BUSINESS/ECONOMY

Ogun Gov-elect, Dapo Abiodun Swings into Action, Sets Up All-inclusive Economic Transition Team [READ MORE]

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  Ogun State Governor-Elect, Prince (Dr.) Dapo Abiodun, has announced the Economic Transition Committee that will further articulate his campaign manifesto, ensure robust engagement with stakeholders and develop a Roadmap to guide its implementation. In a Press Statement issued on Friday, 12th April, 2019 by his spokesperson, Remmy Hazzan, the Governor-Elect was quoted as saying “Ogun State is blessed with an abundance of human resources in all fields of endeavor and this is reflected in the array of distinguished sons and daughters who have volunteered their skills, rich and diverse experience and vast network to work on this important assignment. Furthermore, our commitment to provide an inclusive Government is expressed [Read]

BREAKING: Suspected Gunmen Attack Commercial Bank in Ondo [READ MORE]

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Fresh report reaching NEWS FLAKES NG at PRESS TIME has it that a commercial bank has just been reported to be under attack in Ido Ani, Ose Local Government Area of Ondo State. Meanwhile, information on the perpetrators and their mode of operation of the attack is still sketchy but we shall bring you details as they unfold later. Recall that just four days ago, Mr. Gabriel Abiodun, the bursar of an Anglican Communion parish was traced to his church office from a new generation bank and shot dead by suspected armed robbers who also made away with N500,000 church money he had gone to collect from the bank in [Read]

Fuel May Start Selling Above N145 Per Litre Soon, Marketers Warn

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The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre. The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, who said this in an interview with our source’s correspondent in Lagos on Monday, stated that independent marketers might soon start selling beyond N145 per litre if depot owners continued to sell between N136.50 and N137 per litre. NEWS FLAKES NG further gathered that Amoo urged the NNPC to prevail on depot owners not to sell beyond the official ex-depot price in order to [Read]

JUST IN: Nigeria ranked sixth most miserable country in the world [READ MORE]

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  An economist from John Hopkins University in Baltimore, US, Steve Hanke, has ranked Nigeria as the sixth most miserable country in the world. The ranking is titled, Hanke ’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries. NEWS FLAKES NG gathers that Writing in the Forbes magazine of March 28, the economist notes that Misery Index is calculated using economic indices such as unemployment, inflation and the rates banks charge on loans. [READ ALSO] BREAKING: Ogun Gov-elect, Dapo Abiodun To Scrap Ogun Poly, MAUSTECH “In the sphere of economics , misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns. The Index notes that [Read]

BOOM! EFCC raises team to probe Amosun, Okorocha, Yari as immunity ends

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Ahead of May 29, 2019, handover date to newly- elected states helmsmen, the Economic and Financial Crimes Commission has set up teams to probe some governors accused of perpetrating acts of corruption, NEWS FLAKES NG authoritatively gathers.  At least 12 states will have new governors on May 29 after the tenure of the current ones would have ended . The states that will have new chief executives include Lagos, Ogun, Oyo, Imo, Kwara, Nasarawa, Yobe, Borno, Adamawa, Bauchi, Gombe, Zamfara . Of the 12 states, however, four governors have been accused of corruption . They include Governor Rochas Okorocha of Imo State; Kwara State Governor, Abdulfatah Ahmed; the Chairman of [Read]

FG may increase VAT to fund new N30,000 minimum wage [READ MORE]

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The Minister of Budget and National Planning, Udoma Udo Udoma, has revealed that the Federal Government may have to increase Value Added Tax (VAT) to fund the new N30,000 minimum wage. During plenary on Tuesday, March 19, 2019, the Senate approved the N30,000 minimum wage which will increase the minimum wage from N18,000. While addressing the Senate Committee on Finance for an interactive session over the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/ FSP on Tuesday, Udoma said many changes will have to be made to afford the new wage structure. “The current minimum wage of N18,000 is really too low. It is difficult for workers to [Read]

TraderMoni: Osinbajo Suspends Scheme Nationwide [READ MORE]

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Vice-President Yemi Osinbajo has halted his visits to markets nationwide to promote the Trader Moni scheme, The PUNCH has learnt. Osinbajo, it was learnt, has not toured any state to promote Trader Moni in the last one month. However, checks by our source showed that the programme was still on. NEWS FLAKES NG gathers that Trader Moni is an initiative of the Federal Government, through Bank of Industry and Government Enterprise and Empowerment Programme. The programme is part of the Federal Government social intervention aimed at funding micro business in the country through soft loans beginning from N10, 000. The programme was launched in August while the Vice-President began his [Read]

Buhari runs govt with no direction – Financial Times [READ MORE]

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The Financial Times of London says President Muhammadu Buhari has been running a government that lacks a clear direction in the last four years. The newspaper, therefore, called on the President to see his re -election as and opportunity to do the right thing. The Financial Times said this in its editorial which has been read and shared thousands of times around the world . It said there was no clear economic policy like that of Rwanda and Ethiopia . It read in part, “With his renewed mandate , it is now Mr Buhari ’s task to rebuild faith by running a dynamic and successful administration and by building the [Read]

