The Federal Competition and Consumer Protection Commission yesterday carried out an enforcement raid at two supermarkets in the Federal Capital Territory, Abuja, to ensure adherence to price display and quantity regulations. The Executive Secretary of the Commission, Dr Adamu Abdullahi, said the exercise targeted at reducing the high cost of f...
The Organised Private Sector of Nigeria (OPSN) has lamented the over 200 per cent increase in electricity tariff, saying over 65 per cent of private businesses, especially manufacturing firms and SMEs, may be forced to shutdown due to the high electricity tariff. Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-K...
•Dangote refinery The Dangote Petroleum Refinery has listened to the calls of oil marketers as regards the reduction in the price of Automotive Gas Oil, popularly called diesel. Yesterday, the refinery announced a reduction in the price of diesel from N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the ...
The federal government has begun disbursement of the N200 billion Presidential Conditional Grant Scheme to verified applicants. The Bank of Industry had said it would be disbursing three categories of funding to support manufacturers and businesses across the country. Giving a progress report on X (formerly Twitter) today, the Minister of Indu...
•Dangote Refinery The federal government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared yesterday that indigenous refineries can now buy crude oil in naira or dollars. It also declared that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion...
•Comrade Olusoji Oluwole The Association of Senior Staff of Banks, Insurance and Financial Institution (ASSBIFI), has assured workers in the industry that their interest will be protected in the ongoing reÂcapitalisation benchmark recently prescribed by the Central Bank of Nigeria (CBN), adding that the union have taken steps to ensure that an...
Despite widely reported Naira’s rebound, Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%. This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released today. “Looking at the movement, the March 2024 headline inflation rate s...
For the umpteenth time, Nigeria’s power grid experienced another collapse in the early hours today, Monday, April 15, 2024, according to data obtained from the Nigerian System Operator’s portal (niggrid.org), between 2:00 am till the time of filing this report. The grid recorded an unprecedented zero Megawatts (MW) at the time and is currently...
Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN. The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks, reports Vanguard. Consequentl...
National Union of Electricity Employees (NUEE) has said the hike in electricity tariff is further exploitation of the masses who are already heavily burdened by the economic situation of the country. NUEE said the sensibility of the increase is begging for explanation, as there has not been any meaningful improvement since the privatisation of...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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