Business
CBN announces date to hold MPC meeting
The Central Bank of Nigeria (CBN) has announced its forthcoming monetary policy committee (MPC) meeting.
In a statement on Tuesday, the CBN said its 296th MPC meeting between July 22 and 23.
The committee is the highest policy-making committee of the bank, led by Olayemi Cardoso, CBN governor.
The MPC meeting is set up to review the country’s economic and financial conditions and determine the appropriate monetary policy direction in the short to medium term.
At the last meeting held on May 20 and 21, the committee raised the monetary policy rate (MPR), which benchmarks interest rates from 24.75 percent to 26.25 percent.
The MPC retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
The committee also retained the cash reserve ratio (CRR) at 45 percent for deposit money banks and 14 percent for merchant banks.
Speaking to the press after the meeting, Cardoso had said the reason for the interest rate hike was to tame inflation.
He also said the committee’s efforts to contain inflation are yielding results.
On July 15, the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June, said Nigeria’s inflation rate rose to 34.19 percent in June 2024 — up from 33.95 percent in May.
According to the bureau, the headline inflation rate in June showed an increase of “0.24% points when compared to the May 2024 headline inflation rate”.
NBS also said food inflation surged to 40.87 percent in the month under review as prices of food and non-alcoholic beverages continued to surge.
Business
NMDPRA seals four filling stations in Delta for ‘under-dispensing’
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shut down two gas plants and two petrol stations in Delta state, for under-dispensing.
Victor Ohwodiasa, coordinator of NMDPRA in Delta, spoke to the press in Warri on Thursday.
Ohwodiasa said NMDPRA’s surveillance team closed the stations at the Asaba and Ibusa axis of the state on Tuesday and Wednesday due to under-dispensing, operating without valid licences, and other illegal practices.
“In line with our mandates, we constantly visit petroleum retail outlets to ensure they sell one litre for one litre,” he said.
“Agreeably, there are bound to be variations due to mechanical error in their machines, but these are subject to limits; when it exceeds, we shut down the facilities.”
Ohwodiasa urged petroleum marketers to ensure that their meters are well-calibrated to sell accurately.
“Based on what we have been doing to ensure the consumers are not shortchanged, we have been visiting retail outlets across the state to ensure sanity is maintained within the area,” Ohwodiasa said.
“This week, we have sealed four stations within the Asaba and Ibusa axis over offences bordering on under-dispensing, operating without valid licenses and illegal activities within the filling stations.”
He said the regulatory authority will continue inspecting such cases through the end of the year to ensure fair sales to consumers.
Ohwodiasa encouraged the public to report suspicious practices to NMDPRA, including under-dispensing, the discharge of unauthorised products by petroleum marketers, product quality, suspected diversion, and illegal bunkering activities.
Business
Power cut off at UCH Ibadan over N400m debt, says IBEDC
The Ibadan Electricity Distribution Company (IBEDC) says it disconnected University College Hospital (UCH) Ibadan from the national grid over an outstanding N400 million debt.
On Monday, patients at the UCH staged a protest following incessant power cuts at the facility. Nurses and doctors have been using lights from their smartphones to find their way around.
The demonstrators said there has been no water and electricity at the hospital in the last 17 days. The protesters expressed concern that the lack of essential services has contributed to patient deaths.
One member of staff blamed IBEDC for placing the hospital on the Band A tariff — the most expensive electricity band in the country.
In February, IBEDC cut off UCH’s power over “technical faults and indebtedness”.
At the time, the company said the hospital owed about N500m in electricity bills.
According to Punch, Busolami Tunwase, the electricity company’s spokesperson, confirmed that the disconnection was due to an outstanding debt of N400m, adding that the university has not fulfilled its promise to pay up.
She said while the company sympathises with the hospital, IBEDC was compelled to take drastic action because it is being pressured to meet financial obligations to stakeholders.
“However, IBEDC reiterated its commitment to working with UCH and remains open to discussions on a flexible payment arrangement that could be mutually agreed upon by both parties,” she said.
In a statement on Wednesday, Funmi Adetuyibi, UCH spokesperson, said the hospital’s management has held several meetings with IBEDC on payment modalities.
The spokesperson said the electricity bills from IBEDC, inclusive of accumulated bills since 2019 to date, amounted to N3,104,568,114.61.
She added that the hospital has so far paid N2,916,567, 724.27.
“In a bid to mitigate the effects of this hardship, the management has taken some steps, which include dissemination of information to patients and alternative power sources,” the statement reads.
“We have back-up generators to power critical areas, including the Emergency department, operating theatres, Intensive Care Unit, Laboratories, among others.
“Solar/inverter panel has been made available in the Emergency Department, Main Theatre, Intensive Care Unit, Paediatrics, East 3 Ward, South East 3, Owena Dialysis Ward, High Dependency Unit, South West 2 and all the clinics.”
Business
Air Peace Lagos-bound flight disrupted by bird strike in Abuja
Air Peace Lagos-bound flight was disrupted by a bird strike shortly before takeoff in Abuja on Thursday.
A bird strike is a collision between a bird and an aircraft which is in flight or on a takeoff or landing roll.
According to a statement by Ejike Ndiulo, its head of corporate communications, Air Peace said the flight from Abuja to Lagos took off around 6:30am.
“We wish to inform our esteemed passengers that our Abuja-Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally,” the airline said.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
A passenger, Inibehe Effiong, a Lagos-based human rights lawyer, took to his Facebook page to share his experience on the flight.
Effiong said the development threw some passengers into panic with the attendant screaming.
“While taxing on the runway and just before takeoff, our Air Peace flight from Abuja to Lagos scheduled for 6:30 AM today was stopped forcefully, resulting in panic and screams by some passengers,” he posted.
“The captain attributed the incident to a bird strike. We have been deboarded to await either a replacement or repair of the aircraft.
“Thankfully, whatever happened did not occur after takeoff. It would have been scarier.”
A few minutes later, Effiong posted that the faulty aircraft had been replaced and the passengers were already boarding preparatory to the Lagos trip.
On November 4, one of Air Peace’s flights heading to Abuja from Benin could not continue the trip due to a technical snag the aircraft encountered shortly after takeoff.
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