BUSINESS: Access, Diamond banks finalise merger [READ MORE]

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The Management of Access and Diamond banks have completed their much anticipated merger arrangement, NEWS FLAKES NG can authoritatively report.  The shareholders who voted in support of the merger pulled 97.89 percent or 14,298,393,943 units of shares, while those against stood at 2.11 percent or 307,122,041 units shares. Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform. He said that the expected revenue and cost synergies were material and promises significant long term value. Wigwe explained further that the bank, [Read]

Bullion vans: I can keep money anywhere I want, says Tinubu [READ MORE]

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  All Progressives Congress stalwart , Bola Tinubu, has told those asking questions about the presence of bullion vans at his residence in Bourdillon, Ikoyi, to mind their business, adding that he can keep his money wherever he wants. Tinubu said this while fielding questions from journalists shortly after casting his vote. NEWS FLAKES NG gathers that some pictures had gone viral on social media on Friday showing two bullion vans making their way into Tinubu’s premises. [READ ALSO] #NigeriaDecides2019: Atiku Floors Buhari At Sanwo-Olu’s Polling Unit [READ MORE] According to rumours, the vans allegedly contained either ballot papers or huge sums of money which would be used for the elections [Read]

Election postponement: Event planner loses N1million to rental service in Ogun [READ MORE]

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  Nigerians have begun to recount their losses accrued to the postponement of the 2019 elections earlier scheduled for Saturday, 16 of February. Barely six hours to the commencement of presidential and national assembly election, the chairman of the Independent National Electoral Commission, INEC, Prof. Mahmood Yakubu postponed the election at exactly 2:50 am on Saturday morning blaming the postponement on logistics. A lot of weddings, seminars, workshops and other programmes were affected due to the new development. Speaking with our source, Bunmi Mustapha, the coordinator of Global events and parties in Abeokuta, lamented the lost she and her clients will incur with the new date of the election. In [Read]

Akwa-Ibom Govt Launches Ibom-Air, Takes delivery of Two Aircraft [READ MORE]

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  To launch its flights, the Ibom Airlines, Akwa Ibom State government yesterday took delivery of two aircraft. Governor Udom Emmanuel who was excited about the development said the airline was a monumental achievement in the state. He said the aircraft; C-FWNK was just six years old with a sitting capacity of about 90 persons and constitutes the newest and modern fleet of the Canadian Airbus. He added that the only state which currently runs a state-owned airport and runs an airline is Akwa-Ibom, adding that the government is running Ibom Air as a business. He said that Ibom airline will operate routes that would give preference to Akwa Ibom [Read]

Polls Shift: Nigerian Businesses To Suffer N2.737trillion loss – Experts [READ MORE]

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– Experts say the decision of INEC to postpone the presidential and National Assembly elections will cost Nigerian businesses huge financial loss – The experts say the postponement will cost businesses in the country about $7.605 billion (N2.737 trillion) – The amount is about two per cent of the country’s Gross Domestic Product (GDP), which is approximately $427 billion Financial experts say the decision of the Independent National Electoral Commission (INEC) to postpone the presidential and National Assembly elections will cost Nigerian businesses huge financial loss. The experts who spoke to ThisDay, say the postponement will cost businesses in the country about $7.605 billion (N2.737 trillion), amounting to about two [Read]

Ayuba Wabba wins second term election as NLC president [READ MORE]

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  THE NIGERIA LABOUR CONGRESS (NLC), HAS RETURNED ITS PRESIDENT, AYUBA WABBA, UNOPPOSED FOR A SECOND TERM OF FOUR YEARS. Wabba will head a 16-member National Administrative Council (NAC), of NLC, who were equally elected unopposed to administer the affairs of NLC for the next four years. According to Vanguard, three persons elected unopposed as Deputy Presidents were Amaechi Asugwuni, Muhammad Nadir Idris, and Najim Usman Yasin, while Ibrahim Khaleel, was elected National Treasurer. Four persons elected Vice-Presidents were Abdrafiu Adeniji, Peters Adeyemi, Lawrence Amaechi and Oyelakan Lateef who was returned unopposed. Other officials elected include Marven Adamu, National Financial Secretary and Adewale Adeyanju, National Trustee, among others. In his [Read]

BREAKING: ASUU Finally Calls-off Three – Month Old Strike, Reach Agreement With FG [READ MORE]

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  Fresh report reaching NEWS FLAKES NG as at PRESS TIME has it that the leadership of the Academic Staff Union of Universities (ASUU) has suspended its nationwide industrial action. National President of the union, Professor Biodun Ogunyemi, announced this on Thursday during a press briefing at the Nigeria Labour Congress complex in Abuja. The striking lecturers took the decision after a meeting with representatives of the Federal Government led by the Minister of Labour and Employment, Senator Chris Ngige. The meeting came hours before Professor Ogunyemi announced the decision of ASUU to suspend the strike. It had in attendance leaders of the union and government representatives such as the [Read]