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Buhari’s wife commissions N4bn Erisco Foods tomato paste plant

Aisha Buhari

…Directs regulatory agencies to check dumping of foreign products ERISCO Foods Limited on Thursday commissioned its new 450,000 tonnes tomato paste processing plant in Oregun, Lagos State, constructed at a cost of N4 billion ($150 million). Wife of Nigeria’s President, Mrs. Aisha Buhari, who inaugurated the plant tasked relevant government regulatory agencies to step up actions towards checking the import ...

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Naira falls to N345/$ in parallel market

naira

The naira suffered its biggest daily depreciation against the  dollar  on Tuesday as it exchanged for N345 to a dollar in the parallel market. This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market on Friday. But the naira was relatively stable at the official interbank foreign exchange market as the interbank ...

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Senate orders immediate reversal of new electricity tariff

Power Generating Plant

The Senate on Tuesday directed the immediate reversal of the recent hike in electricity tariff announced by the Nigerian Electricity Regulatory Commission, NERC. The upper chamber, gave the directive while adopting a two-prayer motion moved by  the All Progressives Congress member representing  Bauchi North, Senator Suleiman Nazif. The  senate also asked its committee on Labour to carefully review the law ...

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N855m alleged fraud: Keystone Bank officials for trial March 1

Keystonebank-logo

Justice Kudirat Jose of the Lagos State High Court in Ikeja, has fixed March 1 for the continuation of trial of some top officials of Keystone Bank (formerly Bank PHB), charged for conspiring to obtain N855 million by false pretence from an oil magnate, Sir Daniel Chuwudozie. In the charge brought by the Economic and Financial Crimes Commission (EFCC), against ...

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Hike in electricity tariff: Workers reject planned picketing of DISCOs, GENCOs

Fashola and Buhari

AHEAD of tomorrow’s planned protest, electricity workers have kicked against the plan to picket the Distribution Companies, DISCOs, and Generation Companies, GENCOs, by leaders of Nigeria Labour Congress, NLC, Trade Union Congress of Nigeria, TUC, alongside civil society allies over the hike in electricity tariff, arguing that the action is misdirected. Speaking on the platform of the National Union of ...

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ECCIMA holds 27th Enugu International Trade Fair March 25 – April 4

IMG_20160204_122416_753

Speech presented by the president of the enugu chamber of commerce, industry, mines & agriculture, rev. Surv. ugochukwu chime FNIS at the 27TH enugu international trade fair press briefing holding at the eccima council chamber, secretariat complex abakaliki road, enugu on THURSDAY 4th February, 2016 Members of the Executive Committee and Council of ECCIMA DG, Management and Staff of ECCIMA ...

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Trafigura, Duke lifted $24bn crude without contracts – PPMC

Esther Nnamdi-Ogbue

Investigation into the crude exchange deals of the Nigerian National Petroleum Corporation has revealed that two trading firms, Trafigura and Duke Oil, lifted $24bn worth of crude oil out of the country before formal contracts were signed. While Duke Oil, a subsidiary of the NNPC, lifted 33.7 million metric tonnes of crude, Trafigura exported 12 mmt. The swap deals involved ...

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National Assembly urges NERC to halt new electricity tariff takeoff

NERC

THE House of Representa­tives has urged the Nige­rian Electricity Regulatory Commission (NERC) to halt implementation of a new electricity tariff re­gime today. The NERC has sched­uled today to implement the new tariff regime na­tionwide. Last December, the House promised to halt any increment in electricity tariffs across the 36 states of the Federation and the Federal Capital Territory (FCT) The ...

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Militants bomb Agip pipelines in Bayelsa again

Pipeline-Explosion

Palpable fear gripped the residents of coastal communities of Brass Local Government Area of Bayelsa State, following an explosion that rocked oil pipelines belonging to the Nigerian Agip Oil Company. The explosion, which was said to have been triggered by dynamite attacks allegedly launched by suspected militants, affected pipelines located in Orukari, Golubokiri and Kpongbokiri communities of Brass. The development, ...

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FG ends kerosene subsidy, pegs price at N83 per litre

kerosene scarcity

The Federal Government, weekend, hiked the price of Household Kerosene (HHK) to N83 per litre from N50 per litre, thereby, officially ending subsidy on the product. The Petroleum Products Pricing Regulatory Agency, PPPRA , in its product pricing template released, weekend, however, stated that the N83 per litre price applies only to the Nigerian National Petroleum Corporation (NNPC), meaning that other ...

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