Business

Monetary Policy: Group Calls For Emefiele’s Sack

Published

3 years ago

January 28, 2023

A group, Arewa Youth For Development and National Unity, has called on President Muhammadu Buhari to immediately sack the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, for the untold hardship of what it described as “the insensitive monetary policy of the Central Bank of Nigeria CBN under the watch of the deeply partisan Governor, Godwin Emefiele has caused”.

Briefing newsmen on Saturday in Kaduna, the National Coordinator of the group, Comrade Hamza Muhammed Haruna, he said that they are not against the changing of the currencies, “but against the insane haste and intransigence of Emefiele to stick to the unrealistic deadline of January 31st, 2023, just three days away.”

He added, “We were worried at the beginning that the three months window given for the currency swap was insufficient even if all the variables necessary for a smooth currency change remain constant.”

The National Coordinator noted that through the changing of the currency, the nation, suffers considerable deficit in banking infrastructure, saying that as a result, there is a large population of fellow compatriots in the north and especially in rural areas operating outside the banking system, who are likely to be broken by this harsh unrealistic and unworkable policy.

As we speak, he said that there is a particular class of citizens who daily conduct their businesses in cash in countrysides and rural markets and are going through a grueling experience, waiting hours unend to bank their cash, adding that in the rare chance they bank their cash, their nightmare begins all over again, for, accessing the new notes is another uphill task, exacting the same degree of difficulty as in saving their money.

According to him, “The currency swap regime started in October 2022, with a window of six months. This period is inadequate from the word go. In developed countries like the UK, this process takes a minimum of three years with the old currency existing side by side with the old one. Presently, UK is undergoing a new currency change with the demise of the longest monarch, Queen Elizabeth II.

“In keeping with tradition, the new currency bears the image of the new King Charles III. This is the UK with over three hundred and fifty banks in all the nook and crannies of Britain. Here with all our obvious deficits, Emefiele is determined to bury the nation by insisting that the deadline is sacrosanct. The signs of a failing policy is all too apparent as up till this weekend, most commercial banks were still dispensing the old notes, confirming our apprehension that the deadline is not feasible.”

He observed that Emefiele’s total disregard for calls, including from the National Assembly, to relax the January 31st deadline, portrays him as an enemy of the state and a saboteur of Buhari’s government.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

8 hours ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 days ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.