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Nigeria says working hard to resolve gasoline crisis

In a chat with Nigerians from all walks of life on Sunday evening during the stopover, the Vice President noted that the Federal Government was moving as quickly as it could to solve the fuel crisis and reduce the difficulties Nigerians were facing as a result.

How Jonathan’s officials, cousin shared 27bln proceeds of PHCN sale -EFCC

The Economic and Financial Crimes Commission (EFCC) has narrated how top government officials under the administration of former president Goodluck Jonathan shared 27 billion, part of the proceeds of the sale of Power Holding Company of Nigeria (PHCN) in 2014.

- Nigeria unemployment rate climbs up

Four out of every ten people in Nigeria's workforce were unemployed or underemployed by the end of September, National Bureau of Statistics (NBS) said on Friday.

Why is Jerusalem important, what makes Donald Trump's intervention so toxic

What is the status of Jerusalem? Israel set up its parliament in West Jerusalem when the state of Israel was proclaimed in 1948. The move followed the United Nations’ vote to partition Palestine on the basis of the British pledge known as the Balfour Declaration that paved the way for a homeland for the Jewish people.

- Nigeria's dollar reserves at $34.53 bln as of Nov. 24

Nigeria’s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. The bank did not provide a reason for the increase in reserves, which stood at $33.58 billion at the same date last month.

Tuesday, 28 December 2021

Newcastle may not have enough players to tackle Everton this Thursday due to Covid-19

Newcastle may not have enough players to tackle Everton this Thursday due to Covid-19: The Magpies went into Monday’s Premier League clash against Manchester United with their squad ravaged by positive Covid-19 tests and injuries and emerged further depleted.

Tuesday, 21 December 2021

House of reps jerk up 2022 budget to N17.1 trln, increase oil benchmark, deficits

House of reps jerk up 2022 budget to N17.1 trln, increase oil benchmark, deficits: The lower chamber of the National Assembly also increased the deficit estimate and the benchmark oil prices above the level proposed by the executive.

Monday, 20 December 2021

Nigeria, Angola fail to meet crude production quota as OPEC+ output rises marginally in Nov

Nigeria, Angola fail to meet crude production quota as OPEC+ output rises marginally in Nov: The two countries have failed to produce at targets in recent years due to underinvestment, persistent maintenance issues and an exodus of international energy companies.

Ecobank Nigeria to partner Nigerians abroad to fund special social projects

Ecobank Nigeria to partner Nigerians abroad to fund special social projects: Ademiluyi disclosed that Ecobank was working closely with Nigerians in Diaspora Commission (NiDCOM) towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation.

Thursday, 16 December 2021

Nigeria plans toll on major roads as InfraCorp moves to raise fund

Nigeria plans toll on major roads as InfraCorp moves to raise fund: Emefiele also revealed that the Infrastructure Corporation of Nigeria Limited (InfraCorp) intends to commit N1 trillion to the completion of Lagos-Ibadan Expressway, Abuja-Kano Highway and the Second Niger Bridge.

Wednesday, 15 December 2021

CBN seeks banks support to grow Nigeria’s economy to more than 5% yearly

CBN seeks banks support to grow Nigeria’s economy to more than 5% yearly: Emefiele, who spoke to bank chiefs at the Bankers’ Committee retreat in Lagos said efforts should be made to ensure that the country’s Gross Domestic Product (GDP) rise above five percent annually, higher than its present average growth rate of 2.7 percent.

Tuesday, 14 December 2021

UK removes Nigeria, 10 other countries from travel red list

UK removes Nigeria, 10 other countries from travel red list: But Health Secretary Sajid Javid said it had spread so widely the rules no longer had much purpose, the BBC reports.

Thursday, 9 December 2021

Nigeria finally ends oil spill in Nembe after a month of pollution

Nigeria finally ends oil spill in Nembe after a month of pollution: “We have put out the leak at SBAS-1. We are grateful for all the support,” minister Timipre Sylva said in a statement.

Nigeria generates N2.8 trln from VAT, company tax in 9-month ~NBS

Nigeria generates N2.8 trln from VAT, company tax in 9-month ~NBS: The improvement in VAT collections further confirmed the resilience and recovery of the Nigerian economy following the devastating impact of the COVID-19 pandemic.

CBN grants approval for Sterling Bank to operate a non-interest standalone bank

CBN grants approval for Sterling Bank to operate a non-interest standalone bank: The bank said the approval was sequel to the approval-in-principle granted to the Bank for the restructuring as a holding company (HoldCo) and subject to the fulfillment of conditions as stipulated by the CBN.

Omicron variant symptoms milder in patients ~Netcare

Omicron variant symptoms milder in patients ~Netcare: The symptoms displayed by patients in Netcare’s hospitals in the epicenter of the current fourth wave, the province of Gauteng, “are far milder than anything we experienced during the first three waves,” Chief Executive Officer Richard Friedland said in a statement Wednesday.

UBA assumes ownership of Abuja DisCo after firm default in loan repayment

UBA assumes ownership of Abuja DisCo after firm default in loan repayment

Anxiety after fully vaccinated person tests positive for covid-19 in Nigeria

Anxiety after fully vaccinated person tests positive for covid-19 in Nigeria: The person, who was said to have been fully vaccinated, tested positive on Tuesday evening, 24 hours after the event was held at Nigerian Air Force Conference Centre in Abuja.

Groups want Nigeria back on list of countries of particular concern on religion freedom

Groups want Nigeria back on list of countries of particular concern on religion freedom: In recent months, gangs of Fulani militants, Boko Haram terrorist, and other armed radicals have become even more brazen, torching entire villages and farms, ambushing, and killing innocent people in gory, unspeakable ways,” the letter notes. “Sadly, the victims are often targeted because of their religious identity.”

Wednesday, 8 December 2021

Nembe oil Spill: Senate accuses Aiteo of ‘technical incompetence’ in handling incident

Nembe oil Spill: Senate accuses Aiteo of ‘technical incompetence’ in handling incident

How 1 mln vaccine doses donated by COVAX expired in Nigeria ~Health minister

How 1 mln vaccine doses donated by COVAX expired in Nigeria ~Health minister: However, the country’s health ministry in a statement signed by the minister in charge, Osagie Ehanire, explained that the vaccines which were received in form of donations through COVAX and AVATT facility had residual shelf lives leaving the country with a limited period to facilitate distribution and usage.

Nigerian designer incorporates artefacts into jewellery to promote culture

Nigerian designer incorporates artefacts into jewellery to promote culture

Tuesday, 7 December 2021

Nigeria to raise N100 bln at last debt auction of 2021

Nigeria to raise N100 bln at last debt auction of 2021: All the debt on offer are reopening of the previously issued paper, the debt office stated, noting that they are all in 10-year and 20-year.

Lagos to prosecute violators of Covid-19 travel protocols

Lagos to prosecute violators of Covid-19 travel protocols: All foreigners that flout the rules would be subjected to possible deportation. Therefore, I implore all intending inbound passengers to perform their required tests at any of the private laboratories within the Lagos State Private Laboratory Consortium as and when due,” the governor said in a statement on Tuesday.

ICPC investigates Uniport, others over N950 mln Covid-19 fund

ICPC investigates Uniport, others over N950 mln Covid-19 fund: An immediate investigation by the Commission into the utilisation of the N950 million intervention fund by the teaching hospital in Port Harcourt has therefore been initiated.

