FG’s suspension of fuel subsidy removal, best option — Labour
The Nigerian Labour Congress (NLC), through its Head of Information, Benson Upah, has described the Federal Government’s decision to suspend the removal of fuel subsidy as the “best option.”
Upah, said this to newsmen while reacting to the recent suspension of the subsidy removal by the Federal Government on Thursday in Abuja.
He praised the government for seeing the benefits of suspending the removal, insisting that it was the right thing to do, especially taking into consideration the negative impact the removal would have caused.
“Because the path they wanted to tread to the detriment of ordinary Nigerians would have set the country on fire.
“There would have been an instantaneous reaction. Of course, we would have been glad to coordinate those reactions.
“But happily, they are beginning to see the light. Our advice would be that they should take a lesson from the document we gave them on the so-called fuel subsidy removal.
“The answer cannot be far from domestic production,’’ he said.
Read also:NEC suspends fuel subsidy removal indefinitely
Jibril emerges CILT global VP, African chairman
The international body of the Chartered Institute of Transport and Logistics (CILT) has elected Ibrahim Jibril as its Vice President and Chairman of the Africa Region.
A statement on Thursday in Lagos said that Jibril and other newly elected executives were inaugurated during the annual CILT Africa forum held from April 24 to April 27 in Kigali, Rwanda.
The 2023 conference, with the theme “Logistics and Infrastructure Development as an Engine for Sustainable Implementation of the African Continental Free Trade Area (AfCFTA)”, had discussants drawn from various countries within and outside Africa.
The conference was focused on issues pertaining to supply chain, logistics, and transport issues affecting the African continent.
Speaking at the event, Jibril expressed his appreciation to the International President, Paul Sainthouse, and the President-Elect for their efforts in taking the body to greater heights.
Jibril also assured the newly elected executives of the body that he would consolidate the achievements of the outgoing executives. (NAN)
Edo, Imose Technologies partner on tablet production
The Edo State Government has announced its partnership with Imose Technologies Limited as they commission a tablet-making and repair centre at the Benin Technical College.
Governor Godwin Obaseki of Edo State said at the commissioning of the Imose Tablet Production Centre that the centre would empower the students with the right skills to produce and repair tablet devices.
He said, “In 2016 and 2017, when we took over office, over 30,000 Edo youths struggled to cross to Libya and other countries, and education was one of the problems that prompted such moves. We did not accept the drop in attendance in schools as it facilitated irregular migration and human trafficking. My administration moved to change this trajectory. We are achieving results and have been recognised around the world.”
Elumelu’s increases stake in Transcorp to 26%
Tony Elumelu, the Chairman of Transcorp Corporation Plc, has increased his stake in the conglomerate through HH Capital Limited to 26 percent, or 9,697,189,979 billion units of shares.
HH Capital Limited made this known through a corporate disclosure sent to the Nigerian Exchange Limited on Thursday, where it was made known that the company bought the shares at N1.85, N2.45, N2.69, and N2.95 in a transaction that took place between April 19 and 25.
This now takes HH Capital Limited total unit of shares in the conglomerate to 9,991,173,177 units, representing 25.58 percent of the group’s total shares.
The statement read, “As noted in our previous communication, the company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.
“Rest assured, we are committed to remaining resolute in executing our group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.”
Oil set for second weekly drop as recession fears, rates cloud outlook
Oil prices were little changed on Friday but are set for their second weekly drop as disappointing economic data from the U.S., the world’s biggest crude user, and uncertainty on further interest rate hikes raised concerns about future fuel demand.
Brent crude futures for June were trading at $78.53 a barrel, up 16 cents, or 0.2 percent, as of 0156 GMT. That contract expires on Friday and the more active July contract was up 21 cents, or 0.3 percent at 78.43 a barrel.
U.S. West Texas Intermediate (WTI) crude was up 23 cents, or 0.3 percent, at $74.99 a barrel.
Brent is set to decline this week by 3.8 percent and is down 9.1 percent in the past two weeks. WTI is on a path to drop 3.8 percent this week, taking its two-week decline to 9.4 percent.
U.S. economic growth slowed more than expected in the first quarter, although jobless claims fell in the week ending April 22, data showed.
Investors are also worried about potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union. (Reuters)
