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A two-storey building has collapsed in the Orile-Iganmu area of Surulere, Lagos.
The incident occurred at about 8am on Monday.
Social media footage showed the moment the building caved in as people in the vicinity scampered for safety.
Nosa Okunbor, head of public affairs unit of the Lagos State Emergency Management Agency (LASEMA), said there were no casualties from the incident.
“LASEMA Response Teams in Search & Rescue Operation at a self-collapsed building on Amusu Street, Baale Bus Stop, Orile Iganmu,” he said.
“Incident summary: Transmitted at 08:54am; No Casualties.”
Okunbor said the agency would share more information in the coming hours.
In July, three site workers died when a building collapsed in the Maryland area of Lagos. The incident occurred at No 13, Wilson Mba street, Arowojobe Estate.
Three other site workers were rescued alive and were rushed to hospital.
Building collapses are commonplace in Lagos — Nigeria’s commercial capital and most populous city.
[TheCable]
Falz, the Nigerian singer, has shared his unsuccessful attempts at engaging in threesomes.
A threesome is when three people engage in sexual activities with each other.
Speaking on the Over The Top show, the ‘Ndi Ike’ singer disclosed that he attempted a threesome twice but it did not go well on both occasions.
Falz said he sought professional help to understand why his threesome experiences were unsuccessful. The 33-year-old said he was told the problem was because he was “planning it”.
The rapper said he was also advised to allow the act to happen spontaneously.
“What might be interesting to note is that I have only attempted it twice and on both occasions, they did not really go well. To answer your question, the last time was about two years ago or so,” he said.
“This is because, after that second time, I was like I give up. I also spoke to some professionals and they said to me that the problem is that you are planning it. They said just let it happen.”
Falz, who rose to fame in 2009, is renowned for using his music to address societal issues and bad governance. Some of his popular tracks include ‘Wehdone Sir’, ‘Child of the World’, and ‘Talk’.
His impressive career has earned him multiple awards, including ‘Album of the Year’ at the 2016 City People Entertainment Awards.
Aside from his music career, Falz has also made a mark in Nollywood. He made his movie debut in ‘Couple of Days’ (2016).
Falz was recently involved in controversy when activist VeryDarkMan shared a purported audio conversation wherein Bobrisky, the social media celebrity, claimed he and Femi Falana, his father, helped drop the money laundering charges against her by the Economic and Financial Crimes Commission (EFCC).
[TNG]
Samson Dauda, the Nigerian-born bodybuilder representing the United Kingdom, has been crowned the 2024 Mr. Olympia.
Mr. Olympia is an annual bodybuilding competition and title awarded to the professional men’s bodybuilding contest winner in the open division at Olympia Fitness & Performance Weekend. The international bodybuilding competition is sanctioned by the IFBB Professional League.
Dauda made history by winning the 60th Mr. Olympia contest at the Las Vegas Convention Center in Nevada, United States.
He defeated top competitors on Saturday with Hadi Choopan taking the runner-up spot, while 2023 champion Derek Lunsford secured the third position.
Dauda also became the first bodybuilder of Nigerian descent to win the Mr. Olympia competition.
He previously finished third in the 2023 Mr. Olympia. This year, he won the title and was named People’s Champion, receiving a championship belt and trophy.
Ayodele Fayose, a former governor of Ekiti State, has said the former presidential candidate of the Labour Party, LP, Peter Obi is currently the voice of the opposition and not his Peoples Democratic Party, PDP counterpart, Atiku Abubakar.
Fayose, who spoke on Sunday during an interview on Channels TV, dismissed chances of his party, the PDP to defeat the ruling All Progressives Congress, APC, in the 2027 presidential election.
Lamenting the leadership crisis rocking the party, the former governor said PDP members no longer have a party.
”As I always say, we can defeat the APC but when we don’t have a party again, how can we defeat them?” He queried.
Fayose, who also urged Atiku to stop contesting elections in Nigeria, said, “when we complain about the APC and we don’t have a party and you can say you will do this and that, but when Obi is the voice of the opposition now.
“The press will call Obi than call the PDP and when the Publicity Secretary is suspending people and vice-versa, so where is the party?”
The Jigawa State Police Command has arrested 26-year-old Nura Mas’ud, a resident of Mu’azu village of Sule Tankarkar LGA, for allegedly setting his 60-year-old grandmother, Zuwaira Muhammad, ablaze.
PUNCH Metro learnt on Sunday that Mrs Muhammad had repeatedly expressed concern over her grandson’s physical appearance and mental health status, who is said to be mentally unstable.
