Business
Buhari challenges MTN on quality service, data rate
President Muhammadu Buhari has asked the MTN Group to offer quality service to its Nigerian subscribers at cheaper rates.
He stated this when he received in audience members of the board of MTN Group, led by its President and Chief Executive Officer, Ralph Mupita, at the State House, Abuja, on Friday.
Buhari said, “I congratulate you on your appointment as the Group President of MTN. I wish you all the best.
“Nigeria is your most lucrative market in Africa, Asia and the Middle East as well as the source of a third of the income of the entire MTN Group. As such, we urge you to offer top-of-the-range and affordable services to Nigerians.
“As we seek to make broadband widely available and affordable, we urge MTN to continue to support our efforts by expanding high-quality connectivity to Nigerians in un-served and under-served areas.”
The President also called on MTN to support the implementation of the National Policy for the Promotion of Indigenous Content in the telecommunications sector.
He said, “I recently unveiled and launched the National Policy for the Promotion of Indigenous Content in the Nigerian telecommunications sector.
“I call on MTN to support the implementation of this policy and, train and engage more Nigerians in your company.”
He assured his visitors that his administration was doing everything possible to make Nigeria investor-friendly by addressing identified challenges.
He said, “We have identified and addressed the key challenges that affected the growth of the digital economy sector. I am happy to note that the right of way charges have now been pegged at a maximum of N145/linear metre.
“I have given directives for the protection of critical national infrastructure and this has addressed the issue of vandalism of such infrastructure.”
Auto
Chery sets Novare Mall aglow with unique display, unveils six-year free service
Chery sets Novare Mall aglow with unique display, unveils six-year free service
Chery recently created some memorable excitement at Novare Mall, Lekki-Lagos, thrilling patrons and visitors to an exhilarating four-day display of luxury and entertainment.
Chery’s national dealer, Carloha Nigeria, also unveiled six-year free service for Chery automobiles, among other offers, to ensure the vehicles receive top-notch care and attention.
The event held from May 9 to May 12, 2024 offered the brand, renowned for its innovation and excellence, the opportunity to entertain a great number of people.
The star attractions, the Tiggo 8 Pro and Tiggo 2 Pro, captivated visitors with their sleek designs, advanced features, and superior performance, according to a statement by the auto company
It stated, “The excitement did not end with the display; Carloha Nigeria, the Chery national dealer, introduced groundbreaking offers, redefining vehicle ownership dynamics in Nigeria.
“Enthusiasts and casual onlookers alike were treated to an immersive experience at the Novare Mall as they explored the cutting-edge technology and craftsmanship of the Tiggo 8 Pro and Tiggo 2 Pro.”
The vehicles from their striking exteriors to their luxurious interiors are said to epitomize Chery’s commitment to delivering excellence on every journey.
One of the highlights of the event was the electrifying Social Media Challenge, where automobile aficionados seized the opportunity to snap pictures with the Chery vehicles on display, igniting a frenzy of likes and shares across various platforms.
Participants eagerly vied for the chance to win exclusive prizes generously offered by Chery, adding an element of friendly competition and camaraderie to the proceedings.
In a bid to make vehicle ownership not only accessible but also remarkably convenient, Carloha Nigeria unveiled an unprecedented proposition that is set to revolutionize the automotive landscape.
With a focus on customer satisfaction and peace of mind, Carloha Nigeria announced an extraordinary package: Say goodbye to maintenance worries as Carloha Nigeria offers six-year free service, ensuring your Chery vehicle receives top-notch care and attention.
Drive with confidence knowing that Carloha Nigeria offers an extensive warranty, providing comprehensive coverage for six years or up to 200,000 kilometers, whichever comes first.
Mr. Joseph Omokhapue, Sales and Marketing Director for Carloha Nigeria, said, “This groundbreaking offer underscores Carloha Nigeria’s commitment to empowering customers and enhancing their overall ownership experience.
“By alleviating concerns associated with maintenance costs and warranty coverage, Carloha Nigeria paves the way for hassle-free driving and unparalleled peace of mind.”
