Business
JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal
Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme on Wednesday.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”
He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.
He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.
“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.
Subsidy Removal Only Answer To Make Nigeria Great – IPMAN
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.
“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Wednesday.
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.
Business
OPay launches new office in Jos
” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
OPay has officially launched its new office in Jos, Plateau State.
Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.
He said :” Our customers are at the center of everything we do.
Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
Business
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.
Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.
“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.
Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.
The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.
“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.
This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”
The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.
“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.
Business
Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.
Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.
But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.
“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
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