Mas’ud was said to have been provoked by his grandmother’s frequent inquiries and warned her to stop but she continued.
In a confessional audio clip made available to PUNCH Metro, Mas’ud said he was fed up with his grandmother’s endless inquiries about his health status.
He noted that his decision to set her ablaze using petrol had put to a halt her questioning.
“She frequently asked about my health, and I asked her what was happening to me but she kept mum. That was what informed my decision to pour petrol on her,” Mas’ud stated.
When contacted, the Jigawa State Police Command’s spokesman, Shiisu Lawan Adam, who confirmed the tragic incident to our correspondent, stated that preliminary investigations revealed that the suspect, who is suffering from mental derangement, has been receiving treatment at the Kazaure Psychiatric Hospital.
“A preliminary investigation revealed that the suspect is suffering from mental illness and has been receiving treatment at the Kazaure Psychiatric Hospital”, Lawan emphasised.
“One Nura Mas’ud, ‘m’, age 26 years of Mu’azu village, Sule Tankarkar LGA, went to his family house with a petrol canister and suddenly poured it on his grandmother, Zuwaira Muhammad, ‘f’, aged 60 years, of the same address, and set her ablaze”, Lawan said.
According to him, the victim died while receiving treatment at a hospital, adding that the suspect had voluntarily confessed to have committed the offence because of the endless enquiries the victim was making about his life on several occasions.
The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor Enoch Adejare Adeboye, has appointed Professor Toyin Ogundipe as the new Chairman and Pro Chancellor of the Redeemer’s University, Ede, Osun State.
Prof. Ogundipe before his appointment was the immediate past Vice-Chancellor of the University of Lagos.
Professor Ogundipe, DAILY POST gathered, replaces Pastor Ezekiel Odeyemi, the Assistant General Overseer in charge of Training and Education of the Redeemed Christian Church of God.
The announcement was contained in a statement issued by the Public Relations Officer of the institution, Adetunji Adeleye on Monday in Osogbo.
According to the statement, the other members of the reconstituted Governing Council are: “Professor Shadrach Olufemi Akindele, Vice-Chancellor, Professor Ahmed Parker Yerima, Deputy Vice-Chancellor, Professor Olalere Gabriel Adeyemi, representing the University Senate, Professor Christian Happi, representing the University Senate, Professor Idowu Odebode, the University Congregation, Professor Emmanuel Ajav, representing the RCCG, Pastor (Mrs.) Tomi Somefun, representing the RCCG, Pastor Sola Olukoya, representing the RCCG, Dr. Olaniyi Salau (Legal Practitioner) representing the RCCG, Mr. Tobi Aniyi, representing the Redeemer’s University Alumni, Mrs. Funmilayo Olusola Kolade, representing the National Universities Commission, and Mrs. Mojisola Oje who is the Registrar and Secretary to the Council.
Former Green Eagles goalkeeper, Peter Fregene, has passed away.
Naija News reports that sad news was announced by his longtime friend and ex-international, Segun Odegbami, on Sunday.
Odegbami revealed that Fregene died peacefully after a prolonged illness, with his wife, Tina, and two of his children by his side.
The football legend, who had been on life support for the past week, finally succumbed to his health challenges, marking the end of an era for Nigerian football.
Earlier this year, Odegbami had publicly sought financial assistance for Fregene’s medical care.
In a statement issued in March, he shared that the former goalkeeper was hospitalized in Sapele, Delta State, and required urgent medical attention.
Although some support was provided, including an ambulance covered by Tony Ojesina, more funds were still needed for further treatment at a teaching hospital.
Odegbami also used the opportunity to highlight the absence of a functional welfare system for retired athletes in Nigeria, lamenting the hardships many face in their later years.
In his update on Sunday, Odegbami expressed his grief, writing, “A few minutes ago, Peter ‘Apo’ Fregene, OLY, former goalkeeper for Nigeria’s Green Eagles, who has been on life support for the past one week, passed on to meet his creator. He died quietly in the presence of his two children and his devoted wife, Tina.”
Fregene’s legacy is well remembered, especially his standout performances for Nigeria’s national team in the 1960s and 70s, including his participation in the 1968 Olympics in Mexico.
Known for his incredible reflexes and shot-stopping ability, Fregene earned the nicknames ‘Apo’ and ‘Flying Cat,’ a testament to his agility and skill between the posts.
Tributes have since poured in from across the sports community, honoring his contributions to Nigerian football and his impact on the generations that followed.