How I once sell ‘Babaringa’ and local hand-made mats ~Elumelu

How I once sell ‘Babaringa’ and local hand-made mats ~Elumelu: “Yes I do. I did my NYSC stint in Sokoto, Northern Nigeria. They make very good ‘Babaringa’ which is a three-piece local costume that is very popular throughout the country. “I used to buy these alongside local hand-made mats and sell them to friends in the other end of the country, in the South. I made a little money from this which was very welcome as we were on a small stipend.

Nigeria’s equity market gains on back of Lafarge, Zenith, others rally

Nigeria’s equity market gains on back of Lafarge, Zenith, others rally: The NGX 30 Index marginally increased by 0.03 percent to close at 1,683.06 points as against 1,682.49 points as on the previous day.

Nigeria seeks collaboration with Belarus on food production, other sectors

Nigeria seeks collaboration with Belarus on food production, other sectors: He added that Belarus was ready to cooperate with Nigeria in mechanized agriculture, and can also help in the fight against terrorism.

Wearing a mask is better than social distancing ~Study

Wearing a mask is better than social distancing ~Study: In the most ideal scenario, where both people wear a medical-grade FFP2 mask and are kept apart, the chance of transmission is just 0.4 percent after an hour.

President Buhari approves sack of Abuja DisCo management over staff strike action

President Buhari approves sack of Abuja DisCo management over staff strike action: A statement issued by the media aide of the minister of state for power, Ofem Uket on Tuesday, said the president approved a new interim governing board to oversee the day-to-day operations of the company.

California based Equinix moves to acquire Nigeria’s MainOne for $320 mln

California based Equinix moves to acquire Nigeria’s MainOne for $320 mln: he transaction, the statement said has an enterprise value of $320 million and is expected to be AFFO accretive upon close, excluding integration costs, marking the first step in Equinix’s long-term strategy to become a leading African carrier neutral digital infrastructure company.

Ecobank Nigeria names new MD as Akinwuntan steps down Jan 2022

Ecobank Nigeria names new MD as Akinwuntan steps down Jan 2022: Chairman of the board of director of the local unit, Bola Adesola said: “We look forward to working with Mobolaji and assure him of the full support of the Board, Management and all the staff of Ecobank Nigeria.

Total loan-to-deposit of Nigerian bank hits N7 trln, says CBN

Total loan-to-deposit of Nigerian bank hits N7 trln, says CBN: We are very positive about the resilience and soundness of the banking sector. The banking sector has been strategically supporting the recovery based on the impact of Covid-19 where some of the forbearances that we granted to the sector have helped to ensure that they retain their capacity to lend and has also given succour to the obligors.

Nigeria tech startup TradeDepot raises $110 mln new capital

Nigeria tech startup TradeDepot raises $110 mln new capital: The digital platform, which connects businesses using its network to distributors of consumer goods, raised $110 million in an equity and debt funding round, according to a statement.

Bank customers petition CBN over illegal deduction by DMBs

Bank customers petition CBN over illegal deduction by DMBs: According to the association, most of the transactions are the social responsibility of the banks, adding that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

MTN to enforce mandatory Covid-19 vaccinations for staff

MTN to enforce mandatory Covid-19 vaccinations for staff: “It (vaccine mandate) also recognises the right of employees to apply to be exempted from the policy and/or refuse vaccination on certain clearly defined grounds,” it said, adding that staff who do not have a valid reason for not getting vaccinated will be laid off.

Monday, 6 December 2021

NCC, ALTON back 2021 ITREALMS E-Waste Dialogue

NCC, ALTON back 2021 ITREALMS E-Waste Dialogue: Confirming these at the weekend, the editor-in-chief, ITREALMS Media group, Remmy Nweke, said that the ITREALMS E-Waste Dialogue, slated for Thursday, December 9, 2021 in Lagos would have the Executive Vice Chairman (EVC) of NCC, Umar Garba Danbatta deliver a keynote address to the occasion.

Food Inflation in Sub-Saharan Africa

Food Inflation in Sub-Saharan Africa: However, high food inflation could persist if inflation expectations become de-anchored or supply chain disruptions continue. Regionwide, average inflation is expected to edge up in 2021 before easing next year depending on commodity prices and the resolution of supply-demand mismatches.

AMCON gives debtors 30-day ultimatum to pay or be ‘named and shamed’

AMCON gives debtors 30-day ultimatum to pay or be ‘named and shamed’: Nwauzor said in response to the Senate call, the ‘bad bank’ has granted the debtors 30 days ultimatum to come up with plans to repay their debt otherwise they will face the embarrsssment of having their name publish in media space.

Nigeria records N3.03 trln in trade deficit by Q3 as imports bill rises 17.3%

Nigeria records N3.03 trln in trade deficit by Q3 as imports bill rises 17.3%: The Statistician-General of the Federation, Simon Harry, who revealed this in Abuja stated that Nigeria earned N5.130 trillion from export trade and spent N8.153 trillion on import trade in the period.

FIRS boss wants all revenues included in computation of Nigeria’s tax-to-GDP ratio

FIRS boss wants all revenues included in computation of Nigeria’s tax-to-GDP ratio: In as much as the country needs to continually and conscientiously put measures in place to improve such a concern, there is also the need to comprehensively bring the entire national and sub-national revenue sources into consideration to properly and appropriately determine the correct and meaningful tax-to-GDP ratio for the country.

Prices of LPG, Cooking Gas to rise as supply slump

Prices of LPG, Cooking Gas to rise as supply slump: Reacting to the limited supply of LPG, the President, Nigeria LPG Association, Nuhu Yakubu, who noted that the sector was still constrained by some problems, especially foreign exchange, high prices and instability, said the association has been engaging with relevant agencies with a view to addressing the issues.

Currency in circulation rises in Nigeria despite increases digital transactions

Currency in circulation rises in Nigeria despite increases digital transactions: The amount of naira notes and coins circulating in the economy increased 4.6 percent to N3 trillion in October from the previous month, according to the Central Bank of Nigeria (CBN) data. Broad money supply, or M2, surged to a record N41.4 trillion in the same month.

Omicron Variant: UK dismisses ‘travel apartheid’ against Nigeria, other Africa countries

Omicron Variant: UK dismisses ‘travel apartheid’ against Nigeria, other Africa countries: The comments came after Nigeria’s high commissioner to London backed the UN Secretary General’s view that measures imposed by nations against large parts of Africa amounted to ‘travel apartheid’.

China People’s Bank to slash bank reserve requirements

China People’s Bank to slash bank reserve requirements: The People’s Bank of China said in a statement that it would cut banks’ reserve requirement ratio by 0.5 percentage point, which will bring the weighted average RRR level for the whole banking system to 8.4 percent.

POLITICAL NOTES: Bullying in Secondary schools

POLITICAL NOTES: Bullying in Secondary schools: Our children must be rescued from bullies. The time is now.

Many passengers to UK, other countries stranded at Nigeria airports as a result of Omicron travel ban

Many passengers to UK, other countries stranded at Nigeria airports as a result of Omicron travel ban: Though the Nigerian government expressed displeasure at its red listing by the United Kingdom government, this has not change the ordeal of intending travelers whose flights were cancelled by the airlines due to travel ban imposed by various countries on passagers from Nigeria.

Why I sympathise with Sanwo-Olu on endsars probe panel white paper

Why I sympathise with Sanwo-Olu on endsars probe panel white paper: Perhaps many of us were expecting too much from the governor, who we know that even though he is in power he does not possess the lever of authority of his office. It has been proven without time that there is a power behind the throne and Sanwo-Olu can only bark, he does not have the teeth to bite.

