Guinness Nigeria Plc Suffers N49 Billion Loss

Guinness Nigeria Plc incurred a whopping N49 billion in exchange rate losses according to the information contained in its full-year results for the period ending June 2023. The loss per share declared was N8.29 kobo versus N7.15 earnings per share a year earlier.

PMS Now Sells For N617 Per Litre

A few weeks after the Independent Petroleum Marketers Association of Nigeria (IPMAN) debunked the news of increasing pump price to 700/liters, the federal government-owned NNPC Limited has yet again jerked up its petro pump price from N537 to N617 on Tuesday in the nation capital. It is said that each operator is allowed to change price based on its cost elements, under the present deregulation. It also showed that the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers. Reports have it that many motorists and others have rushed to buy petrol as the price hike begins to spread to other cities, including Lagos and environs, where some filling stations have adjusted their pumps to over N600 per liter.

NLC Declares Nationwide Strike August 2

The Nigeria Labour Congress (NLC) has given the Federal Government a seven-day ultimatum to reverse all perceived anti-poor policies which include the increase in the pump of petrol or face an indefinite nationwide strike from 2nd August 2023. This is as NLC directed all its affiliates and state councils to immediately begin mobilisation of workers and other Nigerians, including civil society allies, for a long-lasting strike and mass protests should the government fail to meet its demands.

Abia Govt Identifies 2300 Ghost Workers, Saves N220m

The Abia State Government through its Accountant General, Deaconess Njum Onyemenam has revealed the discovery of 2,300 ghost workers thereby saving N220 million on the monthly bills following the ongoing verification of civil servants and other public workers in the state. Onyemenam, who spoke Monday after a meeting with the state governor, Dr. Alex Otti, OFR, said the verification exercise was still ongoing and that the government hopes to make more savings.

The Central Bank of Nigeria (CBN) has directed banks to unfreeze the accounts of 440 companies and individuals which was made known in a statement issued on Tuesday and signed by A.M. Barau on behalf of the CBN Director of Banking Supervision. The circular read, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly.”

Nigeria's Inflation Rate Hits 22.79 Percent As Food Prices Surge

Nigeria's annual inflation rate for June rose to 22.79% as against 22.41% in May as revealed by the Nigerian Bureau of Statistics (NBS) in its monthly Consumer Price Index (CPI) as released on 17th July 2023, on a monthly basis the increase was 0.38% while on the yearly ground, the Headline inflation rate was 4.19% higher than last year, which was 18.60%. This increase was reportedly caused due to the spike in prices of Foods such as; Oil and fat, Bread and Cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetables, Milk, Cheese, and Eggs.

MPC Increases Interest Rate To 18.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on 25th July 2023, resolved to raise the Monetary Policy Rate (MPR) by 25 basis points to 18.75 percent from 18.5 percent in response to Nigeria's rising headline inflation. The CBN also adjusted the asymmetric corridor of the MPR to +100/-300 from +100/-700 around the MPR. All members voted to narrow the asymmetric corridor from +100 -700 basis points to +100 -300 basis points around the MPR. The apex bank also retained the CRR at 22.5 percent; and retained the liquidity ratio at 30 percent.

GTBank Apologizes To Customers Over Login Problems After App Update 

Guaranty Trust Bank on Saturday apologised to its customers in response to the frustration that trailed a recent update of the GTWorld mobile banking app. The development came following an app update which was expected to bring improvements and new features to the bank’s mobile transactions but resulted in login issues and related difficulties for customers. The bank had on Tuesday informed its customers via text and email messages that its app would be automatically updated to the new version on 12 July. Relaying the apology, the bank in an email message to customers on Saturday, apologized for the inconvenience caused by the operations of the new GTWorld app.

5% Electricity Revenue To Host Communities-Reps

The House of Representatives advocates for direct payment of five per cent of revenue from electricity generated by power Generating Companies (GenCos) to be paid to their host communities. The move follows HoR second reading of a private member bill entitled, “A Bill for an Act to Amend the Electricity Act, 2023” sponsored by Hon. Babajimi Benson (APC, Lagos), projected to address concerns of host communities and other related matters.

Tinubu Declares State of Emergency On Food Security

President Ahmed Tinubu has declared a state of emergency on food security; this was revealed on Thursdays by his special adviser on special duties, Communication, and strategy, Dele Alake, after a meeting with stakeholders in the agricultural sector at the Presidential Villa. The President directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. The directive was said to be in line with the Tinubu administration’s position on ensuring that the most vulnerable are supported.