Super Eagles media team on Sunday night confirmed that players and officials of Nigeria’s senior men’s national team were held hostage by Libyan authorities upon their arrival at Al Abaq Airport in Al Abaq, PUNCH Sports Extra reports.
In a video posted by the Eagles media team, the players and officials, along with their luggage, were left stranded at the airport, with the Libyan airport officials indifferent to their plight and conversing in Arabic.
The Eagles departed for Libya on Sunday morning, ahead of their 2025 Africa Cup of Nations qualifying matchday 4 clash against the Mediterranean Knights. Initially scheduled to fly into Tripoli and travel by road to Benghazi, the team altered their plans to avoid unnecessary strain. Instead, they chartered a flight with a brief stopover in Kano before continuing to Benghazi. Libya will host the three-time African champions at the 10,000-capacity Martyrs of Benina Stadium in Benina, located just 10 kilometres from Benghazi, but reports emerged that they were diverted to another city.
“About an hour to landing, the Nigerian aircraft approaching its destination, Benghazi, was diverted to another city more than a two-hour drive from the original destination,” the Eagles media team said.
“Libya authorities hold Super Eagles and officials hostage at the Al Abaq airport in Al Abaq.”
Nigeria secured a hard-fought 1-0 victory over Libya at the Godswill Akpabio International Stadium in Uyo on Friday courtesy of a late Fisayo Dele-Bashiru strike. The second leg between the two countries will take place on Tuesday, October 15, with the Eagles hoping to maintain their unbeaten runs.
The Confederation of African Football has appointed Cape Verdean official Delgado Santos Rocha Lenine to referee the match.
He will be assisted by his compatriots Djêry Gomes Lopes and Jorge Santos Fonseca Aritson as assistant referees. Burkina Faso’s Hamidou Diero will serve as the fourth official. Somalian Amir Abdi Hassan has been named match commissioner, while Malian Dramane Dante will act as the referee assessor. The security of the event will be overseen by Algerian official Rachid Medjiba.
You Are Part Of Tinubu’s Advisers, Share Your Grievances With Him In Private – APC Sends Warning To Ndume
AFOLABI
The All Progressives Congress (APC) has warned the former Chief Whip of the Senate, Ali Ndume, to desist from publicly criticising the President Bola Tinubu-led government.
The ruling party urged Ndume to privately reach out to the president to share his reservation.
The National Publicity Director of the APC, Bala Ibrahim, gave the advice on Sunday in an interview with Punch.
He argued that bigwigs like Ndume should seek to weigh their words before going public.
Recall that Ndume had called on the President to tackle the hardship suffered by citizens before it was too late.
The lawmaker claimed that certain bad actors close to Tinubu were responsible for pushing harmful reforms and policies which are aimed at destabilising the government.
However, Ibrahim has warned Ndume to tread with caution.
Asked on Sunday if the ruling APC was concerned about Ndume’s latest public advice to the President, he replied that the legislator belongs to the same party as the president, hence he ought to share his grievances in private.
He said, “In a democracy, people have the right to own opinion and ventilate their positions without anyone suppressing it. Ali Ndume is one of the President’s advisers at large. If you happen to belong to the same party as the President, you must share certain things with him because he is working on the policies or agenda of the party.
“As a senior party member, a legislator and former Chief whip for that matter, Ndume is an adviser by extension to all the leaders in our party. Therefore, he has ways of reaching out to them in private without necessarily going public. People must take note of their position and the fact that they have followers who will go to an extent to assess them based on what they say or do.
“Many people hold Ndume in high esteem. So he must always weigh his words for fear of being misquoted or misinterpreted. But I want to believe he is doing so in good faith. Whether the APC is disappointed or will consider any sanction in a decision to be taken by the party.”
The development comes three months after Ndume was relieved of the Chief Whip position for embarrassing the President on live TV.
The Borno lawmaker claimed that Tinubu had been caged and prevented from knowing the hardships Nigerians were passing through, an action that irked the ruling party.
He was subsequently replaced by the Senator representing Borno North, Tahir Monguno following a directive issued to that effect in a letter written by the National Chairman of the party, Umar Ganduje and National Secretary, Senator Bashir Ajibola.
The National Drug Law Enforcement Agency (NDLEA) has arrested a 29-year-old graduate, Oguejiofor Nnaemeka Simonpeter for allegedly importing heroin worth over ₦3.192 billion into the country.