Saturday, 4 December 2021

Omicron variant found in more vaccinated people in U.S. as resistance concerns persist

Omicron variant found in more vaccinated people in U.S. as resistance concerns persist: The first case in the U.S. emerged in California on Wednesday. The patient was reported to be in the 18-49 age bracket and had recently returned from Africa. While fully vaccinated, they were not yet eligible for a COVID-19 booster shot.

MTN raises $150.2 mln from IPO, short of its target

MTN raises $150.2 mln from IPO, short of its target: The stake which Africa’s largest wireless carrier has in the unit was cut to 83.05 percent from 96 percent after the allotment.

How parental indulgence destroying culture of discipline in schools

How parental indulgence destroying culture of discipline in schools: During one of those stupid summer trips organized by schools for children, a parent gave their son 20,000EURO for upkeep on a 2- week trip.

World richest man, Elon Musk seeks age limit for political office.

World richest man, Elon Musk seeks age limit for political office.: In a tweet on Thursday, the SpaceX and Tesla founder said: “Let’s set an age limit after which you can’t run for political office, perhaps a number just below 70.”

In Oworonsoki, Lagos ‘slum party’ brings hope and life

In Oworonsoki, Lagos ‘slum party’ brings hope and life: The “Slum Party” kicks off with a burst of music, dance and the flames of a fire breathing act. For three years, a collective of 10 young Nigerian performers has sought to improve the lives of Oworonshoki’s residents through dance, hoping to change the reputation of an area once blighted by gang violence.

Terrorists release 61 kidnapped baptist Church worshippers in Kaduna

Terrorists release 61 kidnapped baptist Church worshippers in Kaduna: Two of the abductees were killed on the spot, two others were shot dead later while one was injured and hospitalised.

An online archive for Benin Bronzes to go live by 2022

An online archive for Benin Bronzes to go live by 2022: The Benin Bronzes, which are mostly in Europe, were stolen from Nigeria’s Benin City during colonialism and are among Africa’s most significant heritage objects. The statues were created from at least the 16th century onwards, according to the British Museum.

Islamist militants kill 7 soldiers, including a commanding officer in Borno

Islamist militants kill 7 soldiers, including a commanding officer in Borno: The militants, who the sources said were with Islamic State West Africa Province (ISWAP), attacked a military outpost in Rann, in Kala Balge local government area of Borno state, in three trucks at roughly 1:30 am, firing sporadically for an hour.

Africa’s richest man, Dangote wealth rises to highest since 2014

Africa’s richest man, Dangote wealth rises to highest since 2014: The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec.  3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.

Nigeria approves booster Covid vaccine for fully vaccinated

Nigeria approves booster Covid vaccine for fully vaccinated: According to a statement by Mohammad Ohitoto, spokesman for the National Primary Health Care Development Agency (NPHCDA), eligible Nigerians are to visit health centres and mass vaccination sites from December 10 to get their booster doses.

Nigeria creative sector generates $4.5 bln revenue annually ~CBN

Nigeria creative sector generates $4.5 bln revenue annually ~CBN: Emefiele, who spoke in Dubai, said the Federal Government was doing everything possible to support the creative sector of the nation’s economy.

The Dowen College disturbing response to a hurting parent

The Dowen College disturbing response to a hurting parent: How would a school that accepted students into it custody write such hogwash rebuttal on the cause of death of the young lad without any empathy? Nowhere in the school statement was the name of the boy mentioned, his case was treated like one of those incidents that happen among students.

Friday, 3 December 2021

S.African Absa expects annual profit to more than double

S.African Absa expects annual profit to more than double: South African bank Absa expects annual profit to more than double in the year to Dec. 31, it said on Friday, citing cost controls and lower bad debts.

UK approves GSK’s Covid antibody drug that slashes risk of death and hospitalisation

UK approves GSK’s Covid antibody drug that slashes risk of death and hospitalisation: It is given to patients considered most at-risk of developing severe disease, including elderly people and those with underlying health conditions.

President Buhari seeks global collaboration against covid

President Buhari seeks global collaboration against covid: ‘Such level of continuing understanding and pragmatic partnerships are needed and must be reinforced to ensure that our world is a better place that addresses humanity’s common challenges to guarantee sustainable development and progress for the global community

Lagos closes Dowen College indefinitely over death of student

Lagos closes Dowen College indefinitely over death of student: “The Lagos State Government has ordered the indefinite closure of Dowen College, Lekki, pending the outcome of an investigation into the death of Sylvester Oromoni Jnr, a student of the school.

Cyprus police arrest man with knife where Pope Francis was celebrating mass

Cyprus police arrest man with knife where Pope Francis was celebrating mass: Two security sources said the knife was found during security screening for thousands seeking access to the stadium on Friday morning.

Terrorists again strike in Kaduna, abduct 50, kill two

Terrorists again strike in Kaduna, abduct 50, kill two: “The bandits struck in the early hours of today ( Friday), invaded Ungwan Gimbiya Community of Sabo in Chikun local govt area of Kaduna state and abducted over 50 people and killed two.”

Thursday, 2 December 2021

Airtel Africa increases stake in Nigeria operations to 99.96% after buyout minority shares

Airtel Africa increases stake in Nigeria operations to 99.96% after buyout minority shares: In a regulatory filing on Thursday, Airtel Africa, which is quoted on the domestic bourse said it paid a total of N61 billion to buy back the minority stakes in the local telecom firm.

The G20 Common Framework for Debt Treatments Must Be Stepped Up

The G20 Common Framework for Debt Treatments Must Be Stepped Up: We may see economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated. It is also critical that private sector creditors implement debt relief on comparable terms.

EU fines HSBC, Credit Suisse, 2 others €344 mln forex trading probe

EU fines HSBC, Credit Suisse, 2 others €344 mln forex trading probe: Authorities in Brussels on Thursday levied the penalties on the banks after finding that their foreign-exchange traders had used online chat rooms, including one called Sterling Lads, to share information and sometimes co-ordinate trading strategies.

Nigeria’s commodities exchange, AFEX to raise $100 mln debt to fund food production

Nigeria’s commodities exchange, AFEX to raise $100 mln debt to fund food production: In a statement, AFEX stated that the fund will help to finance 250,000 hectares of land for commercial and smallholder farming across states in Nigeria more than the 30,000 hectares in Kano, Kaduna, Oyo, Ogun, Cross River and the FCT which is initially covered.

Apple to phase out iPhone 6 plus this year

Apple to phase out iPhone 6 plus this year: When an iPhone becomes vintage, it will not receive software updates and owners may not have their devices fixed by Apple or Apple’s authorised repair providers.

Nigeria’s forex reserves decline 1.46% in a month to $41.2 bln

Nigeria’s forex reserves decline 1.46% in a month to $41.2 bln: The data on the website of the regulatory bank showed that the country’s dollar buffer were down by as much as $613 million in a month, in what analysts attributed to the increase dollar sales to the market by the CBN during the period.

Collaboration, the new competition in Fintech space ~Absa CEO

Collaboration, the new competition in Fintech space ~Absa CEO: Thanks to the global pandemic as well, awareness around digital payments and collaboration is becoming a mainstay, which is a good thing.

Fitch Rates GTCO ‘B’; Outlook Stable

Fitch Rates GTCO ‘B’; Outlook Stable: It said GTCO’s VR is assigned at the same level as the group VR as Fitch believes the holdco’s failure risk is substantially the same as that of the group as a whole.

