Business
Illegal’ withdrawals: Customers Complain, Demand immediate Action.
Some bank customers of various banks in the country have lamented the increasing spate of ‘illegal’ withdrawals from their accounts.....KINDLY READ THE FULL STORY HERE▶
Some of the customers who were victims of the act said this in an interview in Abuja on Monday. They described the act as fraudulent, which the authorities must investigate immediately. They also claimed that most illegal deductions in banks were done with the knowledge of bank employees.
“People are beginning to lose hope in commercial banks.
“Instead of my money to develop wings and disappear from my account just in a day, I rather invest it into real estate business and it will yield greater profits,’’ she said.
Mrs Anthonia Ibedalu, another customer with one of the new generation banks, said that some banks in the country were operating below international standard.
Ibedalu called on relevant authorities, including the Federal Competition and Consumer Protection Commission to step up actions and save customers from fraudulent activities in some banks.
“I travelled to South Africa for a period of three years but I had a dollar account in one of the banks.
“When I got back to Nigeria for holidays, I decided to take the money but to my surprise, I was told the money was no longer there.
“I enquired to know what happened but was told my account was hacked into. I wondered how an account that no other person had the details could be hacked into.
“When I contacted higher authorities in the bank, they investigated and my money was refunded.
“They did not tell me the result of their investigation but from their responses, it was an insider thing. I now ask, what if I didn’t know who to contact,’’ she said.
A former banker, Mr Louis Otagoro, appealed to the Chartered Institute of Bankers to ensure that only trained professionals practise in the industry.
“The CIBN should step up actions to ensure that banking profession does not become an all comers affair,’’ he said.
Meanwhile, the President of the CIBN, Ken Opara, had said that the council was resolute and committed to the observance and maintenance of ethics and professionalism among practitioners in the banking industry.
The Executive Vice Chairman of the FCCPC, Mr Babatunde Irukera, had also said they were engaging with banks to address consumer-related issues.
The Economic and Financial Crimes Commission had said that most banking fraud handled by the Commission showed that bank employees aided the acts.
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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