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NLC to Commence Nationwide Rally Against 50% Tariff Hike

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By Njoku Chijioke 

The Nigeria Labour Congress (NLC), has announced a nationwide rally on February 4, 2025, to protest the 50% increase in telecom tariffs approved by the Nigerian Communications Commission (NCC).

In a communique issued after its National Administrative Council meeting in Abuja, NLC President Joe Ajaero condemned the hike, calling it harsh and unfair to Nigerians already grappling with high fuel prices, rising food costs, increased electricity tariffs, and inflation.

“The rally will serve as a warning against imposing such an unfair increase on a struggling population,” Ajaero stated, urging the federal government, NCC, and National Assembly to engage in meaningful dialogue to reconsider the hike.

The NLC has directed its affiliates and state councils to begin mobilization, calling on workers, the informal sector, and the general public to resist the tariff increase.

The NCC justified the adjustment, citing rising operational costs and the need for industry sustainability. However, critics argue that the hike will further burden already struggling Nigerians.

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Keystone Bank Remains Stable Despite Court Forfeiture Order –CBN

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By Abaire Olanlesi 

The Central Bank of Nigeria (CBN), has assured the public that Keystone Bank remains financially stable and fully operational despite a court ruling forfeiting its shares to the Federal Government.

CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, emphasized that the ruling aligns with the bank’s management takeover in January 2024 and has no impact on depositors’ funds.

The forfeiture follows the conviction of Sigma Golf Nigeria Limited, Keystone Bank’s former shareholder, and ex-AMCON MD Ahmed Kuru over an alleged N20bn fraud.

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Telecom Operators Reject NLC’s Demand for Tariff Reduction, Justify 50% Hike

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By Emmanuel Ogbodo

Nigeria’s Mobile Network Operators (MNOs) have rejected calls from the Nigeria Labour Congress (NLC) to negotiate a reduction in the recent 50% tariff increase, insisting the hike is necessary for the industry’s sustainability amid rising operational costs.

The NLC, opposing the adjustment, has demanded a rollback to 5% and threatened a nationwide protest on Tuesday, February 4, if its demands are not met.

The union described the increase as “insensitive and unjustifiable,” warning it would further strain Nigerian consumers.

At a weekend forum in Lagos, representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and major telecom firms, including MTN Nigeria, Airtel Nigeria, and 9mobile, defended the hike.

ALTON Chairman Gbenga Adebayo likened the increase to a “lifeline” for the industry, arguing that anything lower would cripple operations.

MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, clarified that operators do not engage directly with the NLC, as ALTON manages industry-wide negotiations.

Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, added that discussions with labour unions fall under the purview of government agencies and ALTON.

The Nigerian Communications Commission (NCC), which approved the tariff adjustment on January 20, 2025, defended the move, citing inflation, foreign exchange volatility, and rising energy costs.

The commission emphasized that the decision aligns with its mandate under the Nigerian Communications Act, 2003, to ensure telecom sector viability.

Despite these justifications, the NLC remains firm in its opposition. Union President Joe Ajaero reiterated the demand for a significant reduction, warning of nationwide protests if the hike is not reversed.

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Dangote Refinery Reduces Petrol Price to N890 Per Litre

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By Alexis Uchendu

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.

This follows a previous price hike on January 19, driven by rising crude costs.

Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.

The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.

Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.

 

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