Business Archives - Page 13 of 84

Netflix hikes subscription fees in Nigeria again

Streaming giant, Netflix, has increased subscription prices in Nigeria for the third time in less than a year.

This most recent rise is the first one for 2025.

Updates on the company’s website seen by PUNCH Online show the new pricing.

Under the new price, Netflix’s Premium plan now costs ₦8,500 a month, up from ₦7,000.

The Standard plan jumped to ₦6,500 from ₦5,500.

The Basic plan rose to ₦4,000 from ₦3,500, and the Mobile plan is for ₦2,500, up from ₦2,200.

This follows two earlier price hikes by Netflix in April and July 2024.

Nigeria currently faces challenges of rising living expenses, a falling naira, and record inflation.

This follows the recent hike in tariffs by Nigerian telecom providers by as much as 50 per cent.

The parent company of DStv and GOtv, MultiChoice, announced new prices that took effect on March 1, 2025.

MultiChoice announced that the price of the DStv Compact bouquet was increased from ₦15,700 to ₦19,000, reflecting a 25 per cent increase.

The price of the Compact Plus package increased from ₦25,000 to ₦30,000, and the premium DStv package saw a rise from ₦37,000 to ₦44,500.

For GOtv subscribers, the Jinja package increased from ₦3,600 to ₦3,900, and Jolli from ₦4,850 to ₦5,800. The GOtv Max plan rose to ₦8,500 from ₦7,200, Supa climbed to ₦11,400 from ₦9,600, and Supa Plus increased to ₦16,800, up from ₦15,700.

Netflix has yet to release an official statement regarding the recent price hikes in Nigeria.

Elon Musk slams Trump’s spending bill as ‘disgusting abomination’

Elon Musk has publicly condemned President Donald Trump’s proposed spending bill, calling it an “outrageous, pork-filled, disgusting abomination” just days after his departure from a White House advisory role, The Independent UK reported.

The billionaire entrepreneur, who recently completed a 130-day stint as a special government employee leading the Department of Government Efficiency, voiced his disapproval in a post on X on Tuesday.

Musk sharply criticised the bill’s projected impact on the federal deficit, warning it would push the budget shortfall to $2.5trn and leave American citizens with an “unsustainable” debt burden.

“I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.

“Shame on those who voted for it: you know you did wrong. You know it.

“It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America (sic) citizens with crushingly unsustainable debt,” Musk posted on X Tuesday.

The spending bill, championed by Trump and currently under Senate debate, aims to slash taxes while increasing expenditures on oil drilling, the military, and border security. It also includes significant cuts to Medicaid and food assistance programmes.

The Congressional Budget Office estimates that the legislation could add $3.8 trillion to the national debt over the next decade.

In response to Musk’s remarks, White House Press Secretary Karoline Leavitt downplayed the criticism, reiterating the administration’s support for the bill.

“The president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion.

“This is one big beautiful bill and he’s sticking to it,” Leavitt said.

During his time at DOGE, Musk had expressed concern that the bill undermined the department’s mission to trim federal spending.

At a weekend event, he reiterated his disapproval, stating, “I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, doesn’t decrease it, and undermines the work that the DOGE team is doing.

“I think a bill can be big or it can be beautiful. But I don’t know if it can be both. My personal opinion,” Musk said.

The legislation proposes $1.5trn in spending cuts as a condition to unlock $4.5bn in tax reductions. Should the necessary savings not be identified, the bill’s tax benefits would be scaled back proportionally.

According to the CBO, the bill would disproportionately benefit the wealthiest Americans while reducing resources for those in the lowest income brackets.

FG to clamp down on unapproved satellite campuses of varsities, others

The Minister of Education, Dr. Tunji Alausa, has warned Federal Universities, Polytechnics and Colleges of Education across the country, declaring that any satellite campus established without prior approval through their respective regulatory agencies, the National Universities Commission, the National Board for Technical Education and the National Colleges of Education will face strict sanctions.

This directive was contained in a memo sighted by PUNCH Online on Wednesday, dated May 30, 2025 and addressed to the Executive Secretaries of these regulatory agencies, in which the minister expressed serious concern over the growing trend of unregulated and unjustified establishment of satellite campuses by Federal Universities, Polytechnics and Colleges of Education. The minister, “Many of these newly created Satellite campuses lack the necessary academic, strategic, and infrastructural backing to justify their existence.”

Alausa emphasised that the unapproved proliferation of satellite campuses undermines the integrity, quality, and sustainability of Nigeria’s tertiary education system.

