Economy

Nigeria: The road to new minimum wage…

By Prof. Abdelghaffar Amoka

In 2011, the exchange rate was 1 USD to 155 naira, and in 2024, it is about 1 USD to 1,550 naira. That is a ratio of 1: 10 for 2011 and 2024.

In 2011, a loaf of bread cost 150 naira, and in 2024, it is about 1,500 naira. That is a ratio of 1: 10 for 2011 and 2024.

In 2011, a bag of maize cost about 5,000 naira. In 2024, it is about 55,000 naira. That is a ratio of 1: 10 for 2011 and 2024.

The price of most basic needs has increased ten times between 2011 and now. That is still a ratio of about 1: 10 for 2011 and 2024.

Then, the price of fuel in 2011 was 65 naira per litre, and the current price in 2024 is about 690 naira. That is still a ratio of about 1: 10 for 2011 and 2024.

If the exchange rate and fuel price remain the same, if the minimum wage was 18,000 naira in 2011, it should be 180,000 naira in 2024.

Abdelghaffar Amoka Abdelmalik, PhD, wrote from Ahmadu Bello University, Zaria. He can be reached via aaabdelmalik@gmail.com.

Binance’s conflict with Nigerian authorities and troubles worldwide

By Haruna Chiroma

Binance is widely regarded as the largest cryptocurrency platform globally, facilitating billions of dollars in transactions daily. As of March 3 2024, it had over 179 million registered users across 100 countries and supported over 30 languages. Despite its prominence, this emerging financial institution operates with relatively lax oversight from financial regulatory agencies, unlike traditional financial institutions. This lack of stringent policing renders the platform vulnerable to illicit transactions. 

However, Binance also plays a significant role in fostering economic growth and providing earning opportunities for both digital natives and digital immigrants. Established in 2017, Binance rapidly gained widespread acceptance, particularly among digital natives, spreading rapidly like wildfire. 

Binance has encountered significant resistance from governments worldwide, citing concerns over its lack of transparency and regulatory issues. Numerous countries have completely banned Binance from their cyberspace, prohibiting transactions within their borders. These countries include China, Malaysia, Italy, Vietnam, the Philippines, Thailand, Australia, and several others. Despite all this, Binance is boldly embracing the wave of AI to stay competitive in the cryptocurrency market. 

The company has incorporated an AI token known as “Sleepless AI” into its platform, which is available on the Binance Launchpool. A visit to the Binance website indicates a listing of the top AI crypto tokens according to market capitalisation, with a market cap of over $7 billion and over $1.3 billion in trading volumes. 

Despite being banned from Japan, in 2022, Binance made determined efforts to re-enter the Japanese crypto market by expressing interest in acquiring Sakura, a Japanese crypto company. In another development, Binance sought a crypto license in Germany to facilitate transactions within the country’s crypto market, aiming to expand its presence across Europe. 

However, the crypto giant encountered regulatory hurdles from German financial regulators. In a prompt response, in March 2023, Binance announced the withdrawal of its license application. Following sanctions imposed on Iran, sidelining the country from traditional financial systems, Iran turned to Binance as an alternative gateway to financial institutions. Blockchain data reveals that between 2018 and 2022, Binance facilitated over $8 billion worth of transactions for Iranian firms. 

Banning Binance from a country does not necessarily prevent Binance customers from finding alternative means to conduct transactions within the banned country’s crypto market. The Wall Street Journal, published on August 2, 2022, stated that Binance successfully facilitated over $90 billion in transactions in one month within China’s crypto market. 

In the current digital age, blocking access to Binance is unlikely to be effective. Users can easily bypass restrictions by installing a Virtual Private Network (VPN) with a fleet of thousands of servers across many countries, choosing a server in a country where Binance operates, and accessing the platform with minimal effort. 

In 2021, Binance encountered regulatory challenges in Thailand, with the country’s financial authorities accusing the platform of operating without a license. This led to filing a criminal complaint against Binance with the Thai police. Later, Binance was finally banned from operations in Thailand.

