Business
2,000 firms bid for forfeited assets as auction begins
The Federal Government has commenced the process to sell assets forfeited to it in the course of its anti-corruption efforts with the opening of bids of 2,000 auctioneers indicating interest in the property.
This was made known on Thursday in Abuja at the opening of bids for auctioneers for the assets.
Permanent Secretary at the Federal Ministry of Justice and Solicitor General of the Federation, Dayo Apata (SAN), said at the forum that government would be transparent and fair to all involved in the entire process.
Apata, who is also the Chairman of the Inter-ministerial Committee on the Disposal of Assets Forfeited to the Feral Government, said his committee had identified such assets in 24 locations across the country.
He said the committee had steadily progressed in its assignment since it was inaugurated on November 9, 2020 by the Attorney General of the Federation (AGF), Abubakar Malami, following an October 27, 2020 directive to that effect by President Muhammadu Buhari.
He said his committee, having concluded the valuation stage, during which expert estate valuers were invited to ascertain the current market value of the assets, is now proceeding to the next stage of choosing auctioneers to conduct the formal auctioning.
Apata added that part of the measures put in place to ensure transparency in the process was the inclusion of representatives of anti-graft agencies in the committee, whose members are also precluded from being part of the auctioneering process.
The Chairman of the sub-committee given the task of conducting the bid for auctioneers, Bello Nasir, of the Bureau of Public Procurement (BPP), said about 2,000 companies submitted bids.
Nasir, who assured that his sub-committee would be fair to all, said his members would be thorough in undertaking the assignment.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
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