Category: Business
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No Plan to Regulate Prices, Says FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) has firmly rejected claims suggesting it intends to regulate market prices in Nigeria. Instead, the commission clarified that its recent directives focus on preventing exploitative practices and ensuring a competitive marketplace. In a statement issued by Ondaje Ijagwu, Director of Special Duties and Strategic Communication, the FCCPC…
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Embracing Innovation Crucial for Oil Industry Growth, Expert Says.
A seasoned logistics expert, Azubuike Ukwuoma, has emphasized the need for innovation in the oil and gas sector, advocating for transformative approaches to enhance industry growth. Ukwuoma introduced the “LOGIC methodology,” a framework he believes will redefine operational efficiency and set new industry standards. Sharing insights into his career and the development of this methodology,…
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Mustapha Foundation trains hundreds of artisans, women in Kwara
Stephen Olufemi Oni, Ilorin The Senator representing Kwara Central in the National Assembly, Saliu Mustapha, has stressed the crucial role of Small and Medium Enterprises (SMEs) in driving economic development and human empowerment. Speaking through the Director General of the Saliu Mustapha Foundation, Alhaji Shuaib Adebayo, Senator Mustapha told the beneficiaries of a Small and…
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BUA Cement’s Price Reduction Plan Thwarted by Dealers and Naira Devaluation, Says Chairman Rabiu
Abdul Samad Rabiu, Chairman of BUA Cement, has revealed that his company’s efforts to reduce cement prices from N4,500 to N3,500 per bag were undermined by dealers and economic conditions. Speaking at BUA Cement’s 8th Annual General Meeting in Abuja on Thursday, Rabiu explained that the planned price cut, announced on September 16, 2023, was…
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NNPC Plans to Partner with Private Firms for Refinery Management
The Nigerian National Petroleum Company (NNPC) Limited has announced its intention to collaborate with private firms for the management and maintenance of its refineries in Kaduna and Warri. This initiative is designed to improve the nation’s petrol supply and enhance energy security. According to a circular posted on NNPC’s official X account, the company is…
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Naira to Rebound on $500M Diaspora Bond Issuance
The naira is expected to experience a significant rebound following the successful issuance of a $500 million diaspora bond and the reintroduction of the Retail Dutch Auction System (RDAS). Analysts, including Bismarck Rewane, Managing Director of Financial Derivatives Company (FDC) Limited, predict that these developments, along with potential actions by the U.S. Federal Reserve, will…
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Fed Govt Sets Up Committee to Resolve Oil Supply to Refineries
The Federal Government has established a committee to address issues hindering the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG) from supplying crude oil to local refineries, including the Dangote Refinery. This decision was announced after a meeting held in Abuja with key industry stakeholders. The Minister of State for Petroleum…
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Why Cement Prices Are High — BUA Boss
The Chairman of BUA Cement, AbdulSamad Rabiu, has explained the reasons behind the high cost of cement in Nigeria, attributing it to the actions of dealers and broader economic challenges. Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu revealed that his company’s plan to sell cement at N3,500 per bag…
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Minister Announces 10-Year Repayment Plan for Free Electricity Meters
The Minister of Power, Adebayo Adelabu, has announced that consumers receiving free prepaid electricity meters will have up to 10 years to repay the cost. This new policy is aimed at addressing the challenges associated with meter procurement and funding. Adelabu clarified that the repayment will be integrated into consumers’ electricity bills, with minimal impact…
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Gas Suppliers Urge Government to Address Multiple Taxation Issues
The National Oil and Gas Suppliers Association of Nigeria (NOGASA) has called on the Federal Government to tackle the issue of multiple taxation, which they argue is impeding business operations in the country. This appeal was made during a press briefing held on Wednesday in Abuja by NOGASA’s National President, Mr. Benneth Korie. Korie highlighted…