Economy – Page 22 – Obasempire entertainment

Dangote Refinery Seeks Libyan Crude As Nigeria Struggles With Supply

July 22, 2024 (updated July 22, 2024) Published by kunmybabs3

Obasempire reports that the Dangote Refinery in Lagos is negotiating with Libya to import crude oil for its 650,000 barrels per day facility as it boosts production.

The Vice President of Dangote Industry Limited (DIL), Devakumar Edwin, disclosed this to American media outlet Reuters on Sunday.

The Vice President also mentioned that the refinery will seek crude from Angola since the Nigerian National Petroleum Corporation (NNPC) Limited has been unable to satisfy the demands of the 650,000 bpd facility.

Since commencing operations in January, Dangote has encountered challenges in obtaining sufficient crude supplies within Nigeria.

Despite being Africa’s top oil producer, the country contends with theft, pipeline sabotage, and insufficient investment.

Consequently, Dangote has turned to importing crude from as distant locations as Brazil and the United States.

“We are talking to Libya about importing crude.

“We will talk to Angola as well and some other countries in Africa,” Edwin said in a statement.

He mentioned that international traders and oil companies were among the largest buyers of Dangote’s gasoil, much of which was being exported.

Edwin noted that Dangote’s oil trading arm was operational, with staff in London and Lagos, to manage supplies and sell products.

“The biggest off-takers are the two big traders Trafigura and Vitol and BP and, to some extent, even TotalEnergies. But all of them are saying they are taking it to offshore,” Edwin said.

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Labour Party Denies Involvement In Protest Against Tinubu Administration

July 21, 2024 (updated July 21, 2024) Published by kunmybabs3

Obasempire reports that the National Working Committee (NWC) of the Labour Party (LP) has asserted that the party is not associated with lawlessness and cannot be connected to actions that might disrupt national unity.

In a statement released over the weekend and signed by the National Publicity Secretary, Obiora Ifo, the party reiterated its dedication to legal norms while addressing remarks made by the Media Aide of President Bola Ahmed, Mr. Bayo Onanuga. Onanuga had claimed on the social media platform X (formerly known as Twitter) that the LP was involved in the planned nationwide protest against the Bola Tinubu administration.

The party refuted the claims linking the Labour Party, its national leader Peter Obi, and other prominent figures within the party to the proposed #EndBadGovernance protest.

The LP statement read in part: “We say that there is no truth in that and the tweet is just a figment of the author’s imagination.

Labour Party is known for being a very peaceful party and it has at several occasions asked its followers to follow peace at all times.

“We are not known as a lawless group as was evident in the aftermath of the last general election. It is therefore delusional for anyone to link our supporters to the planned protest. Labour Party, Peter Obi and our supporters are not planning any protests.

“However, peaceful protests all over the world are initiated and executed by the people and not by the opposition. No opposition has any control over protests. Popular protests such as in Kenya, Egypt and several other places were a direct registration of the people’s frustration against the government. The opposition have the right to protest and it is within their constitutional right.

“It is therefore puerile for the government or anyone for that matter to begin to look for who to blame for the bad governance that is being witnessed in Nigeria today. Nigeria can still get it right if the right policies are initiated. We also advise that some aides of the Presidency must be cautioned to avoid incendiary pronouncements capable of combusting the nation, all in the name of playing politics.”

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Atiku Criticizes Lawmakers For Reducing Salaries Instead Of Allowances

July 18, 2024 (updated July 18, 2024) Published by kunmybabs3

Obasempire reports that the Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has criticized the House of Representatives members for their decision to reduce their salaries by 50 percent for six months.

This development followed the approval on Thursday of an amendment to a motion proposed by Deputy Speaker Benjamin Okezie Kalu. The amendment requires lawmakers to forgo 50% of their N600,000 monthly salaries to aid Nigerians.

The salary reduction is intended to support the federal government’s efforts to tackle the increasing cost of foodstuffs and ease the hardship faced by Nigerians.

The motion was approved and assigned to the committees on Humanitarian Affairs, Finance, and Budget for implementation.

With each member contributing N300,000 to a collective fund, the legislative body will provide N108 million monthly to the Federal Government, totaling N648 million over six months.

However, Atiku Abubakar criticized this decision on X, suggesting that lawmakers should cut their allowances rather than their salaries.

Atiku argued that the country can no longer afford to borrow to finance governmental irresponsibility.

He wrote, “The demons are in allowances and not salaries. There’s too much wastage and prioritisation of non-essential expenditures. What we want is an across the board cut in expenses pork. We can no longer afford to borrow to fund irresponsibility in government.”

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NLC And TUC Accept N70,000 Minimum Wage With Review Promise

July 18, 2024 (updated July 18, 2024) Published by kunmybabs3

Obasempire reports that leaders of organized labor, including the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), have confirmed their acceptance of the N70,000 minimum wage proposed by the Bola Tinubu-led Federal Government.

Following a key meeting at the Presidential Villa in Abuja, Comrade Joe Ajaero, President of the NLC, announced the unions’ agreement to the proposal.

Joined by Comrade Festus Usifo, President of the TUC, and other worker representatives, Ajaero explained that the unions consented to the offer because of the added incentives.

