Category: Business

We’ve Surged Investment On Equipment Upgrades – EKEDC

ADEOLA YUSUF

Customers commend EKEDC for prompt response to faults as allocation to company reduces from 513 MW to 350 MW in last two weeks.   Eko Electricity Distribution Company (EKEDC) says it has spent significant amount of money on upgrading of equipment within its network. Platforms Africa reports that the Chief Executive Officer of the utility firm, Dr. Tinuade Sanda, who disclosed this during its Ijora District customers engagement forum in Lagos on Thursday, maintained that the investment was made to improve service delivery. Customers at the forum were drawn from…

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UNESCO Calls For Ban Of Smartphones In Schools

ADEOLA YUSUF

The United Nations Educational, Scientific and Cultural Organization (UNESCO) has called on policymakers and governments across the globe to ban the use of smartphones from schools to tackle classroom disruption, improve learning and protect children from cyber-bullying, Audrey Azoulay, director-general at UNESCO in the 2023 global education monitoring report released recently, said that the organisation called for the use of technology in class only when it supports learning outcomes, and this includes the use of smartphones. The digital revolution holds immeasurable potential but, just as warnings have been voiced for…

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Nigerian Govt Paid N36bn For Electricity Subsidy In 3 Months – NERC

ADEOLA YUSUF

The Nigerian Electricity Regulation Commission (NERC) has said the federal government paid the sum of N36bn to subsidise electricity consumption in the first quarter of 2023. In its quarterly report, NERC said the money amounted to the payment of N12bn monthly which was paid to the Nigerian Bulk Electricity Trading (NBET). With the NBET charged with the collection of revenues due to generation companies and the Transmission Company of Nigeria from the DisCos, the sum of N141.5bn was paid to the NBET from the N209.2bn invoice given to the DisCos.…

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EXCLUSIVE: Prepare, Fresh Petrol Price Hike Imminent, Oil Hits $81pb

ADEOLA YUSUF

. Nigeria to rake in more revenue, citizens to pay more for fuel as crude oil sets for biggest monthly gain since early 2022 + Projected price you will buy petrol before end of August   Nigerians are to experience a fresh hike in prices of Premium Motor Spirit (PMS), also known as petrol, in August, Platforms Africa reports. This, which is Imminent, baring any unforseen circumstances, will be the third upward adjustment of the petrol price in the last 62 days. Africa’s biggest exporter of crude, which doubles as…

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Why, How Petrol Price Hit N617 Per litre – Marketers

ADEOLA YUSUF

“(We) extend our deepest empathy to all citizens during this time.” – 11 Plc, TotalEnergies,  Conoil, ardova plc, MRS   The international price of crude oil and the exchange rate constitute the largest components of the cost build-up for Premium Motor Spirit (PMS) otherwise known as petrol accounting for over 80 percent. The Major Oil Matketers Association of Nigeria, which said this during a virtual press conference on Wednesday, added the remaining 20 percent includes statutory dues, distribution costs, and margins. Platforms Africa reports that the Nigerian National Petroleum Company…

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Naira Crashes Further, Exchanges At N820 Per Dollar

ADEOLA YUSUF

Nigerian currency, the naira, has experienced a further decline in the parallel market. Reports from the Idoma Voice on Monday evening reveal that the naira is now being sold at an alarming rate of N820 per dollar in black market. This depreciation reflects the ongoing challenges facing the Nigerian economy, particularly in the foreign exchange market. The weakening of the naira against the dollar has significant implications for various sectors of the economy, including import-dependent industries, foreign investors, and the purchasing power of Nigerian citizens. READ ALSO: Avoid ASUU Strike…

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Nigeria’s Inflation Hit 22.79% In June

ADEOLA YUSUF

Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22.79 per cent in June 2023, according to data by the National Bureau of Statistics released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month. The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June…

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Pay Victor Iwegbu’s N7.9m Rntitlement, Court Orders La Casera Company

ADEOLA YUSUF

The National Industrial Court, Lagos division has ordered a soft drink/beverage plant, La Casera Company Plc to pay a total sum of N7, 907, 709.50 million as entitlement to Victor Iwegbu, an ex-employee of the company. Justice Maureen. N. Esowe, made the above order and other orders in her judgement on July 11 in a suit marked NICN/LA/140/2021, filed by Iwegbu against the soft drink/beverage company. Iwegbu through his counsel, Wale Ogunade, had filed a legal action against the company over his indefinite suspension in 2013 on theft allegations READ…

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BREAKING: Release Or Charge Emefiele Within One Week, Court Orders DSS

ADEOLA YUSUF

    An Abuja High Court sitting at Maitama, on Thursday, ordered the Department of State Services, DSS, to within seven days, release the suspended Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, from detention or charge him to court. The court, in a judgement that was delivered by Justice Hamza Muazu, held that Emefiele’s continued detention without trial, amounted to a gross violation of his fundamental human rights. READ ALSO ‘How Govt, Businesses, Nigerians Can Create Wealth, Avoid Financial Crises’ I’d Have Committed Suicide – Femi…

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