a session held by the House of Representatives Committee on Finance, convened to monitor revenue generated by various agencies of the Federal…
Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has commended President Bola Tinubu for the courage and vision in ending fuel subsidy, saying the decision has led to increased investments in unlocking the Nation’s huge gas potential for the benefit of citizens, the economy and environment. The minister stated this in an address at the…
The World Bank has barred 59 Nigerian companies and individuals for engaging in corrupt practices and other procurement offences. This is according to a document recently released on its website, ‘World Bank Listing of Ineligible Firms and Individuals Notes on Debarred Firms and Individuals’. Among those affected are 39 Nigerian companies previously debarred by the…
The Cross River State Government has secured $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project. Governor Bassey Edet Otu announced this development via his official X (formerly Twitter) handle on Tuesday. According to Governor Otu, the collaboration between the state government and Afreximbank will foster economic growth and development…