NCC shortlists MTN, Airtel, Mafab for 5G networks auction on Dec 13

NCC shortlists MTN, Airtel, Mafab for 5G networks auction on Dec 13: According to the NCC, “the stage is now set for the three companies to participate in the Main Auction as well as in the mandatory Mock Auction process, which will come as a precursor to the Main Auction.”

Emirates Airlines to resume flight operations to Nigeria from Dec 5

Emirates Airlines to resume flight operations to Nigeria from Dec 5: “Travellers coming from Nigeria will also need to take another Covid-19 PCR test on arrival at Dubai International Airport.

Wednesday, 1 December 2021

Chelsea maintain lead on Premier League as the club beats Watford 2-1

Chelsea maintain lead on Premier League as the club beats Watford 2-1: For Chelsea, this was an anaemic display, that only had the two expertly taken finishes to take comfort from.

How Fayose associate bought N1.3 bln property in 4-month

How Fayose associate bought N1.3 bln property in 4-month: At the resumed sitting on Wednesday, Tolulope, who was led in evidence by the counsel to the prosecution, Rotimi Jacobs told the court that Agbele bought four charlets from her company, Still Earth Limited, between March and July, 2015.

MTN Nigeria stocks down 10% after pricing shares sale below market rate

MTN Nigeria stocks down 10% after pricing shares sale below market rate: The drop in MTN Nigeria shares pushed the main share index down 1.8 percent to a three-week low. MTN listed its Nigerian business in Lagos two years ago at N90 each, becoming the second-largest stock by market capitalisation.

“Is this the end?” Nigerian crypto-traders confront latest state hurdle

“Is this the end?” Nigerian crypto-traders confront latest state hurdle: rypto traders may also find that the law is on their side. The CBN’s suspension of people’s bank accounts for committing an offence that does not exist is presumably illegal. Additionally, FCMB’s discrimination based on age could be construed as a violation of the fundamental human rights enshrined in Nigeria’s constitution.

How ministry of aviation is frustrating AMCON efforts to transform Arik Air to NG Eagle

How ministry of aviation is frustrating AMCON efforts to transform Arik Air to NG Eagle: Kuru, who spoke at a retreat for the Senate committee on banking and finance, said the corporation strategic exit from its aviation portfolio through NG Eagle, creating an unencumbered and brand-new airline that would be easier to dispose profitably has met with resistance from the aviation ministry.

Buhari calls for people-to-people relations between South Africa and Nigeria

Buhari calls for people-to-people relations between South Africa and Nigeria: In this regard, we need improvement in educational and scientific cooperation, mines and energy resources, transport and aviation, tourism, youth exchange programmes, trade and investment and military cooperation, to mention but a few.”

ITREALMS holds 2021 e-Waste Dialogue on Dec 9

ITREALMS holds 2021 e-Waste Dialogue on Dec 9: Nweke also said that the Waste of Electrical and Electronic Equipment (WEEE) emanates from the likes of mobile phones, computers, TV-sets, and fridges among other electronic devices have become a set of fastest growing waste streams across the globe.

Many countries spend more than 50% of monthly income on Christmas ~WorldRemit

Many countries spend more than 50% of monthly income on Christmas ~WorldRemit: Of the 14 countries observed, data showed Rwandans are most impacted by the disparity between average household income and holiday costs, spending 708 percent of their monthly income and nearly 60 percent of their annual income on the holiday.

Court Adjourns N4.6 bln Fraud case against Fani-Kayode, Others to Jan. 24

Court Adjourns N4.6 bln Fraud case against Fani-Kayode, Others to Jan. 24: EFCC accuses Fani-Kayode of presenting fake documents to court

British Airways, others bar sales of air tickets to inbound Nigeria passengers

British Airways, others bar sales of air tickets to inbound Nigeria passengers: This is coming against the backdrop of dollar rationing by the Central Bank of Nigeria (CBN) as a result of efforts to manage demand for foreign currency in the wake of dollar shortage in the country.

Rising cooking gas price; any hope in sight?

Rising cooking gas price; any hope in sight?: However, our market survey research showed that the cost of refilling a 12.5kg cylinder prints at N10,000 as of Oct-2021.

Nigeria confirms first cases of Omicron among travellers from South Africa

Nigeria confirms first cases of Omicron among travellers from South Africa: The NCDC also said retrospective sequencing of previously confirmed cases among travellers to Nigeria had identified the variant among a sample collected in October. It did not give details.

Nigeria races to extract its oil before it’s too late

Nigeria races to extract its oil before it’s too late: Now Nigeria’s leaders want to almost triple crude production just as a warming world seeks to move away from fossil fuels. They aim to fill a void left by Royal Dutch Shell Plc, which pioneered development of the nation’s fields more than 60 years ago but is now pulling back from Nigeria.

Lagos releases white paper on endsars panel report, rejects death Figure

Lagos releases white paper on endsars panel report, rejects death Figure: The  government rejected the resolution of the Judicial Panel that no fewer than nine persons lost their lives when armed soldiers stormed the Lekki toll gate to disperse #EndSARS protesters on October 20, 2020.

Tuesday, 30 November 2021

CBN dollar sales to banks curb speculations, leads to naira gain ~Bankers’ Committee

CBN dollar sales to banks curb speculations, leads to naira gain ~Bankers’ Committee: In a statement on Tuesday, the Committee noted that dollar hoarders “are beginning to bring them out to sell for the simple reason that they may lose as the naira gains strength at the parallel market.”

NEC endorses 2022 finance bill as govt plans tax reforms

NEC endorses 2022 finance bill as govt plans tax reforms: some of the proposed legislative changes cover domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms as well as international taxation issues.

Omicron variant: Hong Kong places travel ban on Nigeria, 3 other African nations

Omicron variant: Hong Kong places travel ban on Nigeria, 3 other African nations: Residents can return if they are vaccinated but will have to quarantine for seven days in a government facility and another two weeks in a hotel at their own cost.

Eni confirms three contract staff killed, two injured at pipeline site in Nigeria

Eni confirms three contract staff killed, two injured at pipeline site in Nigeria: Eni said in a statement that the workers, who were working on a project to restore mangroves in the Delta swamps were attacked by an armed group “causing as far as we know three fatalities and two injuries.”

OPEC crude oil output rises 220,000 bpd in November

OPEC crude oil output rises 220,000 bpd in November: Kuwait, the United Arab Emirates and Algeria also made increases as called for by their higher November quotas. Nigerian output, often hit by unplanned outages, recovered in November as a force majeure was lifted.

Police rescue soldier, 15 travellers abducted by Boko Haram in Borno

Police rescue soldier, 15 travellers abducted by Boko Haram in Borno: Borno Police Command spokesman, Sani Kamilu said the incident occurred around Yanakiri and Kondori villages when the insurgents in about 20 gun trucks ambushed the motorists.

Lagos to release Endsars panel white paper, promises justice

Lagos to release Endsars panel white paper, promises justice: The much anticipated White Paper, which is an administrative medium for conveying the decision or position of the government on the report of an administrative or judicial enquiry, may either bring a closure to the event of October 20, last year or inflame more passion among the populace.

MTN lures investors with discount, bonuses as it opens share sales to retail investors at N169

MTN lures investors with discount, bonuses as it opens share sales to retail investors at N169: MTN share traded at N190 per share on Tuesday on the floor of the NGX, meaning that investors will be buying the share on sales at a discount of about N21 per share during the public offering.

