Business

Bread Scarcity Looms In Rivers

Published

10 years ago

March 16, 2016

The Association of Master Bakers and Caterers of Nigeria, Rivers State chapter has called on the Federal Government to intervene in the high cost of materials used for baking, occasioned by the continued rise of the dollar.
The association had last week embarked on a one-week warning strike to press home its demands, stressing that their business is being threatened.
The State Chairman of the Association, Mr. Kolawole Adelegan who made the appeal in an interview with The Tide in Port Harcourt recently said the price of bread has increased slightly in most parts of the city and its environs, following the strike embarked upon by the association.
Adelegan explained that, “a bag of flour that cost N6,800 now sells for N10,000, while butter that sells for N3,800 now cost N5,700.
According to him,” yeast that previously sold for N6,800 now sells for N10,000. Sugar that sold for N7,8OO is now purchased for N11,000, while 20 liters of Ground nut oil that sold for between N4,800 and N4, 000, is now N10,000.”
“All of these in addition to the high cost of fuel makes it difficult for us to continue in business.
“We therefore call for the intervention of the Federal Government to look I
into the increasing prices of these baking materials which are mainly imported, to enable us remain in business or else many bakeries would be closed,” he said.
While regretting the hardship it’s action may cause bread consumers and other Nigerians in the state, Adelegan pointed out that the strike would be sustained until government attention is attracted.

Business

Abia Approves Feasibility Study For Proposed Azumini Seaport Project

Published

11 minutes ago

May 13, 2026

The Tide

Governor. Alex Otti of Abia state has approved the immediate commencement of a feasibility study for the state’s proposed Azumini-Obeaku Seaport and Inland Waterways Corridor project.

Otti announced the approval at a meeting with officials of China Harbour Engineering Company Limited, held in Nvosi, Isialangwa South Local Government Area of the state.

The Governor directed the company to expedite the study and shorten its proposed timeline.

“Somehow, deep in my mind, I know that this is the approach. It is good to understand the details and all that is required.

“So, you can take it that approval has been given for the feasibility study to commence.

“But then, six to seven months is a long time and if we can shorten it, that will help,” he said.

The Governor also directed relevant government agencies to expedite action and commence the process of obtaining Federal Government’s approvals for the project.

“We need to start the process immediately, hoping that the feasibility study will return positive because the study may also show that the project is not viable,” he said.

He further advised the company to undertake an inspection visit to the proposed project site ahead of the study.

According to him, the proposed location is about 19 nautical miles from the high sea, a situation that may require dredging activities.

Otti expressed optimism that the project would be realised, if properly pursued.

Earlier, Marketing Manager of the Company, Mr Nicholas Liu, said that the company was interested in partnering the Abia Government to actualise the project.

Liu said that the company had extensive experience in infrastructure development in Nigeria, including its involvement in the execution of the Lekki Deep Sea Port project.

He identified government’s commitment, funding arrangements, public-private partnership structure and phased development as critical factors for the success of such projects.

He also underscored the importance of conducting a feasibility study and made recommendations on the implementation of the project.

CHINEDU WOSU

Business

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

Published

7 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

7 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.”