Business
NNPC to invest in road reconstruction, advises tanker drivers against strike
The Nigerian National Petroleum Corporation has pleaded with petroleum tanker drivers not to embark on their planned strike in the interest and nation.
The corporation also expressed interest to invest in reconstruction of select federal roads as part measures to address the concern of the tanker drivers.
The National Union of Petroleum and Natural Gas Workers had announced that the tanker drivers under the union would commence the strike on December 11 over bad roads in the country.
But the NNPC said through its spokesman Garbadeen Muhammad in a statement on Sunday that the strike would “endanger energy security, which the country has enjoyed for a long time now.’’
It also stated, “The strike is about the condition of roads in various parts of Nigeria used for the distribution of goods and services including petroleum products.
“While it is not the responsibility of the NNPC to build or rehabilitate roads, any disruption in the distribution of petroleum products will adversely affect the business of the NNPC.”
The corporation however said that in addition to ongoing efforts by other government agencies, it had initiated a process for a quick and effective solution to the road network challenges in the country.
It noted that having recognised paucity of funds as the major reason slowing down the rehabilitation roads, the corporation stated that it had expressed interest to invest in the reconstruction of select federal roads.
This, it said, would be done under the Federal Government’s Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
It stated, “The thrust of the NNPC’s intervention is to make considerable funds available for the reconstruction of roads through its Future Tax Liability.
“The NNPC as a responsible corporate entity recognises the legitimate concerns of the tanker drivers. We, however, appeal to the leadership of the drivers to reconsider their decision in overall national interest.
“Accordingly, we urge petroleum tanker drivers to immediately call off the strike notice and give the current efforts by government and its agencies a chance to solve the challenges in the interest of all.
“We also wish to strongly advice Nigerians not to engage in panic buying of petroleum products as the NNPC has sufficient stock to last through this festive season and beyond.”
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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