- Swiss multinational exits Nigeria after selling Lafarge Africa for $1bn
- FCCPC probes MTN, Air Peace, and GTBank over reports of complaints of exploitative practices
- Representatives suspend debate indefinitely as Northern governors mount pressure over the Tax Reform Bill
- Tinubu claims Nigerians lived a fake life before fuel subsidy removal
- CBN is set to retire 1,000 staff before the close of 2024
Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.
Swiss multinational exits Nigeria after selling Lafarge Africa for $1bn
Holcim, a Swiss multinational company, is the next to exit Nigeria in 2024 after operating in the country for six decades (sixty years).
Holcim is an international leader in sustainable construction solutions, and it shared its plans to sell 83.8% of its shares in Lafarge Africa PLC at the price of $1 billion to a Chinese firm called Huaxin Cement.
Reports state that Holcim has been depleting its assets in less strategic markets by selling its shares to Huaxin Cement in Zambia in 2021.
FCCPC probes MTN, Air Peace, and GTBank over reports of complaints of exploitative practices
The Federal Competition and Consumer Protection Commission (FCCPC) has decided to investigate consumer complaints about exploitative practices in the telecommunications, banking, and aviation industries.
Ondaje Ijagwu, FCCPC’s director of corporate affairs, revealed that the investigation would last two days (December 3-5) and would address all critical issues raised by consumers, such as poor service delivery, exploitative practices, and possible violations of consumer rights.
“In the banking sector, the FCCPC will engage Guaranty Trust Bank (GTB) over reports of network failures that hinder customers from accessing their funds or using banking applications,” Ijagwu said.
“In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.
“Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on certain domestic routes.”
Representatives suspend debate indefinitely as Northern governors mount pressure over the Tax Reform Bill
The House of Representatives has announced its indefinite suspension of debate on the Tax Reform Bill due to the 19 Northern governors mounting pressure over the cancellation of the bill.
A debate on the Tax Reform Bill was scheduled for December 3. Still, it will no longer be taking place as 73 northern lawmakers, including 48 Reps members from the North-East, 24 federal lawmakers from Kano, and a former Governor of Sokoto State, Senator Aminu Tambuwal, kicked against the bills.
Northern lawmakers have argued that the bill will set the North backwards and affect other regions like South West and South East.
Tinubu claims Nigerians lived a fake life before fuel subsidy removal
The President of Nigeria, Bola Tinubu, claimed that Nigerians had been living a veiled and false life before he introduced the fuel subsidy removal policy.
The President stood by his policies, stating that his decision to remove the fuel subsidy and unify exchange rates came with a heavy heart. Still, Nigeria needed to be saved.
The President shared this knowledge at the 34th and 35th convocations of the Federal University of Technology Akure (FUTA) in Ondo state, where Wahab Egbewole, vice-chancellor of the University of Ilorin, represented him.
“Unfortunately, the good life we thought we were living was a fake one that could lead the country to a total collapse unless drastic efforts were urgently taken,” Tinubu said.
“The need to salvage our children’s future and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and unify the exchange rates. I am not unaware of the consequences of tough decisions for our people. I sincerely wish there could be softer options.”
CBN is set to retire 1,000 staff before the close of 2024
The Central Bank of Nigeria (CBN) is set to retire about 1,000 (one thousand) staff before the end of December 2024.
According to reports, the apex bank will be offering the sum of ₦50 billion as severance pay to all those affected by the layoff, which is a part of the financial institution’s scheme in re-organisation led by Olayemi Cardoso.
