Business
NLC Accuses Dangote And Marketers Of Inflating Fuel Prices
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The Nigeria Labour Congress (NLC) has raised serious concerns, accusing Dangote Group and oil marketers of manipulating Premium Motor Spirit (petrol) prices to profit at the expense of Nigerians.
This was disclosed in a statement released on Sunday following the NLC’s National Executive Council (NEC) meeting on Friday.
In the statement, the NLC mentioned the current retail prices of petrol—ranging from N1,060 to N1,200 per litre—which they argue are far above the actual market value.
According to the union, this price disparity is a strong indication of inflated costs and excessive profit margins within Nigeria’s oil and gas sector, with these practices unfairly burdening consumers.
The NLC expresses concerns that key players in the industry might be colluding to control petrol prices, making it harder for Nigerians to afford basic fuel needs.
They noted that despite the supposed liberalization of the market, prices remain significantly high.
This led the NLC to call on the Nigerian government to urgently bring the Port Harcourt refinery and other state-owned refineries into operation to introduce more competition and relieve the grip that private players currently hold on fuel pricing.
During the NEC meeting, union leaders voiced their dissatisfaction, accusing “big players” in the industry of maintaining high prices through cost padding and inflated profit margins.
This alleged profiteering, according to the NLC, is adding to the economic strain on Nigerians, with workers and ordinary citizens bearing the brunt of the artificially high fuel prices.
The NLC also pointed out that this might be the reason why public refineries, including those in Port Harcourt, Warri, and Kaduna, are yet to return to full operation, despite their potential to ease fuel prices in the domestic market.
In recent days, a disagreement between Dangote Refinery and petroleum marketers has come into the spotlight, reflecting deeper issues in the sector.
Dangote Group announced that their petrol is available at ex-depot prices between N960 and N990 per litre, yet other marketers claim that imported fuel is still cheaper than what Dangote supplies.
Marketers have insisted that their imported petrol remains more affordable, countering Dangote’s claims.
In turn, Dangote Refinery has suggested that some marketers may be importing lower-quality, cheaper petrol, which the marketers have denied.
Adding to the discussion, recent figures from the Major Energies Marketers Association indicate that the landing cost for imported petrol currently stands at N971 per litre.
The NLC is pushing for a fairer pricing structure, stating that this will only be achieved by breaking the market’s current monopolistic structure.
They emphasized that reopening government-owned refineries is key to balancing market forces and potentially driving down fuel prices.
Business
Nigerians Hustle Culture: Is It Really the Key to Success?
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In Nigeria, “hustle” is working hard to make a living. From busy markets in Lagos to tech centers in Abuja, Nigerians are known for their determination to succeed. But is this constant hustle the true path to success, or does it have hidden costs?
Hustle Culture in Nigeria
Hustle culture praises constant work, suggesting that success comes from never-ending effort popularly named “do or die”. In Nigeria, this idea is strong.
Economic challenges and a young population mean many Nigerians have multiple jobs due to low income. They believe that working all the time is the only way to achieve financial security and balance.
How Hustle Affects Different Social Classes
Hustle culture impacts Nigerians differently based on their social class:
- Upper Class: Wealthy individuals often have the means to hire help, allowing them to focus on big projects. Their hustle might involve managing investments or expanding businesses.
- Middle Class: Making up about 23% of the population, the middle class includes professionals and small business owners. They often balance regular jobs with side businesses to maintain their lifestyle and aim for a better future.
- Working Class and Underclass: Facing financial difficulties, people in this group take on various informal jobs, like street vending or crafts. For them, hustling is essential to meet daily needs.
Pros and Cons of Hustle Culture
While a strong work ethic can lead to innovation, resilience and financial stability, there are downsides:
- Burnout: Constant work can cause physical and mental exhaustion. A report showed that 64% of Nigerian workers are at high risk of burnout, due to both physical and emotional stress.
- Loss of Personal Time: Putting work above personal life can harm relationships and reduce overall happiness.
- Risky Ventures: The pressure to succeed might push some towards unethical activities, such as internet fraud, locally known as “Yahoo Yahoo.”
Finding a Healthy Balance
Success doesn’t have to mean endless hustle. A balanced approach can lead to lasting achievement:
- Quality Over Quantity: Working efficiently, rather than for long hours, can increase productivity and leave time for personal life.
- Self-Care: Taking care of your health ensures long-term success. Regular breaks and clear boundaries are important.
- Redefining Success: Focusing on personal fulfillment instead of just material wealth can lead to a more satisfying life.
Many Nigerians work hard every day for little pay, struggling to keep up with the high cost of living. The stress and fatigue from constant hustling take a toll on their health, and some even lose their lives without fully enjoying the results of their labor. This is a common reality in Nigeria.
While the Nigerian hustle spirit has driven many to success, it’s important to recognize the potential downsides of an unbalanced approach. By redefining success and prioritizing well-being, Nigerians can reach their goals without sacrificing health and happiness.
Business
Trump Stops Bribery Prosecutions Saying US Businesses Need a Fair Chance
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Former U.S. President Donald Trump has signed an executive order directing the Justice Department to halt prosecutions of Americans accused of bribing foreign officials to secure business deals.
The order instructs Attorney General Pam Bondi to suspend cases under the Foreign Corrupt Practices Act (FCPA) of 1977 until new enforcement guidelines are introduced to support U.S. business interests.
According to the directive, any future FCPA investigations or charges must receive approval from the attorney general.
The White House argues that the law puts American companies at a disadvantage compared to foreign competitors, as it prevents them from engaging in practices that are common in global markets.
“America’s national security relies on U.S. businesses gaining strategic advantages worldwide,” a White House statement read, emphasizing that Trump is curbing aggressive FCPA enforcement to help American firms compete on a level playing field.
Business
Elon Musk Says He Has No Interest in Buying TikTok
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Elon Musk has made it clear that he has no interest in buying TikTok, despite growing speculation and concerns over the app’s Chinese ownership.
His statement comes after former U.S. President Donald Trump recently suggested that Musk could purchase TikTok if he wanted to.
However, the billionaire dismissed the idea, saying he hasn’t placed any bid and isn’t eager to acquire the platform.
“I don’t have any plans for TikTok. I’m not desperate to buy it. I rarely acquire companies,” Musk said.
He also admitted that he doesn’t use TikTok and isn’t familiar with its format, adding that his purchase of Twitter, now called X, was an exception rather than the norm.
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