Nigeria threatens to sanction public officials engaging in illegal recruitment

Nigeria threatens to sanction public officials engaging in illegal recruitment: ‘‘Government has, however, noted from the activities of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) that some MDAs have devised the fraudulent practice of presenting new projects as ongoing projects.

Canada detects more cases of Omicron variant in Ottawa

Canada detects more cases of Omicron variant in Ottawa: A further two cases of the Omicron coronavirus variant have been detected in Ottawa, bringing Canada's total number of cases to five, Ottawa Public Health

Emirates Airlines suspends flights to 2 South African cities over Covid-19 Omicron variant

Emirates Airlines suspends flights to 2 South African cities over Covid-19 Omicron variant: The United Arab Emirate (UAE) biggest carrier also said it will slash its flights to Johannesburg to four times a week from December 1-31, in view of the current travel restrictions.

Who Is Twitter’s New CEO Agrawal, Why Dorsey resign?

Who Is Twitter’s New CEO Agrawal, Why Dorsey resign?: Twitter’s new CEO Agrawal has become the youngest CEO leading an S&P 500 company, only slightly younger than Meta Platform Inc CEO Mark Zuckerberg.

CBN deploys electronic form ‘A’, Form ‘NCX’ for invisible, non-commercial transactions

CBN deploys electronic form ‘A’, Form ‘NCX’ for invisible, non-commercial transactions: Both electronic form ‘A’ and Form ‘NCX’, the CBN said shall attract N5,000 fee per declaration by customers, aside the normal banking transaction charges.

Terrorists free 260 inmates, killed one guard, 9 prisoners dead after Jos correction centre attack

Terrorists free 260 inmates, killed one guard, 9 prisoners dead after Jos correction centre attack: “Some of the attackers and a total of 262 inmates escaped in the melee before reinforcement could come from sister services,” the service said in a statement.

NCC, Airtel to conduct 5G trial in Abuja, Lagos, four other locations on Thursday

NCC, Airtel to conduct 5G trial in Abuja, Lagos, four other locations on Thursday: In its ‘Draft Consultation Document for Deployment of Fifth Generation (5G) Mobile Technology in Nigeria’, the NCC disclosed that six locations across the nation were selected for this trial.

Monday, 29 November 2021

Messi wins 7th Ballon d’Or with Putellas taking women’s award

Messi wins 7th Ballon d’Or with Putellas taking women’s award: The Paris St Germain forward saw off competition from Bayern Munich striker Robert Lewandowski and Chelsea midfielder Jorginho.

Efficient civil service vital for quality public service delivery~ Osinbajo

Efficient civil service vital for quality public service delivery~ Osinbajo: The plant was set up under a Willing Buyer-Willing Seller basis, an arrangement between the State and the firm that did not require a Power Purchase Agreement, PPA, which would normally require a Sovereign Guarantee.

Kenya central bank holds it benchmark lending rate at 7.0%

Kenya central bank holds it benchmark lending rate at 7.0%: Policymakers cut rates sharply nearly two years ago when the East African nation reported its first case of COVID-19, and they have maintained that dovish stance since May last year.

Jack Dorsey resigns from Twitter as CEO, Agrawal, firm’s CTO takes over

Jack Dorsey resigns from Twitter as CEO, Agrawal, firm’s CTO takes over: He also said; “I want you all to know that this was my decision and i own it. It was a tough one for me, of course, I love this service company and all of you so much.”

Man Utd appoints Rangnick as interim manager

Man Utd appoints Rangnick as interim manager: Rangnick, 63, has left his role as head of sports and development at Lokomotiv Moscow and signed a six-month contract at Old Trafford.

Max Air Chairman, Mangal sells 15.8% stakes in Oando Plc in dispute settlement

Max Air Chairman, Mangal sells 15.8% stakes in Oando Plc in dispute settlement: “Based on the above, by Leaf Investment & Realtors Limited now holds 15.83 percent of Oando PLC,” the energy firm wrote in the communication with the NGX on Monday.

Seplat Energy in talks to buy ExxonMobil shallow water oilfields in Nigeria

Seplat Energy in talks to buy ExxonMobil shallow water oilfields in Nigeria: “Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.

Canada detects two cases of Omicron COVID-19 variant from travellers from Nigeria

Canada detects two cases of Omicron COVID-19 variant from travellers from Nigeria: According to the country’s Health Minister, Christine Elliott, both cases were found in the Ottawa area in people who had recently returned from Nigeria.

Is Banking an Endangered Species?

Is Banking an Endangered Species?: The highest level of ethics and trust are (or used to be) the hallmark of the banking profession. What has changed? Obviously, a lot!

Nigeria suspends operations of 91 private jets over duty payment defaults

Nigeria suspends operations of 91 private jets over duty payment defaults: The letter directed the aviation agency regulator, NCAA, the NAMA, and FAAN, to ground the private jets by denying them administrative and operational flight clearances indefinitely.

NAFDAC Chief, Adeyeye decries abuse of antibiotics

NAFDAC Chief, Adeyeye decries abuse of antibiotics: The National Agency for Food and Drug Administration and Control (NAFDAC) has raised the alarm over the increasing rate of irrational use of antibiotics which

Sunday, 28 November 2021

OPEC shifts technical meetings over Omicron covid variant

OPEC shifts technical meetings over Omicron covid variant: OPEC is moving two technical meetings to later this week in order to give committees more time to evaluate the impact of the new Omicron coronavirus variant,

Gunmen kill four people carrying out repair work at Eni oil pipeline in Nembe

Gunmen kill four people carrying out repair work at Eni oil pipeline in Nembe: The men, two workers, a driver and a security operative, died at a facility in Nembe, Bayelsa state, which feeds oil and gas to the Brass export terminal, Solomon Ogbere, a spokesman for the Nigerian Security and Civil Defence Corps (NCDC), said.

Terrorists, Security operatives exchange gun battle at Jos Prison

Terrorists, Security operatives exchange gun battle at Jos Prison: The source, who spoke on condition of anonymity, said five inmates who attempted to escape during the gun battle were promptly re- arrested.

Flight operations to and from Nigeria remains on Hold, says Emirates Airlines

Flight operations to and from Nigeria remains on Hold, says Emirates Airlines: However, Emirates Airlines posted on its website on Sunday that; “Emirates direct flight operation to and from Nigeria is still on hold.”

CHURCH BUSINESS: Ministry is about people

CHURCH BUSINESS: Ministry is about people: We can say without mincing word that without people Jesus ministry would not have succeeded. He actually needed the people, the disciples to ensure the continuity of His ministry on earth, otherwise, His effort on this part of the divide would have come to nothing after his death and resurrection.

Banks business model must create impact in society, Sanwo-Olu tells bankers

Banks business model must create impact in society, Sanwo-Olu tells bankers: Sanwo-Olu, who spoke at this year’s bankers’ dinner noted that there is a need to review the traditional economic and monetary models in the face of changing realities in today’s world.

Saturday, 27 November 2021

CIBN President, Olugbemi says eNaira ‘II deepen financial inclusion

CIBN President, Olugbemi says eNaira ‘II deepen financial inclusion: Olugbemi, who spoke at this year’s dinner of the institute, noted that while the modality for the operation of the Central Bank Digital Currency (CBDC) is being finetuned, the launch of the electronic currency was a step in the right direction.

