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

NNPCL: We will conclude review of Port Harcourt Refinery by December – Ojulari

Published

22 hours ago

July 11, 2025

Ekwutos Blog

The Group Chief Executive Officer of Nigerian National Petroleum Company, Bayo Ojulari, has said the state-owned oil firm is planning to conclude its review of the Port Harcourt, Warri, and Kaduna refineries before the end of December 2025.

Ojuari disclosed this in an interview with Bloomberg published on Thursday, at the sideline of the a recent seminar for the Organisation of Petroleum Exporting Countries.

He noted that NNPCL would make a decision on selling the refineries after it had concluded its review process.

According to him, some of the technologies brought in to revamp the refineries have not worked as expected due to the old nature of the plants.

“So our refineries, we have made quite a lot of investment in over the last several years and brought in a lot of technologies. We have been challenged that some of those technologies have not worked as expected so far. As you know, refining a very old refinery that has been abandoned for some time becomes a little bit complicated. So we are reviewing all our refineries strategies now. We hope before the end of the year we will conclude the review.

“The review will lead to us doing things differently.

When asked by Bloomberg whether selling the refineries is an option, Ojulari said, “What we are saying is that a sale is not out of the question; all the options are on the table. That decision will be based on the outcome of the review.

Ojulari’s comments come after NNPCL, on May 24, 2025, announced the shutdown of the Port Harcourt refinery for planned maintenance and sustainability assessment.

In November and December last year, the former GCEO of NNPCL, Mele Kyari, announced the successful rehabilitation and commencement of operations at the Port Harcourt and Warri refineries.

Business

NNPCL reduces fuel price

Published

22 hours ago

July 11, 2025

Ekwutos Blog

The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price.

Ekwutosblog correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945.

This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and other parts of Abuja.

The new petrol price at the state-owned oil firm represents a N30 drop from its earlier N945 per litre price.

The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880 following a drop in global crude oil prices.

Members of the Independent Petroleum Marketers Association also announced a reduction in the petrol price to between N930 and N940 per litre from N945 and N975 in Abuja and N890 per litre, down from N925 in Lagos State.

Business

Ecobank plans $250m capital raise via private placement

Published

1 day ago

July 11, 2025

Ekwutos Blog

Ecobank Transnational Incorporated

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Ecobank’s Company Secretary, Madibinet Cisse, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

The Ekwutosblog reported that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.