The Federal Competition and Consumer Protection Commission (FCCPC) has granted a one-month moratorium to traders and other market stakeholders involved in exploitative pricing, urging them to reduce the prices of goods.
Mr. Tunji Bello, the newly appointed Executive Vice Chairman of the FCCPC, made this announcement during a one-day stakeholders’ engagement on exploitative pricing held on Thursday in Abuja.
Bello stated that the Commission would begin enforcement actions once the moratorium period ends.
He explained that the meeting was convened to address the increasing trend of unreasonable pricing of consumer goods and services, as well as the unethical practices by market associations.
What the FCCPC is saying
In his remarks, Bello cited a finding by the Commission, highlighting that a fruit blender known as Ninja, priced at $89 (N140,000) in a popular supermarket in Texas, was being sold for N944,999 in a supermarket located in Victoria Island, Lagos.
Bello wondered about the basis for the arbitrary hike in the price of the blender compared to Texas, United States of America.
He said the unwholesome practices including price fixing were threatening the stability of the economy.
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” he said.
More Insights
On his part, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, noted that the charges on imported goods at the ports have also played a significant role in the surge in prices.
He urged the Commission to establish a task force and include the association in its enforcement efforts.
Meanwhile, the FCCPC boss said the government was aware of most of the problems raised by the market stakeholders.
“We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang-ups to exploit consumers by traders,” he added.
Moreover, other market stakeholders who spoke at the engagement said that the high cost of transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services.
Twenty-two-year-old Grammy-nominated diva Ayra Starr has joined the list of pop stars to delve into the Nigerian movie industry, Nollywood.
The Afrobeat sensation will make her acting debut in Prime Video‘s original ‘Christmas In Lagos’.
The romantic comedy stars Teniola A. Aladese, Shalom C. Obiago, Rayxia Ojo, Shaffy Bello, and Adekunle Gold.
It follows recently heartbroken Fiyin (Aladese), who’s convinced her best friend, Elo (Obiago), is the love of her life.
The movie’s director, Jadesola Osiberu, said in an interview, “For me, Ayra Starr represents what it means to be young and female and daring and brave and fearless—just being yourself. She was on the list from day one.”
Other musicians featured in the film include Wurld and Liya. The soundtrack features songs from legendary musician Sunny Ade, Afrobeats icons Flavour and D’banj, and more.
The International Criminal Police Organisation has arrested more than 300 people with links to one of West Africa’s most feared criminal networks, , and other affiliated groups.
In a series of covert missions, tagged, “Operation Jackal III” in 21 countries between April and July 2024, Interpol said the highly-coordinated cybercrime group was responsible for some of the world’s cyber-enabled financial fraud and many other serious crimes, BBC reports Wednesday.
While the police labelled the operation as a “major blow” to the Nigerian crime network, it equally warned of its worldwide reach and technological sophistication — making the a global threat.
The report noted that Operation Jackal III had led to the seizure of $3 million of illegal assets and more than 700 bank accounts being frozen.
A senior official at Interpol’s Financial Crime and Anti-Corruption Centre, Tomonobu Kaya, stressed the significance of financial technology and cryptocurrency in aiding the operations of cybercrime syndicates which are renowned for multi-million dollar online scams.
He said, “They are very organised and very structured. These criminal syndicates are early adopters of new technologies… A lot of fintech developments make it easy to illegally move money around the world.”
The is a secretive criminal network involved in trafficking, prostitution and killing operations around the world. However, cybercrime is the group’s largest source of revenue.
The report noted that several members of the dreaded group are university-educated and were recruited into the group during their schooling.
In a 2022 report by Interpol, it said, “ and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud as well as many other serious crimes.”
Multiple so-called “Jackal” police operations have taken place since 2022. Dozens of and other gang members had been arrested and their electronic devices seized during these transnational raids.
In one example, Canadian authorities said they busted a money-laundering scheme linked to worth more than $5 billion (£3.8bn) in 2017.
Dealing with highly sophisticated criminal groups requires a high level of technological expertise and personnel.
