Business

NDDC Threatens To Revoke Road Contract

Published

16 years ago

June 11, 2010

The Managing Director of the Niger Delta Development Commission, Mr. Chibuzor Ugwuoha, has threatened to revoke the contract for Izombe/Obokofia Road construction.

Ugwuoha issued the threat when he led the NDDC management team on an inspection tour of projects in Imo State on Tuesday.

The NDDC boss complained that what he saw on ground did not suggest that the firm handling the project was capable of meeting the standard set by the commission.

”In NDDC, we want to do road projects that will last up to 15 years or at least five years before the project starts having any problem.

”What I am seeing here does not show that the contractor is capable of meeting NDDC standard of my desire, nor can the road be compared with the Izombe/Oguta road constructed in the late 1970s,” he said.

Ugwuoha, who expressed disappointment at the level of work on some of the projects inspected, insisted that henceforth, all road projects awarded by the commission must be stone-based.He said that in line with its repositioning posture, NDDC had set a standard which must not be compromised and warned that any attempt to do otherwise would be punished.

”Besides our consultants, we must also be on site continuously to ensure that the contractors are doing the right thing,” Ugwuoha said.

Speaking on the Izombe project, Ugwuoha directed that the contractor should be monitored more closely and warned that “if he doesn’t change, we will be left with no option than to sanction him.

”The NDDC boss urged host communities to cooperate with contracting firms in their efforts to deliver on projects.”While we commend the peaceful disposition of host communities, we shall not hesitate to relocate projects if benefitting communities frustrate the efforts of contractors,” he said.

The Managing Director of the firm handling the road project, Mr. Jasper Jumbo, had promised that the company would do standard job.

Ugwuoha also inspected the 10km Obinze-Umuokanne-Umuapu road project, construction of Ukwugba junction Egbema-Etekwuru-Umuapu road, and the Nworie River dredging by the Imo Government.

The Izombe/Obokofia road project, according to findings, was first awarded by NDDC in 2001 and re-awarded in 2004 with huge sums paid to the firms but little has been achieved.

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

4 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

4 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

4 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos