Business
Group Pulls Out Of Bakers’ Strike

Amidst the strike by the Premium Breadmakers Association of Nigeria over rising production costs of bread, the Supreme Bakers and Confectioners Association on Thursday said they would not partake in the action in the national interest.
The PBAN had in a statement by its President, Emmanuel Onuorah, announced plans to halt production with effect from Thursday.
According to him, bakery has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.
Onuorah said bakeries were running in losses and the situation was no longer sustainable.
But while acknowledging that the nation’s economy, just as those of other countries globally, was currently experiencing a slump, the SBCA said the development demanded belt-tightening for both corporate and private individuals.
READ ALSO: Bakers Halt Bread Production Thursday Over Skyrocketing Costs
The President of SBCA, Edmond Egbuji, said these in a statement titled, ‘Our stand On the bakery debacle in Nigeria’, obtained by The PUNCH in Abuja.
He said, “We the Supreme Bakers and Confectioners Association wish to make our position clear on the current state of affairs in the bakery industry in Nigeria.
“The nation’s economy, just as those of other countries globally, is currently experiencing a slump.
This calls for belt-tightening for both corporate and private individuals.
“It would be recalled that some bakers associations on July 13, 2022, embarked on two weeks warning strike claiming it was due to a hike in the prices of baking materials.
Assembly, decries harsh policies
“According to the statement, the group will embark on the strike if the Federal Government does not give the necessary attention to their demands.
“Baking of bread and other confectioneries like other private businesses are facing the same global economic challenges that are not necessarily peculiar to Nigeria.
“We are working together with the Federal Government and some of the manufacturers and importers of baking materials to see how to cushion the effects on our members and the public.
“Bread is one of the common foods for the common man so to forcefully withdraw it from him will be disastrous.
“We, therefore, recognise that taking up a confrontational stance against the industry’s regulatory bodies or the federal government is not the way to go about it at the moment.
“We would rather continue to engage them in dialogue to fashion out a workable solution that would bring succour to the millions of Nigerians that are going through hard times.
READ ALSO: Hunger Looms As Bakers Set To Shut Down Industry Nationwide
“Our resolve is not to worsen the plight of ordinary Nigerians by denying them access to bread, which is currently one of their staple foods.
“Our intention is not to embark on strike action but rather to sit at a roundtable and come to grips with how to ameliorate the present difficulty confronting us.
“It is the intention of Supreme Bakers and Confectioners Association to join hands with the government to achieve this. Nigerians deserve to have their burdens made lighter, not worse.”
Business
Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.
The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.
CBN noted that the intervention is a key part of broader financial market reforms.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.
“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.
According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.
Business
Confusion Over Euro-Africa CCI’s $250m Investment In Edo

The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.
The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.
Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.
He said the investment would be made for a period of three years.
An online search was launched to unravel the EACCI as well as the man Obasohan.
READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute
A number on the site was answered by a lady who claimed not to understand English language.
Several foreign partners were listed on the site as board members and advisory council.
Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.
Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.
Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.
READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.
Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.
“One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.
“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”
He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.
Business
Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.
In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.
“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.
Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.
READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments
The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.
Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”
“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.
“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.
Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”
According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.
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