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Pay your debt, Kwara Hotel workers beg COVID-19 committee



Workers of the Kwara Hotel Limited have appealed to all its debtors, including the state Technical Committee on COVID-19 and the state audit office to pay their outstanding debts to enable the management of the hotel to pay over six month salary currently owed them.

The appeal is coming as indication has emerged that the state government has reached out to some investors to take up a huge chunk of shares in the hotel in order to take over the running of the firm.

The workers who spoke with a NewsTrend correspondent in Ilorin, the Kwara State capital, said life had become unbearable for them and their dependants as they could not meet their basic needs due to the inability of the hotel to pay their salaries for over six months.

A manager in the hotel, who spoke with our correspondent on condition of anonymity, gave the wage bill of the company as N4m monthly for about 80 staff left after about 50 workers were laid off during the COVID-19 lockdown.

He said the Kwara technical committee of COVID-19 led by the State Deputy Governor Kayode Alabi currently owed the hotel over N12m for the period it had used its facility for meetings and other related engagements.

He said the state audit group also owed the hotel several millions of naira for using the hotel facilities for its functions.

He said, “Our appeal to the state COVID-19 technical committee and audit office and our other clients of ours that owe us to pay all their debts so that we can pay the workers.

“The hotel workers are being owed six-month salary. How do you think these workers and their family members are faring now having not be paid a dime for six months?”

Efforts to get the deputy governor for reactions on the issue proved abortive.

But the Chief Press Secretary to the governor, Rafiu Ajakaiye, confirmed in a message sent to NewsTrends, “Kwara Hoel is an autonomous body under Harmony Holdings that is responsible for its own salary. The state government is not responsible for its salary.”

Meanwhile, the state government is currently shopping for a reputable investor that would plough its resources into it and effectively manage the hotel.

Already, the state governor, Abdulrahman Abdulrazaq, is said to have spotted an investor and currently discussing with the state government on the investment details.

The over 30-year-old hotel with a Conference Center is situated in the heart of Ilorin GRA.

The hotel has 32 standard classic rooms, 106 superior rooms, 17 junior suites, 15 luxurious suites, one treble suite and a standard presidential suite.

It also has an olympic standard swimming pool, gymnasium with indoor and outdoor games facilities.


NLC rejects new petrol pump price



NLC rejects new petrol pump price

The Nigeria Labour Congress (NLC) has rejected the new pump price of petrol fixed by the Nigerian National Petroleum Corporation Limited (NNPCL).

Daily Trust reports that the oil firm has directed its outlets nationwide to sell fuel between N480 and N570 per litre.


Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, had said the price adjustment was made in line with “market realities”.

But NLC President, Comrade Joe Ajaero, who briefed journalists at Labour House, Abuja, on Wednesday, said the congress would not accept that.

He added that the fixing of price is not what government could do unilaterally.

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Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain



Nigeria’s stock market

Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain

The equities market of the Nigerian Exchange Ltd., NGX, opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

Mr Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

Specifically, the market capitalisation recorded a gain of N1.505 trillion or 5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

Also, the All-Share Index, ASI, rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.

Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company, GTCO, Access Holdings, United Bank for Africa, UBA, and Zenith Bank.


Access Holdings in the shares of Transcorp topped the most traded chart with 199.62million shares valued at N2.45 billion.

GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

Analysts at Vetiva Securities Ltd., said that “The market exhibited a favorable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.

“This positive sentiment is anticipated to endure in the upcoming session, as investors responded positively to the latest transition of power to the new administration.”

Market breadth closed positive at with 54 advancing stocks that outnumbered four declining ones.
Zenith Bank recorded the highest price gain of 10 per cent to close at N29.70, per share.

Transcorp Hotels and Nigeria Breweries followed with a gain 10 per cent each to close at N8.25 and N42.35, per share respectively.

Jaiz Bank and First City Monument Bank (FCMB) alao went up by 10 per cent each to close at N1.10 and N4.62 per share respectively.

On the other hand, Ikeja Hotel led the losers’ chart by 10 per cent loss to close at N2.16, per share.

NCR followed with a 9.88 per cent decrease to close N2 .76, while Tantalizer dropped by eight per cent to close 23k, per share.

Julius Barger followed with a decline of 7.94 per cent to close at N29, while International Energy Insurance was down by 6.98 per cent to close N1.20 per share.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 106.07 per cent.

A total of 1.08 billion shares valued at N15.80 billion were exchanged in 9,916 deals.

Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain


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We’ve increased petrol pump price, says NNPCL



We’ve increased petrol pump price, says NNPCL

The Nigerian National Petroleum Corporation Limited (NNPCL) says it has increased the pump price of petrol.

This is coming despite the public outcry against sudden removal of fuel subsidy.

Already, retail managers of the NNPCL outlets have been instructed to implement the review from May 31, 2023.

Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement on Wednesday.

The statement read  “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.

“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.

“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.

“The company sincerely regrets any inconvenience this development may have caused. We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”


Nigerians woke to reports of upward review of fuel price from N197 to above N500 per litre.

According to a widely circulated list, a new table of retail prices had been adopted for different geopolitical zones of the country.

Retail managers of NNPCL outlets were instructed to implement the review from May 31, 2023.

“DEAR ALL. Following management approval of the upward review of NNPC PMS pump price as in below table for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle.

“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network,” an earlier statement read.

According to the new price schedule, petrol will sell at N557 per litre in Maiduguri, Borno State, and Damaturu, Yobe, while it will sell for N550 per litre in the rest of the North East zone.

Birnin Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Illorin, where it will sell for N515 per litre. Consumers in the South East will buy at an average of N520 per litre.

Apart from Uyo and Yenegoa where petrol will now sell at N515 per litre, the rest of the South South zone will get the product at N511 per litre.

President Bola Tinubu announced that fuel subsidy was gone, and shortly after, fuel queues returned to stations across the country.

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