According to a statement on Sunday by the NDLEA spokesperson, Femi Babafemi, Simonpeter, a Thailand returnee, is a graduate of Mechanical Engineering from the Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra state.
He narrated that the suspect was arrested by NDLEA operatives at the Murtala Muhammed International Airport in Lagos on October 7, 2024 while attempting to smuggle the illicit drug concealed in six backpacks, and packed into two big suitcases.
“The 29-year-old graduate of Mechanical Engineering from the Chukwuemeka Odumegwu Ojukwu University, Uli, Anambra state, had left Thailand on 3rd October on Qatar Airways flight and stopped over in Doha where he spent two days before heading to Lagos while his luggage was routed to Accra, Ghana, his original destination,” the statement reads.
“After arriving Lagos on the 5th October, he contacted the airline to reroute his luggage to Nigeria so that he can pick them up as rush bags in a bit to beat security checks. However, NDLEA officers intercepted him at the point of exit.
“A search of his two suitcases revealed three empty backpacks in each box with a large parcel of heroin neatly sewn to all the six backpacks. The six parcels were subsequently recovered with a gross weight of 13.30kg.”
The statement said Oguejiofor claimed he was hired for a fee of $7,000, and that he was to deliver two parcels in Lagos, and the other four in Accra, Ghana.
In another development, the NDLEA spokesperson said 32.6m pills of tramadol worth over N12.6 billion, and 1.5m bottles of codeine-based syrup with a street value of N10.16 billion, were intercepted at the Lekki Deep Seaport, Apapa seaport in Lagos, and Onne, Rivers state.
Babafemi said the combined monetary value of the seized opioids amounted to N22.7 billion.
“The illicit consignments were seized from containers watch listed by NDLEA based on intelligence and processed for 100 percent joint examination with men of the Nigeria Customs and other security agencies at the three seaports between Monday 7th and Friday 11th October 2024,” the statement added.
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Former President Olusegun Obasanjo has stated that God has blessed Nigeria with numerous resources for growth.
He said that it is not God’s plan for Nigeria to struggle economically, noting that the country is blessed with abundant natural resources.
Obasanjo shared his thoughts at the Methodist Archdiocese of Abuja’s 40th anniversary celebration on Sunday in Abuja.
He opined that Nigeria had all it needs to thrive.
He subsequently called on leaders to judiciously use the country’s abundant resources to develop the nation.
Obasanjo echoed the sentiments of Methodist Prelate, Dr Oliver Aba’s message, emphasising the importance of appreciating God’s blessings.
He said, “As God created other nations, endowing them with resources, He similarly blessed Nigeria with numerous resources for growth.
“Just as Egypt has the River Nile, Nigeria has the Rivers Niger and Benue, plus crude oil, fertile soil, and other natural resources.
“I firmly believe God didn’t create Nigeria to struggle. He has given us everything we need; it’s our duty to appreciate Him, especially since many countries lack what Nigeria has.”
Obasanjo urged leaders, clergy, and citizens to pray for the country’s healing, acknowledging that Nigeria’s current situation isn’t God’s fault.
“We’ve squandered God’s gifts, but if we humble ourselves and seek Him, He will heal our land,” he added.
President Bola Tinubu, represented by the Minister of the Federal Capital Territory, Nyesom Wike, commended the Methodist Church Nigeria for its commitment to social justice, education, and humanitarian outreach.
In his goodwill message, Tinubu praised Methodist Church Nigeria for its pioneering role and impactful vision.
“I celebrate the 40th anniversary of Abuja Archdiocese, a testament to the church’s enduring spirit of faith, community, and service in Abuja and 183 years in Nigeria.
“The Methodist Church has significantly contributed to our nation’s development through social justice, education, and humanitarian efforts, transforming lives nationwide,” he said.
A prominent chieftain of the All Progressives Congress (APC) in Bauchi State, Sunusi Takko, has publicly criticized former Minister of Transport, Rotimi Amaechi, for his recent remarks aimed at President Bola Tinubu’s administration.
Takko, who was part of the now-defunct 2023 APC Presidential Campaign Council, described Amaechi’s criticisms as “unpatriotic” and suggested that he should focus on recovering from his loss of the presidential ticket to Tinubu in 2022.
Amaechi, in a recent interview, lamented the prevailing economic hardships in the country and questioned why Nigerian youths have not taken to the streets to protest against Tinubu’s government. His comments sparked a wave of responses from party members, including Takko.
In a statement issued on Sunday, Takko expressed his disapproval of Amaechi’s call for mass protests against the government, questioning the former minister’s motivations.