Binance finds itself entangled in a legal dispute with US authorities, facing accusations of violating federal money laundering laws by neglecting to report more than 100,000 transactions deemed suspicious. Prosecutors argue that Binance serves as a prime environment for ransomware transactions (a cyberattack method that denies victims access to their computers until a specified ransom is paid via payment systems) and the exchange of payments for child abuse materials. In what appears to be an effort to resolve the matter out of court, Binance has opted for a plea bargain with US authorities. 

Under the terms of that agreement, Binance agreed to pay the US authorities a substantial fine of over $4.3 billion ($1.81 billion for criminal acts and forfeiture of $2.52 billion). Additionally, Binance plead guilty to sponsoring terrorism and involvement in money laundering. As part of the agreement, Binance has committed to operating within the legal framework and implementing monitoring mechanisms, as reported by Reuters on February 24, 2024. 

On February 24, 2013, NPR reported that the US Securities and Exchange Commission and Commodity Futures Trading Commission filed a lawsuit against Binance in court. The lawsuit was based on the absence of regulatory oversight, highlighting Binance’s operation without stringent policing akin to traditional financial institutions, artificially inflating trade volumes, and diversion of customer funds. 

Currently, Binance is engaged in a contentious dispute with the Nigerian government, which has resulted in the government blocking access to the platform. The government reportedly fined Binance a substantial sum of $10 billion, though the circumstances surrounding the fine are controversial. Users can circumvent the block by utilising a VPN, as previously discussed. Therefore, legalising and regulating the platform would be more prudent rather than the Nigerian government potentially losing billions in revenue through the backdoor. 

Given that Binance handles transactions in billions of dollars, I argue that it would be unwise to discard the benefits along with the drawbacks (“throwing a baby with the bath water”). Particularly in light of the high levels of unemployment among youths and the prevailing hardships in the country, many young people have discovered opportunities in the world of Binance. Therefore, rather than outright banning Binance from Nigeria, integrating it into its legal framework may yield better outcomes. 

As a short-term solution, Binance should be permitted to continue its operations in Nigeria under stringent control mechanisms established within the country’s legal framework, with critical oversight from entities such as the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and other relevant authorities. 

For a long-term strategy, the CBN and EFCC, in collaboration with the Cybersecurity Department of the Federal University of Technology, Minna, should undertake high-impact research to be sponsored by the CBN and EFCC to develop a robust framework for regulating cryptocurrency operations in Nigeria. This framework should balance Nigeria’s legal system and economic growth objectives. 

Emphasising research and development is a globally recognised best practice for addressing societal challenges instead of relying solely on inter-ministerial committees, which may lack the necessary technical expertise, resources and research skills. 

Haruna Chiroma, Ph.D. Artificial Intelligence, wrote from the University of Hafr Al Batin, Saudi Arabia, via freedonchi@yahoo.com.

Hardship: President Tinubu, please listen to Arewa Economic Forum

By Haroon Aremu

Nigeria’s current economic woes are not isolated incidents but rather the peak of years of systemic challenges and policy missteps. From the decline of industries in the 1990s to the era of military rule marked by corruption and mismanagement, the nation has weathered numerous storms on its path to progress. 

In the vibrant tapestry of Nigeria’s economic history, the 1980s stood as a golden era marked by robust growth, industrialization, and promise. However, the echoes of prosperity have gradually faded into the stark reality of economic downturns, leaving the populace grappling with unprecedented challenges.

The 1980s witnessed Nigeria’s emergence as an economic powerhouse, fueled by oil revenue and ambitious development projects. With a thriving manufacturing sector, a stable currency that cannot be competed with and strategic investments in infrastructure, the nation seemed poised for enduring prosperity. 

However, the dawn of the new millennium brought with it a stark reality check as the nation grappled with a series of economic setbacks that threatened to undo decades of progress. Mismanagement, corruption, and global market fluctuations emerged as formidable adversaries, eroding confidence in Nigeria’s economic prowess and exposing deep-seated vulnerabilities. 

