News and analysis of global and local business trends, markets, and industry developments.
The Central Bank of Nigeria, CBN, has postponed the meeting of its Monetary Policy Committee, MPC, for the second time since September 2023. Isa Abdulmumin, the director of corporate communications of the apex bank, confirmed that the MPC meeting will not be held. Since the appointment of Olayemi Cardoso, the meeting of the MPC –…
President Bola Tinubu will, on Saturday November 18, depart Abuja for Berlin, Germany, to attend the G20 Compact with Africa (CwA) Conference on November 20, 2023, hosted by German Chancellor Olaf Scholz. According to a statement by his media aide Ajuri Ngelale, President Tinubu will join other Heads of State and Government of CwA member…
Plans are on by the federal government to establish the Nigeria Institute of Vocational Studies alongside upgrading the infrastructure of secondary and tertiary vocation systems. Senior Special Assistant to the President on technical, vocational and entrepreneurial education, Abiola Arogundade, made this known at the unveiling ceremony of the House Committee on Federal Polytechnics and higher…
The National Executive Council of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have insisted that the nationwide strike begin on Tuesday, November 14, 2023. Following a meeting on Friday in Abuja, the union’s leadership decided to move on with a statewide strike in response to unpaid salaries for members and the…
Members of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) on Thurday have mobilised their members for a protest at the Nnamdi Azikiwe International Abuja. The organized labour gathered at the airport around 8:58am to enforce their directive to members working in the aviation sector to stop all flights to Owerri, the…
The National Executive Council of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have declared a total nationwide strike effective next Tuesday, November 14. Also, the two unions said there will be “national action on Imo State” from Tuesday (Today) from Midnight. The leadership of the two unions reached the resolution after…
Nigerian celebrity chef Hilda Bassey has reacted as an Irish chef based in Japan, Alan Fisher, broke two Guinness World Records for the longest cooking marathon by an individual. Alan Fisher, an Irish restaurant owner and chef based in Japan, on Monday broke two Guinness World Records relating to cooking marathons. Fisher cooked continuously for…
The Nigeria Labour Congress (NLC) says the Congress will go ahead with the Mass Protest in Imo State to save workers in the state from violation of the their rights and privileges on Wednesday November 1, 2023. President of the Nigeria Labour Congress, Comrade Joe Ajaero made this known at a Press Conference in Abuja….
President Bola Tinubu on Sunday received the German Chancellor Olaf Scholz at the Presidential Villa in Abuja. The two leaders are expected to explore ways of fortifying the bilateral relations between the two countries. Olaf Scholz who arrived at the Nnamdi Azikiwe International in Abuja, the nation’s capital at about 2:20pm Nigerian time, was received…
The Nigeria Labour Congress (NLC) is to address a World Press Conference today following the failure of the Federal Government to fulfill its part of the agreement signed with the organised labour on steps to ameliorate the plights of workers following the subsidy removal. In a media invitation released to newsmen in Abuja, the Congress…
The Chairman of Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mr. Mohammed Bello, says the agency has recovered unremitted revenue worth over N500 billion belonging to the federation from some Institutions. Mr. Bello disclosed this during an interactive session with House of Representatives’ Committee on Finance at the National Assembly. He stated that the sum…
Workers of the Nigerian Postal Service (NIPOST) have shut down the head office of the service in Abuja, protesting the appointment of Tola Odeyemi as Chief Executive Officer/Postmaster-General. Ajuri Ngelale, a Presidential spokesman, announced last week that President Bola Tinubu changed the leadership of under the Ministry of Communications, Innovations and Digital Economy., including NIPOST….
The World Bank’s chief economist warned Wednesday that interest rate hikes could spell trouble for countries struggling to deal with debt. The US Federal Reserve, the European Central Banks and others have raised rates and warned that they could remain high longer than expected in order to bring down elevated inflation. The InternationatoFund said Tuesday…
The National Broadcasting Commission, NBC, has disclosed plans to investigate MultiChoice Nigeria over DStv, GOtv, and other digital satellite cables over alleged extortion of Nigerians. This was disclosed by NBC Director of Investigation and Enforcement, Uzoamaka Ogbalu, in response to a pre-action notice filed by activist lawyer Madubuachi Idam. NBC’s response dated 28 September 2023…
Jigawa state government has called on the newly-employed 1,000 J-Teach beneficiaries to work hard as their permanent appointment is based on performance. Governor Umar Namadi stated this in Dutse while presenting letters of engagement to 1,000 graduates to serve as school teachers across the state. Governor Namadi said the recruitment of temporary teachers is part…
A federal court in Manhattan, in the United States will start hearing the case against the former cryptocurrency guru, Sam Bankman-Fried, with jury selection beginning on Tuesday. Bankman-Fried, who founded cryptocurrency exchange FTX and associated hedge fund Alameda Research, is facing trial on finance crimes stemming from the shocking collapse of FTX. The Guardian UK…
Following consultations between a Federal Government delegation and leadership representatives from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja on Sunday, the federal government has agreed on a provisional wage increase of N35,000 to all treasury-paid federal government employees for a duration of six months. President Bola Tinubu had, during an…
The Federal Government has acceded to the organised labour’s demand that the N25,000 salary award to junior workers announced by President Tinubu in his nationwide broadcast be extended to all categories of their colleagues. This was part of the agreements reached between the government and the organised labour during their meeting in Abuja. After the…
As trading ended in September, investors in Nigeria’s equities market recorded an N91 billion decline in the value of their investments as the market dropped by 0.25 percent following sessions of profit-taking after the August rally. According to available statistics in the Eight months before September, the market’s positive return stood lower at +29.52 percent….