Interpol said it had launched the Global Rapid Intervention of Payments system which enables the authorities in its 196-member countries to freeze bank accounts around the world with unprecedented speed.
The mechanism was used to halt a $40m scam targeting a Singaporean business in July 2024, the police said.
Kaya noted, “We need to have data and to collate our findings from these countries to help build a picture of their modus operandi. If we can gather this data, we can take action.”
Coordinator from the Institute for Security Studies, Dr Oluwole Ojewale, blamed the government for its laxity in curtailing criminal groups such as the , among others.
He also said politicians use members of these syndicates for their gains, providing them with the necessary tools to defraud innocent people and commit other atrocities.
“The general failure of governance in the country has put pressure on people to be initiated (into the ). It is the politicians who are arming these boys,” he asserted.
Ojewale added that “the emphasis must be on prevention not on outright operations against these criminal groups.”
President Bola Tinubu, in February 2024, pledged increased support for the Economic and Financial Crimes Commission to increase its capacity to tackle digital offences.
This was as he deplored what he termed “mislabelling and blanket stereotyping” of Nigeria as a country with the highest prevalence of cybercrime and other forms of corrupt practices among its population.
In November 2023, the Nigerian Senate expressed concerns over an annual loss of $500m to various forms of cybercrime across the country.
It warned that if the national cybersecurity programme was not effectively funded, the gains of the digital economy would be defeated.
The report also recalled that Interpol’s Jackal Operations originated from Ireland.
In 2020, the Garda National Economic Crime Bureau identified 1,000 people with links to and arrested several members, paving the way for the exposure of a far wider network.
A detective superintendent at the GNECB, Michael Cryan, who led the operation, said Ireland had experienced a surge in money laundering, owing to the criminal acts of the .
“They were very under the radar, very low-key. The amount of money being laundered through Ireland was astronomical.
“Bank robberies are now done with laptops – they are far more sophisticated. This is not a typical or ordinary crime… People who make decisions need to know how serious this is,” Cryan said.
He estimated that €200m ($220m; £170m) had been stolen online in Ireland in the past five years and that only accounts for the 20% of cyber-crimes that are believed to be reported.
More than €1m in crypto-assets were also seized during one operation, the report added.
Two people have died after a Delta airplane tire exploded while it was being changed at Hartsfield-Jackson Atlanta International Airport.
A Delta employee and contractor were killed at the scene, while a third person suffered serious injuries.
The incident occurred in the maintenance area of the airport just after 5am on Tuesday.
Delta TechOps is responsible for the maintenance of all the airline's planes, and Atlanta serves as the global headquarters, servicing more than 200 routes around the world.
It is understood the Boeing 757 arrived in Atlanta from Las Vegas on Sunday night, WSB-TV reported.
Flight Radar tracking data reveals the plane had completed four short-haul trips on Sunday between Tampa, Atlanta and Las Vegas.
The incident comes just months after another Delta Boeing lost its nose wheel while attempting to take off from the same airport.
John Laughter, the President and Chief of Operations of Delta TechOps, issued a note to staff on Tuesday morning acknowledging the tragedy is 'heartbreaking for us all.'
He said: 'I’m deeply saddened to share that three TechOps team members were involved in an accident that took place early this morning in Atlanta... Wheel & Brake Shop.
'Please know your safety and wellbeing comes first – always, and that your leaders are here for you. Please continue to take good care of yourself and one another.
'We’re all in this together, and we’ll get through this by supporting each other.'
Laughter said resources will remain onsite to assist for as long as required, and directed distressed staff to the HR department, while also offering a 24/7 counseling service.
Delta Air Lines said in a statement: 'The Delta family is heartbroken at the loss of two team members and the injury of another following an incident this morning at the Atlanta Technical Operations Maintenance facility.
There was a time when I didn't know much about National Open University (NOUN). It seemed like a distant school that no one ever attended.
Whenever anyone told me they finished from there, I would ask, “Why NOUN?”
It just never made sense to me that anyone would leave the popular Federal or State schools and go to NOUN.
