Business

…Launches Operation To Enforce Fuel Price In Imo

Published

8 years ago

March 21, 2018

The Department of Petroleum Resources (DPR) in Imo State has launched a special operation to ensure that petrol was sold at government regulated pump price.
The operation christened “Operation total enforcement” is aimed at the sale of petrol at government pump price in the state.
Mr Peter Ijeh, the South East Zonal Operations Controller of the DPR disclosed this in an interview with The Tide source in Owerri, Monday.
According to Ijeh, the operation will continue until every station in the state sell the product at the approved price of N145.
He warned that defaulting marketers would be penalised by having their products auctioned free to the public.
“We have made it clear to the Association of Imo Petroleum marketers and distributors that they must comply with the approved price of N145 per litre or risk having their products auctioned for free.
“Normalcy has returned to Imo and there is no more scarcity so there is no need for petrol to be sold above the approved price.
“We have been forced to apply strict measures because as soon as we leave these stations they readjust their metres and continue selling at prices higher than N145.
“It is becoming a vicious cycle and until government changes the pump prices, every station should sell at N145,” he said.
Ijeh stated that 57 of the 73 stations visited by the surveillance teams on Monday were selling at the approved price of N145 per litre.
The controller said that eight stations were sealed, five had no products while three had violated their seal order and would be penalised.
He stated that the fine for each sealed pump was N100, 000 while seal violation attracted N1million penalty.
He reiterated the commitment of DPR to ensure that motorists were not shortchanged by marketers and urged the public to report defaulters to the department.
Ijeh however, advised motorists to avoid the eight stations that were sealed and blacklisted for under dispensing and overpricing.
He listed the defaulting stations as Temple Consolidated Petroleum Ltd, World Bank Road, Peno Oil Ltd, Okigwe Road, Geomil Nigeria limited, Akabo, Goduach Oil and Gas Ltd and Seagold Petroleum Limited on Port Harcourt Road.

Business

“FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria PLC

Published

4 days ago

October 6, 2025

The Tide

UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).

Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.

Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.

“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.

Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.

The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.

UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.

Business

PenCom Reintroduces Gratuity For Federal Civil Servants

Published

4 days ago

October 6, 2025

The Tide

The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.

Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.

Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”

The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.

Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.

Business

CAC, SMEDAN To Register 250,000 MSMEs Free ……..As CAC Forfeits ?3b In Fees Nationwide

Published

4 days ago

October 6, 2025

The Tide

The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees

The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.

The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.

SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.

Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.

They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.

CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.

It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.