Business
NRC suspends erring staff seen in viral video
The Nigerian Railway Corporation (NRC) has suspended members of staff who were seen in a viral video negotiating with passengers on the Lagos-Ibadan Train Service without obtaining tickets.
On Tuesday, the corporation promised to punish erring members of staff who are bent on tarnishing the image of the state-owned enterprise.
NRC issued this threat on Tuesday via a statement on X (formerly Twitter) following a complaint lodged by Daramola E. Adenike (@Dara4Enjoyment) about its official.
Adenike explained in details how several passengers in one of the coaches did not obtain tickets, but the NRC officials collected cash from them.
On Wednesday, the management of NRC swung into action by suspending the erring staff in the viral video through a statement signed by spokesman Yakub Mahmood.
“Following a viral video that has been trending on various social media platforms vividly showing Railway Staff negotiating with our esteemed passengers on-board Lagos-Ibadan Train Service (LITS) to pay without obtaining official boarding tickets, the general public is invited to note that the NRC seriously condemns such acts of misconduct, which is a flagrant disobedience to laid down rules and utter betrayal of the confidence reposed on such workers, especially at this time that the Federal Government is making all efforts to revitalizing and modernizing the Corporation,” Mahmood said.
“This misconduct is regrettable and unacceptable as it negates the tenets and norms of the corporation.
“The Corporation has therefore placed the identified erring officers on immediate suspension pending the outcome of the in-depth investigation already ongoing by the Management Committee set up to look into the issue.
“Our esteemed passengers and the general public are assured that this unwholesome attitude and image dent to the Corporation by any staff will not be tolerated nor treated with any levity.
“Accordingly, disciplinary proceedings in line with the extant rules citing relevant sections of the NRC General Rules and Public Service Rules (PSR) will definitely be visited on all those found wanting or connected to this irresponsible act.”
The Management of the NRC also used this medium to enjoin all its intending passengers on LITS and other train corridors to insist on and demand for boarding tickets after making appropriate payments at the designated stations or book online appropriately.
Mahmood also called on the public to please note that the electronic ticketing system is being deployed and will be available on both the Lagos-Ibadan Train Service and the Warri-Itakpe Train Service (WITS) by the end of October 2023.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
Business
GenCos Oppose Enugu’s Band A tariff cut to N160/kWh
In a statement issued on Monday by the Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, the GenCos stated that the tariff revision sets a precedent for all other states and fails to reflect the true cost of electricity generation.
Power generation companies (GenCos) have kicked against the Enugu Electricity Regulatory Commission’s new tariff order to MainPower Electricity Distribution Limited, which adjusted the electricity cost for Band A customers from N209 per kilowatt-hour to N160/kWh, effective August 1, 2025.
In a statement issued on Monday by the Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, the GenCos stated that the tariff revision sets a precedent for all other states and fails to reflect the true cost of electricity generation.
MainPower is the utility that succeeded Enugu Electricity Distribution Company after the state got the approval of the Nigerian Electricity Regulatory Commission to control its electricity market.
The new tariff was contained in the Enugu commission’s Order No. EERC/2025/003 entitled ‘Tariff Order for MainPower Electricity Distribution Limited 2025’, and was issued by the commission on Sunday.
It said “its decision was cost reflective, insisting that the tariff must reflect the power generation subsidy by the Federal Government for the benefit of electricity consumers.”
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