Connect with us

Business

Cash withdrawals: Banks comply with CBN’s directive to operate on weekends

Published

on

In compliance with the Central Bank of Nigeria’s (CBN) latest directive, commercial banks have announced that their various branches will be open on weekends for customers to deposit and withdraw cash.

Earlier today, the CBN said that it evacuated banknotes from its vaults to commercial banks across the country.

This came after the Nigeria Labour Congress (NLC) threatened to embark on a strike from Wednesday next week, over the protracted cash shortage in the country.

The apex bank, in efforts to ease the circulation of banknotes of various denominations, also instructed all commercial banks to open for operation on Saturdays and Sundays.

Hours after the CBN directive was announced on Friday, major banks sent out emails, asking their customers to visit their branches at specific times on Saturday and Sunday for cash withdrawals.

In emails seen by newsmen, financial institutions such as Guaranty Trust Bank and Union Bank in Lagos said customers can visit their branches across the state between 9am and 4pm.

“All our branches will open on Saturday 25th, and Sunday, March 26th, 2023 from 9:00 am to 4:00 pm for cash deposits and withdrawals,” Union Bank said.

On the other hand, Standard Chartered Bank said customers can access its facilities from 10am to 3pm.

“To ease the challenges faced in relation to access to naira cash, we are pleased to inform you that our branches… will open over the weekend for withdrawals and deposits of naira notes, Saturday, March 25, 2023, from 10.00 am to 3.00 pm and Sunday, March 26, 2023, from 10.00 am to 3.00 pm,” the email reads.

Meanwhile, this is not the first time the CBN would instruct banks to operate on weekends.

Business

‘It’s false’ — NNPC debunks adjusting pump prices of petrol, diesel

Published

on

By

The Nigerian National Petroleum Company (NNPC) Limited says it has not adjusted the pump price of premium motor spirit (PMS), known as petrol, across its retail outlets.

There have been speculations that NNPC had reduced the price of petrol to N560 per litre — from N568.

The national oil company was also quoted as increasing the price of diesel to N920 per litre.

In a statement on Wednesday, signed by Femi Soneye, NNPC’s spokesperson, the firm denied the claims.

“NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide,” the statement reads.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.

On February 9, the NNPC had said there would not be any increase in the cost of petrol.

Continue Reading

Business

Easter: Rivers, Kano, Enugu, Ogun passengers pay more for air tickets

Published

on

By

Ahead of Easter celebration, passengers flying through Rivers, Kano, Enugu and Ogun states appear to be the worst hit by the increasing prices of domestic air tickets, Vanguard has gathered.

This is even as air travellers flying through Abia, Kogi, Abuja and Plateau states seem to be less affected by the spike in domestic airfares.

The National Bureau of Statistics, NBS, in its transport fare watch for February 2024, released last weekend, stated that travellers flying through Rivers, Kano, Enugu and Ogun paid between N95,000 and N100,000 on air tickets in February, just as travellers flying through Abia, Kogi, Abuja and Plateau paid between N80,700 and N70,000 in the same period.

NBS also said the average fare paid by air passengers for specified routes for a single journey in February 2024 was N88,000.00, showing a decrease of 2.20 per cent compared to the previous month (January 2024).

The report added that on a year-on-year basis, airfares rose by 18.03 per cent from N74,558.11 in February 2023, noting: “South-West recorded the highest fare of air transport in February 2024 with N90,666.67, followed by North-West with N90,500. North-Central had the least with N83,028.57.”

Commenting on the development, Aviation analyst and Consultant, Sindy Foster, said unless there was an emergency intervention, there may be no respite for air passengers. She said: “The link between costs, revenue and profitability of the airline industry from a commercial perspective needs to be fully understood by all who have an impact and a change of policy direction, systems or processes need to be put in place.”

Continue Reading

Business

Eko DisCo terminates appointment of Tinuade Sanda as CEO

Published

on

By

The Eko Electricity Distribution Company (EKEDC) says it has relieved Tinuade Sanda from her role as managing director (MD) and chief executive officer (CEO).

According to a statement by EKEDC’s board of directors, this follows the redeployment of Sanda back to WPG Ltd, the core investor who approved her to join the electricity distribution company (DisCo).

Consequently, the spokesperson said Rekhiat Momoh, assumed the role of acting CEO of Eko DisCo.

“Mrs Momoh has been in the power sector for more than 31 meritorious years,” he said.

“She has risen through the ranks in the power sector from the days of NEPA, PHCN and now Eko Disco, receiving several excellence awards, commendations and medals along the way.

“A marketer by training, she has an MBA from Lagos State University. She’s a fellow of several organisations including Nigeria Institute of Management, National Institute of Marketing of Nigeria and several others.”

According to the statement, Momoh has attended several leadership and management courses and training programmes both locally and internationally.

The board expressed great confidence in her capacity to perform the role effectively and take the company to greater heights.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...