DSS Quiz Ogun SSG Over Ballot Paper Printing, Covid-19 Fund

The Department of State Services has invited and interrogated the Secretary to Ogun State Government, Tokunbo Talabi, over recent allegations of fraud leveled against him and Covid-19 palliative controversy. Talabi was reportedly grilled for about five hours on Friday but was released on self-recognition at the Ogun State Command Headquarters of the DSS, Oke-Mosan, Abeokuta.

CAC Plans Delisting Of 100,000 Companies

The Corporate Affairs Commission (CAC) has disclosed its plans to delist 100,000 registered companies from its database, adding that the affected companies failed to file annual returns in the last 10 years. This was made known by the Registrar General, CAC, Alhaji Garba Abubakar while speaking at a training workshop with the theme “Use of the Beneficial Ownership Register (BOR)”.

Over 500 Directors To Retire Compulsorily With Revised PSR

The current revised Public Service Rule, capturing the tenure system for Permanent Secretaries would in turn retires over 500 Directors in the Civil Service, hence gives room for career progression of Deputy Directors to rise to the next level.

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.

NSC, FCCPC Collaborates To Establish CPR

The Nigerian Shippers Council (NSC) said it is collaborating with the Federal Competition and Consumer Protection Commission (FCCPC) with the view of establishing a Consumer Protection Regime (CPR) in the port and shipping sectors. This was made known on Tuesday by the Executive Secretary of the NSC, Emmanuel Jime, represented by the Director of Human Affairs, NSC, Mrs Adaku Okam during a sensitization programme for stakeholders on consumer rights and responsibilities in the country’s port and shipping sector.

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.

NLC Commences Nationwide Protest Over Petrol Subsidy Removal

Members of the organized labour, Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have stormed various strategic points across the nation to express their displeasure over the sudden removal of petrol subsidy and the adversity effect on citizens.

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.”

Senate Expresses Concern Over Proposed Labour Protest

The Nigerian Senate has expressed concern over the proposed nationwide strike by the Nigeria Labour Congress (NLC), stating that it poses a significant threat to the nation’s Gross Domestic Product (GDP) and overall well-being. Reacting to the proposed industrial action by the NLC during the Senate plenary session on Monday, the upper chamber, according to information obtained through Policy and Legal Advocacy Centre (PLAC), stated that there is more to lose than gain from the strike.

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.