CBN targets GDP growth at 3.1%, sees inflation rate of 15.35 % at end of 2021

CBN targets GDP growth at 3.1%, sees inflation rate of 15.35 % at end of 2021: Emefiele said the projected GDP growth for 2021 will be better than the last year’s negative growth of -1.8 percent while inflation is expected to continue on it downward trajectory.

Nigeria mining sector now toast of foreign investors ~Minister

Nigeria mining sector now toast of foreign investors ~Minister: The minister also expressed optimism that with completion and commissioning the establishment of a Fire Assay laboratory, a crucial step towards making the country a major mining destination has been established.

Emirates Airlines expects to resume direct flight to Nigeria ~Aviation Minister

Emirates Airlines expects to resume direct flight to Nigeria ~Aviation Minister: According to Nigeria’s minister of Aviation, Hadi Sirika and his  Foreign Affairs, Geoffrey Onyema, the suspension was halted following the resolution of the differences between Nigeria and the UAE after the Emirates lifted some of the restrictions imposed on travellers from Nigeria as part of measures to contain COVID-19.

Nigerians loss N254.4 bln to ponzi schemes in 4-years

Nigerians loss N254.4 bln to ponzi schemes in 4-years: The biggest heist was by one of the ponzi scheme which ended up defrauding many gullible investors of over N171 billion in the guise of helping them to trade in forex with purported 15 percent return on investment every 30 days with a minimum capital investment of N360,000 and up to N5 million.

Friday, 26 November 2021

Italy and Portugal drawn together in World Cup playoffs

Italy and Portugal drawn together in World Cup playoffs: Portugal will be at home to Turkey in the semifinals, while Italy will host North Macedonia. The winners of those two semifinals will meet for one place at the World Cup. Portugal or Turkey will be at home in the final.

EU moves to halt air travel from places with new Covid variant

EU moves to halt air travel from places with new Covid variant: “The Commission will propose, in close coordination with Member States, to activate the emergency brake to stop air travel from the southern African region due to the variant of concern B.1.1.529,” said the executive’s head, Ursula von der Leyen.

Gunmen again kill 11 in Bassa LGA of Plateau, razed 30 houses

Gunmen again kill 11 in Bassa LGA of Plateau, razed 30 houses: Plateau State Governor, Simon Lalong condemned the attack, describing it as the handiwork of criminals who are bent on “instilling fear, pain and sorrow” among residents.

OML 29 oil Spill: Aiteo says deploys clean-up equipment to Nembe

OML 29 oil Spill: Aiteo says deploys clean-up equipment to Nembe: This is coming three weeks after the wellhead bursted and spill oil across the acres of land around the OML 29 in Nembe creek of Bayelsa state.

Three weeks after; Nembe community still devastated by Aiteo oil spill

Three weeks after; Nembe community still devastated by Aiteo oil spill: The crayfish that I sell for a living, now they are all dead,” said Afieyegha Seiyefa, showing her oil-covered hands after reaching into the water where just a few weeks ago she could fish for a living. “We cannot get anything.”

POLITICAL NOTES: Selfish, uncaring leadership, Nigeria biggest challenge

POLITICAL NOTES: Selfish, uncaring leadership, Nigeria biggest challenge: Do you trust today’s politicians, public officers and government to risk your hard-earned money in their business?

The Discussion: The fuel subsidy tiff

The Discussion: The fuel subsidy tiff

Nigeria Air to launch IPO for local investors in proposed National carrier

Nigeria Air to launch IPO for local investors in proposed National carrier: He said Nigeria Air would be listed on the Nigerian Exchange Limited after the IPO, noting that ordinarily Nigerians would have the opportunity to invest in the airline, slated to commence operation in April 2022.

Nigeria’s equity market declines 0.32% on losses by Ecobank, Nigerian Breweries

Nigeria’s equity market declines 0.32% on losses by Ecobank, Nigerian Breweries: The All-Share Index fell to 43,108.77 points from 43,245.02 points the previous day the market while of equities listed on the NGX declined to N22.494 trillion from N22.565 trillion as on the previous day.

Four suspected pirates killed by Danish frigate in Gulf of Guinea

Four suspected pirates killed by Danish frigate in Gulf of Guinea: Special forces approached a small motorized vessel with eight people on board who then opened fire. The Danish troops returned fire, killing four and wounding one, while the small vessel sank. The remaining three suspected pirates are in custody.

Thursday, 25 November 2021

Nigeria economic diversification project on course, says VP Osinbajo

Nigeria economic diversification project on course, says VP Osinbajo: According to the Vice President, “we are set on the right path and I like the fact that we are focused on non-oil exports, and we are facing the challenges and we are facing them head-on.

Nigeria mobile phone subscribers peak at 191.6 mln in Oct, with MTN lead by 38.4% market share

Nigeria mobile phone subscribers peak at 191.6 mln in Oct, with MTN lead by 38.4% market share: MTN leads other telecom firms with a market share of 38.41 percent followed by Globacom which has 53.33 million subscribers and 27.83 percent market share.

Nigeria’s Aiteo hires Halliburton to help curtail oil spill in Bayelsa

Nigeria’s Aiteo hires Halliburton to help curtail oil spill in Bayelsa: The Houston-based firm’s Boots & Coots unit has been called in by independent producer Aiteo Eastern E&P Co., to contain the leak from a non-producing well in the southern Bayelsa state, a spokeswoman confirmed.

President Buhari presides over security council meeting, decorates ADC

President Buhari presides over security council meeting, decorates ADC: President Muhammadu Buhari is presiding over the National Security Council (NSC) meeting at the State House, Abuja.

Three Nigerian firms to fund solar energy projects with $10 mln

Three Nigerian firms to fund solar energy projects with $10 mln: It said the All On-managed finance facility would provide debt funding for solar companies already approved by the Rural Electrification Agency for the Nigeria Electrification Program to purchase lower-cost solar equipment through the DART.

Nigeria moves to curb Aiteo oil spill in Bayelsa

Nigeria moves to curb Aiteo oil spill in Bayelsa: An oil spill in Nigeria's Delta region that has been spewing for more than two weeks will be "speedily addressed," President Muhammadu Buhari has said.

FMN, Honeywell counter Ecobank, say takeover deal guided by global best practice

FMN, Honeywell counter Ecobank, say takeover deal guided by global best practice: But FMN Plc in the communication with the NGX assured stakeholders to maintain their trust in FMN managment, whose actions are guided by global best practice, “as we work diligently to maintain the Group’s sterling reputation as one of the Nigeria’s leading and oldest agro-allied companies.”

Wednesday, 24 November 2021

Nigeria Air to relaunch in April 2022, says Aviation minister Sirika

Nigeria Air to relaunch in April 2022, says Aviation minister Sirika: “So, if you add that, it’s 51 percent. So, it’s 51 percent majority shareholding by Nigerians and then 49 percent will be held by strategic equity partner or partners that will be sourced during the procurement phase, which is the next phase.

Police rescue 24 kidnapped people, including 5 students in Zamfara State

Police rescue 24 kidnapped people, including 5 students in Zamfara State: Police chief in Zamfara state Police Commissioner, Ayuba Elkanah said at a press briefing in the state capital Gusau that all the rescued victims have been handed over to the state government on Tuesday.

Irony of Nigeria housing shortage: More houses are empty due to high cost of rent

Irony of Nigeria housing shortage: More houses are empty due to high cost of rent: But the mix of massive demand, high construction costs and poor market research by developers has resulted in a wave of new two- and three-bedroom houses that few people in Nigeria need or can afford, housing experts say.

