Nigeria’s food inflation increased by 1.26 percent from 18.30 percent in November 2020 to 19.56 percent in December. This is according to the December 2020 consumer price index/inflation report released by the National Bureau of Statistics, NBS, on Friday, Jan 15, 2021. This is the highest jump in food inflation since May…
The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo…
The management of the Nigerian Electricity Regulatory Commission, NERC, has denied reports that there has been a 50 per cent increase in electricity tariff. NERC’s Head of Public Affairs, Micheal Faloseyi, denied the report in a statement released in Abuja today Tuesday, January 5. According to Faloseyi, rates for service bands have been adjusted by NGN2.00 to NGN4.00 per…
The Financial Derivatives Company Limited has disclosed that the economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget. The FDC which projected headline inflation to rise to 14.5 per cent in October from 13.71 per cent in September, said the protests magnified existing output…
The former Minister of Finance in Nigeria, Ngozi Okonjo-Iweala, has emerged as the new Director General of the World Trade Organization. She is the first female and first African Director-General of the WTO. In a keenly contested election, Okonjo-Iweala beat her rival, South Korean Yoo Myung hee, with a wide margin. She polled 104 votes from 164 member countries…
The Tung Family, owners of Western Metal Products Company (WEMPCO) Group and Lagos Oriental Hotel have denied claims that Lagos Oriental Hotel belongs to former Lagos State governor, Bola Ahmed Tinubu. The denial came after an attack on the Lagos Oriental Hotel, during which armed hoodlums with guns, knives and bottles, forced their way in, assaulted…
The Federal Government has extended the suspension of the new electricity tariff by one week. Recall that the new tariff was earlier suspended for two weeks which ended at midnight on October 11, following an agreement the FG reached with organized labour. Prof. James Momoh, Chairman of Nigeria Electricity Regulatory Commission (NERC) who made announcement of the extension at a…
Kanye West has stated that he now has a net worth of $5 billion after falling “$53 million in debt” The rapper, 43, took to Twitter on Thursday October 8, to celebrate his finances after Ok! Magazine published an article that claimed his net worth is $5 billion. Reacting on Twitter, he wrote: “From $53 million in debt…
Nigeria Labour Congress, NLC, has suspended its planned nationwide strike that was scheduled to start today, Monday, September 28, in protest against the hike in the price of fuel and electricity tariff. The strike was suspended after reaching a consensus with the Federal Government early Monday morning at a meeting between both parties. The government, in a…
The National Industrial Court today September 24, issued an interim injunction restraining members of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) from embarking on any strike or stoppage of work from Monday, September 28 2020. The organized labor had proposed to go on an indefinite strike beginning from Monday next week to demand the immediate reversal…