“Rather than focusing on improving existing campuses, some Vice Chancellors, Rectors and Provosts are diverting limited resources to set up inadequately equipped new Satellite campuses, which is counterproductive and detrimental to educational standards,” the minister stated.

Alausa directed the three regulatory agencies, NUC, NBTE and NCCE, to “Formally inform all Federal Tertiary Institutions under their purview that henceforth, no satellite campus is to be established without the express approval of the Minister of Education through these regulatory agencies.”

He further stressed that “Failure to comply with this directive will not be treated lightly and will attract appropriate disciplinary measures.”

Corn prices soar in Enugu due to changing climate 3rd June 2025

The price of corn in Enugu has risen by 50 per cent, according to a survey conducted by the News Agency of Nigeria on Tuesday.

The steep increase in the cost of both boiled and roasted corn has put the staple out of reach for many families and corn enthusiasts in the state.

Although the survey indicated that prices may fall in a few months when the majority of corn farmers begin harvesting, this seasonal influx is expected to first cause a temporary increase in supply, followed by a subsequent drop in prices.

Several farmers and sellers who spoke to NAN attributed the price hike to the lack of rainfall, a consequence of climate change. Those currently harvesting their crops also cited the high cost of hiring labourers and the rising prices of other market commodities as contributing factors.

A corn seller, Miss Amarachi Eze, explained that seven pieces of corn she purchased for N1,000 in 2024 are now sold for N2,000, with each piece retailing between N400 and N500, depending on size.

“If you sell all seven at N500, you make N1,500 profit, but if you sell at N400, the profit is N800. This is because I buy directly from the farmers.

“Out of this profit, you pay for transport, charcoal, and paper to serve customers. The cheapest bag of charcoal is now N500. When you add other expenses, it all contributes to the price increase,” she explained.

Another seller, who identified herself as Mama Ejima, noted, “The corn is just coming into season, as many farmers have not started harvesting, so prices will soon drop.

“I bought a small bag containing about 80 pieces for N25,500, which sold for N13,000 last year.”

She added that she had no corn selling for N200, with prices now ranging from N300 to N500. “At this time last year, corn was everywhere,” she said.

A farmer, Mr John Oroke, blamed the increase on delayed rainfall due to climate change, emphasising that fertiliser applied without sufficient rain can damage the crop.

He noted that corn requires constant rainfall for a good yield, but the current rainfall pattern in Enugu is inadequate for corn farming.

Another farmer, Mr Emmanuel Okafor, highlighted the high cost of hiring farm labourers. He also lamented that extreme heat and erratic rainfall had damaged his crops, and that part of his farm was destroyed by herders and their cattle.

“I am calling on the government to assist Enugu farmers with irrigation for year-round corn farming and to address the issue of conflicts between farmers and herders,” he appealed.

A buyer, Mrs Ogechukwu Nweke, expressed her frustration at the soaring cost of goods, including corn.

“But what can we do? We have to buy it. I am appealing to the government to support farmers to increase their yield,” she said.

(NAN)

Enugu orders disco to refund 20,000 customers for over-billing

The Enugu State Electricity Regulatory Commission has directed MainPower Electricity Distribution Company to refund over 20,000 customers who were overbilled in April 2025.

In a statement signed and released by EERC Chairman, Chijioke Okonkwo, and the Commissioner in charge of Market Operations, Reuben Okoye on Monday, the commission said the order followed a thorough investigation into the company’s billing practices, which revealed a significant increase in estimated billing violations.

“The commission has issued an Order to MainPower to refund the affected customers the overbilled units for energy consumed in April 2025,” the EERC notice reads.

It was stated that the list of affected customers has been published on the commission’s website, and MainPower has until the July 2025 billing cycle to complete the refunds.

It warned that failure to comply with the order will attract a fine of N500,000 for each day of non-compliance, as stipulated in the Enugu State Electricity Law 2023.

The commission made it known that it has been monitoring the disco’s billing practices since October 2024, and had issued several letters to the company, highlighting its concerns.

Despite this, EERC claimed the company failed to adequately address the issues, which prompted the commission to take enforcement action.

“The commission recently reviewed MainPower’s April 2025 estimated report, and observed that the degree of violation of the caps on estimated billing by MainPower had further deteriorated from the 24 percent observed in February and March 2025, to 34 per cent in April, 2025,” EERC stated.

The commission, however, advised affected customers who did not receive their refunds by the deadline to contact them via email at info@eerc.en.gov.ng or call 09122642755 for assistance.

Rivers debunks Julius Berger’s withdrawal claims

The Rivers State Government has debunked reports that Julius Berger Nigeria Plc has withdrawn from its project sites in the state, describing the claims as false and misleading.

