Wednesday, October 28, 2020
#EndSARS: Border re-opening offers Buhari opportunity to cut cost of living
Muhammadu Buhari may not need another term as president, but he surely needs to gain political capital critical for enjoying legitimacy and for his party in future elections. One of the simplest ways of doing that is to re-open the Nigeria-Benin Republic border, which is the entry point for major food products into Nigeria. Read more
Updated: Fear heightens as police, LASTMA officers stay off Lagos roads
Police traffic wardens, officials of Lagos State Traffic Management Authority (LASTMA) and Federal Safety Corps (FRSC) have been scanty on major roads across Lagos State since Monday, in what has triggered fear and worsened traffic situation. In some parts of the state, they were completely absent from their duty posts, leaving ‘area boys’ and members…Read more
#EndSARS: Why many insured may not be able to make claims
A number of claims request arising from losses incurred by government, businesses and individuals from #EndSARS protest damages across Nigeria may be turned down by insurance companies, BusinessDay investigation reveals. Facts emerging from underwriters reveal that losses resulting from incidents like the current #EndSARS protest, which was eventually hijacked by hoodlums that led to destruction…Read more
Niger, Benin, Togo pay Nigeria N2.04bn electricity bill
International customers – Niger, Benin, Togo – who purchase power from Nigeria remitted a total of N2.04bn in the first quarter of this year as their outstanding electricity bill to the Market Operator of the sector in Nigeria. But special customers, Ajaokuta Steel Co. Ltd and its environs, did not make any payment in respect of the N0.27bn and N0.05bn invoices issued them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period of review. Read more
Manufacturing sector hits sixth-month slow growth
The Purchasing Managers Index for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria. The statistics department of the CBN disclosed in its ‘Purchasing Managers’ Index survey report for October, that this contraction hit the sixth month. Read more
NNPC demands calm as fuel queues surface in FCT, others
Petrol queues surfaced in parts of Abuja and neighbouring states of Nasarawa and Niger on Monday evening and intensified on Tuesday. Motorists besieged the few filling stations that dispensed petrol, forming long queues, while many other outlets were locked. Most filling stations in the satellite towns of Abuja such as Kubwa, Bwari, Gwarimpa were shut as dealers said they had no product when our correspondent visited the outlets on Tuesday morning. Read more
Fresh concerns over $17 billion yearly freight loss to foreign shipping lines
Stakeholders in the maritime industry have expressed displeasure over the yearly $17 billion revenue loss to foreign ship owners due to the inability of the country to lift her cargoes. According to shipping experts and economists, Nigeria cannot own and manage vessels, which is a critical and essential trade facilitation tool. This is particularly worrisome as trade is the country’s second-largest contributor to its gross domestic products (GDP). Read more
CACOVID calls for calm, reaffirms distribution of palliatives commenced in June
Private sector-led, Coalition Against COVID-19 (CACOVID), has sued for calm and enjoined Nigerians to desist from ongoing destruction of public and private properties as well as looting of warehouses where palliative items are stored to aid the peaceful and fair distribution to the most vulnerable in the society. Read more
Underwriters brace up for ‘overwhelming’ claims from protests
Amid continuous looting and attacks on properties and loss of lives occasioned by the #EndSARS protests across Nigeria, insurance practitioners are bracing up for possible overwhelming compensation for insured individuals and entities that suffered losses during protests. Read more
