Business and Economy

Emefiele Takes Oath Of Office To begin Second Term As CBN Governor

  Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele Monday commenced his second term in the position. This followed the confirmation of his re-appointment as Governor by the Senate on May 16, 2019. Emefiele formally assumed duty after subscribing to the relevant Oath of Office administered by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs. Alice Karau. Emefiele, who was received into the Bank by the four Deputy Governors, was visibly elated by the turnout of excited staff that thronged the venue of the oath-taking ceremony chanting his name. In his remarks after the oath-taking ceremony, the Governor expressed gratitude to God; President Muhammadu Buhari, for nominating [Read]

Organizers Roll Out Plans for ‘My Grand Event’ Season 3, Set Big Targets [READ MORE]

John Izabi,  ABEOKUTA – The third edition of “My Grand Event” which is an annual exhibition platform birthed out of desire to avail event planners, vendors, and other creative manufacturers the opportunity to interact and build a lasting customers relations, Organizers have revealed.  According to them, the event will majorly feature exhibition of products and services with a view to bringing unique and creative ideas into limelight and creating an atmosphere for creativity to thrive. NEWS FLAKES NG gathers that it is scheduled to come up between July 13 and July 14 later this year, while the elephant exhibition will be staged in some popular markets such as Sagamu, Sango, [Read]

BOOM! “Don’t Look For White Collar Jobs, Embrace Carpentry, Plumbing – Ngige Tells Nigerians

  Minister of Labour and Employment, Chris Ngige, has advised Nigerians to carpentry, plumbing, and not focus only on white collar jobs. Ngige believes Nigeria’s high unemployment rate can be greatly reduced if more Nigerians embrace blue collar jobs that are largely neglected. He made this known during an interview on Channels TV’s Sunrise Daily on Wednesday, April 24, 2019. The Minister noted that the Federal Government has an established vocational skills policy, but that Nigerians think blue collar jobs are beneath their status. He said; “It (unemployment) was an issue and that was why we did an advocacy and told people not to look at only the white collar [Read]

Buhari signs new N30,000 minimum wage bill

President Muhammadu Buhari has signed the new minimum wage bill. The bill, which has now become a law, will usher in a new pay structure for Nigerian workers. The National Assembly had passed the bill approving N30,000 as the minimum wage for workers. State governors had opposed the N30,000 minimum wage with many of them saying they will be unable to pay their workers N30,000 minimum wage. [READ ALSO] REVEALED! Bearded men carry ‘more germs than dogs’ — Study [READ MORE] Mr Buhari’s aide on National Assembly Matters (Senate), Ita Enang, told journalists that the president has signed the minimum wage bill into law. Mr Enang, who briefed State House correspondents [Read]

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

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]

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

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]

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]

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

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]

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

  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]

  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]

– 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]

Crime: EFCC Arrests Five Suspected Internet Fraudsters, Recovers N31m [READ MORE]

  The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office, has arrested five suspected Internet fraudsters, and also recovered N31 million from them. NEWS FLAKES NG gathers that the suspects – Paul Duru, Daniel Effiong, David Gold, Moses Gold and Eke Kelechi, were arrested following a petition received by the EFCC from a new generation bank. The bank had observed suspicious transactions on an account belonging to Duru, after he received N63 million. He was subsequently arrested by operatives of the EFCC. His arrest led to the apprehension of the other suspected fraudsters. Investigations revealed that Duru was hired by Effiong, a “catfisher”, who presented himself as Arbara Williams, [Read]

FG to Atiku: You’ve corruption case to answer over Bank PHB when you return from US [READ MORE]

  The Federal Government has said that the presidential candidate of the PDP, Atiku Abubakar has a corruption case to answer when he returns to the country from the United States. Minister of Information and Culutre, Lai Mohammed who disclosed this to State House reporters today, said Atiku who left the country yesterday, will explain his role in the collapse of the defunct Bank PHB when he returns. [READ ALSO] 2019: I’ll Dislodge you, with or without US trip, Atiku Taunts Buhari, says FG’s Corruption Allegation is ‘Cock and Bull Story’ [READ MORE]   Lai said fresh evidence has revealed that the former vice president benefitted from the slush funds that [Read]

ASUU Strike: FG approves over N35.4bn, to resume talks on Thursday, Strike May be Called-Off Next Week [READ MORE]

  ABUJA – Barring any last minutes change, academic activities may resume in public universities next week, as Federal Government has approved over N35.4 billion for the striking Academic Staff Union of Universities (ASUU). In a resolution reached Monday night between the Federal Government and the leadership of ASUU at the Conference Hall, Ministry of Labour and Employment, Abuja, the government announced that Federal Ministry of Finance and Accountant General of the Federation have confirmed payment of N15.389.940,335.71 billion to accommodate payment of shortfall in all institutions that are Presidential Initiative of Continuous Audit, PICA varied. The Minister of Labour and Employment who disclosed this at the end of the [Read]

Publish Your Shareholders, Shehu Sani Challenges Etisalat, Keystone Bank [READ MORE]

  The Peoples Redemption Party member representing Kaduna Central Senatorial District in the National Assembly, Senator Shehu Sani, has challenged the management of the communications giant, Etisalat, and Keystone bank to publish the list of their shareholders without further delay. The senator through his verified Twitter handle on Friday said such action by the management of the two organisations would put a stop to the controversies surrounding their ownership. The Atiku Campaign Organisation had through one of their spokespersons, Buba Galadima, alleged on Wednesday that families, associates, and cronies of President Muhammadu Buhari, were the largest shareholders in the two firms. But Sani said the immediate publication of the firms’ [Read]