He said, “The fact that he lost to Asiwaju Bola Tinubu with the widest margin of votes doesn’t mean he should rock the boat, leading the path to destruction of lives and properties of fellow Nigerians.
“Amaechi should always learn to be loyal to those who have helped him one way or the other to reach his present position and status in life, knowing fully well that what goes around comes around.
“All the issues raised by Rotimi Amaechi for calling on the youth to rise against President Bola Tinubu’s presidency have been addressed in his October 1 presidential address and measures have already been put in place providing necessary recipe.
“One of such measures is the proposed National Youths Confab, which has been applauded by millions of Nigerian youths and will start yielding positive results in ameliorating some of these issues.”
Similarly, an APC chieftain in Osun State, Olatunbosun Oyintiloye, appealed to politicians to refrain from utterances that could incite Nigerians into violent protest resulting from the current hardship in the country.
He subsequently called on the security agencies to be on the alert and ensure that anyone attempting to incite the masses was made to face the consequences of engaging in such an act.
Oyintiloye said any politician using the current hardship in the country to incite the masses against the constituted authorities should be treated as an enemy of the country.
According to him, at this critical time in the nation’s national life, President Tinubu needed prayers and the support of all Nigerians to enable him stabilize the economy for the benefit of all.
“There is no doubt that the economy is not in its best shape, but this is just temporary. The President is working assiduously to ensure that the economy is brought back to shape for Nigerians to enjoy.
“While we are waiting for that, I do not think inciting the masses against the government is the best way to go.I will strongly advise those politicians who are calling people to protest against the government to desist or be ready to face the law,”Oyintiloye said.
The Federal Government, through the Nigerian Customs Service (NCS), is set to ground over 60 private jets owned by prominent individuals in the country due to unpaid import duties totaling several billions of naira.
The enforcement is scheduled to begin today, October 14th, 2024.
Documents exchanged between the NCS and the Nigerian Airspace Management Agency, obtained by The PUNCH, indicate that many private jet owners have failed to pay import duties, leading to this enforcement action aimed at recovering the outstanding sums.
This decision follows a one-month verification exercise conducted by the NCS between June and July of this year, which assessed private jet ownership and duty payments.
Despite the verification, many private jets remain non-compliant, leading to today’s grounding action.
Notably, some of the jets affected by this action belong to prominent business figures, including bank executives.
The NCS has already notified several private jet owners, with more expected to receive letters today.
Most of the jets impacted by the grounding are foreign-registered but owned by Nigerians.
Among the luxury aircraft listed are several Bombardier models, including the Bombardier Challenger 604 and the Bombardier BD-700 Global series, valued at tens of millions of dollars each.
As of Sunday, 11 jet owners had been informed of the impending grounding, with another 55 expected to receive notification by the end of today.
Reports suggest some jet operators attempted to lobby the Presidency to intervene, but the effort was unsuccessful.
As a result, some owners have begun settling their import duties to avoid the clampdown.
For instance, operators of a U.S.-registered Gulfstream G650ER have reportedly paid N5.3bn in import duties to avoid sanctions.
A similar exercise in 2019 resulted in the recovery of duties from various jet owners.
This current action is expected to bring in significant revenue for the government, potentially over N260bn.
While some aircraft owners have already started negotiations with the NCS to settle their debts, others have promised to do so once their aircraft return to Nigeria.
However, officials confirmed that at least three jets have already been flown out of the country to avoid the grounding but will be restricted once they re-enter Nigerian airspace.
The Nigerian Customs Act of 2023 authorizes the NCS to penalize the owners of goods, including private jets, imported without proper duties being paid.
Demand notices have been issued, and the NCS has requested the Nigerian Civil Aviation Authority and the Nigerian Airspace Management Agency to deny flight clearance for non-compliant aircraft.
The NCS’s verification exercise was introduced after it was discovered that many private jets in Nigeria were operating without paying the required customs duties.
In July, NCS Comptroller General Adewale Adeniyi confirmed that many jets had left the country ahead of the exercise, seemingly to avoid being verified.
He emphasized that while some aircraft are in Nigeria temporarily, those used domestically must pay duties as per international aviation regulations.
Over the past three years, the government has been working to recover unpaid import duties from private jet operators, some of whom have used technical loopholes, such as obtaining Temporary Import Permits (TIP), to avoid payment.
The TIP allows aircraft to operate in Nigeria temporarily, but many operators have exploited this provision, extending their permits indefinitely.
