Business

Traders, Residents Groan Over Hike In Food Prices

Published

3 years ago

July 5, 2022

Editor

Traders and residents in PortHarcourt, Rivers State, Tuesday raised an alarm over the sudden hike in prices of food items and other commodities.

There are also indications of a famine in the state as most farmers have abandoned their farms over the increasing insecurity in the area.

It was, however, gathered that the scarcity of farm produce, the high cost of petroleum products, transportation and the lack of price control have contributed to the high cost of food.

At a press briefing, the Chairman of the Mile 1, State Ultra-Modern Market, Godspower Wobo and his predecessor, Kenneth Eze Chigozie, said the hike in food items is becoming worrisome, warning that if nothing was done by the state and federal governments, food prices would skyrocket to 200 per cent.

“We have observed that traders buy their goods at high prices on account of hike in fuel, transportation and associated risks of insecurity, all these cumulatively influence the prices of foodstuffs which is borne by the final consumers.

“Farmers are deserting their farms and communities due to criminal attacks by dreaded masked bandits and unknown gunmen.

“Aside from the security challenges, the government is not doing enough to support farmers over mechanized farming to reduce rural/urban migration for white-collar jobs.

“Diversion of government agricultural loans is also a problem. Agricultural loans hardly or never get into the hands of the real rural farmers. Part of the resultant effects are famine and the high cost of farm produce looming in the country.

“Governments should, therefore, address the problems and factors affecting the cost of food and look inwards to encourage local farmers”.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

16 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

16 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

2 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.