Premium Motor Spirit (PMS), also referred to as gasoline, is now less expensive at all of the Nigerian National Petroleum Company’s (NNPC) retail locations across the country.

In Abuja, the price of gasoline at NNPC retail locations has decreased by N20 per liter, from N1,060 to N1,040.

On Saturday morning, the price adjustment became effective.

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Prices at independently operated filling stations, however, are still higher and vary by region, ranging from N1,115 to N1,120 per liter.

Stakeholders believe that more competitive fuel prices would soon result from local production from the Port Harcourt and Dangote refineries.

Dangote’s 650,000 barrels per day refinery, which started supplying goods to Nigerian and international markets, has joined production from the Port Harcourt refinery, which started in November.

Dr. George Ebong has been named the new president of the Association of Resident Doctors (ARD) in the Federal Capital Territory (FCT), Abuja. This revelation was made by the group on Saturday during an awards and dinner ceremony in Abuja.

Wuse District Hospital employee Dr. Ebong is anticipated to hold the position of president for the upcoming 24 months.

Ebong bemoaned the announcement of Dr. George Ebong as the new president of the Association of Resident physicians, or ARD, in the Federal Capital Territory, or FCT, Abuja, and pledged to put physicians’ welfare first in his statements. This revelation was made by the group on Saturday during an awards and dinner ceremony in Abuja.

Wuse District Hospital employee Dr. Ebong is anticipated to hold the position of president for the upcoming 24 months.

Ebong bemoaned the fact that doctors in the FCT have become an endangered species and pledged in his words to put their welfare first.

He said that his administration would try to address the issues that Abuja’s resident physicians face.

“From the salary arrears of members hired in 2023 to salary disparities, manpower shortages, non-payment of rural allowances, delayed salary payments, and unfavorable working conditions in our hospitals, the medical profession in the FCT is plagued with a litany of woes,” he stated.

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Like the Chinese panda bear, the Russian Siberian tiger, and the American bald eagle, we are an endangered species. The medical field is now in jeopardy.

“This is the moment to steer the discourse in a different direction. The time has come to take a completely different tack. “It is the only voice for those who are not heard, so now is the time to act—not because we love it,” he said.

Dr. Olayinka Rahmah, the departing president of ARD, FCT, thanked members for their support throughout his term in office.

In the FCT, octors are now considered an endangered species.

More than a week after reaching a deal with the Nigeria Labour Congress (NLC) to start paying the new minimum wage in December, Governor Umo Eno of Akwa Ibom State abruptly backed out.

The governor established a new minimum salary of N80,000 for state employees, which is N10,000 more than the federal government-approved national rate of N70,000.
In contrast to Siminalayi Fubara, his counterpart from Rivers State, who authorized N85,000 as the new minimum salary and started paying in November, with October arrears to follow, Mr. Eno maintained that personnel verification is a prerequisite for the new minimum wage’s implementation.

He cited “Japa Syndrome”, a term used to describe the exodus of Nigerians for a better life abroad, as reason for his action. He had instead offered to pay 13th month salary to workers, apparently as a compensation.

Mr Eno, however, bowed to pressure from labour in the state over a week ago and signed an agreement with labour to commence payment in December with November arrears to come within the first quarter of next year.

Speaking at the State Christmas Carols in Uyo on Friday evening, Mr Eno backed out, insisting on completion of staff verification as a condition for commencement of payment, a move that may lead to a showdown with labour.

He, however, acknowledged the agreement but said he cannot be coerced into implementing it.

“We had a meeting with labour and at that meeting – tense meeting. We had made some agreements. They wanted the new minimum wage to start in November and I said to them that’s fine but we need to do verification. If they give me the verification today we will start paying in November.

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“So we agreed. That is the agreement – agreement is agreement but tonight as your governor, we will pay the 13th month we have already calculated,” he said as the crowd went into a frenzy but their joy was only momentarily.
“I can see you’re happy. We are paying on the old structure,” the crowd went mute, apparently uncomfortable with the decision of the governor.

“But I also told them it is a give and take. If we start from November then the 13th month I had announced to cushion the effect will not hold.

“Because we would not start paying the new structure even though it starts from November we would not start paying until we finished (staff) verification,” he said, reneging on the agreement he signed with Labour in the state.

“Nobody will force me to do that. I must know the number of workers that are in the civil service in the state. And so Labour gives that to me tonight we start paying tomorrow.

“So don’t let anybody confuse you if they tell you to come and block Government House. Block it, work will still go on. You must understand that we must do the right thing,” he said.

