Business - Abia ThinkTank News

Nov

15

2024

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By Abia ThinkTank

Abia’s Green Gold: Unlocking The Potential Of Palm Oil For Sustainable Development – By Chukwuemeka Ifegwu Eke

Abia State, Business, Columns/Opinions/Letters, Good Governance

Abia's Green Gold: Unlocking the potential of palm oil for sustainable development Governor Alex Chioma Otti's vision for Abia State is ambitious, with a 50-year plan that aims to transform the state into a major player in various sectors of the domestic and international economy. Today, we want to zero in on the palm oil industry. It is his hope that Abia State representingNigeria will certainly rival Malaysia and Indonesia. Generally, his Prosperous Abia plan is broken down into two 25-year phases, with each phase having its own theme and objectives. The governor's goal is to cascade resources into different…

Nov

15

2024

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CBN Send Fresh Warning To Banks, Directs Them As Priority To Load ATMs

Business, CBN/Commercial Banking, Economy, News Flash

CBN Send Fresh Warning To Banks, Directs Them To Load ATMs The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs). CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”. In the circular signed by Solaja Olayemi, acting director, currency operations department at CBN, the apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes. “Please…

Nov

15

2024

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Abia’s Entrepreneural Spirit: Trade, Factories And Development: A Historical Assessment – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Business, Columns/Opinions/Letters, Economy, Good Governance, News Flash

Abia's Entrepreneurial Spirit: Trade, Factories and Development: A Historical Assessment Abia State is a hub for trade, factories, and still striving for development in Nigeria. The state boasts an impressive array of industries, including brewing, textiles, and manufacturing. Let's dive into the history of some of the notable factories and industries in Abia State.Nigerian Breweries Plc, located in Aba, has been operational since 1957 and was upgraded in 2014.Guinness Nigeria Plc, another major brewing company, also operates in Abia State.Aba Textile Mills is a significant player in the textile industry, producing various fabrics and materials.International Glass Industry (IGI) in Aba…

Nov

14

2024

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NNPC Sack Top Officials, Names Replacements In A Major Shake-Up

Business, News Flash, Oil & Gas

NNPC Sacks Top Official, Names Replacement In A Major Shake-up The Nigerian National Petroleum Corporation (NNPC) has announced the removal of Umar Ajiya as the Chief Financial Officer (CFO) and the appointment of Mr. Adedapo A. Segun as his replacement. This was disclosed in a statement released on Wednesday by the company’s spokesperson, Olufemi Soneye, via NNPC’s official X (formerly Twitter) handle. In addition to this change, the company also appointed Isiyaku Abdullahi as the Executive Vice President (EVP) of Downstream Operations. Furthermore, Udobong Ntia has been named the Executive Vice President (EVP) of Upstream Operations, completing a significant reshuffle…

Nov

11

2024

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X-Raying Governor Otti’s Bold Tourism Vision – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Business, Columns/Opinions/Letters, Culture, News Flash

X-Raying Governor Otti's Bold Tourism Vision The dynamism in global oil prices has exposed Nigeria's vulnerabilities, including Abia State's, highlighting the need for economic diversification. While agriculture is often touted as the "messianic industry," Abia State's tourism sector, as the governor is revamping, will attract substantial foreign exchange earnings. Recent reform efforts seem to point to this fact. Abia State, like Nigeria, defines tourism broadly as arts and culture, nature, conservation, and other aspects. Dr Alex Chioma Otti is mirroring Rwanda, South Africa, and Ghana. Abia State's approach remains promising.Examples are, investment in arts and culture, tapping its tourism potential,…

Nov

10

2024

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Ohafia LGA’s Economic Renaissance: Harnessing Local Resources For Revenue Expansion – By Dr. Chukwuemeka Ifegwu Eke

Abia North, Business, Columns/Opinions/Letters, Good Governance, News Flash, Ohafia LGA

Ohafia LGA's Economic Renaissance: Harnessing Local Resources for Revenue Expansion Abia State's Ohafia LGA Internally Generated Revenue (IGR) data 2021 was not readily available at the time of preparing this report, however this discussion must be brought to the front burner. Let's provide some insights on Nigeria's IGR for that period. In the first half of 2021, Nigeria's 36 states and the FCT generated N849,123,384,003.55 in IGR, with a 13.21% growth from the first to the second quarter. Lagos State led with N267,232,774,434.06, followed by FCT and Rivers State. The South-West zone had the highest revenue, while the North-East zone…

Nov

08

2024

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No Shop Owner Will Lose His/Her Shop In The Ongoing Remodeling Of Ariaria International Market, Ekeoma Market And Others – Governor Otti Assures

Abia State, Business, Good Governance, News Flash

NO SHOP OWNER WILL LOSE HIS/HER SHOP IN THE ONGOING REMODELING OF ARIARIA INTERNATIONAL MARKET, EKEOHA MARKET AND OTHERS, GOVERNOR OTTI ASSURES. Abia State Governor Dr. Alex Otti, OFR, has assured that no shop owner in the A-line section of the Ariaria International Market and Ekeoha Market undergoing remodeling will lose his/her shop when the shops will be reallocated on completion. The Governor gave the assurance on Wednesday Nov. 5th, when he received in audience a delegation of the National Association of Nigeria Traders (NANs) in his office. According to Governor Otti, every shop owner should be given right of…

Nov

06

2024

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Apostle Chibuzo Chinyere Leads Investors To Meet Governor Otti, Names Investment Target Areas In ABIA State

Abia State, Business, Economy, Good Governance

APOSTLE CHIBUZO CHINYERE LEADS INVESTORS TO MEET GOVERNOR OTTI, NAMES INVESTMENT TARGET AREAS IN ABIA STATE. The General Overseer of Omega Power Ministry (OPM) and Traditional Ruler of Ohanko Ndoki Community, Ukwa East LGA, Apostle Chibuzo Chinyere led a team of investors to discuss areas and targets of investment in Abia State to support the Governor Otti led government. Speaking to the press after a close door business meeting with Governor Alex Otti, Apostle Chibuzo Chinyere said that he had to travel to different countries to seek investment and investors who would support the achievements of the Governor so far.…

Nov

04

2024

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Dangote Refinery Succumbs To Pressure, Discloses New Petrol Prices

Economy, Business, News Flash

Dangote Refinery Succumbs To Pressure, Discloses New Petrol Prices Dangote Refinery has disclosed the price of its petrol, saying that it sells at N990 per litre in trucks and N960 per litre into ships. The disclosure follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claim of importing the products at cheaper rates compared to that of Dangote. The marketers had in an earlier interview claimed that they are buying at cheaper rates abroad while calling on Dangote Refinery to engage stakeholders. But in its reaction, the refinery said that…

Oct

23

2024

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To Avoid Likely Shut Down, MTN Sets To Hike Tariff

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

MTN Sets To Hike Tariff To Avoid Shut Down MTN Nigeria, the country’s largest telecom operator, has stressed the urgent need for the telecommunications sector to return to profitability to sustain its operations. The Chief Executive Officer of MTN, Karl Toriola, made this known on Monday during a tour of MTN’s facilities by Fellows of the Media Innovation Programme in Ibeju-Lekki, Lagos. The MTN chief, who has about 78 million subscribers under his watch, pinpointed that the sector has been accumulating significant losses and that immediate action is necessary to reverse this trend. The operator with a corporate social investment…