The denial follows a viral publication that alleged that the construction firm had begun pulling out of Rivers State due to unpaid contract fees by the state government.

In a statement signed by the Senior Special Adviser – Media, Rivers State Government, Hector Igbikiowubo, and made available to newsmen on Friday, the state government dismissed the publication as “malicious” and “a deliberate misrepresentation of facts.”

The statement read, “The Rivers State Government, under the leadership of His Excellency, Vice Admiral (Rtd), Ibok-Ete Ekwe Ibas, strongly condemns the misleading and malicious publication titled ‘Julius Berger withdraws from Rivers’ project sites.

“The report, which falsely claims that Julius Berger Nigeria PLC has begun withdrawing its services from project sites in Rivers State due to alleged shortfalls in payments by the government, is a deliberate misrepresentation of facts and a calculated attempt to tarnish the reputation of the administration”.

Continuing it said, “Nothing could be farther from the truth. The Rivers State Government has consistently and dutifully met all its contractual obligations to contractors, including Julius Berger Nigeria PLC, which has received all payments due since the declaration of Emergency Rule in the state.”

Addressing the variation request, the statement revealed that Julius Berger had demanded an additional ₦171.76 bn an 87.77 per cent increase on top of the original ₦195.7 bn contract sum for the Ring Road project and if granted, would push the total cost to ₦367.45 bn

“The real motive behind misinformation, this baseless report is nothing more than a campaign of calumny orchestrated after failed attempts to pressure the Rivers State Government into approving an exorbitant and unjustified variation request for the ongoing Ring Road project.

“The facts are as follows: the original contract sum for the Ring Road project was N195,695,980,239.61 bn

“Julius Berger submitted a variation request demanding an additional N171,755,448,105.05 billion, representing an 87.77 per cent increase in project cost. If approved, this would raise the total project cost to a staggering N367,451,428,344.66 bn

“It is important to note that in an attempt to forestall such unreasonable claims and protect the State from such arbitrary variation requests, the Rivers State Government at the commencement of the project took a facility from a bank and paid a 77 per cent advance payment in the sum of N150,000,000,000.00 to Julius Berger”, the statement added.

Lasaco Assurance re-commits to youth empowerment

Lasaco Assurance Plc has reinforced its commitment to youth empowerment, education, and meaningful community engagement with a visit to Agidingbi Primary School in Ikeja, Lagos.

In a statement, the firm said that the visit was in commemoration of the 2025 Children’s Day. The visit was characterised by lively interactions, motivational talks, and the generous distribution of educational supplies and refreshments.

The Lasaco Assurance team encouraged the children to pursue their dreams with discipline, integrity, and determination while emphasising education as the cornerstone of future success.

During the visit, the General Manager of Business Development at Lasaco, Muyiwa Anwoju, underscored the insurance firm’s deep-rooted commitment to educational development in Lagos State.

“Children’s Day is a powerful reminder that every child deserves the opportunity to thrive. At Lasaco Assurance, we believe in investing in the future by supporting education and nurturing young minds,” he said.

Echoing this sentiment, Chief Financial Officer Bukola Moradeyo noted, “Our visit is more than a celebration—it’s an intentional act of impact. We want these children to feel seen, valued, and empowered to achieve greatness.”

In his remarks, Head of Strategy, Research, and Communications, Adetokun Adedayo, further emphasised the broader vision behind the initiative: “Lasaco Assurance Plc is not only committed to corporate growth but also community development through education. We believe strong communities are built on the foundation of knowledge and opportunity.”

The school’s head teacher, Mrs Hussein, expressed deep appreciation to Lasaco Assurance for their generosity and community spirit, noting that the visit complements ongoing efforts by educational stakeholders in Lagos to build strategic partnerships that improve student performance and create a nurturing learning environment.

Reflecting the company’s national footprint, Lasaco Assurance also celebrated Children’s Day through its regional offices. In Port Harcourt, the South-South Regional Office visited the State Primary School and Azuabie Primary School. Meanwhile, in the South-West region, the team commemorated the day with the pupils and staff of Methodist Primary School, Akintola Ekotedo, Ibadan.

Heirs Insurance offers N10m in essay contest 30th May 20

The Heirs Insurance Group has announced the opening of applications for the fourth edition of its annual Heirs Insurance Essay Championship, targeted at junior secondary school students nationwide.

In a statement on Wednesday, it was indicated that N10.5m worth of prizes will be up for grabs in this year’s edition features N10.5m worth of prizes.

The winning student will receive an N5 m scholarship along with an N1m education grant for their school. The first and second runners-up will receive N2m and N1m scholarships, respectively. In addition, insurance-focused themes and quizzes have been embedded into the application process for students, ensuring early engagement with the concept of insurance.