INEC seeks prosecution of sponsors of electoral offenders

INEC seeks prosecution of sponsors of electoral offenders: He said the commission has made siginificant progress in prosecuting electoral offenders but noted that the role of prosecution should be taking away from INEC so that it can concentrates on its core assignment.

Analysts think Nigeria’s inflation figure may ‘not reflect market conditions’

Analysts think Nigeria’s inflation figure may ‘not reflect market conditions’: Analysts are of the opinion that the numbers may not reflect market conditions. Some are more concerned about the divergence between anecdotal and empirical data.

MTN targets to pay 80% of earnings as dividends payout

MTN targets to pay 80% of earnings as dividends payout: MTN Nigeria aims to more than double data users to 80 million by 2025, its chief executive said on Tuesday.

Ecobank places caveat on Flour Mills Nigeria proposed takeover of rival Honeywell

Ecobank places caveat on Flour Mills Nigeria proposed takeover of rival Honeywell: According to the lawyer to Ecobank,  Kunle Ogunba, Honeywell remains a recalcitrant debtor to the lender and has refused to service it indebtedness.

POLITICAL NOTES: Lai’s White paper before the White paper?

POLITICAL NOTES: Lai’s White paper before the White paper?: Lai Muhammad has given us the Federal White Paper before Lagos state government gives us its White Paper. Some White Papers are indeed Grey Papers, trying to cover the truth.

Tuesday, 23 November 2021

You want to own a 2022 Toyota Tundra, you may have to wait a bit longer

You want to own a 2022 Toyota Tundra, you may have to wait a bit longer: “We have always noted those units won’t be on sale until the spring,” the spokesman said. “So nothing has changed [with] the i-Force Max trucks.”

Ride-hailing firm, Bolt agrees to fund low-emission cars for Nigerian drivers

Ride-hailing firm, Bolt agrees to fund low-emission cars for Nigerian drivers: The agreement with Yamaha Corp.-backed Metro Africa Express allows drivers from the ride-hailing firm to make down payments of as low as 5 percent depending on their credit score, and pay the balance over five years, according to a statement on Tuesday.

World Bank joins IMF to call for cancellation of fuel subsidy regime in Nigeria

World Bank joins IMF to call for cancellation of fuel subsidy regime in Nigeria: The World Bank said the petrol subsidy has cost Nigeria N864 billion in the first nine months of 2021, up from N107 billion in 2020 and the highest deduction in six years, as oil prices increase the cost of imports.

CBN retains interest rate at 11.50%, raises concern over persistent insecurity

CBN retains interest rate at 11.50%, raises concern over persistent insecurity: The CBN Governor said members of the MPC also reiterated the impact of poor infrastructure on rising domestic price levels, urging the Federal Government to prioritize investment in public utilities to improve the business environment.

NBC, maker of Coca Cola plans $1 bln investment in Nigeria ~Osinbajo

NBC, maker of Coca Cola plans $1 bln investment in Nigeria ~Osinbajo: According to the Vice President, “your ongoing investment in the country, which I am told will be in the order of $1 billion in the next five years, testifies to your faith in the possibilities of Nigeria.”

MTN opens offer for sales on 575 mln shares after SEC approval

MTN opens offer for sales on 575 mln shares after SEC approval: This, the telecom firm said was sequel to it obtaining the approval of the Securities and Exchange Commission (SEC) to put on offer the share held by MTN Group in the Nigeria unit.

First Bank ‘too big and strategic’ for one individual to own ~ Emefiele

First Bank ‘too big and strategic’ for one individual to own ~ Emefiele: “First Bank is so big that one person cannot own it,” Emefiele told Journalists at the briefing on the outcome of the MPC two days meeting in Abuja.

Operatives of EFCC arrest ex-Aviation minister Fani-Kayode over alleged forgery

Operatives of EFCC arrest ex-Aviation minister Fani-Kayode over alleged forgery: Though the EFCC spokesman, Wilson Uwujaren, confirmed the arrest of the ex-minister who recently decamped to the ruling All Progressive Congress (APC), he declined to disclose details of the allegations against him.

Nigeria to replace fuel subsidies with N5,000 monthly transport grants to the poor in middle 2022

Nigeria to replace fuel subsidies with N5,000 monthly transport grants to the poor in middle 2022: “Ahead of the target date of mid-2022 for the complete elimination of fuel subsidies, we are working with our partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.

WTO, IMF launch Covid-19 Vaccine trade tracker

WTO, IMF launch Covid-19 Vaccine trade tracker: The portal provides an array of data on total vaccine supply to date, exports by producing economy and by supply arrangement type, imports by income group and by continent, supply by manufacturing economy and vaccine type, supply to continents and vaccination status.

PSG eyes Zidane in case of Poch join Man Utd

PSG eyes Zidane in case of Poch join Man Utd: Zidane, 49, is available after leaving the Bernabeu last summer following his second tenure with Real Madrid — winning 190 of his 301 matches in charge and lifting three Champions Leagues and two LaLiga trophies. The France World Cup winner is keen on the PSG job if it becomes available, sources said.

Foreign Capital inflow to Nigeria declines 80% due to covid, insecurity ~CBN

Foreign Capital inflow to Nigeria declines 80% due to covid, insecurity ~CBN: The regulatory bank report showed that Nigeria recorded $17.1 billion in foreign capital inflow in the year to July, 2019, while the figure declined progressively to $8.6 billion in the year to July 2020 and further to $3.4 billion by July 2021.

Lack of sufficient vaccines weigh on Africa growth outlook ~IMF

Lack of sufficient vaccines weigh on Africa growth outlook ~IMF: “The World Health Organization’s (WHO) target of vaccinating 10 percent of population by end-September was reached by only five sub-Saharan African countries,” the author wrote in the blog post published on the website of the Fund.

Appeal Court convicts NEPZA engineer over N342 mln contract

Appeal Court convicts NEPZA engineer over N342 mln contract: Nanjwan was sentenced to three years imprisonment by the Calabar Division of Court of Appeal for holding private interest in a N342 million contract regarding the replacement of warehouses and factories at the Calabar Free Trade Zone.

Monday, 22 November 2021

Nigeria’s naira weakens across markets as forex reserves decline 1.05% in 12-day

Nigeria’s naira weakens across markets as forex reserves decline 1.05% in 12-day: At the I&E forex market, the local currency weakened against the dollar by 0.16 percent as the dollar was quoted at N415.07 compared with N414.40 it closed on Friday.

Cut off from National grid: Maiduguri struggles to recover without electricity

Cut off from National grid: Maiduguri struggles to recover without electricity: Maiduguri is the capital of Borno state, the epicentre of Nigeria’s 12-year battle against Islamist militants who in January bombed transmission lines, cutting the city’s power and stifling efforts to rebuild its economy.

Ruling APC to hold national convention Feb 2022

Ruling APC to hold national convention Feb 2022: Bagudu said the President as leader of the party had given the party the go ahead to hold the National Convention on a date to be determined in February, next year.

Access Bank to hold court-ordered shareholders meeting on Holdco

Access Bank to hold court-ordered shareholders meeting on Holdco: “The said Scheme will be subject to the subsequent sanction of the Court and delivery of a certified true copy of the Order of the Court sanctioning the Scheme to the Corporate Affairs Commission,” the lender said in the communication with the regulator.