While well-intentioned, the decision to remove fuel subsidies proved to be a double-edged sword, unleashing a torrent of consequences that reverberated throughout society. The subsequent free fall of the Naira sent shockwaves through the economy, triggering a cascade of hardships that tested the populace’s resilience. 

Hyperinflation ran rampant, rendering incomes inadequate and purchasing power a distant memory. Faced with dwindling resources and mounting uncertainty, Nigerians found themselves thrust into a desperate struggle for survival.

To understand the gravity of Nigeria’s economic predicament, one must delve into its root causes, which are as deep-seated as they are complex. Corruption, a scourge that has plagued the nation for decades, continues to gnaw away at its foundations, siphoning off resources meant for public good and fostering an environment of impunity.

Inefficiency and a lack of diversification further compound the problem, leaving Nigeria’s economy dangerously reliant on oil revenue—a precarious position exacerbated by volatile global markets and shifting geopolitical dynamics. 

Despite ample opportunities for growth and development in sectors such as agriculture and manufacturing, inadequate investment and strategic planning have stymied progress and perpetuated cycles of poverty.

The failure to address these systemic issues has left Nigeria vulnerable to external shocks and internal instability, undermining efforts to achieve sustainable development and improve the lives of its citizens. Without decisive action and a concerted effort to address the root causes of its economic woes, Nigeria risks being trapped in a cycle of decline, with far-reaching consequences for generations to come.

Amidst this economic quagmire, the Arewa Economic Forum (AEF) emerges as a beacon of hope, advocating for pragmatic solutions to stem the tide of despair. In a recent press briefing that took place at PRNigeria Centre Abuja, Chairman Ibrahim Shehu Dandakata delivered a compelling call to action, urging a rethink of subsidy removal policies and proactive measures to address the pressing issues at hand.

The AEF highlights the adverse effects of fuel subsidy removal on the populace, citing the widening gap between state allocations and tangible improvements in livelihoods. Calling for a reversal of the subsidy removal policy, the forum emphasizes the need for accountable governance and targeted interventions to alleviate the suffering of the masses.

In a comprehensive approach to economic revitalization, the AEF advocates for strategic investments in agriculture and artisanal mining. By harnessing the potential of these sectors, the nation can unlock opportunities for job creation and sustainable development, empowering local communities and diversifying the economy.

Recognizing the detrimental impact of forex crises on the economy, the AEF calls for decisive action to stabilize the Naira and curb illicit financial practices. Proposals include banning the use of dollars for domestic transactions and cracking down on currency hoarding, signalling a commitment to restoring confidence in the national currency.

At the heart of Nigeria’s economic resurgence lies a renewed focus on education and skills development. The AEF emphasizes the importance of equipping the youth with practical skills and knowledge that align with market demands, fostering a generation of innovators and problem-solvers poised to drive sustainable growth.

To President Tinubu, As the leader of our great nation, the burden of Nigeria’s economic hardship weighs heavily on your shoulders. In these trying times, we implore you to remain steadfast in your commitment to steering the country towards prosperity. The recent press briefing by the Arewa Economic Forum underscores the urgency of the situation and the need for decisive action.

The removal of fuel subsidies has inflicted untold suffering on the populace, exacerbating inflation and widening the gap between the rich and the poor. We urge you to heed the call for policy reversal and prioritize the welfare of the Nigerian people above all else. Your leadership in this critical moment will determine the trajectory of our nation’s future.

Solving Nigeria’s economic woes is not the sole responsibility of the government; it requires collective effort and sacrifice from all stakeholders. Citizens must hold their leaders accountable, demand transparency, and actively participate in nation-building initiatives. Only through unity and collaboration can we overcome the challenges that lie ahead. 

As Nigeria stands at a crossroads, the imperative for decisive action has never been clearer. The Arewa Economic Forum’s impassioned plea for reform resonates across the nation, igniting fervour for change and renewal. It is a call to reclaim Nigeria’s economic destiny, guided by foresight, resilience, and a shared commitment to prosperity for all.

