Business

TCN records 6 systems collapse with huge loss of Power supply, high cost of production threatens Businesses in Nigeria

High cost of production threatens more businesses operating in Nigeria as the nation’s epileptic power situation worsens due to six systems collapses recorded in January 2018 by the Transmission Company of Nigeria, TCN. This current development culminated in the damage of nine vital components as reported by Vanguard of which will cost the TCN N3.85 billion to procure relevant equipment and rehabilitate the system within the nine months. Vanguard also reported that the required equipments for purchase include 1x150mva, 330/132kv T1A Mitsubishi power transformer in Jos, which was completely burnt, and will take N850 million to replace. Another major burnt equipment was the 1x30mva, 330/33kv T2 Toshiba transformer at Gusau substation, which would require N300 million for a total replacement....

$6.7 billion approved for Ibadan-Kaduna rail project by Federal Executive Council

The Federal Executive Council, FEC, presided over by President Muhammadu Buhari,yesterday approved a memo presented by the Minister of Transportation, Rotimi Amaechi, for the construction of a standard gauge railway project from Ibadan, Oyo State, to Kaduna. Minister of Transportation, Rotimi Amaechi, addressed the State House correspondents immediately after the meeting held inside the council chamber of the presidential villa declaring the rail project to “cost $6.7 billion, with a completion period of three years.” According to Mr. Amaechi, the Kaduna to Kano standard gauge project had earlier been awarded by the government. It would be recalled that the Federal Government had approved 1.2 billion dollars for the construction of the Kano-Kaduna standard gauge railway project.‎ Amaechi s...

Residents of Lekki – Epe axis protest high toll charges.

Trending news online yesterday reports that residents of Lekki – Epe section of Lagos State finally made good their threat to stage a protest over the multiple hikes in toll charges collected at two toll gates in the area. The Lekki Concession Company (LCC) on February 1 made an impromptu 100% increase on the toll charges collected at the Lagos-Ajah highway and the Lekki-Ikoyi Bridge, subjecting residents to further hardship amidst the current economic hardships being experienced by all Nigerians. Leading the peaceful protest, the convener of the protest, Adedotun Hassan, described the toll hikes as unacceptable, unfair and killing. He said it was unthinkable for a government to impose such a burden on hapless and poorly paid residents at a difficult moment like now, calling on the Lagos S...

Ikeja High Court orders arrest of Innocent Chukwuma chairman of Innoson motors, but…

An Ikeja High Court, yesterday, issued a bench warrant for the arrest of Mr. Innocent Chukwuma, the Chairman of Innoson Motors Nigeria Limited. The court, presided by Justice Mojisola Dada, in a ruling ordered the court to produced Mr. Chukwuma be in the next adjournment for arraignment over allegation of forgery. Justice Mojisola Dada ordered that Mr. Chukwuma should be arrested an kept in custody a day before the next adjourn date slated for March 14, 2018. The decision of the court was due to the failure of Mr. Innocent Chukwuma to appear before the court for arraignment over the criminal matter pressed against him by the Economic and Financial Crimes Commission (EFCC) in his face off with Guaranty Trust Bank, GTB. In a swift reaction to the order for his arrest issued by a Lagos High C...

President Muhammadu Buhari signs executive order preventing foreigners from getting jobs Nigerians can do.

President Muhammadu Buhari on Monday in Abuja signed Executive Order 5 to improve local content in public procurement with science, engineering and technology components. The president, pursuant to the authority vested in him by the constitution, ordered that all ‘‘procuring authorities shall give preference to Nigerian companies and firms in the award of contracts, in line with the Public Procurement Act 2007.’’ The Executive Order is expected to promote the application of science, technology and innovation towards achieving the nation’s development goals across all sectors of the economy. The Executive Order also prohibits the Ministry of Interior from giving visas to foreign workers whose skills are readily available in Nigeria. It, however, notes that where expertise is lacking, procur...

Customs boss, Hammed Ali and members of the senate bicker over protocol.

The 2017 crisis between the Senate and Comptroller General of Nigeria Customs Service, NCS, Hameed Ali, over his mode of dressing might still be simmering following the mild drama at the Nigeria Customs headquarters in Abuja yesterday. Members of the senate ad hoc committee on economic waste and the Director General of the Nigeria Customs Service, Hammed Ali, exchanged words over etiquette and protocol; theverbal battle between the Senate and the Customs boss was triggered by remarks made by Senator Dino Melaye, that the Customs C-G, by way of protocol, ought to have come down from his office to welcome and usher the committee members into the premises and not just meeting them at the conference room. The Senators arrived the Customs headquarters and were received by senior officials of th...