The National Economic Council, NEC, has beseeched the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, not to abandon dialogue in their quest for better welfare for its members. NEC subsequently also appealed to the unions to suspend the planned nationwide indefinite strike scheduled to start on October 3. Governor Caleb Mutfwang of…
An integrated financial services group, Norrenberger recently received upgraded ratings from Agusto & Co Limited to ‘BBB(IM)’ and Data Pro Limited to ‘A-’ respectively. The credit rating companies in their 2023 investment manager rating exercise determined Norrenberger’s rating as higher than the previous report, following the remarkable increase in its assets under management, streamlined operations,…
The iconic NASDAQ building in the heart of New York City’s financial district played host to a historic event on Wednesday, as President Bola Ahmed Tinubu, rang the closing bell. In a speech delivered to a diverse audience of international investors and financial magnates, Tinubu emphasised Nigeria’s newfound stability and burgeoning economic potential. He stated…
The Federal Government’s meeting with the Nigeria Labour Congress (NLC) on Monday ended in deadlock as the two parties could not reach an agreeable resolution. The meeting followed NLC’s threat to embark on an indefinite strike. Minister of Labour and Employment, Simon Lalong and his colleague in the Ministry, Minister of State for Labour and…
Borno State Governor, Babagana Zulum has launched a new fleet of 70 luxurious buses to ease the movement of civil servants to their various places of work and other members of the public. Unveiling the metro buses at Borno Express terminus in Maiduguri, Governor Zulum said the second phase of the intervention is to alleviate…
By Damilola Adeleke The Standards Organisation of Nigeria (SON) has emphasized that agro-allied products from the nation enjoy global acceptance. Faruok Salim, the Director-General of SON, stated that the organization would increase efforts to educate agro-allied product producers nationwide about adhering strictly to SON’s standards, in support of the government’s diversification goals. Salim, represented by…
President Bola Tinubu has secured a 14 billion dollar investment pledge from Indian companies. The companies made the pledge during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India. President Tinubu told the captains of industry that Nigeria was ready to give them the best returns for investment possible, stressing that there is nowhere…
The Oyo State Council of the Nigeria Union of Journalists (NUJ) has criticized the chairman of the state’s chapter of the Nigerian Medical Association (NMA), Wale Lasisi, for his comments about Yinka Ayefele, a prominent musician and broadcaster. Lasisi had criticized Ayefele for airing a case on his radio program where a woman had a…
Governor Babagana Zulum of Borno state has presented a cheque of two billion naira to the Nigerian Labour Congress, for disbursement as interest-free loans to workers to cushion the impact of fuel subsidy removal. This was part of the nine-point demands earlier presented by Nigeria Labour Congress and Trade Union Congress to the state Governor….
The Nigerian naira depreciated against the US dollar on Monday, exchanging at N747.87 at the Investors and Exporters window. This represents a 1.01% drop compared to the N740.38 exchange rate on September 1st. The open indicative rate closed at N772.06 to the dollar. The highest rate recorded during the day’s trading was N799.90 before settling…
Aviation unions under the Nigeria Labour Congress, NLC, have opted out of the two day warning strike called by their parent body. The leadership of the unions say, the reason for this is that, they cannot afford to jeopardize the industry’s safety record before the global community as it is currently undergoing the International Civil…
As the Nigeria Labour Congress (NLC) initiated a nationwide warning strike today, some areas of Osogbo, the capital of Osun State, experienced deserted streets and closed businesses. Many business owners did not open their shops, and residents stayed indoors. However, at the Owode-Ede market on the outskirts of Osogbo, traders and commercial transporters continued their…
