Economy - Abia ThinkTank News

Jun

2024

CBN Stops FX Price Verification System Portal For Importets

CBN/Commercial Banking, Economy, News Flash

CBN Stops FX Price Verification System Portal For Importers The Central Bank of Nigeria (CBN) says the foreign exchange (FX) price verification system (PVS) portal used by importers has been discontinued. The CBN disclosed this in a statement on Thursday signed W. J. Kanya, its acting director of trade and exchange department. In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests. The Form M is a document used to declare the intention to import physical goods into Nigeria. According to the statement, importers would no longer need the portal to…

Jun

2024

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By Abia ThinkTank

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak

Business, Economy, Mishap, News Flash, Oil & Gas

‘No Cause For Alarm’ – Dangote Refinery Reacts To Fire Outbreak A “minor fire” incident was recorded at the effluent treatment plant of the Dangote Refinery in Lagos on Wednesday. The fire was immediately put out as fire fighters and first responders swiftly rose to the occasion. In a statement, a spokesman for the company, Anthony Chiejina, said operations at the refinery was not affected in anyway. “There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all our staff on duty,” he said. The $20bn facility sited in…

Jun

2024

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By Abia ThinkTank

Minimum Wage: Approve N250,000 Demand To Match Inflationary Trend – Labour Tells Tinubu

Economy, Columns/Opinions/Letters, FGN, Labour, News Flash

Minimum Wage: Approve N250,000 Demand To Match Inflationary Trend – Labour Tells Tinubu Organised Labour has pleaded with President Bola Tinubu to prove his love for Nigerian workers and approve its demand of N250,000 minimum wage to reflect the present inflationary trend in the country. Speaking to Vanguard, a member of the organised labour negotiating team in the Tripartite Committee of the New National Minimum Wage and President-General of the Maritime Workers Union of Nigeria, MWUN, Prince Adewale Adeyanju, accused state governors of stalling efforts at achieving a reasonable wage for public workers. He said: “If you are an employer…

Jun

2024

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By Abia ThinkTank

Tinubu Appoints New Consumer Protection Commission CEO

Economy, Business, FGN, News Flash, Presidency

Tinubu Appoints New Consumer Protection Commission CEO President Bola Tinubu has approved the appointment of Mr. Olatunji Bello as the new Chief Executive Officer/Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC). Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement disclosed that the appointment is subject to confirmation by the Senate. Mr. Bello is a lawyer, administrator, and renowned journalist. He is the former secretary to the Lagos State Government and holds a Master’s degree in International Law and Diplomacy from the University of Lagos. He also studied Law at the same…

Jun

2024

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By Abia ThinkTank

NLC Rejects Call To Decentralize Minimum Wage Negotiations; ‘Governors Will Basterdize It’

Columns/Opinions/Letters, Economy, Labour, News Flash

‘Governors Will Bastardise It,’ NLC Rejects Call To Decentralise Minimum Wage Negotiations The Nigeria Labour Congress (NLC) has opposed some politicians’ calls for decentralised minimum wage negotiations. Adebayo Aribatise, secretary of NLC in Oyo State, spoke with journalists on Sunday in Ibadan and said decentralising minimum wage negotiations would be at workers’ disadvantage in some states. Some politicians had recently called for decentralised minimum wage negotiations. One of them, Kayode Fayemi, stressed the need for allowing states to conduct wage negotiations with their labour unions, separate from the federal government. Mr Fayemi, a former governor of Ekiti, said the position…

Jun

2024

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By Abia ThinkTank

National Assembly Moves To Approve N70k Minimum Wage For Workers

FGN, Economy, Labour, National Assembly, News Flash

National Assembly Moves To Approve N70k Minimum Wage For Workers The National Assembly has reportedly moved to approve a new minimum wage of N70,000 as part of efforts to alleviate the sufferings of Nigerian workers, 9News Nigeria has learnt. The move, according to an inside source who preferred not to be named, will relax the tension between the organised labour, the federal government, states, and local governments. Nigerian Senate President Godswill AkpabioNigerian Senate President Godswill AkpabioRecall that the tripartite committee had recommended a minimum wage of N62,000. Labour unions in the country have since turned down the offer, insisting on…

Jun

2024

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By Abia ThinkTank

Nigeria Is Poverty Capital, Stop Downplaying Our Situation – Obi Tells Tinubu

Columns/Opinions/Letters, Economy, FGN, News Flash, Politics

Nigeria Is Poverty Capital, Stop Downplaying Our Situation – Obi Tells Tinubu The Presidential Candidate of the Labour Party (LP), in the 2023 election, Peter Obi, has implored President Bola Ahmed Tinubu to stop downplaying the hardship currently being suffered by citizens with his view that it’s not peculiar to Nigeria alone. Obi noted that rather than face the reality that we are the poverty capital of the world and the most insecure people and take decisive steps to stem the situation, the government is trying to play the ostrich even when the people are overwhelmed by the situation. The…

Jun

2024

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By Abia ThinkTank

Hardship: It’s Now Difficult To Plan Our Meals – Abuja Residents Cry Out

Economy, Abuja, News Flash

Hardship: We Can No Longer Plan Our Meals – Abuja Residents Cry Out A cross-section of residents of the Federal Capital Territory (FCT), says they can no longer fend for their families due to the rising cost of foodstuff. The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Friday in Abuja, said that eating beans and yam have become a luxury due to its high cost. This, they said, had affected their domestic food timetable, making it impossible to eat varieties. Mrs Glory Ocholi, a mother, said that beans have become so expensive that…

Jun

2024

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By Abia ThinkTank

Xclusive: Court Document Reveals How $6.2m Stolen From CBN Was Shared Amongst Top Officials

CBN/Commercial Banking, Crime, Economy, Judiciary, News Flash

EXCLUSIVE: Court Document Reveals How $6.2m Stolen From CBN Was Shared A fresh revelation has emerged in the ongoing investigation into the alleged theft of $6,230,000 from the Central Bank of Nigeria (CBN) on February 8, 2023. According to court documents, the stolen funds were shared among top officials of the apex bank, with the personal assistant to the former CBN Governor, Godwin Emefiele, Odoh Eric Ocheme, receiving the largest share of $3,730,000. The documents reveal that the theft was an insider job, carried out by CBN officials in collaboration with two outsiders, Adamu Abubakar and Imam Abubakar. The investigators…

Jun

2024

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By Abia ThinkTank

Minimum Wage: FGN Pushes N62,000 Pay Despite Labour’s Opposition

Economy, FGN, Labour, News Flash

Minimum wage: FG pushes N62,000 pay despite Labour’s opposition The Presidency, on Sunday, insisted that the N250,000 minimum wage clamour by Organised Labour is unsustainable, warning that the Federal Government cannot channeled all its resources to meet such a demand. The warning comes two days after the Association of Local Governments of Nigeria raised concerns over the N62,000 being proposed by the FG. The ALGON said if approved, the wage may put a strain on the councils’ financial burden. On Tuesday, May 28, talks between the Federal Government and Organised Labour broke down after the government and the Organised Private…