In conclusion, let us remain prayerful and hopeful that Nigeria will emerge stronger from this economic downturn. With resilience, determination, and a shared vision for a brighter future, we can overcome adversity and build a nation where prosperity is accessible to all. God bless Nigeria.

Haroon Aremu Abiodun is a youth corps member with PRNigeria Centre, Abuja.

Ramadan: Kano governor urges reopening of borders to ease food crisis

By Uzair Adam Imam

Kano State Governor, Abba Kabir Yusuf, has appealed to President Bola Ahmed Tinubu to consider reopening the country’s borders for the importation of foodstuff in order to address the current food crisis.

Governor Yusuf stressed that the closure of the borders has had a significant impact on the people of Kano State, leading to increased food prices and suffering.

In a statement issued by the governor’s spokesperson, Sunusi Bature Dawakin Tofa, Kano Governor Abba Kabir Yusuf called for the reopening of the country’s borders to address the current food crisis.

The statement was released following a meeting between the governor and the Controller General of the Nigerian Customs Service, Alhaji Bashir Adewale Adeniyi, at the Government House in Kano.

Governor Yusuf noted the critical condition of hunger and starvation in the country, which has been exacerbated by the sharp increase in commodity prices.

The statement read in part; “We wish appreciate the President’s intervention on the ongoing national food initiative which he considers Kano as the host for the initiative to be launched believing that the programme will cushion the effects of food scarcity if implemented”

Governor Yusuf stressed the urgent need for intervention, including the reopening of the borders to allow for the importation of commodities.

In his meeting with the Controller General of Customs, Bashir Adewale Adeniyi, Governor Yusuf highlighted the hardships faced by the people, particularly during Ramadan.

He stressed that the opening of the borders would be a crucial step in alleviating the distress of the people.

In addition to advocating for the reopening of the borders, Governor Yusuf commended the Customs Service’s initiative to distribute food items to the people of Kano, who have been facing hardship and hunger.

He urged the Customs Service to ensure that the food reaches those who are most affected. The governor also pledged his support to the Customs Service in its efforts to benefit the people of Kano and Nigeria as a whole.

In his response, Adeniyi emphasized the importance of building strong ties between the Nigerian Customs Service and the Kano community.

He emphasized the Service’s commitment to collaboration and constructive dialogue, and pledged to implement policies that would improve business processes and strengthen engagement with all stakeholders.

In addition to his interaction with stakeholders, the Controller General Adeniyi revealed that the Customs Service had made extensive plans to address the challenges of food scarcity and hardship in Kano. This includes the distribution of food items to the people of Kano.

Customs seize truckloads of beans intended for illegal export amidst food shortages

By Sabiu Abdullahi

The Nigeria Customs Service, Seme Area Command, has intercepted a truckload of beans with a Duty Paid Value (DPV) of N61.4 million, intended for illegal exportation, amidst widespread food shortages across the nation. 

Customs Area Controller (CAC), Comptroller Timi Bomodi, disclosed this during a press briefing on Tuesday, 5 March 2024, marking the Command’s first press briefing for the year. 

According to Comptroller Bomodi, “In light of our present economic realities and the reported massive food shortages nationwide, and in line with the directive to prevent illegal grain export, the Command seized a truckload of beans, totaling 400 bags with a DPV of N61,450,000.00, stockpiled in a warehouse at one of the exit corridors at the border.” 

He further stated that the intercepted items have been securely stored in the Government warehouse and will be auctioned to the public. 

Highlighting the Command’s anti-smuggling efforts from January to February 2024, Comptroller Bomodi reported a series of successful interventions, including the seizure of 2,193 bags of foreign parboiled rice, 81,930 liters of PMS, 9 vehicles, 1,425 general merchandise, 265 parcels of cannabis sativa, and other narcotics, 149 packages of codeine, and 2 locally manufactured guns, with a combined DPV of N365,888,696.00. 

