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BusinessHeadlines

FGN N50b monthly electricity susbsidy not True

by Leading Reporters March 18, 2021
written by Leading Reporters

Organised Labour has tackled the Federal Government over claims of subsidising electricity supply across the country for over N50billion monthly.

The administration of President Goodluck Jonathan privatized the electricity sector in November 2013 and handed it over to 11 distribution companies and six generating companies.

Last month, Minister of Power Sale Mamman, said the Federal Government was paying N50 billion monthly to subsidise electricity across.

But Labour yesterday wondered why the government would pay subsidy for a sector it claimed to have privatized.

Deputy President, Nigeria Labour Congress (NLC), Joe Ajaero, asked the government to come out and tell Nigerians the level of money they were giving to the operators of the sector.

Ajaero, who doubles as the General Secretary of the National Union of Electricity Employees (NUEE), asked the government to unmask the real owners of the Distribution and Generating Companies the sector was sold to in 2013.

He spoke at a briefing to unveil the burial arrangements for the late Secretary General of the Medical and Health Workers Union (MHWUN), Dr Silas Adamu.

The MHWUN scribe and his wife and daughter died in a road accident along Abuja-Kaduna.

Ajaero said: “I have never believed that there is subsidy. Let us take the electricity for instance. When it was under NEPA, the tariff was down there; nobody gave NEPA one kobo. And NEPA was running the lowest tariff. It was not subsidised.

“Now you sold it to people and they increased tariff five times and you still tell me you are subsidising it. I think there is something wrong there. And throughout the meeting we told them there is no subsidy.”

“How do you subsidise a commodity that is the private sector? Are they subsiding garri, banana and plantain that are in private houses? Having privatise the sector unless the so called operators are blackmailing them (Fed Govt) and collecting money free from them (government).

“If a product is sold for N10 per kilowatt hour you then privatise and started selling it at N30 per kilowatt hour, with additional N20 and then you say you are subsidising it doesn’t add up. I don’t know where that money is coming from. It is not true.

“They (government) should come out and tell Nigerians the level of money they are giving to the operators. Nigerians should be able to unfold the real owners of the Discos.

“The names we are hearing none of them own the Discos whether the MD or Chairman or both and we need to know. We have said this again and again and people are saying subsidy. Then you say you have subsidised with about N1.3 trillion and you sold it at N400 billion and we don’t ask questions?

“Why will subsidy be more than the price?”

The labour leader also said governance structure in the country has collapsed.

“Why will subsidy be more than the price?”

The labour leader also said governance structure in the country has collapsed.

Ajaero said: “Governance to a very large extent seems to have collapsed because when we talk of there is no electricity it will seem as if the roads are working or the rail system is working or the roads are working.

“The same way there is no electricity there is no water. You can’t even go through the public water system and open the taps. Growing up, I can still draw an inference from the 70s. That is why I said Nigeria is under developing; the country is going down.

“Things are getting bad and the problem we have is that of governance and if we fix governance things will start working again.”

March 18, 2021 0 comments
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Business

FG Seal Fuel Station, Cement Depot in Abuja

by Leading Reporters March 13, 2021
written by Leading Reporters

The Director, Weights and Measures Department, Ministry of Industry, Trade and Investment, Mr. Abubakar Galadima sealed Shema filling Station and a cement depot in Abuja over shortchanging consumers the Nigerian government.

Galadima who lead a team of the department on a surveillance activity to food stores, cement depot and filling stations in Abuja stated that the exercise aimed at generating revenue and ensure that Nigerians are not cheated.

LR-Sealed Shema Filling Station

According to Galadima, Shema filling station was sealed because of their inability to produce their letter of certification and over charging of motorists.

“Generally, all the filling stations that we visited are good except this particular station, and I have directed that this place should be sealed.

LR-Cement Deport

He added that the cement factory was sealed due to re-bagging of 50kg cement and reduced to 44kg.

Galadima assured that both companies will be shut for the next 28 days until they comply with their terms.

“This place will be shut for 28 days, we have a tolerant level, it is above or below five points we seal the station, if they are ready to comply, and conform with our directives then they will be unseal but if they refuse to do this, it will remain close for a month after which we take them to court for prosecution.”

LR-Sealed Shema Filling Station

Meanwhile, Galadima stated that because of the ongoing exercise which will be done in the six geopolitical zones of the country, majority of the filling stations will now adjust their pumps to make sure they stay within the accepted level and which will in turn give more revenue for the government.

“We are not going to allow a situation where consumers will be shortchanged, so if we find anything going contrary to our justification, we are not going to allow it”.

“They are shortchanging Nigerians by over charging motorists and that is not allowed by our act, that is why we are sealing this place and until they respond adequately, we are not going to unseal it.”