Little did I know, a few years down the line, I would find myself studying for a Post Graduate Diploma in Mass Communication at the same school.
What an interesting twist of fate.
I had carried around a stereotype about NOUN simply because it's not as popular as UI, OAU, and the likes.
I would eventually attend the school and benefit greatly from its robust curriculum. The flexible learning structure allowed me to balance my studies with other responsibilities.
Also, it gave me a means to switch from Arts to Humanities, which would eventually be a stepping stone for my Master’s program in Communication.
The real surprise came when I met people here who had done their bachelor’s from there. They had then gone on to get fully funded scholarships to study in the US and are now working in global organizations. I’ve heard of more than three such people.
It’s funny how life throws our biases in our faces and makes a mockery of our ignorance. But the good part is, we learn vital lessons along the way.
We tend to attach success to specific titles, places, or things.
In reality, it's not just the school you attend that determines your success. It’s what you do with what you've been given.
You could attend the Ivy Leagues of the world, but it still wouldn't guarantee your success if you don't put in the internal work of discipline, dedication, and hard work.
While we often find ourselves engaging in baseless arguments about which school is better than which, there are people making waves with the knowledge they have acquired—irrespective of where it came from.
So, here's my takeaway: Don't judge a book by its cover or a school by its name. Focus on making the most of the opportunities you have.
Success is about leveraging your resources, applying yourself, and staying dedicated to your goals. #NOUN #communication #graduatestudent
According to the 2023 Fiscal Accounts Report of the Accountant General of the Federation, Nigeria's Federal Government made a revenue of N5.99tn, spent N19.50tn, and recorded a deficit of N13.50tn—225% of the total revenue.
What does this mean? The government spent more than three times what it earned in revenue.
Where did the revenue come from?
N3.80 trillion came from the Federation Account Allocation Committee (FAAC), FG share of independent revenue raked in N1.98tn, the FG share of the Federation Account contributed N2.39tn, exchange rate differences was N715.75bn, while VAT added N441.87bn.
How was the money spent?
Debt servicing accounted for 43.9% of the budget at N8.56tn—the largest single expense. Non-debt spending took up 27.8% at N5.42tn, while capital expenditure was 23% at N4.49tn.
It goes without saying that a significant portion of government spending was directed toward debt servicing, surpassing the revenue generated.
As a result, the government continues to drift away from fiscal responsibility by borrowing more than it earns, resulting in a deficit of N13.50tn.
The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has observed that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian.
Okonjo-Iweala, speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, noted that the country’s economic fortunes experienced a reversal following the decade between 2000 and 2014, during which the average GDP growth rate was approximately 3.8%.
According to the Director-General of the WTO, this consistent GDP growth outpaced the nation’s population growth, which was only around 2.6% annually.
However, she pointed out that since 2014, the situation has reversed, with GDP showing a negative growth rate of 0.9%, as the government has been unable to sustain the positive growth achieved by previous administrations.
“Many of the big problems the NBA is grappling with today has its root in Nigeria’s failure to sustain rate of economic growth and development that consistently outpaced the growth of our population.
“We have had episodes of reforms and faster economic growth that was not merely a function of the price of oil. But we have been unable to consolidate and build on them and millions of our compatriots have paid the price in terms of diminished job prospects and human well-being.
“For example, in the decade between 2000 and 2014, we have an average GDP growth rate of 3.8% well above our population growth rate of 2.6% per annum, meaning that people were on average truly improving their standard of living.
“During the following decade, average annual GDP per capita has been negative around minus 0.9% meaning people were worse off because we were not able to sustain prior positive growth momentum,” Okonjo-Iweala added.
Nigeria must sustain good economic policies
Speaking further, Okonjo-Iweala said the country needs to sustain good economic policies irrespective of the administration or political party in power in order to foster development in the country.
The former Finance Minister said policy inconsistencies have accounted for the reversal in the fortune of the nation’s economic development.
Furthermore, she advocated for a social contract between the government and the people which will go beyond the political party in power.