Customs officials have described the TIP system as a loophole allowing private jet owners to evade import duties, which are typically five percent of the jet’s value.
Many owners have been reluctant to pay these substantial sums, opting instead to exploit the temporary waiver provided under international regulations.
However, the new Customs leadership appears determined to close these loopholes and recover all unpaid duties.
•As MAN loses legal battle on electricity tariff hike
The manufacturing sector in Nigeria is facing existential threats with the escalating costs of energy, amongst other binding constraints, driving up production and logistics costs thus putting the sector on the brink of collapse.
Manufacturers over time have raised the alarm over the damaging impact of the rising cost of energy, which has seen the pump price of petrol rise by about 430 per cent and electricity tariff up by 212 per cent for ‘Band A’ consumers over the past year.
On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification. The commission said customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per Kilowatt-hour (kWh) up from N66/kWh, but later reduced it to N209/kWh.
MAN had labelled the hike in power tariff as detrimental to economic growth and in its quest for survival, instituted a legal action at the Federal High Court in Lagos against the Nigerian Electricity Regulatory Commission (NERC) and joined the electricity distribution companies (DisCos) as respondents to challenge the implementation of electricity tariff hike.
The manufacturers sought four reliefs: that due process stated in the Act for the review was not fulfilled before the DisCos applied to NERC for the tariff review on 31 July 2023; and that regulatory requirements for tariff reviews were not followed before NERC issued the Supplementary Order of 3 April 2024 and the subsequently reviewed rate of 6 May 2024.
MAN also held that placing the burden of the tariff increase on only Band “A” feeders and leaving out other bands amounted to discrimination against such consumers; and that the defendants must comply with administrative procedures for tariff review before rightfully implementing the April and May Supplementary Orders.
NERC however objected to the suit, stating that MAN’s case constitutes an abuse of court processes, being hasty and prematurely filed without following due process of the law.
But in a significant setback to the manufacturers’ efforts to reverse the electricity tariff to its previous price, the court struck out the case.
In the judgment delivered on 7th October 2024, the court considered all the parties’ arguments and ruled that MAN’s suit was an abuse of court process being premature and without due regard to the provisions of section 51 of the Electricity Act 2023.
The court also held that MAN’s case disclosed no reasonable cause of action, as it had not exhausted the dispute resolution mechanism. It thus held that the suit was not instituted with due process of law, and consequently struck out the case.
The development represents a significant setback in the manufacturers’ efforts to reverse the electricity tariff to its previous price, which means the sector will continue to operate at high production costs, with the attendant consequence of low sales, increased unsold inventory, probable shutdown and loss of jobs.
President of MAN, Francis Meshioye, had said that the policies of the federal government in the last year have made manufacturing businesses unattractive in Nigeria, lamenting that the growth of manufacturing is seemingly not on the front burner of the federal government.
“Major contributors to Nigeria’s rising inflation are food and energy. If you look at the electricity tariff cost, it moved from N66/kWh to N209/kWh. If you look at the percentage increase, you discover that it is not marginal. This has affected the manufacturing business generally,” he stated.
Director General of MAN, Segun Ajayi-Kadir, said: “The exponential increase in the face of inadequate electricity supply is inimical to the competitiveness of Nigerian products and businesses and will definitely exacerbate the impact of high cost of production.”
He had earlier lamented that diesel is taking 80 percent of the profit of surviving manufacturing firms in the country, wondering “which manufacturer can cope with that astronomical price for energy to produce?”
He noted that while there had been a slight reduction in diesel prices, largely due to the Dangote refinery, the costs remained burdensome for manufacturers. “We have seen an improvement, but the cost is still high,” he said.
Ajayi-Kadir painted a grim picture for the sector’s performance in the fourth quarter, while identifying rising interest rates, high diesel prices, and electricity tariff hikes as major obstacles for the sector.
“Earlier in the year, we imagined that the second half would be better. But rather than experience an upswing, we have continued to have a depression,” he added.
In its second quarter, Q2’24, Manufacturers CEO Confidence Index (MCCI) survey, MAN ranked the exorbitant increase in the electricity tariff as one of the major challenges facing their operations.
“All the current indicators of manufacturers’ confidence went south due to the exorbitant increase in the electricity tariff, the aggressive hike of the interest rates, the high exchange rate, the persistent inflationary pressure, and the recurrence of fuel scarcity, amongst others.
“The situation calls for big concern as the business environment begins to threaten the longstanding resilience of many manufacturers,” the report added.