Day: November 12, 2024

Naira devaluation, subsidy removal, weak purchasing power pushes unsold goods to N1.24tr – MAN

Aminu Imam
MAN on unsold goods

The Manufacturers Association of Nigeria, (MAN), has stated its unsold manufactured goods have reached a record N1.24trillion, as its unsold inventories increased by 357.57% in the first half of 2024. MAN, which disclosed this in its latest report on the country’s economic performance, attributed this sharp increase to the declining purchasing power in the country caused by escalating inflation, subsidy removal, and Naira devaluation. MAN’s President, Francis Meshioye, explained, “The inventory of unsold finished products in the manufacturing sector surged by 357.57% year-on-year, reaching N1.24trn in H1 2024. According to…

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“NNPCL now proud part-owner of ?angote Refinery” – Mele Kyari 

Aminu Imam

The Nigerian National Petroleum Company limited, (NNPCL), has disclosed that it’s a proud part-owner of the ?angote Refinery. This was disclosed by NNPCL’s Group Chief Executive Officer, Mele Kyari at a conference hosted by the Nigerian Association of Petroleum Explorationists in Lagos, on Monday. Recall that following the commencement of the refinery, Aliko ?angote had accused NNPCL and some cabals in the oil sector of trying to sabotage its operations. However, Kyari dismissed the claims that NNPCL was undermining the operations of the ?angote refinery, saying: “The point is very…

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Kaduna: Bandits set farms on fire in Birnin-Gwari, destroy harvested maize

Aminu Imam
Kaduna bandits set farms on fire

Suspected bandits have set fire to harvested maize on six farms in Kwaga village and Unguwar Zako, in Birnin-Gwari local government area of Kaduna State. The incident reportedly occurred on Sunday night, when the bandits stormed the farms and set fire to all the harvested maize. A video clip showed the charred remains of the affected farms, with the owners consoling one another. The affected farm owners include Kabiru Halilu Kwaga, who had harvested over 160 bags of maize last year and was hoping for an even larger harvest this…

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Atiku accuses Tinubu’s policies of ‘killing Nigerians’ amid rising inflation

Aminu Imam

Former Vice-president Atiku Abubakar has insisted that President Bola Tinubu’s economic policies and approach to governance were killing Nigerians. In an issued statement by his Special Assistant on Public Communication, Phrank Shaibu, in Abuja, yesterday, Atiku said the President should focus on solving this problem rather than attacking the opposition which is not in the saddle. He spoke in response to an earlier statement issued on Sunday by the Presidency, which stated that the vice-president’s criticisms of Tinubu’s policies were driven by jealousy. Atiku said: “On July 8, 2024, Tinubu…

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US places $25,000 bounty on fleeing Nigerian suspect on murder trial

Aminu Imam
US places $25,000 bounty

The United States of America has announced a reward of $25,000 for anyone who could provide it with information that could lead to the arrest of Olalekan Abimbola Olawusi, a Nigerian, who is reportedly facing trial for the alleged murder of his own son. According to a statement by Supervisory Deputy U.S. Marshal Don Freeman, on the agency’s website, Olawusi is now listed among the 15 ‘most wanted’ fugitives in the country. Freeman revealed that Olawusi, who previously resided in Rhode Island, was initially arraigned on two counts: first-degree murder…

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Aregbesola raises concern over growing wealth disparity In Nigeria

Aminu Imam
Aregbesola raises concern

Former Osun State governor and immediate-past Interior Minister, Ra’uf Aregbesola, has expressed deep concern over the widening  country’s wealth gap, warning that it poses serious risks. Speaking on Nigeria’s economic climate at the ‘National Dialogue on Home-grown Parliamentary System’ on Monday, in Abuja, Aregbesola bemoaned how economic inequality has worsened over the years. He said wealth is now concentrated in the hands of a few, leading to significant hardship for many citizens, a development that contrasted sharply with his formative years when wealth was more evenly-distributed. According to Aregbesola, fewer…

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“?angote Refinery shouldn’t sell at int’l market price since production cost is now N600/litre” -  PETROAN

Aminu Imam
PETROAN on ?angote Refinery

Owing to these developments, Dr Joseph maintained that ?angote should also consider selling his refined product below the market price to ease the current hardships in Nigeria.  The Petroleum Products Retail Outlets Owners Association of Nigeria, (PETROAN), has claimed that the ?angote Refinery is wrong for insisting their products will be sold at market price.  Speaking when he appeared on a radio station yesterday, the PETROAN’s National PRO, Dr. Joseph Obele, said the cost of production of petrol was now below N600 per litre.  According to him, this was because…

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“Kidnapping, farmers extortion aggravating food insecurity in Nigeria” – All Farmers association 

Aminu Imam
AFAN decries farmers extortion

The All Farmers Association of Nigeria, (AFAN), has stated that food shortages will persist across the country due to on-going kidnappings, killings of farmers, and the occupation of farmlands. The association also expressed serious concerns over large-scale extortion of farmers at increasing numbers of illegal checkpoints in parts of the country. AFAN’s National vice-president, Chief Daniel Okafor, spoke to newsmen at the 46th Regular Meeting of the National Council on Agriculture and Food Security in Calabar, Cross River State. He called on the federal government to implement the outcomes of…

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Kano Citizens petition EFCC to investigate US-owned Arewa24 TV over alleged financial crimes

Aminu Imam

The Kano Concerned Citizens Initiative (KCCI) has officially petitioned the Economic and Financial Crimes Commission (EFCC) to investigate Arewa24 TV, a US-owned TV channel operating in Nigeria, on allegations of severe economic and financial misconduct. In a statement issued yesterday, signed by KCCI spokesperson, Sayeedi Umar Ahmed, KCCI accused the television network of engaging in tax evasion, capital flight, money-laundering, and other sharp practices that reportedly violate Nigerian laws. According to the petition, KCCI claims that Arewa24 TV has been conducting its media and advertising business in Nigeria illegally, thereby…

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‘Manufacturers on Band-A power facing serious trouble’ – MAN

Aminu Imam
MAN on Band A power

The Manufacturers Power Development Company Limited, a firm founded under the Manufacturers Association of Nigeria, (MAN), has said that current energy costs in the country are unsustainable for manufacturing firms, especially those receiving electricity in the Band-A category. To tackle this, the firm revealed that it now provides 10 companies with sustainable energy solutions as part of its effort to bridge the energy gap nationwide. The Acting Managing Director of MPDCL, Oweh Mba-Sam, who disclosed this in Lagos, said working with the 10 companies was the first stage of a…

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