Thirteen suspects were apprehended during these operations, with various dispositions such as administrative bail, transfer to the NDLEA, and custody by the Nigeria Police. 

In terms of revenue generation, CAC revealed the Command’s yearly target of N7.875 billion, representing a significant increase from the previous year.

Despite challenges, the Command collected a substantial amount in January and February, reaching 88% of the expected revenue. 

Regarding exports, the Command processed 184 declarations for 43 items weighing 65,185.96 MT, with a Free on Board (FOB) value of N13.057 billion. Additionally, revenue was collected for the Nigerian Export Supervision Scheme (NESS) and export surcharges. 

Comptroller Bomodi reassured the public of the NCS’s commitment to its responsibilities, particularly amidst the current challenging times.

BREAKING: Binance announces departure from Nigerian market, halts naira services

By Sabiu Abdullahi 

Binance, one of the world’s largest cryptocurrency exchanges, has decided to terminate all services related to Nigeria’s fiat currency, the naira.

This decision comes amidst escalating regulatory tensions within the country. 

Effective immediately, Binance will no longer accept deposits in naira, with the cutoff time set for 14:00 UTC today.

Furthermore, withdrawals will be unsupported after March 8 at 6:00 a.m. UTC. 

To streamline the transition process, Binance will automatically convert naira balances to USDT (Tether) at a conversion rate of 1 USDT per 1,515.13 naira, starting on March 8 at 8:00 a.m. UTC. 

In addition, all spot trading pairs involving the naira will be delisted on March 7 at 3:00 a.m. UTC.

Any open spot orders for these pairs will be promptly closed. Moreover, Binance Convert, Binance P2P, the exchange’s Auto Invest feature, and Binance Pay will gradually cease support for the naira at different dates and times. 

This decision marks a significant shift in Binance’s operations within Nigeria, signalling the complexities and challenges of navigating regulatory environments in the cryptocurrency space.

As the industry continues to evolve, stakeholders will closely monitor how this development shapes the landscape for both users and exchanges operating in Nigeria.

Re: CBN’s revocation of 4,173 Bureau De Change (BDC) licenses

By Rabiu Aliyu Kiru

It has been announced by the Central Bank of Nigeria (CBN) that 4,173 Bureau De Change (BDC) licenses have been revoked, while 1,368 BDCs remain valid nationwide.

In the CBN publication signed by Sidi Ali Hakama (Mrs.), she did mention a series of offenses that prompted the CBN to revoke the BDC license. Such offenses never involved more than 3,000 BDCs.

I am a professional accountant and a BDC consultant. I have consulted for over 3,000 BDCs out of the total number of BDCs quoted above, and more than half of the total number of these BDCs only engage in buying from the CBN and selling to end-users.

I am beginning to wonder how the issues of money laundering and financing of terrorism will affect such a large number of these BDCs.

Going by the CBN regulations, which were visibly stated on the Approval of Principles (AIP), there is no place mentioned on the AIP where CBN has the right to cancel a BDC License at its own discretion.

The CBN should note that owners of these BDCs have been in business for almost 10 years now, but a BDC holder pays the sum of N250,000 to CBN each year as payment for the Annual Renewal License.

The CBN should also be informed that owners of these BDCs have been in recess for almost 10 years now, yet a BDC holder pays the sum of N250,000 to CBN annually as payment for the Annual Renewal License.

Despite following the CBN guidelines, the CBN abruptly cancels a BDC holder’s license.

The CBN should also note that these BDC holders contribute to the growth of the Nigerian economy, especially by creating job opportunities and eradicating poverty among the citizenry.

In fact, I believe that with the advent of this new government, which has adequate advisers, such an action should not be taken, particularly given the high level of increase in commodity prices and other wares.

The CBN should bear in mind that the BDC owners are learned enough to fight for their rights, particularly for those that they are operating within the ambit of the law.

In my previous advice that I gave to CBN, I never presumed that such advice could not be adhered to. This made me think that I was talking to the wrong person, not to the CBN, which consists of professionals.