He however assured that the department will visit all filling stations to ensure compliance and consumers have value for their money.

“We are going to all filling stations within our powers to make sure that they pay their dues, we have a responsibility to ensure compliance, Nigerians can not shortchanged but have value for their money.”

March 13, 2021 0 comments
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BusinessHeadlines

Banks to vacate Abuja choicest Area in 7days…

by Leading Reporters March 10, 2021
written by Leading Reporters

Banks and other business organization might begin to count their loss following a seven-day ultimatum given to them

by the FCTA Administration to vacate Maitama relocate to the Central Business District or risk being sealed up.

The Acting Director, Department of Development Control, Mr Garba Kwamkur, gave the warning when the department visited the popular Gana Street in Maitama on Tuesday.

Kwamkur explained that the objective of the visit was to sensitise business operators on the need to revert all the banks and other commercial hubs to their original allocated locations.

“The department had a week ago served notification to all the buildings that have been converted to commercial use to revert them to the residential purposes but they failed to comply,” he said.

Kwamkur directed the banks and other business organisations to relocate to Central Business District or Idu Industrial Estate which the FCT master plan provided for.

The acting director warned that their business premises would be sealed off at the expiration of the seven days ultimatum.

Meanwhile, Kwamkur, revealed that over 200 hectares of land in the Federal Capital City had been encroached by illegal land grabbers raising unapproved structures around the Lugbe District.

According to him, over 150 criminals have encroached into areas meant for public facilities in the Sabon-Luge area of the district.

“As you are aware the FCT Administration has pronounced that Lugbe will be incorporated into the Federal Capital City proper.So the plan is being incorporated to have the same kind of infrastructure as those in the city.

“This area was planned for public facilities such as schools, markets, hospitals, and other public utilities.

“But land grabbers have now encroached into the area and captured all the plots meant for public facilities and are developing them as housing estates.

“Thereby denying space for the necessary amenities that will be needed for the district in the future,” he said.

Kwamkur added that the department would forward the list of suspected offenders to the FCT Police commissioner to track and prosecute them as specified by the law

March 10, 2021 0 comments
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Maize
Business

Institute urges FG halt exportation of Maize, Soya Beans

by Folarin Kehinde February 24, 2021
written by Folarin Kehinde

The Registrar and Chief Executive Officer, Nigerian Institute of Animal Science, Prof. Eustance Iyayi has urged the Federal Government to stop the exportation of maize and soya bean to reduce scarcity and price increase.

Prof. Iyayi while speaking in Abuja on Tuesday stated that due to the Covid-19 pandemic which has disorganize the international supply chain, lingering insecurity in the north east, farmers/herders conflict and flooding in some part of the country, the livestock industry and particularly, the poultry sector has been severely hit by maize and soyabeans scarcity.

According to Iyayi, maize and soya beans are being exported and this has exacerbated the situation leading to local scarcity and price escalation of the commodities in poultry production.

Furthermore, he stated that increasing prices of the essential commodities has resulted in the increase in price of finished feed about 75% which has led to the closure of small and medium scale size poultry farms whereby threatening about 10 million jobs as a result of this scarcity.

“To set the poultry industry from total collapse, the institute urges the government to immediately halt the exportation of soya bean and maize and grant import permit for them at official and forex rate.’

Read Also: CSO commends Operation Safe Haven over mass arrests of kidnappers, armed robbers, others

“Because there is shortage of soya bean in Nigeria and other countries, the little one we are producing here should not be exported.”

He added that the current maize yield of about 1-2 tonnes per hectare which we currently produce is not going to be enough to sustain us.

“So we have a problem, we cannot continue to produce 1-2 tonnes of maize, when we should be producing 7-10 tonnes per hectare in order to sustain the requirement for human consumption as well as animal consumption.”

Meanwhile, Iyayi advocated that at gazetted grazing reserves in Nigeria be transformed for ranching to mitigate the current farmer/herders conflict in Nigeria.

Iyayi maintained that cow remain a national asset and therefore believe that each production must be sustained in a manner that will ensure good economic returns for the producer as well as supplying quality animal protein for the populace.

“Among other solutions offered by the government, the institute strongly advocate the establishment of ranches as a way of resolving the crisis and ensuring that this national asset is sustained and preserved.”

He added that the National Livestock Transformation Plan is a comprehensive plan and if well adopted and well executed assured that the problem that we are facing will be a forgotten issue.

“Therefore, we must move towards a more sustainable ranching method of cattle production.”

Iyayi further revealed that the current cattle population in the country is about 21 million but believe that if measures are put in place, this can increase within a short time either through improved breeding with less land being utilized or embrace ranching which the institute strongly advocate.

“We are also recommending that all gazetted grazing reserve in Nigeria we believe it is time this assets be transformed into ranches either on the public private partnership or completely private basis.

