The Economic and Financial Crimes Commission, EFCC, on February 3, 2020, arraigned a former Chairman of the House of Representatives Committee on Niger Delta Development Commission, NDDC, Nicholas Mutu Ebomo, Airworld Technologies LTD, Oyien Homes LTD, and one Blessing Mutu (now at large) before Justice F. O. G. Ogunbanjo of[Read More…]
News
FCCPC To Focus On Robust Enforcement, Consumer Education – Irukera
Nigerian consumers have a lot to be hopeful for in 2020 as the Federal Competition and Consumer Protection Commission (FCCPC) prepares to widen its scope of activities in 2020. According to Dr. Babatunde Irukera, chief executive officer, FCCPC, robust enforcement and consumer education will be the key pillars of its[Read More…]
Nigerian consumers should patronise locally made goods – SON
The management of the Standard Organisation of Nigeria (SON) has urged Nigerians to stop buying substandard goods and should rather embrace certified locally made products. Mrs Esther Okon, the Coordinator of SON in Kwara, made the call in Ilorin on Monday at meeting organised by FORGO Batteries Company Limited. Okon[Read More…]
We’ve lost N6bn to demurrage over delay in SONCAP — Clearing Agents
The Association of Nigerian Licensed Custom Agents (ANLCA) says its members have lost over N6 billion to demurrage in two months following inability to access the portal and process Standard Organisation of Nigeria Conformity Assessment Programme (SONCAP). The Vice President of ANLCA, Dr Collins Farinto, told newsmen of the loss[Read More…]
Manufacturing PMI drops to 59.2 index points in January — CBN
THE Central Bank of Nigeria, CBN, said that the Manufacturing Purchasing Managers Index, PMI, dropped marginally to 59.2 index points in January though activities in sector expanded for the 34th consecutive months. The January Manufacturing PMI represents 1.6 index points decline when compared to the 60.2 index points recorded in[Read More…]
Consumers kick as Dicos raise meter, electricity costs
The upward increase of VAT from 5 percent to 7.5% by government effective from 1st February 2020 is already having rippling effects on prices of meters and electricity supply services in the power sector. In this piece, Daily Trust explored the changes effected by some power firms and the additional[Read More…]
Electricity prices are tumbling for generators, why not for consumers?
The prices big power generators receive have collapsed, but don’t expect that to show up on your power bill any time soon – if ever. Average active wholesale contract prices have fallen roughly 36 per cent over the past three months. Forward prices are depressed way off into the future[Read More…]
NCC to review mechanism for addressing consumer complaints
The Nigerian Communications Commission (NCC) on Tuesday inaugurated a committee to harmonise existing consumer outreach programmes. In a statement sent by the commission, it said the committee will help to develop a more impeccable way to effectively manage consumer complaints received from the commission’s online media platforms. The Executive Commissioner,[Read More…]
NERC moves to remove tariff related liabilities from DisCos
The Nigeria Electricity Regulatory Commission (NERC) on Thursday moved to remove historical related liabilities from the financial records of DisCos. NERC said that the order No. NERC/196/2020 that it issued yesterday seeks to resolve the continued accumulation of future tariff related shortfalls during the transition to cost reflective tariffs and[Read More…]
Nigerians to pay more for data, calls as telcos apply new VAT
The Association of Licensed Telecommunications Operators of Nigeria (ALTONS) said it will start implementing the country’s new 7.5% Value Added Tax (VAT) increase from Saturday, February 1 2020. “Further to the assent of the Finance Bill by President Muhammadu Buhari…which reviewed the Value Added Tax (VAT) from 5% to 7.5%,[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]