It is pertinent to this that I am drawing your attention once again to revisit my observations and advice I gave you directly on your CBN portal.

Rabiu Aliyu Kiru wrote from Kano State. He is a BDCs Consultant, and can be reached via rd_aliyu@yahoo.com.

CBN considers significant increase in minimum capital requirements for BDC operators

By Sabiu Abdullahi 

The Central Bank of Nigeria (CBN) is contemplating raising the minimum capital requirements for Bureau De Change (BDC) operators, with proposed figures set at N2 billion for Tier 1 licences and N500 million for Tier 2 licences.

This potential adjustment marks a substantial increase from the previous requirement of N35 million for a general licence. 

The proposed updates encompass a series of modifications to the regulatory framework governing BDC operations across the nation.

Once ratified, these revised guidelines will be implemented on a date determined by the CBN. 

Under the proposed Tier 1 classification, operators must maintain a minimum share capital of N2 billion and furnish a mandatory caution deposit of N200 million.

Furthermore, the application fee is set at N1 million, with an additional licence fee of N5 million. 

For Tier 2 operators, the proposed minimum share capital stands at N500 million, accompanied by a mandatory caution deposit of N50 million.

The application fee for Tier 2 operators is proposed at N250,000, while the licence fee amounts to N2 million. 

The CBN stated the importance of these revised minimum capital requirements in enhancing the stability and integrity of the BDC sector.

These measures are intended to strengthen the operational capacity of BDC operators, promote transparency, and mitigate risks associated with currency exchange activities. 

This prospective adjustment underscores the CBN’s commitment to fostering a robust regulatory environment conducive to the sustainable growth and development of Nigeria’s financial sector.

Nigeria is hard, Nigerians in tears

By Ibrahim El-mu’azzam

It’s a very hard moment for Nigeria. It’s really unbelievable and unbearable to the extent that many Nigerians have forgotten the sweetness of life. Everything is turning from liquid to concrete. We are even getting used to it, only that we are poor in strength to withstand it.

Today, a Nigerian has taken the insecurity problem, with all its significance less valuable. The government has completely abandoned many people to their fate. It isn’t that we have removed the “in” from the “insecurity” but we are more focused on the gunmen and kidnappers that have all of us; hunger and poverty.

Everything is tough! Citizens are losing hope. To some, it’s lost already. Many prefer death than this tense navigation, in a country that we all know and believe to have excess and abundance of what is needed in terms of wealth and resources. We are very far from thinking of saving, everyone is after what he can get not even today but now.

Inflation has blocked the passage of oxygen to the lungs of Nigerians, removed food from their throats and chased away any positive thoughts from their mind. It’s onto the eyes and ears that people are seeing nothing but what suits and relieves them. The translation of this is that unlawful will be lawful, the strong will rule and the society will turn to a jungle.

Everything is drastically increasing price, and there is no control. You can buy a commodity for ₦10 and in an hour or less, it will be ₦20. Both the parties in the markets aren’t smiling, the transaction is dark as it’s done without pleasure.

Maize, rice, beans, millet, corn and even cassava are above the purchase of a common man, not to talk of meat, fish, milk or sugar. “Balance diet” has since been replaced with “living diet” in Nigeria. People today eat not to be satisfied but to retain their consciousness.

Where on earth can a Nigerian put his humble self?

Everywhere, everybody, this is the discussion, especially family men. These are usually family men with something, no matter how little, doing, what is your thought on those who will wake up in the morning without a single direction to follow?

Begging is now very normal and common, and no one questions. You will hear a person swearing that he and his family haven’t eaten for so long. Food, to pass through the throat and relieve hunger is now the problem of a Nigerian, in fact, a Northerner for that matter.

You will visit a house and come out no one will say “Please eat this”. Wives and children are no longer selecting food. It has reached to the extent that some humans are now eating the foods of animals.

