NGX Begins The Month On A Bullish Run, Group Appoints Chinelo Emeh Acting CFO

The Nigerian Exchange (NGX) has started May on a positive note, with the All-Share Index rising by 0.55% and gaining 537.15 points to close at 98,762.78 points. Market capitalization also rose to N55.85 trillion, up from N55.55 trillion recorded on April 30th, 2024, giving investors a gain of N300 billion. It's great to see the market sentiment turning positive again after a month in which the market fell by 6.06% and stocks lost N3.57 trillion in value. The Group has also appointed Messrs. Chinelo Emeh as acting chief financial officer.

FG To Commence Demolition On Lagos-Calabar Coastal Highway Tomorrow

The Federal Government has announced that the demolition of buildings situated within the right of way of the Lagos-Calabar coastal road will commence this Saturday. The Federal Controller of Works in Lagos State, Korede Keisha, disclosed this during a press briefing held in Lagos on Thursday.

Electricity Tariff: CSOs Set For Mass Protest, Call For Power Min. Resignation

The Civil Society Organizations, CSOs, have condemned plans by the Minister of Power, Adebayo Adelabu insisting on electricity tariff hike, hence mobilizing to embark on mass protest.

FG Unbundle's DisCos Along State Lines

Minister of Power, Adebayo Adelabu, disclosed that the Federal Government (FG) has commenced the unbundling process for 11 electricity distribution companies (DisCos) along state lines. The minister who made this disclosure while hosting the Senate Committee on Power, led by their Chairman, Senator Eyinnaya Abaribe, in Abuja on Monday, stated that the reason for the unbundling is for better efficiency.

NLC Pegs Living Wage At N615K

The President of the Nigeria Labour Congress (NLC) Joe Ajaero has said that the living wage for workers should be N615, 000. Ajaero stated this while speaking during an interview on Channels Television on Wednesday. The Federal Government approved an increase of between 25 per cent and 35 per cent in salary for civil servants across various consolidated salary structures.

Naira Opens Below N1000/$

After ranking as the second worst currency in February 2024, the naira has surged to become one of the top-performing currencies in recent weeks, all thanks to its bullishness despite the dollar's recent aggressive climb. Early in the day, the Naira opened at some areas of the parallel market below N1000 to a dollar. Experts claim that through several FX reforms and interventions, the Central Bank of Nigeria (CBN) has liberated dollar liquidity and is the primary cause of the Naira's bullishness.

NERC Announces Deregulation Of Prepaid Meter Prices

The Nigerian Electricity Regulatory Commission (NERC), has announced deregulation of meter prices under the Meter Asset Provider (MAP) Scheme for end-user customers. This is according to a statement by the commission in Abuja on Monday signed by Mr Garba Sanusi, the Chairman of NERC and Mr Dafe Akpeneye, the Commissioner Legal, Licensing and Compliance, NERC.

FG Extends Eid-El-Fitr Holidays To Thursday, April 10

The Federal Government has extended the Eid-El-Fitr holiday to Thursday April 11, 2024 as addition to the earlier declared 9th and 10th April, to celebrate the end of the holy month of Ramadan. Dr Aishetu Gogo Ndayako, the Permanent Secretary, Ministry of Interior, announced this in a statement on Tuesday.

NNPCL Promises To Clear Fuel Queues by May 1

The Nigerian National Petroleum Company Ltd. (NNPCL) has assured Nigerians that the ongoing fuel scarcity and queues will be cleared out by Wednesday, May 1. Chief Communications Officer, NNPCL, Mr Olufemi Soneye stated this on Tuesday in Lagos.

NERC Directs DisCos to Refund Customers Wrongful Billing, Gives April 11 Deadline

The Nigerian Electricity Regulatory Commission, NERC, has given 11 electricity distribution companies till April 11, 2024, to refund customers wrongly billed at the new rate. This was contained in a document signed by Abba Terab, the DGM, Market Competition, and Rates for the commission and made available on Saturday in Lagos. The refund, NERC said, should be through energy tokens no later than April 11, and file evidence of compliance with the Commission by April 12. It also directed all Electricity Distribution Companies to provide as much clarity as possible to all affected customers.