Business
Release food items to states immediately, Shettima orders NEMA
Release food items to states immediately, Shettima orders NEMA
The National Economic Council (NEC) led by Vice President Kashim Shettima has directed the National Emergency Management Agency (NEMA) to immediately distribute food items including grains to states to bring down prices of food items across the country.
The decision was taken at the NEC meeting chaired by the Vice President at the Presidential Villa, Abuja, on Thursday.
Governor Bala Mohammed of Bauchi State made the disclosure while briefing newsmen after the meeting.
The governor said that Shettima directed NEMA to release the grains immediately, adding that states would be involved in the distribution mechanism.
Mohammed, who expressed concern over the high prices of food items, noted that food was a key component of what was considered by the council.
He said, “The National Economic Council (NEC) discussed giving broader interventions to all the sectors and all the segments of the society.
“Food is a key component of what is on the table in terms of food security.
“On the escalation of prices of food stuff, we are happy because NEC has seriously engaged with NEMA, the Central Bank of Nigeria (CBN) and indeed with the Ministry of Agriculture.
“We have some buffer stock that is already there with NEMA; so council directed that the states will immediately be allocated substantial portions of food items, grains and so on for distribution so that the prices of food stuff will come down.
“These grains will be given at subsidized rates or at the rates they were acquired. The CBN’s Anchor Borrowers Programme and its Agric programme have ensured a large stock of rice and other grains. These will be made available within one week so that they will be distributed to the states.”
He also said states would be at liberty to give out the grains at subsidized rate or free of charge.
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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