According to her, this social contract must be generally accepted on what economic policies should be followed regardless of who is in power.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she added.
What you should know
Nigeria’s Gross Domestic Product (GDP) growth declined to 2.98%, lower than the rate recorded in the fourth quarter of 2023 which was 3.46%, according to a report from the National Bureau of Statistics (NBS). However, the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023 which was 2.31%.
GDP measures the economic activities of a country.
In the past decades, Nigeria’s economic growth has been moderate as a result of low exports, a reduction in the sales of oil which accounts for about 90% of our revenue as well as other economic challenges in the country. Meanwhile, President Bola Tinubu has continuously said he would increase Nigeria’s GDP to a $1 trillion economy, but many analysts believe such a goal may not the feasible amid growing concerns of high inflation, low employment rate as well and rising national debt.
Ten persons were killed as tensions escalated at the Julius Berger area of Abuja on Sunday following a violent clash between members of the El Zakzaky movement, also known as Shiites, and officers of the Federal Capital Territory (FCT) Police Command, reports are saying.
Police officers were among the dead, while several others sustained gunshot injuries, it was gathered.
Chaos erupted when members of the proscribed Islamic Movement of Nigeria (IMN), identified as the Shiite group, allegedly attacked a police checkpoint at Wuse junction.
According to the Federal Capital Territory (FCT) Police Command, the assailants were armed with machetes, knives, and improvised explosive devices, described as locally made bombs in bottles filled with kerosene.
The clash led to the destruction of police patrol vehicles, with three vehicles set ablaze in the violent encounter.
In response, police officers engaged the group in a fierce battle to regain control of the area.
Motorists traveling through the affected routes were forced to take alternative paths to avoid the violence and potential damage to their vehicles.
The situation caused significant disruptions to traffic flow in the vicinity.
Josephine Adeh, the Police Public Relations Officer for the FCT Command, confirmed the incident in a statement, noting that the attack left two police officers dead, three others unconscious and receiving treatment at a hospital, and three patrol vehicles destroyed.
“The proscribed group attacked the police checkpoint unprovoked. Several arrests have been made, and Benneth Igweh, the Commissioner of Police, has condemned the attack, vowing to bring those responsible to justice.
“The situation is currently under control, and normalcy has been restored to the area”, Adeh stated.
As the investigation continues, the police have assured the public that any further developments will be promptly communicated.
For now, the FCT Police Command remains on high alert, closely monitoring the situation to prevent any further outbreaks of violence.
Dubai-based influencer, Kenny Kehinde, called out by his girlfriend of two years over alleged domestic Abuse.
Kenny Kehinde, a Nigerian influencer based in Dubai, UAE, has been called out by his girlfriend, one Precious Chisom, over alleged domestic abuse.
Speaking with Instablog9ja, she said: “I recently ended our two-year relationship due to incessant physical and emotional abuse from him. Kenny responded by going after my younger sister that lives with me.
He had said he was going to help my sister secure an admission into a school in Canada. He promised to help with the visa and all, so I gave him my sister’s contact so that they can talk about it. However, it all turned out to be a lie.
They’re now currently dating and he has lodged her in a hotel and has told her bad things about her family to shut her out. She doesn’t take any one’s call not even my mum’s.”
My Take on #InsideSources current edition was released yesterday only on @channelstv. Among other points, i noted that in the US, Congressmen and Senators are paid about $174,000, but an average orthopaedic surgeon in America earns over $568,000 annually. More than their elected representatives.
In the United Kingdom, members of the Parliament are paid £91,000 a year, but a consultant grade doctor takes home more about £131,000 yearly.
In South Africa, members of the Parliament get between 1.2 million rands and 1.7 million rands a year, but consultant grade doctors in that country earn more - at about 2.3 million rands yearly.
In Kenya, surgeons receive annually about 20 million shillings compared to about 8.7 million shillings paid to members of Parliament.
However, here in Nigeria, an orthopaedic surgeon takes an annual salary of 17.5 million on the average-the same thing as a heart surgeon in this country.