FAAN opens Enugu Airport to full operations after complete runway repairs

The Federal Airports Authority of Nigeria (FAAN) has announced the reopening of the runway at Akanu Ibiam International Airport, Enugu, after repairs have been completed. The General Manager, Corporate Affairs, Herrienta Yakubu, yesterday in Lagos told reporters that the runway was now open for full operations following completion of repair works. The airport runway was close from full business operations starting from 14th December 2017 for major repairs; however, the airport was open for operation between 7.00 a.m. and 3.00 p.m. to enable the contractor to use the working hours to do the job to ensure a “stable and even surface” of the runway. The project was, however, delayed for a few days before the runway was finally opened for full flight operations. Mrs. Yakubu  said FAAN’s team of...

Miyetti Allah Cattle Herders Leaders, Husaini Yusuf Bosso, warns Benue State to expect more Bloodshed if they don’t allow their movement to Eastern Nigeria.

The National Vice President of Miyetti Allah Cattle Herders Association, Husaini Yusuf Bosso, has warned that more blood will be shed in Benue State if the anti-grazing law introduced by Governor Samuel Ortom is not completely scrapped. This current threats is coming barely 48 hours after the mass burial of 73 victims of the recent herdsmen attacks in Benue State; Husaini Yusuf Bosso  claimed that the herders have been sorting out their issues with farmers in the state before Benue State governor Ortom enacted the anti-grazing law without consulting stakeholders. “We, the association wrote a letter to him, even met him. We told him that this law cannot work. We told them that there is an international cattle route from Niger to Eastern Nigeria. He said he will not allow cattle to pass thro...

Abia State Governor, Dr. Okezie Ikpeazu, rejects proposed cattle colonies for herdsmen, says Abia State need more land

Abia State Governor, Dr. Okezie Ikpeazu, yesterday rejected the proposed “cattle colonies” being planned by the Federal Government for Fulani herdsmen and their cows, saying that Abia State cannot accommodate such colonies since it’s looking for more land for agricultural activities for its people. The Governor warned that the strange plan of establishing “cattle colonies” in States is an invitation for “unrest and crisis that may grow beyond what we can handle when it happens” and urged that the idea be jettisoned. Governor Ikpeazu, in a statement signed by his Chief Press Secretary, Mr. Enyinnaya Appolos, made it clear that Abia state will not cede any part of her territory to Fulani herdsman as colony for cattle. According to Governor Ikpeazu: “We reject any plan to establish cattle col...

President Muhammadu Buhari New Year Speech: the problem with Nigeria is process, No Restructuring

President Muhammadu Buhari on Monday delivered a national broadcast to Nigerians where he categorically said No to calls for restructuring among other topical issues such as current persistent fuel scarcity, railway, electricity, and other infrastructural development projects initiated by his government across Nigeria. The president’s full speech reads as stated below… I join my fellow citizens this morning to welcome and celebrate the New Year 2018. This year promises to be pivotal in our quest for CHANGE. Unfortunately, I am saddened to acknowledge that for many this Christmas and New Year holidays have been anything but merry and happy. Instead of showing love, companionship and charity, some of our compatriots chose this period to inflict severe hardship on us all by creating unnecessa...

NNPC boss, Maikanti Baru, vows to end fuel scarcity in two days before 2018.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, declares to end fuel scarcity in two days before 2018 and assures Nigerians that fuel scarcity must stop this year 2017. Baru restated NNPC’s position to ensure the pump price of fuel was maintained at the current official price of N145 per litre across Nigeria. Speaking with State House correspondents in Abuja on Friday, he further said: any marketer found hoarding fuel or selling above the official price will be punished. “I’m happy to report that we have tamed the monster that reared its head as a result of the rumoured price increase about three weeks ago. “Unfortunately, that rumour instigated a lot of marketers to be very greedy and they decided that their fellow citizens should not enjo...

Major flight delays and cancellations across busy airports in Nigeria due to bad weather

Due to adverse weather conditions, most domestic and international airlines on Wednesday delayed or cancelled flights at major airports in Nigeria, majorly Lagos, Abuja, Owerri, Port Harcourt and Enugu. News Agency of Nigeria reports that the affected flights involved are Air Peace, Dana Air, Arik Air, Azman and Air France across Lagos, Port Harcourt, Owerri, Enugu and Sokoto with so many ‘out-bound’ and ‘in-bound’ passengers currently stranded nationwide. The Nigerian Meteorological Agency, NiMet, had on Tuesday predicted that dusty haze weather conditions in horizontal visibility range of one to three kilometres would prevail over most parts of Nigeria on Wednesday. NiMet also predicted a reduced localized visibility of less than 1000m over many cities throughout the forecast period. Lik...

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