Business

We’ll disown Peter Obi if he adopts IMF, World Bank policies — NLC .

Published

1 year ago

May 14, 2024

The President of the Nigeria Labour Congress, NLC, Joe Ajaero, has said that the labour union would disown the 2023 presidential candidate of the Labour Party, Peter Obi, if he adopted the policies of the International Monetary Fund, IMF, and the World Bank if elected Nigeria’s President.

Ajaero made this statement on Tuesday while speaking in an interview with Channels Television and monitored by DAILY POST.
Ajaero, who described the position of the NLC on the removal of petrol subsidy and electricity subsidy as ‘fixated,’ also added that the labour union would have it tough with any Labour Party president who implements the policies of the IMF.
The NLC President said, “He (Obi) is the presidential candidate of the Labour Party, but does he own the NLC or the Labour Party? Why can’t you separate them?
“Whoever is the presidential candidate or official of the Labour Party must buy into our projects. If he says he was going to undertake those policies, let him be elected and try such policies.
“Whether a presidential candidate of a party that Labour forms would dictate for Labour? The answer is known to everybody. The policies of Labour, the ideologies of Labour are clear and we are going to pursue it.”
DAILY POST recalls that, on April 3, 2024, NERC raised electricity tariff for customers enjoying 20 hours power supply daily.
The increase saw customers paying N225 kilowatts per hour from the current N66, a development that has been met with criticism by many Nigerians.
DAILY POST had reported that the NLC and the Trade Union Congress, TUC, subsequently picketed NERC offices and discos on Monday to press home their demands.
But, Ajaero kicked against the “politics of reduction” embarked upon by NERC in recent times.
He said reduction after tariff increase won’t stand, insisting that NERC and discos must first reverse the tariff to the old rates and come to the negotiation table with labour unions and other stakeholders on an agreeable way forward.
We’ll disown Peter Obi if he adopts IMF, World Bank policies — NLC

Business

$300 Helicopter Levy On Oil Coys May Hike Petrol, Diesel Prices …Stakeholders Question Purpose Of $300 Per Landing Charge

Published

3 days ago

June 3, 2025

Ekwutos Blog

LAGOS – There are indications that the prices of oil products may once again skyrocket in Nigeria, following the imposition of $300 helicopter landing levy on oil companies operating in the rigs by the Ministry of Aviation and Aerospace Development.

Also, experts in the Nigerian aviation industry have questioned the choice of NAEBI Dynamic Concepts as the contractor for the collection of the $300 helicopter levy from oil companies, wondering if its selection was passed by the National Assembly or received the approval of the Federal Executive Council (FEC).

They also declared that only the Nigeria Civil Aviation Authority (NCAA) has the right to approve any new charges or levies for operators in the industry and called on the ministry to rescind its decision.

But Mr. Festus Keyamo, the Minister of Aviation and Aerospace Development, has said that the levy was an additional means of generating revenue by the Federal Government.

Besides, there are indications that the affected oil companies may not have been contacted about the directive two weeks after it was issued.

Business

Naira depreciates against dollar at black market

Published

6 days ago

May 31, 2025

Ekwutos Blog

Nigeria’s currency, the naira, recorded depreciation against the dollar at the parallel foreign exchange market to end the week on a negative note.

Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to Ekwutosblog that the naira dropped to N1,628 per dollar on Friday from N1,623 traded on Thursday.

“We buy at N1,624 per dollar and sell between N1,628 and N1,630 per dollar due to a surge in demand,” he told Ekwutosblog on Friday.

This means that the naira dropped by N5 against the dollar on a day-to-day basis at the parallel foreign exchange market.
At the black market, this is the fourth consecutive depreciation since Monday, 26th 2025.

Meanwhile, the naira remained flat at the official foreign exchange market on Friday at N1,586.15, the same rate recorded the previous day.

Ekwutosblog reports that in the week under review, the naira recorded more depreciation than appreciation across foreign exchange markets. This showed that the naira weakened by N13 and N5.17 against the dollar at parallel and official foreign exchange markets, respectively, on a week-on-week basis.

The African Development Bank, in its 2025 economic outlook, forecast that the naira and other currencies on the continent would slip by 6 percent in 2025.

Business

12 years old childerije Mbah emerged WEMA Bank One-day MD/CEO

Published

6 days ago

May 30, 2025

Ekwutos Blog

Wema Bank appointed 12-year-old Chiderije Mbah as its One-Day Managing Director/CEO on May 27, 2025, to celebrate Children’s Day and inspire young Nigerians.

Chiderije won the role through a social media challenge by submitting an animated film about making finance fun and accessible for kids

The initiative, part of Wema Bank’s 80th anniversary celebrations, aims to promote early financial education and leadership among children nationwide.

The initiative was welcomed by the bank’s MD/CEO, Mr Moruf Oseni, who loved the inspiring exchange between both generations.