But our members of the National Assembly, with their running cost added, which is paid to them directly, and other allowances, they take home over 20 million naira in a month. Compared to surgeons, who in Nigeria take less than N20m in a year!
My Take on #InsideSources current edition was released yesterday only on @channelstv. Among other points, i noted that in the US, Congressmen and Senators are paid about $174,000, but an average orthopaedic surgeon in America earns over $568,000 annually. More than their elected… pic.twitter.com/3O9XY6XSiJ
I watched Emir Sanusi Lamido get emotional as he got his PhD. Let me try and explain what happened, based on my own experience.
You see getting a PROPER PhD from a reputable school is, to my mind, the hardest thing you can do academically. It squeezes out every ounce of brain power, patience and physical endurance that you can muster.
I often say that your thesis is only accepted when you have shown yourself capable of being able to answer every “stupid” question that can be thrown at you. In truth, the questions you’ve shown yourself to be able to answer are not stupid. You show that you can answer questions thrown at you from every conceivable school of thought and every possible interpretation and every possible ideological bias.
Having your thesis approved without correction is actually not unusual. The examiners usually have 3 options: 1. Approve the thesis with no corrections 2. Approve the thesis with corrections (make minor corrections and resubmit) 3. Reject the thesis. If your thesis is rejected, some schools will award you an MPhil instead of a PhD.
If you have a good supervisor, your thesis would normally be approved without correction. They would have checked EVERYTHING, including spellings, referencing and even formatting before allowing you to submit it for publication evaluation.
Even after being approved by your supervisor, you will still have doubts as a candidate. You will still ask your supervisor “What if…?” In my case, my supervisor said “I said your thesis is a Cum Laude. Anyone that says otherwise should google my name first!” Steeeez!😀
At the defence, Professors from other schools, sometimes even faculties and disciplines tear through your thesis. Every question starts with “Dear Candidate…” you could hear something like: “You said on page 212 that … However, we know from theory and empirical evidence that it doesn’t happen that way. Why did you say that?” One of the objectives is to ensure that you are the one that actually wrote the thesis.
Although my thesis was on Governance, one Professors even found a way to relate his question to the film ‘The Matrix’ (I am not a fan of science function).🙈 They make it clear that they belong to an exclusive club that they DON’T want you to join.
When you have answered every “stupid” question, they retire to another room for like 20-30 minutes to discuss among themselves. During that time, you are not allowed to move from where you are standing or talk to anyone (not even your family). When the time has passed, they file in in a procession.
If your thesis has passed, they start praising your work. They then give your supervisor the authority to award you the degree. He then addresses you as “Dear Candidate/ Dear Joe…” And then tells you that, for the first time, he will address you with the appellation “Doctor.”
Then all the pain, effort and sacrifice over so many years washes over you. Together with all the praises from these highly intelligent people, you look at your wife and children and remember all that they had had to sacrifice for you to indulge this your selfish desire to get a PhD. You see tears in their own eyes.
It is extremely difficult not to get emotional. That is what happened. 😊
Oh! I forgot to add that you then come on social media and some sub-literate street urchin calls you “Olodo.” 😂
DJ Cuppy posted pictures from her recent water baptism at the Holy Trinity church in Brompton, UK, reflecting on her re-dedication.
In her caption, she wrote:
This summer, I made THE best decision of my life— to fully dedicate my life to God. Baptism isn’t just a ceremony; it’s a transformation. I am a new creation, reborn in His grace 🕊️✝️
The way to live us actually to die…
Ofcourse I am still DJ Cuppy, but now, every beat, every moment, has a deeper meaning. I see life in a new, brighter light. At 31, I finally understand what it really means to live a purpose driven life. Each day, I’m learning to live with intention, guided by something bigger than myself. Thank You, Father, for Your Salvation 🤍🛐 #GodsVeryOwn
Met my beloved brother and teacher Mufti Menk while transiting to Madina Munawara (the city of the Rasool) in Addis Ababa. He reminded me of the sufficiency of Allah in all circumstances, that both good and bad are trials from Allah to establish the people of faith. May Allah accept our submission to His will and continue to be faithful to our country and follow our leaders unconditionally.
