Business Activities
IPOB sit-at-home: Black marketers sell petrol at N300 per liter in Ebonyi
Black marketers on major streets of Abakaliki cashed in on the sit-at-home order by the Proscribed Indigenous People of Biafra (IPOB) on Monday to make brisk business. They sold the premium motor spirit, otherwise called petrol, for between N200 and N350 per litre, following the closure of fuel outlets in the city due to the IPOB order. In separate interviews with newsmen, a cross-section of the hawkers expressed happiness over the development. Chidi Onu, who said he “made good business”, frowned at the restriction on business activities by IPOB. “Well, it is not my fault that these things are happening. It is high time we sat on a roundtable as citizens to discuss many issues affecting us as a nation. “Yes, the IPOB order has favoured me. I only came out to sell and have something for my ...
IPOB sit-at-home records success in Onitsha
The sit-at-home protest ordered by the Indigenous People of Biafra, IPOB, and the Movement for the Actualization of the Sovereign State of Biafra, MASSOB, recorded total compliance and success with all the residents of Onitsha and Nnewi and business outfits complying with the directive. All business activities were shot down, all markets were under lock and key public and private Secondary and Primary Schools were shot down, government offices and banks were also not opened for business as they were under lock and key, Petrol and Gas filling stations were also not opened for business as streets and roads shops and artisans in both Onitsha and Nnewi shut for the day business when Vanguard moved round the cities. All the roads leading into and exit of Onitsha, the commercial city, and those ...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
One dead, others injured in Bayelsa cult clash
Tebogo Letsie/Associated Press The Bayelsa Police Command on Tuesday, confirmed the death of a suspected cultist during a clash by two rival cult groups in the state capital, Yenagoa. A spokesman for the Police in Bayelsa, Asinim Butswat, a Superintendent of Police, told newsmen that one person was killed during the clash which left many injured in the Obele area of the state capital. Narrating the incident, Butswat said, “The clash took place in Down Yenagoa. It was a rival cult clash that claimed the life of one person. “We cannot establish the cult groups that were involved until after arrests might have been made, as an investigation is ongoing,” he said. Butswat added that the corpse of the person had been recovered and deposited at a morgue. A resident of Obele, who preferred anonymi...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
