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Prices of food items, cooking gas rise in Kaduna after nationwide protest

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In the wake of recent nationwide hunger protests, prices of cooking gas and food items have surged dramatically in Kaduna.

Essential goods, including provisions, grains, and other staple foods, are experiencing steady price increases across markets and shops.

A report by a News Agency of Nigeria (NAN) correspondent on Monday in Kaduna revealed that prices of basic food items such as rice, beans, yams, garri, and noodles have risen for the fourth time in 2024.

According to the report example, the price of a kilogram of cooking gas, which ranged between N1,100 and N1,120 in July, has now jumped to N1,400 at some gas stations in the Kaduna metropolis.

At Sheikh Abubakar Gumi Market, the central market in Kaduna, a 50kg bag of foreign rice, which was priced around N79,000 before the protests, is now being sold for between N86,000 and N90,000. Similarly, yams that recently sold for N5,000 per tuber have now risen to N7,000 per tuber, with a set of five selling for N28,000.

A local measure of eight cups of beans, which previously sold for between N2,000 and N2,500, now costs N3,500, while a measure of garri, formerly N1,300, is now priced between N1,400 and N1,500.

The cost of a carton of Indomie noodles has increased from N7,500 to N7,700, and a basket of Irish potatoes, which was previously sold for between N5,000 and N5,500, now sells for N6,000 per basket.

Some traders attributed the price hikes to increased costs at depots and other supply sources. Others pointed to transportation challenges and the scarcity of certain food items as contributing factors.

A visit to Kasuwan Bacci market revealed significant price increases, with a measure of white beans now selling for N2,600, up from the previous N2,500. Other varieties of beans were priced even higher, ranging from N2,800 to N3,000 per measure.

Sani Jabo, an onion seller, was selling three onion bulbs for N500, a price that has raised concerns among customers.

Additionally, a paint bowl of Irish potatoes was being sold for N4,000, while a single tuber of new yam also fetched N4,000. The cost of pepper has also spiked, with a small basket of red pepper now selling for N1,300.

Residents expressed their frustration over the rising prices of food items and other essential commodities. They noted that prices have skyrocketed by about 50%, leaving them in a difficult economic situation amid ongoing hardships and the declining value of the Naira.

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UBA appoints Henrietta Ugboh as independent non-executive director

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The United Bank for Africa Plc (UBA) has announced the appointment of Henrietta Ugboh as an independent non-executive director.

In a statement on Wednesday, UBA said the appointment has been approved by the necessary regulatory bodies, including the Central Bank of Nigeria (CBN).

UBA also announced the retirement of Owanari Duke, an independent non-executive director who joined the UBA Group board in October 2012.

Tony Elumelu, chairman of UBA, said Ugboh brings experience and expertise, which includes commercial banking, credit, and risk management to the UBA board.

“Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance,” Elumelu said.

According to the bank, Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumna of Harvard Business School’s executive management programme.

UBA also said Ugboh has over 30 years of experience in banking with Citibank and is an honorary senior member of the Chartered Institute of Bankers of Nigeria (CIBN) and a fellow of the Institute of Credit Administration (FICA).

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MultiChoice Nigeria loses 243k subscribers in six months, blames inflation

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French firm, Canal+ Group offers to buy MultiChoice for $1.69bn

Multichoice Group, an African pay-TV operator, says its Nigerian subsidiary lost 243,000 subscribers across its DStv and GOtv services between April and September 2024.

In its financial result for the year ended September 30, 2024, published on Tuesday, MultiChoice said high cost of food, electricity, and petrol have forced many of its customers to ditch their decoders.

The company said Nigeria and Zambia recorded the largest share of subscribers loss.

It added that the pressure on its subscriber base in Rest of Africa (RoA) operations continued from the previous year leading to a loss of 566,000 subscribers across the operations in the six months under review.

“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024,” MultiChoice said.

“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.

“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k.”

On foreign exchange (FX) rate, the company said the continued depreciation of the naira against the dollar has resulted in further losses on non-quasi equity loans.

“The group held USD11m in cash in Nigeria at period-end, down from USD39m at end FY24, a consequence of consistent focus on remitting
cash, the impact of translating the balance at the weaker naira and the write-off of the USD21m receivable relating to the cash held with Heritage Bank before its license was revoked and the bank was liquidated,” MultiChoice said.

‘COMPANY FACING MOST CHALLENGING CONDITIONS’

Commenting on the company’s results, Calvo Mawela, MultiChoice group chief executive officer (CEO), said the company is facing its most challenging operating conditions in almost 40 years.

To generate returns, Mawela said the company has been “proactive in its focus to right-size the business for the current economic realities and industry changes”.

He said while operating across Africa “typically subjects the group to currency moves, abnormal currency weakness over the past 18 months has reduced the group’s profits by close to R7 billion”.

“Combined with the impact of a weak macro environment on consumers’ disposable income and therefore on subscriber growth, it required the Group to fundamentally adjust its cost base – which is exactly what has been done,” he said.

“We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year.

“We expect to return to a positive net equity position by the end of November this year, supported by a number of developments and initiatives. The Group’s liquidity position remains strong, with over ZAR10bn in total available funds.”

On May 1, MultiChoice implemented an increase in subscription prices for DStv and GOtv packages — despite the tribunal ruling against it on April 25.

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NCAA to sanction pilots working for multiple airlines, says it ‘violates regulations’

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The Nigeria Civil Aviation Authority (NCAA) says it will sanction pilots working for multiple airlines.

In a letter dated November 6, 2024, and addressed to all aircraft operators, titled ‘Prohibition of Ad-Hoc Flight Operations for Multiple Airlines,’ Chris Najomo, the NCAA acting director-general (DG), said the issue was uncovered through the aviation authority’s surveillance reports.

“It has come to the notice of the authority through our surveillance reports that licensed flight crew members utilize the privileges simulators and proficiency checks endorsed on their license to operate for multiple airlines,” the letter reads.

“The Flight Simulator Training Device/facility approved by the Authority is operator specific based on the training program and the Standard Operating Procedures (SOP) for such an operator.”

According to Najomo, when pilots work for multiple airlines concurrently, without considering the safety implications, it creates a risk for the industry.

He informed all operators and holders of pilot licences that the action will be treated as a violation of the Nigeria Civil Aviation Regulations.

“The authority will take appropriate enforcement action on violators of this directive, effective from November 11, 2024,” he said.

The acting DG added that simulator renewals will now be directly tied to the operators.

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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

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