Business

Group Pulls Out Of Bakers’ Strike

Published

3 years ago

July 21, 2022

Editor

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.

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.

“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

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

Published

1 day 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.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

3 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

3 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.