Business

‘Buhari Has Finally Finished Us’, Nigerians Lament s ‘Pure Water’ Now Sells For N300, N400 Per Bag

Published

4 years ago

October 6, 2021

Nigerians living in the Federal Capital Territory, FCT, Abuja, have lamented the over hundred percent rise in the price of sachet water popularly known as ‘Pure Water’ .

According to them, President Muhammadu Buhari government has finally finished the masses by taking ‘ordinary’ water out of their reach.

Findings by DAILY POST showed that what is known as a bag of sachet water which contains 20 sachets, is now sold for N200 to N250 by factories while retailers sell for N300 to N400 as against the initial price of Between N80 to N150.

This means that a 50 cl sac of ‘pure water’, which was sold for N10 before now, is now sold for nothing less than N20 to N30 depending on the area.

Resellers such as cold room operators may sell at N240 a bag.

This development follows the trend of minute by minute rise in prices of goods and services in the country currently battling unimaginable inflation.

Some sections of Abuja residents who shared their grievances with DAILY POST lamented that “pure water” has been their saviour due to the unavailability of a reliable supply of safe and hygienic water.

DAILY POST findings further reveal that millions of people in the country, especially in the commercial cities, shanties and rural areas rely on the popular “pure water” for their daily drinking needs.

“Pure water” producers, under the Association of Table Water Producers Association of Nigeria, on Thursday announced they have imposed an increase due to rising production costs.

“Water producers are to sell to their customers if less than 100 bags at N200 per bag,” the notice partly said.

However, some ‘pure water’ companies who spoke to DAILY POST in Abuja all cited the increase in cost of production, saying that they could no longer afford to produce at a loss.

“We can’t continue the way we were going. At a point, many of us wanted to shut down completely but after our general meeting last week, we decided to carry on but not as we use to,” one of the factory operators, who pleaded not to be mentioned, told DAILY POST.

“What is the essence of venturing in a business if instead of making gains you are losing the little one you’ve secured. Prices of raw materials we use for production are now 200 percent higher than what we used to buy them. So the only option to remain in business is to increase the price of the product,” he added.

Nigerians on the streets of Abuja and market places are not happy with the development and are calling on the government to show more concern to the plight of ordinary Nigerians.

June Ibegbulam, who loads taxi in Wuse motor park, said, “My brother, this one tire me. How we wan take survive? Just when we dey talk say we no fit buy food chop again, now water don join food. I stand here under the sun for the whole day. When it was N10, I drink at least 10 to 15 but now, I have to reduce it 5. This government is killing us faster than we expected. Na only God go save us.”

Mama Aminat, a market woman in AMAC Market, said, “Wetin you want make I talk? You no know say everything don spoil? Buhari don finally finish us. The worse you can do to any living thing is to deny them water. Food aside, no one can do without water and that many people can no longer afford ordinary ‘pure water’ is a big problem. I be mama, I get four children. Before, we dey buy 3 bags for N360. But now 3bags na N750. Tell me, how we wan take do am? Na only water person go drink?”

An Abuja based medical expert, who spoke on condition of anonymity, told DAILY POST that the hike in price of sachet water may lead to waterborne diseases and deaths.

According to him, people, mostly those living in shanties and rural areas will now resort to contaminated water due to their inability to afford cleaner water for themselves and members of their families.

He listed some of the most common waterborne diseases to include “Typhoid Fever, Cholera, Giardia, Dysentery, Escherichia Coli (E. coli), Hepatitis A, Salmonella” and called on the current administration to “see to the welfare of ordinary Nigerians,” adding that “if all citizens have access to clean water, these diseases would not exist.”

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.