He cautioned the Labour leaders, claiming to be on the verification committee, against postponing the exercise.

Sunny James, the state’s NLC chairperson, stated in an interview following the agreement’s signing that the advantages of enacting the new minimum wage greatly exceed the 13th month’s pay.

Mr. James emphasized that the governor has the authority to deal with the 13-month salary issue. “And from the consideration of NLC, it is very clear that 13 months’ salary for all junior staff does not meet N20,000, which you know is only basic (salary), and then the new minimum wage is not less than N55,000 for any junior staff, so we need our minimum wage,” he said.

Speaking on Saturday, Mr. James stated that labor and the governor had reached an arrangement whereby the new minimum wage will be paid starting this month, in December.

That is how the deal is written. I get that, but for people in Akwa Ibom, there has been a very real cold war between the State Government and labor since that day.

In response to the governor’s comments from last night, Mr. James informed this publication that labor will convene and determine the next course of action.

By fining negligent Deposit Money Banks (DMBs) N150 million per branch, the Central Bank of Nigeria (CBN) has demonstrated its strong opposition to the illicit transfer of newly printed naira notes to currency hawkers and other dishonest individuals.

This is one of the steps being taken to stop the commercialization of Naira notes, which the CBN claims compromises the effective distribution of cash to Nigerians.

The apex bank voiced its displeasure with the growing tendency of mint Naira notes being sold in cash hawking locations throughout the nation in a circular dated December 13, 2024, and signed by Mohammed J. Olayemi, Acting Director of the Currency Operations Department.
The circular reaffirmed the CBN’s commitment to combating this illegal practice by referencing a previous order dated November 13, 2024.

The CBN states that any bank branch found guilty of enabling, assisting, or abetting the flow of mint notes to hawkers shall be subject to the fine at the first instance of a violation.

The provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 will impose more harsher penalties for subsequent infractions.

Increased enforcement and surveillance
The CBN declared plans to increase recurring spot checks in ATMs and banking rooms, with an emphasis on examining cash disbursement procedures, in order to guarantee compliance.

In order to find cash-hawking hotspots and identify banks involved in the illicit trade, the top bank also plans to carry out mystery shopping activities.

Along with the fines, the CBN has urged banks to strengthen internal controls, cash management processes, and procedures, especially at Cash Management Centers, branches, and teller operations.

The circular stated: “The CBN has expressed dismay at the widespread illegal transfer of mint banknotes to currency hawkers and other dishonest businesspeople who turn Naira banknotes into commodities, preventing banks and the public from receiving cash in an efficient and effective manner.

“CBN will continue to step up its routine spot checks at banking halls and ATMs to examine cash payouts to bank customers. Additionally, it will conduct mystery shopping at all identified cash hawking locations nationwide.”

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“In this regard, any irresponsible deposit money banks or financial institutions that are responsible for directly or indirectly facilitating, aiding, or abetting the illegal flow of mint banknotes to currency hawkers and dishonest economic agents that commodify Naira banknotes will be penalized at first N150,000,000.00 (one hundred and fifty million Naira) per erring branch, and at later times, the full force of relevant provisions of BOFIA 2020.”

In order to prevent cash distribution systems from being used for illegal activities, the apex bank advised financial institutions to take preventative measures.

Things you should be aware of
The CBN has long been concerned about the illegal flow of mint Naira notes to hawkers because it undermines the integrity of banking operations and causes inefficiencies in the cash distribution system. The top bank’s resolve to bring order back to the country’s currency circulation is emphasized in the most recent circular.
As part of its continuous efforts to ensure responsible currency distribution, the CBN earlier issued severe fines for Deposit Money Banks (DMBs) found to be diverting cash to hawkers, according to a report by Nairametrics.
The central bank announced in a circular dated November 13, 2024, that any bank connected to money taken from street vendors will be fined 10% of the total amount of the money taken out.
A 5% additional penalty will be applied for subsequent infractions.
Muhammad J. Olayemi, Acting Director, Currency Operations Department, signed the circular, which emphasized that the goals of these actions are to prevent naira note abuse and support an effective cash distribution system.
It reaffirmed the CBN’s dedication to upholding its Clean Note Policy, which aims to preserve the naira’s integrity by guaranteeing that banknotes are handled and circulated properly.
Additionally, the CBN cautioned DMBs against cash hoarding and diversion, pointing out that these actions make it more difficult to obtain cash, especially during times of high demand like the holiday season.
The CBN will engage closely with law enforcement agencies to increase spot checks and mystery shopping efforts, and banks involved in these activities will be subject to sanctions.