“We have about 140 of such gazetted grazing reserve in the country, out of a total number of 405 grazing reserves in the country”.

The institute also recommend that government should work with the various chambers of commerce and industry in the involvement of the private sector for operationalization of the ranching and commercial pasture project.

He assured that about 2000 community animal husbandry officers of the institute who are graduate animal scientist will be included to join the pool of experts in the institute in sustainable commercial ranching and livestock production.

“The institute is ready to make its expertise available to the federal and state government in the establishment of ranches and development of high yielding pasture as a measure to solve the lingering crisis and also to sustain our national asset that we have”. He added.

February 24, 2021 0 comments
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Ponzi Scheme
Business

Greedy Investors Lament Loss in P/H as Ponzi Scheme who Promised 50% return disappears

by Folarin Kehinde February 15, 2021
written by Folarin Kehinde

Investors in a new Ponzi Scheme called “MONDELEX” got the shock of their lives on Thursday when they returned to the office to collect return on their investments, and found no one in the apartment.

The MONDELEX office around the Eliozu Flyover Axis of Portharcourt was found under lock and key when they arrived there.The telephone numbers of all the management team of the company also suddenly became unavailable.

According to report, MONDELEX had promised their investors 50% returns on their capital within two days of the investment.

The company was barely a week old in Portharcourt, Rivers State, but it had already gathered over two hundred investors, many of who invested more than two million naira each.

The company only received cash payments from investors, stressing that electronic transactions were restricted.

Meanwhile, most investors invested as high as 2.4 million naira while some were said to have put in about eight million naira.

Some of the aggrieved investors narrated their ordeal to THE WHISTLER.  Jerry Noble said he invested N200,000 and was expecting to come and receive N300,000 when he found out he had been duped.

“On getting here yesterday, I observed everywhere was crowded, I assumed maybe it’s because of the crowd that’s why they locked their office. I tried calling one of their staff I paid my money to, but his lines were off.

“I returned here today to see that the landlord of the place is even evacuating things. When I approached him he told me that the people he gave his property on lease happen to be scammers.”

The landlord of the apartment, one Mr. Benjamin, who responded to journalists questions, said: “I am deeply worried as angry investors have waited here for hours since Wednesday without any staff showing up. Most of the angry and aggrieved investors broke into the office and carted away some of the office equipment.

“Myself, wife and daughter also lost N300k to the scheme as I was deceived by the company when they came to rent my facility.

“When the man came, he said they were running a promotion for a company in town. They brought pictures of refrigerators, fans and generators that people will win. I was highly convinced. I started getting worried when crowd started coming here.

“When the company’s official lines were sent to DSS and tracked, they discovered that the MD and his team were already in Kogi State”.

February 15, 2021 0 comments
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wto
Business

WTO D-G: The world can’t continue to fait for US says Okonjo- Iweala

by Folarin Kehinde February 5, 2021
written by Folarin Kehinde

Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala has said the World cannot continue to wait for the United States to give a nod to her candidacy as the Director- General of the World Trade Organisation.

Okonjo- Iweala, who in October 2020 emerged as the WTO consensus candidate said this in a tweet via her official handle.

The 67- year old’s reaction comes three months after the US blocked her appointed as the D-G of the largest multilateral trade block.

The former World Bank Managing Director fell out of the favour of the ex- US President, Donald Trump who favoured South Korea’s candidate, Yoo Myung-hee.

Yoo Myung-hee later dropped out of the race in November last year after the ex- finance minister secured 164 votes.

Trump’s move to block the Nigerian was over issues with China as the US has accused the Asian giant of unfair trade practice at the WTO.

But Scott Morris, US former senior official in the US Treasury during the Obama administration had in an opinion on Tuesday published by The Hills called for the Joe Biden administration to join the consensus.

He said, “The question is not whether Okonjo-Iweala alone will be tough on China. It is whether the administration will embrace the consensus pick in a manner that strengthens the U.S. position in this critical multilateral forum, or whether it will carry forward a damaging legacy of the previous administration by snubbing the will of America’s allies.”

The Center for Global Development on Tuesday also supported the opinion put out by Morris on the urgency to address the hanging issue at the WTO.

Okonjo- Iweala reacting said, it was time to support the WTO focus on more important issues bordering the world in the wake of the Covid-19 pandemic.

The ex- Finance Boss said, “Thank you @Morris_ScottA and @CGDev for this timely commentary. WTO is important to global public health  and recovery from the pandemic. Ditto with global economic recovery. Time to support @wto to get to work on important global issues. The world cannot continue to wait.

Okonjo- Iweal who is the current Chair, Board of Gavi, had last month expressed optimism that the Biden administration would join the consensus.

February 5, 2021 0 comments
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