Economy Archives - Page 22 of 69

Aug

31

2024

Nigeria’s naira crude revolution – By abiodun KOMOLAFE

Business, Column, Economy, News, PoliticsBusiness, Economy, Opinion, Politics

Assuming no unforeseen circumstances, Dangote Refinery is expected to make its first delivery of refined premium motor spirit, pms, to the Nigerian market by September 2024. The Federal Government has also announced that sales of crude oil to Dangote and other local refineries will begin on October 1, 2024. To address concerns about pump prices and dollar-naira exchange rates, the Federal Executive Council approved a plan. The plan offers 450,000 barrels for domestic consumption in naira to Nigerian refineries, with Dangote Refinery as the pilot. To begin with, this directive to the Nigerian National Petroleum Company Limited (NNPCL) marks a…

Aug

30

2024

By Amos Oge Kalu

CBN Gov, Deputies Spend Over N10 Billion on Bulletproof SUVs, Increase Allowances Amidst Economic Hardship

Economy, Metro, NewsCBN, Economy, Metro

As Nigeria grapples with economic challenges and inflation, Central Bank of Nigeria (CBN) Governor Yemi Cardoso and his four deputies have reportedly splurged over N10 billion on bulletproof SUVs. According to Daily Nigerian, the CBN officials have been indulging in extravagant spending, including the purchase of ultra-modern armoured vehicles and a significant increase in their allowances. Governor Cardoso allegedly acquired six armoured Lexus LX 600 2023 models, valued at over N10 billion, for himself and his deputies - Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi. Each deputy received one SUV, while Cardoso secured two for his personal use…

Aug

28

2024

By Amos Oge Kalu

SA’s Johann Rupert Overtakes Aliko Dangote as Africa’s Richest Person

Business, Economy, Lifestyle, NewsBusiness, Dangote, Economy, South Africa

In a significant shift in the rankings of Africa's wealthiest individuals, South African billionaire Johann Rupert has surpassed Nigerian business magnate Aliko Dangote to become the continent's richest person. According to recent estimates, Dangote's net worth has declined by over $1 billion, primarily due to the impact of the COVID-19 pandemic on his business interests. Meanwhile, Rupert's net worth has seen a notable increase, driven by the strong performance of his luxury goods company, Richemont, and other investments. As a result, Rupert's net worth now stands at an estimated $10.5 billion, eclipsing Dangote's net worth of $9.5 billion. This change…

Aug

26

2024

By Amos Oge Kalu

Cross River Youths Explain Why They Shut Down Chinese Factory, Accuse Owners of Exploitation

Economy, Metro, NewsCross River, Economy, Metro

Youths in Effi community, Ikom LGA, Cross River State, have justified their actions in driving away Chinese nationals operating a wood processing factory, citing numerous grievances. Alobi Ofuka, former youth president, listed reasons including lack of proper documentation, child labor, maltreatment of workers, and failure to provide safety equipment. The youths also alleged that the Chinese owners refused to disclose their agreement with community chiefs and did not have a company name or registration papers. They accused the owners of enslaving their people, depleting natural resources, and neglecting workers' welfare. The Chief Security Officer of the Chinese firm, Raymond Okongor,…

Aug

23

2024

By Amos Oge Kalu

Comedian AY and Reality TV Star Phyna Lament Frustration of Being Nigerian

Economy, Entertainment, Lifestyle, Metro, OpinionEconomy, Lifestyle, Metro, Opinion

Popular comedian AY (Ayodeji Richard Makun) expressed his frustration with the difficulties of being a Nigerian, stating that it "gets tougher and tougher by minutes." Reality TV star Phyna (Josephine Ijeoma Otabor) also shared her concerns, specifically regarding the recent increase in Nigerian passport fees. She questioned the justification for the hike, noting that the Nigerian passport is often disrespected globally. Phyna wrote, "Increasing the price of our passport, which is barely respected in some countries, making us feel like we're nothing... This country has fallen flat. Nothing good seems to be happening." Both AY and Phyna's comments reflect the…