To participate, students must submit original essays of not more than 500 words on the topic ‘The Role of Insurance in Keeping Families Safe and Secure’ via its website. Submissions are open from May 27 to July 8, 2025.

In a significant expansion of the initiative, the 2025 edition introduces the Teachers’ Insurance Awareness Prize, a new category designed to recognise and reward teachers who actively promote insurance education within schools and communities.

For the Teachers’ Insurance Awareness Prize, the top teacher will receive a N1m cash prize, with an additional N500,000 grant awarded to their school. To qualify, teachers must implement an insurance awareness project and provide evidence of their initiative and its impact.

Commenting on this year’s competition, Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, said, “We are excited to return with an even bigger edition of the Heirs Insurance Essay Championship. This year, we are not only empowering students and their schools but also shining a light on the critical role teachers play in shaping financially aware communities. Across our businesses, we see education as a powerful tool to build a more secure future, and we are proud to drive that vision forward.”

The Heirs Insurance Essay Championship remains a flagship Corporate Social Responsibility initiative of Heirs Insurance Group, aimed at improving education outcomes and deepening insurance awareness among the younger generation. Winners of the programme will be announced at a Grand Finale event in August 2025.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

Businesses to showcase innovations at Startup Expo

Startups and businesses across Africa have been invited to showcase their innovations at the upcoming Lagos Startup Expo, scheduled for June 18–19, 2025, at the Landmark Centre, Victoria Island, organisers disclosed in a statement on Tuesday.

With the theme ‘Connect, Invest and Innovate’, the Lagos Startup Expo 2025 promises to bring together the brightest minds, boldest startups, and most influential investors for two days of discovery, networking, and opportunity.

The organisers described the event as the premier platform for businesses, startups, entrepreneurs, investors, and tech enthusiasts to connect, collaborate, and showcase the very best of African innovation.

The previous edition of the expo drew over 3,000 attendees and nearly 100 startups, with stories of new partnerships, product launches, and business growth echoing long after the event.

This year, the momentum is even greater, with about 200 startups and businesses from different regions expected to take centre stage. Attendees will have a front-row seat to the latest breakthroughs in fintech, healthtech, agritech, logistics, artificial intelligence, and more.

Registered participants can expect a vibrant expo floor packed with live demos, product showcases, and real-time conversations with founders and industry professionals. The event’s open, interactive format is designed to encourage genuine exchanges and build relationships that matter.

For those seeking an elevated experience, VIP passes will unlock exclusive access to masterclasses led by seasoned experts, as well as intimate networking sessions with top founders and investors.

The statement also confirmed that registration is ongoing, with both regular and VIP passes available. Regular passes grant full access to the expo floor, networking opportunities, and all product showcases, while VIP passes offer an enhanced experience, including access to masterclasses and the investors’ lounge.

The organisers added that the Lagos Startup Expo is Africa’s biggest startup showcase, designed to spotlight innovation, foster connections, and accelerate growth across the continent’s growing startup ecosystem.

NiMet, HEDA partner to boost climate information for small-scale farmers

The Nigerian Meteorological Agency and Human and Environmental Development Agenda have signed a Memorandum of Understanding to improve access to weather and climate information for smallholder farmers across Nigeria.

This development was announced in a statement released by NiMet’s media team on Wednesday following the signing of a MoU at the agency’s headquarters.

“The Nigerian Meteorological Agency has formalised its partnership with the Human and Environmental Development Agenda by signing a Memorandum of Understanding aimed at expanding agro-meteorological information delivery to smallholder farmers across Nigeria,” the statement partly reads.

The new agreement builds on a collaborative relationship that began in 2010 and signals a renewed joint commitment to delivering timely, accessible climate data to rural communities.

Present at the signing ceremony were Sulaimon Arigbabu, Executive Secretary of HEDA Resource Centre, and Miss Tonye Dappa, Legal and Liaison Officer, who both expressed appreciation to NiMet’s Director-General and CEO, Professor Charles Anosike, for his ongoing support and leadership.

NiMet Boss, Anosike highlighted the role of partnerships in connecting climate science with grassroots action.

He also offered NiMet’s studio facilities for the co-creation of climate education content tailored to farmers.

According to the statement, the collaboration aims to expand access to climate information, enhance disaster preparedness, promote sustainable agriculture, and strengthen national resilience to climate impacts.

“The partnership is expected to improve early warning systems, support climate-smart agriculture, and strengthen national resilience to climate change.

“Both institutions reaffirmed their commitment to inclusive access to vital weather and climate information,” the statement concluded.