The firm described Chery’s captivating showcase at Novare Mall as a testament to the brand’s unwavering dedication to innovation, quality, and customer satisfaction.
It said, “With the Tiggo 8 Pro and Tiggo 2 Pro setting new standards of excellence, coupled with Carloha Nigeria’s game-changing offer, the event left an indelible impression on attendees, promising a future where driving is not just a necessity but a source of joy and fulfilment.
“As Chery and Carloha Nigeria continue to push the boundaries of automotive excellence, enthusiasts and prospective buyers can eagerly anticipate more groundbreaking developments and opportunities to experience the thrill of driving with confidence, convenience, and unparalleled luxury,” it stated.
Business
Private depots have raised petrol price to N770/litre – Marketers
Private depots have raised petrol price to N770/litre – Marketers
Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend raised the alarm as private depots increased the cost of Premium Motor Spirit (PMS) petrol to N770 per litre.
According to him, the depots are complaining that the cost of cargo freight at the high sea has increased and affected their prices.
He said this accounted for the high cost of petrol nationwide, despite its availability.
For those lifting the product as far as Kebbi State, Maigandi said the cost of haulage to Lagos is about N70/litre.
According to him, petrol sells at between N900 and N1,000 per litre in Birni Kebbi.
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His words: “It is a little bit available now because there is no queue. But the only thing is the cost in the private depots. They sell it at N770/litre.
“They are complaining about the transportation for their cargoes from the high sea. That is the reason they increased the price.
“At that rate, the pump price depends on the distance. Where you will spend N30 like in Lagos, if you add N770 plus N30, it is N800.
“Then they have to add the margin for the profit because the capital you are going to use is almost N30 million plus. The capital to buy the product. “Like 45,000 litres. If you multiply 45,000 times by N770, you will see the amount. Within Lagos, you have to pay N30 or N35. Then when you are coming to the Northern part, it is N60 to N70. In Kebbi, a litre of petrol is N900 to N1,000/litre.”
Asked to proffer a solution to the petrol price crisis, the IPMAN National President said respite would come when Dangote and the Port Harcourt Refineries started production.
“The solution is let Dangote start its PMS. And if the Port Harcourt Refinery starts producing, the price will be lesser,” he said .
Private depots have raised petrol price to N770/litre – Marketers
Business
Panic in financial sector, others over depreciating naira at N1,500/$
Panic in financial sector, others over depreciating naira at N1,500/$
The depreciating value of Nigeria’s currency, the naira, is causing panic among businesspeople and others in the finance sector.
Naira went over N1,500 mark to one US dollar on Sunday on the parallel market.
Ibrahim Dollar as one of the BDC operators in Lagos is called told Newstrends Sunday morning that there appeared to be a mop-up of the dollars.
He said, “As of today, we sell one dollar at N1,500 and buy at N1,460.
“In the last one month, we get more people buying the dollars than those exchanging dollars for naira.”
The N500/$ rate is about N34 loss compared to 1,466 that the naira exchanged for a US dollar on Friday.
The naira lost N40 between Thursday and Friday when it closed at N1,426 to a dollar, according to the National Autonomous Foreign Exchange Market (NAFEM), the official exchange market.
Surprisingly, the naira had about a month ago firmed up against the dollar, exchanging below N1,000.
The continued fall in naira has fuelled the fears that prices of goods including food items may further rise and worsen the current high cost of living.
Nigeria’s inflation rate jumped to 33.20% in March 2024 from 31.70% in February when naira recorded some gain
This was after a number of reforms and interventions by the Central Bank of Nigeria (CBN) including supply of dollars to the Bureau De Change (BDC) operators.
But with increasing demand for the US dollars, the earlier gain has been retarded.
A report by Bloomberg last week rated the naira as the worst performing current in the world in the last one month.
This was after the CBN had disclosed that the naira came as the best performing currency.
The Economic and Financial Crimes Commission (EFCC) last week announced that henceforth transactions at the foreign embassies in Nigeria would be conducted in naira and no longer in dollars, just to shore up the value of the nation’s currency.
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