A major factor in their decision was the President’s commitment to reviewing the minimum wage every three years, unlike previous arrangements.

Although the labor leaders initially sought a minimum wage of at least N250,000, the agreed sum, along with the promise of regular reviews, led the unions to accept the N70,000 offer.

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Video: Woman Sells Garri At N800 Sparks Market Conflict

July 18, 2024 (updated July 18, 2024) Published by kunmybabs3

Obasempire reports that a heated exchange erupted at a bustling market in Ilorin when a woman was confronted by fellow market traders for selling a paint of garri at N800, significantly lower than prevailing market rates.

The incident, captured in a video circulating on TikTok today, July 18, 2024, has ignited a debate on social media about the escalating cost of staple foods in Nigeria.

In the viral video, one woman expressed frustration over the high inflation affecting food prices, asserting that Nigerians are suffering due to these exorbitant costs. She urged market vendors to show empathy towards consumers’ financial struggles and reconsider their pricing strategies.

However, not all market traders shared this sentiment. Some accused the woman of undercutting their prices, thereby jeopardizing their livelihoods.

They argued that maintaining higher prices was necessary to sustain their businesses amidst economic challenges.

The video’s circulation on TikTok sparked widespread reaction across Nigeria, with users expressing a range of emotions.

Many voiced disgust at the situation unfolding in Ilorin, a city often heralded for its economic vibrancy and cultural richness. Some commentators pointed fingers at Nigerians themselves, suggesting that internal factors were exacerbating the hardships faced by the populace.

Conversely, others stood in solidarity with the market traders, defending their right to earn a fair income based on their investment in goods sold at market rates.

They speculated that the woman selling at a lower price might have procured her merchandise under different circumstances, allowing her to sell at a reduced rate.

Dangote Reveals Capital Residence Isn’t His Property, Sold London Home in 1996

July 15, 2024 (updated July 15, 2024) Published by kunmybabs3

Obasempire reports that Africa’s wealthiest individual, Mr. Aliko Dangote, has stated that the residence he uses when he is in Nigeria’s capital is not his private asset.

In a media briefing at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos State, on Sunday, Dangote explained that his dedication to a developed Nigeria is the only reason he does not own properties outside the country.

He also shared that he previously owned a house in London, which he sold in 1996.

“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.

“I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.

“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja,” he revealed.

In her closing remarks, the Group Executive Director, Commercial Operations, Fatima Dangote, commended Mr Dangote for never giving up on the Nigerian dream.

She added that “I have not seen anyone as hardworking as my father, sometimes I wonder how he never gives up.

“I wish we have a few more men like my father in Nigeria, the country will be a better place,” she said.

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Governor Sanwo-Olu Promises Ongoing Support For Lagos Business Community

July 12, 2024 (updated July 12, 2024) Published by kunmybabs3

Obasempire reports that Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his commitment to engaging with the business community in the State, emphasizing the importance of listening to their needs to shape the implementation of reforms that will create a conducive environment for business growth.

Governor Sanwo-Olu provided this assurance at the extraordinary 9th Lagos Corporate Assembly held in Ikeja on Tuesday, themed: “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth”.

Represented by the Deputy Governor, Dr. Obafemi Hamzat, the Governor stated that through the 4th Pillar of the T.H.E.M.E.S Plus Development Agenda, M pillar – which is Making Lagos A 21st Century Economy, his administration remains steadfast in its commitment to sustaining an enabling environment for businesses to grow and thrive.

He said, “I assure you of our continued support as our administration is unreservedly committed to providing the necessary resources, infrastructure, and policies that will ensure your businesses not only survive but thrive. Using the instrument of the agenda, we have introduced numerous policy reforms to ease the doing of business in Lagos”.

The Governor commended the resilience of the business community, noting that despite the numerous challenges, including the current global economic downturn confronting their operations, they have continued to innovate, adapt, and contribute significantly to the growth of the State, stressing that their tenacity and entrepreneurial spirit are the bedrock upon which Lagos’s economic success is built.

Sanwo-Olu also described the Lagos Corporate Assembly as a crucial platform for public-private dialogue, where parties collectively identify challenges, discuss solutions, and chart a course for sustainable economic growth and development.

“This is because we recognise the power of stakeholder engagement and the importance of providing a listening ear to the business community. Our resolve is to make the LCA a formidable platform for public-private collaboration, ensuring that their voices are heard and their concerns are addressed promptly.

We are determined to turn the feedback we receive from you into actionable policies that will further ease the business environment in Lagos”, he said.

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Lawmakers Question Minister On N45 Million Party And N20 Million For Sanitary Pads

July 12, 2024 (updated July 12, 2024) Published by kunmybabs3

Obasempire reports that Uju Kennedy Ohanenye, the Minister of Women Affairs, has initiated legal proceedings against Hon. Kafilat Ogbara, a member of the House of Representatives Committee on Women Affairs.

This action arises during an ongoing inquiry into purported misappropriation within the ministry.

The Ministry of Women Affairs, via a statement from Musa Abdulrahaman, the minister’s assistant, confirmed the situation.

