Economy

Nigerians should expect petrol price increase, says Rewane

The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by our correspondent on Tuesday . He noted that the World Bank put Nigeria ’s total subsidy bill in 2018 at N 731bn , saying, “A gradual reduction in subsidy payments [ is] anticipated . Only N 305 bn set aside for under-recovery in 2019 budget ; expect an increase in the pump price of fuel . “40 per cent shortfall in provision [Read]

Ondo Govt Set To Grow Marijuana For Business, Says Gov Akeredolu

Ondo state governor, Mr. Rotimi Akeredolu has said the state is set to diversify its economy by tapping into the marijuana market. In a tweet on Monday, Akeredolu explained that with an estimated value of $145 billion in 2025, the state would be shortchanging itself if it ignores the marijuana business. “We all know that Ondo State is the hot bed of cannabis cultivation in Nigeria,” he wrote. “We know how to grow it and it thrives well in the Sunshine State. With an estimated value of $145 Billion in 2025, we would be shortchanging ourselves if we failed tap into the Legal Marijuana Market. “Our focus now is Medical [Read]

Cross River State Workers Protest Continuous Early Payment of Monthly Salaries by Governor [READ MORE]

CALABAR – Workers in Cross River protested on Wednesday, May 1, over the payment of their May salary on the first day of the month by the state governor, Ben Ayade. NEWS FLAKES NG gathers that the workers expressed reservations that Governor Ayade paid their May salaries in advance just like he had always done since he assumed office. The News Agency of Nigeria (NAN) reports that the state chairman of the Trade Union Congress (TUC), Clarkson Otu, told journalists that the workers and the leadership of labour were unhappy over the early payment of salary. The report quoted the labour leader as saying even though the government means well, [Read]

MAY DAY: Kudos, Knocks As Amosun Orders immediate Payment of Ogun Workers’ Salaries, Deductions

ABEOKUTA – Outgoing Ogun State Governor, Senator Ibikunle Amosun, has promised to pay all outstanding deductions of workers, and other allowances with immediate effect. He said that the total of t 10.8 billion will be released to clear all the payment of the outstanding deductions and other allowances to the civil servants by May 2nd when they’d start receiving credit alerts. The governor disclosed this while delivering his speech at this year’s workers day celebration at the M K O. Abiola Stadium, Kuto, Abeokuta, Ogun State which though witnessed low turn out. He said it is in fulfilment of his promise to clear all outstanding deductions of workers before leaving [Read]

PHOTOS: Commercial Sex Workers, Others Participate in May Day [READ MORE]

John Izabi,  In celebration of this year’s May Day, many workers’ Unions and associations took to stadia across the country to mark the day with the usual rituals of group marching and salute. Shockingly, commercial sex workers also joined in the celebration as they made their way into the stadium with banners displaying their occupation. See more photos below as obtained by NEWS FLAKES NG;   [Read]

BUSINESS: Africa’s Billionaires List, 2018 – Check Out The Two Newcomers Join The illustrious List Here >>>

Richest men in Africa: Not fewer than two fresh billionaires have joined the illustrious list and overall wealth of Africa’s billionaires swells to $75.4 billion from $70 billion last year. 2017 was a good year for business in the continent. After a full year’s work, Africa’s richest are even richer and clearly more driven. Two new entrants join the illustrious list and overall wealth of Africa’s billionaires swells to $75.4 billion from $70 billion last year. These ladies and gentlemen are working overtime! Forbes says the better fortunes are attributable to rising stock and commodity prices. 2017 was clearly a good year for business. There are very few surprises in [Read]

ECONOMY: UBA, Access, 4 others grow deposits by N1.4trn READ MORE HERE >>>

– Why Customers aren’t operating their accounts’ For six top Deposit Money Banks in Nigeria, re-strategising through the introduction of new products has paid off, as customer deposits increased in the 2017 financial year, despite the general drop in the number of active customers’ accounts across the banking sector. Investigations by The Point revealed that the deposit base of the banks increased by N1.4 trillion, from N14.4 trillion as at the end of 2016 to N15.8 trillion at the end of 2017. The banks are United Bank for Africa Plc, Access Bank Plc, Zenith Bank Plc, GTBank Plc, Ecobank Transnational Incorporated Plc and Stanbic IBTC Plc. Zenith Bank’s customer deposit [Read]