Business - Abia ThinkTank News

Aug

2024

NIN-SIM Linkage: NCC Announces Final Date

Columns/Opinions/Letters, Business, News Flash, Telecommunications

NCC Announces Final Date For NIN-SIM Linkage The Nigerian Communications Commission (NCC) has mandated all Mobile Network Operators (MNOs) to finalize the mandatory verification and linkage of Subscriber Identification Modules (SIMs) to National Identity Numbers (NINs) by September 14, 2024. In an update released on Wednesday, the NCC highlighted the progress of the Federal Government’s 2020 policy aimed at linking NINs with SIMs. According to the Commission, over 153 million SIMs have been successfully linked to NINs, achieving a compliance rate of 96 percent, up from 69.7 percent in January 2024. Reuben Muoka, Director of Public Affairs at the NCC,…

Aug

2024

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NAFDAC Speaks On Placing Ban On Bread

Business, FGN, Gossips, News Flash

NAFDAC Speaks On Placing Ban On Bread The National Agency for Food and Drug Administration and Control (NAFDAC) has dissociated itself from a comment asking Nigerians to avoid eating bread made and sold in the country. The agency made the clarification in reaction to what it said was a misconception that trailed the statement made by NAFDAC South-west Coordinator, Roseline Ajayi, recently, saying bread sold in the markets is failing laboratory tests because producers are using addictives as saccharine due to the high cost of sugar. Following her comments in a viral video a reporter had suggested that Nigerians were…

Aug

2024

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Leaked Documents Reveal President Tinubu’s Son Co-owned Company With Chagoury

Business, Columns/Opinions/Letters, News Flash

Leaked documents reveal President Tinubu’s son co-owned company with Chagoury Leaked corporate documents have unveiled that Seyi Tinubu, the son of President Bola Tinubu, co-owned an offshore company with Ronald Chagoury Jr., the son of billionaire tycoon Ronald Chagoury. This company, incorporated eight years ago in the British Virgin Islands, has come under scrutiny following the awarding of a $13 billion contract to build a 700-kilometer Lagos-Calabar coastal highway to Hitech Construction Company Ltd., a subsidiary of the Chagoury Group, The contract for the Lagos-Calabar Coastal Highway, a project of immense national significance, was awarded without a public bidding process,…

Aug

2024

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NNPC Ltd Speaks On Fuel Supply Situation

Economy, Business, News Flash, Oil & Gas

NNPC Ltd Speaks On Fuel Supply Situation The Nigerian National Petroleum Company Limited (NNPC Ltd.) has breaks silence on fuel supply situation in the country. The NNPC Ltd in a statement released today says the organization regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT. The statement by Olufemi SoneyeChief Corporate Communications OfficerNNPC Ltd attributes the tightness to distribution challenges. NNPCLimited is urging motorists to shun panic buying stressing that it is working round the clock with relevant stakeholders to restore normalcy.

Aug

2024

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President Tinubu, Equatorial Guinea President Sign Agreement On Gas Pipeline

Business, FGN, News Flash

Tinubu, Equatorial Guinea President Sign Agreement On Gas Pipeline President Bola Tinubu and Equatorial Guinea, President Teodoro Mbasogo on Wednesday evening in Malabo signed an agreement on the Gulf of Guinea Pipeline Project, further affirming the partnership for mutual development. The agreement covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles. In his remarks at the event, President Tinubu, who is on a three-day official visit to Equatorial Guinea, said the signing of the agreement will open up new opportunities for gas exploration and employment.…

Aug

2024

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Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil

Business, Economy, News Flash, Oil & Gas

Nigerian Refineries Spent N127Billion On Salaries, Employee Benefits In 2 Years Without Producing Oil Nigeria’s refinery woes persist, with the country’s facilities struggling to function optimally. A SaharaReporters investigation reveals that despite their inability to refine crude oil or generate revenue, these companies have spent billions on employee compensation. An analysis of the Nigeria National Petroleum Company’s audited financial statements shows that the Kaduna, Port Harcourt, and Warri refinery companies collectively expended N127.326 billion on salaries, wages, and employee benefits between 2020 and 2021. The amount was allocated for salaries and wages in September 2020, despite the fact that all…

Aug

2024

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FGN Blasts Chinese Company, Says Presidential Jets Can’t Be Seized

Business, FGN, Judiciary, News Flash

FG Blasts Chinese Company, Says Presidential Jets Can’t Be Seized The Presidency has broken its silence on a French Court for the seizure of three Nigerian Presidential jets. Citing Financial Times, Daily Trust had reported how the court ordered seizure of the aircraft over a botched deal Ogun State government and a Chinese company. The jets listed for seizure are a Dassault Falcon 7X, a Boeing 737-7N6/BBJ and an Airbus A330-243 stationed at Paris-Le Bourget and Basel-Mulhouse airports. Zhongshan Fucheng Industrial Investment Co. Limited,, a Chinese company whose export processing zone management contract was revoked by the Ogun state government…

Aug

2024

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Nigeria Telecom Sector In ICU – MTN Says

Business, News Flash, Telecommunications

Nigeria Telecom Sector In ICU – MTN Says The CEO, MTN Nigeria, Karl Toriola, has said the telecom sector in Nigeria is now in an intensive care unit (ICU) gasping for breath. Speaking virtually at a hybrid telecom investment forum organised by FDC on Tuesday in Lagos, he said there’s an urgent need to rescue the sector from collapse. Toriola, who differed with the position of Airtel Nigeria CEO, Carl Cruz, who had expressed optimism that investment will continue to flow into the sector, said pricing increase has become imperative, adding that it is now an absolute necessity. Details later…

Aug

2024

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Govt Should Reveal Identities Of People Behind Oil Theft – Tony Elumelu

Business, Columns/Opinions/Letters, News Flash

Govt Should Reveal Identifies Of People Behind Oil Theft – Elumelu The founder and chairman of Heirs Energies, Mr Tony Elumelu has asked the Nigerian government and security agents to disclose those behind oil theft in the country. Elumelu spoke in an interview published by the Financial Times (FT) on Friday. Elumelu said oil theft contributed to the divestment of international oil companies in Nigeria. “Who is behind the theft, I ask. It’s a question that has confounded many Nigerians,” he said. “This is oil theft, we’re not talking about stealing a bottle of Coke you can put in your…

Aug

2024

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Innoson Meets President Tinubu, Promises To Supply CNG Buses Soon

Business, FGN, News Flash

Innoson Founder Meets Tinubu, Promises To Supply CNG Buses Soon The Founder and Chief Executive Officer of Innoson Vehicle Manufacturing, Mr Innocent Chukwuma, has announced that the commuting public will soon benefit from cheaper transportation through Compressed Natural Gas, CNG-powered buses. He also urged Nigerians to exercise patience with the Bola Tinubu administration, asking them to “give him time.” “I’ve discussed with him (President Tinubu), and soon the masses will have plenty of CNG buses on the road,” Mr Chukwuma told journalists after emerging from closed-door talks with President Bola Tinubu at the Aso Rock Presidential Villa, Abuja, on Thursday.…