The statement denied claims of financial impropriety and reiterated the ministry’s dedication to transparency and responsibility.

Earlier this week, the House of Representatives, led by Ogbara, questioned Ohanenye regarding the non-payment of N1.5 billion to contractors despite the release of funds.

The lawmakers also scrutinized the Minister for various expenditures, including N45 million for a New Year party, N20 million for sanitary pads, and N1.5 million for vehicle fuel.

In response to the allegations, the ministry clarified that “all financial transactions undergo rigorous authorization procedures in accordance with established civil service regulations.”

It said further that the procedures involve scrutiny by the Director of Finance and Accounts, with final approval by the Permanent Secretary, the Ministry’s accounting officer.

It added that the Minister presented supporting documents to substantiate the accuracy of all financial transactions under scrutiny.

Also, the ministry said Ohanenye has chosen to refrain from further public commentary on the matter, instead opting to initiate legal proceedings against Ogbara for alleged libel and defamation.

“The Minister expressed confidence in the judicial process and urged the presentation of any evidence or proof of alleged misappropriation in a court of law,” the statement concluded.

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Ndume Alleges Ministers Avoid Tinubu Talks On Nigeria’s Food Crisis

July 11, 2024 (updated July 11, 2024) Published by kunmybabs3

Obasempire reports that Senate Chief Whip Ali Ndume claims certain ministers are unable to engage President Bola Tinubu in discussions about the escalating living costs and food shortages in Nigeria.

Earlier, Ndume and colleague Sunday Karimi tabled a motion urging government action on the food crisis, citing a World Food Programme warning of potential food insecurity for 82 million Nigerians in the next five years.

Speaking to BBC Hausa post-plenary, Ndume emphasized the government’s failure to tackle these issues as a significant hurdle.

He said: “The major problem with this government is that its doors are closed to the extent that even some ministers cannot see the President, not to mention members of the National Assembly, who do not have the opportunity to meet with him and discuss the issues affecting their constituencies.”
The senator said the aim of the motion was to draw the government’s attention to the severity of the food crisis affecting many Nigerians.

He expressed concern that if the government does not take urgent action, the situation could lead to famine and starvation, especially among children.

“We want to draw the government’s attention to the fact that Nigeria is not only facing a high cost of living but also food scarcity.
“We want the President to intervene in the issue of high cost of living and food scarcity,” Mr Ndume added.

He cited the example of Katsina State, where children are already suffering from malnutrition due to food scarcity.

He also mentioned the situation in the Niger Republic and South Sudan, where children are dying due to hunger.

“We have seen how it happened in Niger Republic and South Sudan, where children are dying due to hunger, and we are starting to see it in Nigeria,” the lawmaker added.

While calling on the government to take immediate action to address the food crisis, Mr Ndume expressed disappointment that the government had not taken any concrete steps to address the issue, despite its promise to do so.

He, therefore, called on the government to meet with experts and other stakeholders to find a solution to the problem.

“What we want the government to do is to sit with experts and other stakeholders to find a solution to the problem. We are urging the government to take action, lest they forget that Nigeria is grappling with both soaring prices and a severe food shortage.

“We fear that a day may come when even if someone has the financial means to purchase food, they will go to the market and find none available,” he warned.

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Tinubu Administration Suspends Import Duties On Key Food Items

July 11, 2024 (updated July 11, 2024) Published by kunmybabs3

Obasempire reports that Nigeria’s Agriculture Minister, Abubakar Kyari, affirmed that the Tinubu administration has halted duties, tariffs, and taxes on essential food imports such as beans, wheat, and husked brown rice.

Kyari, in a statement posted on his social media profile, disclosed that the government has suspended “duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.”

In his statement, Mr Kyari said the imported food “will be subjected to a Recommended Retail Price (RRP).”

With this, the minister explained that the government hopes that the new food import policy will lead to a drastic reduction in the prices of basic food items, whose prices have increased astronomically since President Bola Tinubu removed subsidies on petrol and floated the naira to allow the value of the Nigerian currency to be determined by market forces.

Mr Kyari also said the federal government will massively import some food items in addition to allowing the duty-free importation of food.

“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country,” he said.

This implies that the government is planning to import maize and wheat equivalent to approximately 2.5 million bags (100kg) of each commodity to ameliorate the shortages in the country and force down the prices in the market.

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Tag: Economy

Dangote Refinery Seeks Libyan Crude As Nigeria Struggles With Supply

Labour Party Denies Involvement In Protest Against Tinubu Administration

Atiku Criticizes Lawmakers For Reducing Salaries Instead Of Allowances

NLC And TUC Accept N70,000 Minimum Wage With Review Promise

Video: Woman Sells Garri At N800 Sparks Market Conflict

Dangote Reveals Capital Residence Isn’t His Property, Sold London Home in 1996

Governor Sanwo-Olu Promises Ongoing Support For Lagos Business Community

Lawmakers Question Minister On N45 Million Party And N20 Million For Sanitary Pads

Ndume Alleges Ministers Avoid Tinubu Talks On Nigeria’s Food Crisis

Tinubu Administration Suspends Import Duties On Key Food Items

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