Business

SALTCCIMA demands petrol price hike reversal to save businesses

Published

2 years ago

September 9, 2024

OCHEFA

433 Views

The Salt City Chamber of Commerce, Industry, Mines, and Agriculture has called for an immediate return to the old prices of Premium Motor Spirit to prevent the collapse of small businesses in Ebonyi State.

SALTCCIMA, in a statement, decried the impact of recent hikes in the prices of PMS and diesel on businesses in the state.

The SALTCCIMA President, Chukwuemeka Eze, said the chamber acknowledged the scarcity of PMS and diesel across the country, which had led to an increase of over 50 per cent in fuel prices and severely strained businesses, especially agriculture and commerce.

Premium Motor Spirit and diesel are the lifelines of our businesses and daily lives. The recent price hikes have placed a heavy burden on business operations, especially in an agrarian state like Ebonyi.It is becoming increasingly difficult to stay silent amidst the hardships our people are enduring,” Eze added.

He said while the government’s efforts to promote nano, micro, small, and medium-scale enterprises were commendable, the continuous increase in fuel prices remained the greatest threat to the survival of those businesses.

Our members, mostly NMSMEs, are bearing the brunt of this policy.

The rising fuel costs are crippling commerce, production, and agriculture in Ebonyi,” he noted.Eze pointed out that the chamber was concerned that the price hike coincided with Dangote Refinery’s announcement that the Federal Executive Council would determine the prices of its products.

“This leaves a sour taste in the mouth,” the chamber president stated.

He urged the implementation of the Petroleum Industry Act 2021, specifically Section 205, which was expected to lower the prices of petroleum products but has not produced the desired results.

Related Topics:Chambers of Commerce Ebonyi state Petrol Price Salt City

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Naira Exchange Rates Friday, 3 July 2026

Published

1 day ago

July 3, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

48 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.