FCCPC’s probe of telcos, cash withdrawal issues… business stories to track this week

Here are the seven top business stories you need to track this week — December 2 to December 6.

FCCPC TO PROBE MTN, GTB, AIR PEACE OVER COMPLAINTS OF ‘EXPLOITATIVE PRACTICES’

The Federal Competition and Consumer Protection Commission (FCCPC) says it will probe consumer complaints of exploitative practices in banking, telecommunications, and aviation sectors.

In a statement on Sunday, Ondaje Ijagwu, FCCPC’s director of corporate affairs, said the probe is scheduled to commence from December 3 to December 5.

He said the inquiry would address issues related to poor service delivery, exploitative practices, and possible violations of consumer rights.

‘REPORT CASH WITHDRAWAL ISSUES AT ATMs FROM DECEMBER 1’

The CBN says bank customers should report difficulties experienced with withdrawing cash from bank branches or ATMs from December 1.

Olayemi Cardoso, the CBN governor, spoke on Friday during the 2024 annual bankers dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

Cardoso had also threatened to impose fines on erring banks over the ongoing cash scarcity at automated teller machines.

NIGERIA’S GDP RISES BY 3.46%, UNEMPLOYMENT DROPS BY 4.3%

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) rate grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on November 25, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

On the same day, the bureau also said Nigeria’s unemployment rate was 4.3 percent in the second quarter (Q2) of 2024 – down from the 5.3 percent recorded in Q1 2024.

PH REFINERY COMMENCES OPERATIONS

The Nigerian National Petroleum Company (NNPC) Limited says the Port Harcourt refinery has commenced loading petroleum products into trucks.

In a statement on Tuesday by Femi Soneye, NNPC’s spokesperson, the national oil company said the pledge to re-stream the Port Harcourt Refining Company (PHRC) has been fulfilled.

The NNPC said the rehabilitated old refinery is currently operating at 70 percent of its installed capacity.

OPEC TO HOLD MEETING DEC. 5

The Organisation of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, is expected to hold its ministerial meeting on December 5.

At its last meeting on October 2, OPEC asked Nigeria to maintain the production level of 1.5 million barrels of crude per day (bpd) till December 31, 2025.

HOLCIM TO EXIT NIGERIA 

Holcim, a Swiss building materials company, has agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm.

The deal, valued at $1 billion, would lead to the sale of Holcim’s 83 percent stake in Lafarge Africa, according to a statement on Sunday.

The company said the agreement has been signed, noting that the transaction is expected to close next year.

CBN TO LAUNCH NEW WEBSITE

The Central Bank of Nigeria (CBN) says it will launch its new website on Monday.

In a statement on Sunday, Hakama Sidi Ali, acting director of corporate communications at the CBN, said the redesigned website, operational from today, can be accessed on www.cbn.gov.ng.