CBN Gov, Emefiele to unveil Nigeria’s economic outlook at bankers dinner on Friday

CBN Gov, Emefiele to unveil Nigeria’s economic outlook at bankers dinner on Friday: Emefiele,  according to the statement by CIBN spokesman, Nelson Olagundoye, is expected to address the audience on recent economic and financial market developments over the past year as well as the economic outlook for the coming year.

Flour Mills Nigeria acquires 76.75% stakes in rival Honeywell Flour Mills

Flour Mills Nigeria acquires 76.75% stakes in rival Honeywell Flour Mills: In a regulatory filing on November 22, the country’s biggest flour miller said the agreement with Honey Well Group would lead to the acquisition of 71.69 percent and the 5.06 percent of the First Bank equity in the rival flour mill  firm.

IMF five observations on Nigeria’s Central Bank Digital Currency

IMF five observations on Nigeria’s Central Bank Digital Currency: Like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability. For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks.

Shareholders sue IGI board chairman, Ahmed, others for assets stripping, failure to hold AGM

Shareholders sue IGI board chairman, Ahmed, others for assets stripping, failure to hold AGM: In a 21-paragraph statement on oath deposed to by one of the petitioners, Abiodun Akinjayeju, the deponent noted that the company’s assets sold without authorisation from shareholders included landed properties in Ikoyi, Victoria Island, Lagos, Bodija, Ibadan in Oyo State and Kacyru Kigali, in Rwanda.

Air Traffic officer slumps, dies at MMIA Lagos

Air Traffic officer slumps, dies at MMIA Lagos: A source at the airport said the deceased slumped but because of vehicular restrictions to the Total Radar Coverage of Nigeria (TRACON) site, he could not be rushed to the hospital.

Nigeria born Villarreal winger, Arnaut Danjuma says regret not having ‘a university degree in my pocket’

Nigeria born Villarreal winger, Arnaut Danjuma says regret not having ‘a university degree in my pocket’: “In retrospect, I really regret that I didn’t try my best. Now I wish I had got a university degree in my pocket.”

E-cigarette use may be detrimental to bone health in adults ~Report

E-cigarette use may be detrimental to bone health in adults ~Report: Because of their attractive design and vapor delivery system, the use of e-cigarettes has gained increasing popularity. Since their introduction over a decade ago, e-cigarettes have been marketed as a healthier alternative and an aid to conventional cigarette smoking cessation.

World Toilet Day 2021: Time to Value Toilets

World Toilet Day 2021: Time to Value Toilets: Anyone who has ever passed any of the major bridges in Lagos must have encountered open defecation in action. It is rampant. It should not be allowed to continue. It offends the senses. It pollutes the environment. It adversely affects human health. It should be stopped.

NAFDAC regulates veterinary medicines, others to achieve food safety, security ~DG

NAFDAC regulates veterinary medicines, others to achieve food safety, security ~DG: Adeyeye, who spoke at the virtual meeting with stakeholders in the sector, where she also informed the gathering that the Agency will continue to ensure that food available for consumption is safe, wholesome and of the right quality as entrenched in NAFDAC Act Cap N1 LFN 2004.

Sunday, 21 November 2021

Chinese, African officials to map out cooperation through 2035

Chinese, African officials to map out cooperation through 2035: Among many intimate interactions between China and Africa, the upcoming Eighth Ministerial Conference of the Forum on China-Africa Co-operation scheduled for next week will see China and Africa reveal their long-term partnership plans, including the China-African Cooperation Vision through 2035.

APC, PDP presidential candidates to emerge by Aug 2022

APC, PDP presidential candidates to emerge by Aug 2022: The conduct of primaries and emergents of presidential and governorship candidates of the political parties in August would be in accordance with the newly passed Electoral bill by the national assembly.

Kamala Harris ‘feels powerful’ as VP was president for 85 min

Kamala Harris ‘feels powerful’ as VP was president for 85 min: According to Patti Wood, Kamala’s body language earlier this week appeared to show she ‘feels powerful.’

Man Utd sacks Ole Gunnar Solskjaer, eyes Zidane as replacement

Man Utd sacks Ole Gunnar Solskjaer, eyes Zidane as replacement: Manchester United have wielded the axe on Ole Gunnar Solskjaer and choosing Zinedine Zidane as his potential successor would indicate reverting to a tried and trusted tactic.

EFCC recovers and returns Kogi N19 bln bailout fund to CBN

EFCC recovers and returns Kogi N19 bln bailout fund to CBN: It said the recovery and the deposit of the cash with CBN have cleared all doubts on the operation of the commission on the hidden cash.

US ‘II invest in Africa without leaving it with unsustainable debt, says Blinken

US ‘II invest in Africa without leaving it with unsustainable debt, says Blinken: The United States Invests “Without Sacrificing the Country” with An debt can’t handle it,” he said during the signing ceremony with The Senegalese minister of Economic Affairs Amadou Hott.

CHURCH BUSINESS: Nuggets for a life of abundance

CHURCH BUSINESS: Nuggets for a life of abundance: Life is all that a man needs to restart even in the days of adversity as long as there is life, hope is rekindled; wealth, empire and other personal achievement could be recreated.

Nigeria, Ghana, Kenya central banks to retain interest rate on falling inflation rate

Nigeria, Ghana, Kenya central banks to retain interest rate on falling inflation rate: Major sub-Saharan African central banks will keep rates on hold this month as most emerging markets continue to lag the global recovery after the pandemic

Friday, 19 November 2021

IMF wants Nigeria to remove fuel subsidies, enforce tariffs reflective electricity, exchange rate reforms

IMF wants Nigeria to remove fuel subsidies, enforce tariffs reflective electricity, exchange rate reforms: The International Monetary Fund (IMF) has urged Nigeria to remove fuel subsidies and move to a market based pricing mechanism by early next year in accordiance with the recently passed Petroleum Industry Act (PIA).

POLITICAL NOTES: The integrity of Minister Lai Muhammed

POLITICAL NOTES: The integrity of Minister Lai Muhammed: He’s now caught in the most embarrassing gaffe in his job. It’s the @EndSars protests. Minister Mohammed held on to no lives lost in the protests apparently without doing enough investigation.

Bayelsa Gov, Diri concerns over impact of Aiteo oil spill

Bayelsa Gov, Diri concerns over impact of Aiteo oil spill: “Governor Douye Diri is gravely concerned that if the high volume of crude being spill continuously is not stopped immediately, it will spread to many more communities and undermine the economic life of residents,” his spokesman said.

AMCON initiates entrepreneurship scheme for NYSC

AMCON initiates entrepreneurship scheme for NYSC: The scheme, which is tagged the “Managing Director’s Annual NYSC Entrepreneurship Competition”, is a scheme introduced by AMCON to encourage the Corps members to come up with business plan as entrepreneurs and contest among themselves by making presentations before a panel set up by AMCON to select the best three realistic business plans that will stand the chance of winning the MD’s cash reward.

US moves to upgrade relations with Africa

US moves to upgrade relations with Africa: “Too many times, the countries of Africa have been treated as junior partners –- or worse –- rather than equal ones,” Secretary of State Antony Blinken said in a speech Friday in Abuja, Nigeria’s capital. “

MTN Group to exit Yemen as part of Middle east pull out

MTN Group to exit Yemen as part of Middle east pull out: MTN said it would transfer its 82.8% stake to a unit of an affiliate of Zubair Corp LLC, MTN Yemen’s minority shareholder, adding that no further material impact was expected on earnings as it had fully impaired the Yemeni assets as of June 30.