I had to stop and rehear a statement yesterday when I heard someone begging people in a mosque to PLEASE BUY WHAT HE IS SELLING. He sells Qur’an and some other small Islamic books; Ƙawa’idi, Akhdari…, and similar stuff. He stood after Magrib prayer begging; “Don Allah a zo a yi min ciniki, don girman Allah”. For the first time in my life, I come across such type of begging.

I continue to ask myself, please where is the sympathy of our leaders? Where is the empathy of our producers and marketers? Where are the price-controlling institutions? Where are the leaders and where is the government as a whole? Please why are we going through this much? Who have we offended and what has been our offence? Please, are Nigerians entitled to suffering and discomfort? Where are we heading to?

It’snt long that we voted with the hope that things would be softened, pains would be relieved, and tears would be wiped, but the absolute reverse is the case. More and more terrific we are getting every day.

The government is careless. The budget has no direct aiding attention to the common Nigerians. Billions are spent on useless renovations, change of vehicles and leisure trips, but not a single unit directly for the common man of the nation.

And upon all these, one beautiful thing is that no one protested, broke any law, or did something illegal, yet. A Nigerian, as strong as he is isn’t so much complaining of the commodity prices, but the money to buy them. You will always hear; “Allah Ya ba mu abin saya”. See this extreme humbleness, humility and positivity.

To be honest, every Nigerian deserves an award of commendation. We have been navigating through a tough situation with increasing anger and frustration, yet quiet, peaceful, and even managing a fake smile. Weldone fellow countrymen, it’s getting over, it’s getting better, soon by the grace of God.

We urge, with a very loud voice, every Nigerian leader, scholar, producer, marketer, and every other stakeholder to remember that he or she will be accountable for this before God. He or she shall be fully responsible for the dying Nigerians, especially those who have what to do but chose not to do it.

Every stakeholder, from community leaders, councilors, religious figures, schoolers, elders, marketers, and others at the community level, moving to the local, state, to national level, this is the task now! People, move to them. Disturb them until we get their attention.

The government should as fast as possible intervene in these ravaging problems and provide solutions. Aid and humanitarian activities should be given extra priority under trusted custodians. If there is a need, I believe Nigerians will agree to the relocation of any project fund to address this problem. The government should reconsider its decision on the removal of fuel subsidy and all other subsidies it is removing. Nigerians are dying! Focus on Nigerians, focus on their condition, Nigeria will be better. PLEASE ITS URGENT!

Ibrahim El-mu’azzam
elmuazzammail@gmail.com

FG seals Sahad Store for alleged lack of price transparency

By Sabiu Abdullahi

The Federal Competition and Consumer Protection Commission (FCCPC) took decisive action on Friday by sealing Sahad Store, a prominent supermarket located in the Garki area of Abuja.

The commission cited the store’s lack of transparency in price fixing as the reason for the closure. 

This development comes just a day after President Bola Tinubu announced plans to address factors contributing to the ongoing food crisis in Nigeria.

Following a meeting with state governors, security agency heads, and ministers at the Presidential Villa in Abuja, Minister of Information and National Orientation, Mohammed Idris, revealed that a committee would be established to combat product hoarding. 

According to Idris, some traders have been accused of hoarding food products, exacerbating the challenges faced by Nigerians.

He emphasised the need to ensure that essential commodities are readily available to people at fair prices. 

The enforcement team from FCCPC, led by Acting Executive Vice Chairman Adamu Ahmed Abdullahi, found Sahad Store guilty of misleading pricing and lack of transparency during a preliminary investigation.

Abdullahi stated that the store would remain sealed until further investigations are completed. 

The commission invoked Section 115(3) of the law, which prohibits charging consumers prices higher than those displayed.

Additionally, Section 155 outlines severe penalties for corporate entities found in violation, including fines and potential imprisonment for directors. 

Despite being summoned to defend their actions, Sahad Store’s management failed to appear, only sending a lawyer who was not familiar with the case. Abdullahi emphasised that compliance with the law is necessary for the store’s reopening. 

The closure of Sahad Store underscores the government’s commitment to ensuring fair pricing practices and protecting consumers from exploitation amidst the current economic challenges facing Nigeria.