Met my beloved brother and teacher Mufti Menk while transiting to Madina Munawara (the city of the Rasool) in Addis Ababa. He reminded me of the sufficiency of Allah in all circumstances, that both good and bad are trials from Allah to establish the people of faith. May Allah… pic.twitter.com/uE1NERwnPL
Ride-hailing app Bolt has blocked an undisclosed number of accounts requesting fake rides and canceling them after a driver accepted.
The company has also restricted intercountry ride requests to curb a trend which has mostly involved Bolt users in Nigeria and South Africa.
On Thursday, several accounts on the social media posted screenshots of the trend where a Bolt user in either Nigeria or South Africa would request a ride in one of the countries and then cancel it after the driver accepted.
It is unclear what the motivations of the trend is beyond internet trolling.
“We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community,” said Yahaya Mohammed, Bolt’s country manager Nigeria at Bolt.
“I drove from Cape Town to Stellenbosch to pick up a customer only to realise it was a fake request,” one Cape Town-based driver told TechCabal. “That’s almost 50km worth of fuel gone because of internet jokes.”
As Bolt does not reimburse drivers for the fuel spent on cancelled rides, some have resorted to refusing long-distance requests until the situation is addressed by Bolt.
The 16th Emir of Kano, Muhammadu Sanusi II, has completed a doctorate in Islamic Law at the University of London, United Kingdom.
In a heartwarming video, Sanusi could be seen getting emotional after he was told that his thesis was approved without any correction.
The video showed the monarch being congratulated in a meeting held virtually.
The thesis was on: “Codification of Islamic Family Law as an Instrument of Social Reform: A Case Study of the Emirate of Kano and Comparison with the Kingdom of Morocco.”
Sanusi started the PhD programme after he was deposed by the then governor of Kano, Abdullahi Ganduje, in 2020.
He relocated to the UK to focus on it.
About five months after Sanusi’s dethronement, he was granted a visiting fellowship at the African Studies Centre of the University of Oxford.
In 2019, the monarch was awarded an honorary doctorate in finance at the School of Oriental and African Studies of the University of London.
The former governor of the Central Bank of Nigeria (CBN), had in 1997 earned a second bachelor’s degree in Islamic studies and fiqh at the Africa International University in Khartoum, Sudan.
Sanusi, who in 1981 earned a degree in Economics, is arguably one of the most educated Nigerians that ever became a monarch in the country.
I wish to express my heartfelt condolences to the bereaved family, the entire community of Gobir Emirate and the government of Sokoto State on the tragic loss of Sarkin Gobir, HRH Alh. Isa Bawa, District Head of Gatawa District in Sabon Birni local Government.
The heinous act of violence perpetrated by bandits resulting in the untimely demise of such a revered leader is a stark reminder of the pressing need for enhanced security measures in safeguarding the lives and property of citizens.
The failure of government to show concern or devise effective security strategies has undoubtedly contributed to the escalation of such distressing events in recent times.
It is important to reiterate that government must provide security that will ensure the protection of lives, such that individuals do not have to live in fear of falling victims to senseless acts of violence.
May the Almighty Allah accept the soul of Alhaji Isa Bawa and grant his bereaved family and people the fortitude to bear his loss. Amin. -AA
Professor Epiphany Azinge (SAN) has been officially designated as the 14th Asagba of Asaba.
Announced by the Ochendo Ahaba, Anthony Edozien, this appointment follows a meticulous democratic selection process in accordance with the Traditional Rulers and Chiefs Edict of 1979.
As the new Asagba designate, Professor Azinge is set to continue the rich legacy of the Asaba chieftaincy. For an in-depth look at this historic announcement and what it means for the community.
Politics › Re: Rema Pays Homage To HIS ROYAL MAJESTY, The Oba Of Benin (video) by nlfpmod(mod): 9:42am On Aug 30, 2024
