Category: Business

The Association of Master Bakers and Caterers of Nigeria announced on February 14 that it is poised to begin a nationwide strike on February 27 unless the Federal Government honours the agreement made with the association in 2020. It also called for the temporary suspension of all types of taxation on the bakery industry at the federal, state, and local government levels. In a statement announcing the strike, the National President of AMBCON, Mansur Umar, said, “The Association of Master Bakers and Caterers of Nigeria have critically accessed the state…

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Cement Manufacturers have agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide. However, the manufacturers stated that the price drop from the current market price would depend on the fulfillment of certain government interventions to ameliorate critical challenges faced in the industry. The Minister of Works, Dave Umahi, announced after a meeting with leading cement manufacturers on Monday in Abuja adding that Nigerians will feel the impact in 30 days. The meeting was against the backdrop of the ballooning…

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The Board of Directors of Access Holdings Plc on Monday announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer. This announcement came following the death of the firm’s former Group Chief Executive Officer, Herbert Wigwe, who died on Friday in a helicopter crash. Wigwe died alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimbola Ogunbanjo, in a helicopter crash in California near the Nevada border, United States of America. Wigwe was appointed Access Holdings GCEO on March 28, 2022. Prior to…

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In a statement issued by the Chairman of the Association of Table Water Producers (ATWAP), Enugu chapter, the association says its members will shut down and suspend production in all water producing factories in Enugu State due to unbearable high cost of production. The statement was signed the Chairman of ATWAP, Enugu State Chapter, Mr Tony Edike, and its State Secretary, Sir Clems Nwamadi, on Sunday in Enugu. The statement was issued after members of ATWAP Enugu State Chapter held an emergency meeting in Enugu on Feb. 8, 2024, on…

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The governor of the Central Bank of Nigeria (CBN), Oluyemi Cardoso, disclosed yesterday that Nigerians spent over $40 billion to access education and healthcare abroad between 2010 and 2020, noting that the high number of Nigerians in foreign schools and medical tourism are two of the major factors putting pressure on the naira.     He made this disclosure while appearing before the House of Representatives for the sectoral debate on the economy. According to the bank chief, the demand for dollars by these students and those travelling for medicals…

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The House of Representatives has mandated its committee on the National Agency for Food and Drug Administration and Control to probe the circumstances surrounding the ban imposed on the production of beverages in sachets and small bottles in Nigeria by the agency. This was sequel to a motion moved on the floor of the Green Chamber by members Paschal Agbodike and Philip Agbese during the plenary session on Wednesday. Recall that in January this year, NAFDAC banned the production of beverages in small sachets and bottles for reasons not unconnected…

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Mr Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, has emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank. Otedola was passed the baton at a meeting of the Board of Directors of the Group in Lagos on Wednesday. He succeeded Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank. The…

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The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent. Recall that the exchange rate for duty collection is usually determined by the CBN. Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set at N951.842 per $1 as of December 2024, taken up to N1356.42. Reacting to the development, Chief Executive Officer of the Center for the Promotion of Private Enterprises, CPPE, Dr. Muda Yusuf, expressed shock at the…

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In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading Nigerian bank -Fidelity Bank Plc- and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea. Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum…

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