Economy

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19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

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18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

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18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

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18-March-2024

Court Orders Binance to Give EFCC Access to Nigerians’ Trading Data

By Adedapo Adesanya A Federal High Court in Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with the comprehensive data or information of all persons from Nigeria trading on its platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Mr Ekele Iheanacho, on Monday. “The applicant’s application dated and filed on February 29, 2024, is hereby granted as prayed,” the court held today. It also held, “That an order of this court is hereby made directing the operators of Binance to provide the

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18-March-2024

UTM Seeks NCDMB’s Equity Investment in First FLNG Project

By Adedapo Adesanya UTM Offshore Limited, which is building Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility, has requested the Nigerian Content Development and Monitoring Board (NCDMB) to invest equity in the project and to accelerate key approvals that would fast-track the project’s development. It wants the NCDMB to follow in the footsteps of the Nigerian National Petroleum Company (NNPC) Limited which in July 2023 signed a Heads of Agreement which will see it contribute 20 per cent equity to the vessel set to produce 176 million cubic feet of gas per day from the Yoho Field and will help

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18-March-2024

Experts to Discuss Financial Stability in Economic Distress at DLM Webinar

By Modupe Gbadeyanka Industry experts have been pencilled down to educate members of the public and others on ways to achieve financial stability during economic distress at a webinar organised by DLM Asset Management Limited. This event is slated for Thursday, March 28, 2024, at 11 am, a statement from the subsidiary of DLM Capital Group stated. The theme of the virtual seminar is Maintaining Financial Stability in Times of Economic Distress and the resource persons will cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future. The programme is designed for investment-savvy individuals, income earners,

General

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18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

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18-March-2024

NIMC, NCC to Pool Resources to Enhance NIN-SIM Linkage Processes

By Adedapo Adesanya The National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) have announced a strategic collaboration to enhance the National Identification Number(NIN)-SIM linkage processes. This was disclosed in a joint statement signed by the Technical Adviser, Media, and Communications to the DG/CEO of NIMC, Mr Ayodele Babalola, and the Director of Public Affairs, NCC, Mr Reuben Muoka. The NIN-SIM linkage exercise has received criticism due to the long process and constant need to harmonise data on the end of consumers with the Socio-Economic Rights and Accountability Project (SERAP) threatening to drag the NCC to court if

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17-March-2024

Budget Padding: SERAP Urges Senate to Reinstate Ningi

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Mr Godswill Akpabio, to recall Senator Abdul Ningi who was suspended for three months over his allegation of budget padding. Mr Ningi, the lawmaker representing Bauchi Central, was suspended for three months over an interview in which he alleged that the National Assembly padded the 2024 N28.7 trillion budget with about N3.7 trillion. He was quoted as saying, “For the first time in Nigerian history, today we are operating two different budgets. One budget was approved by the National Assembly and signed by President Bola

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17-March-2024

Manufacturers, LCCI Laud Suspension of Expatriate Employment Levy

By Adedapo Adesanya The Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry (LCCI) have lauded the decision of the federal government to halt the implementation of the Expatriate Employment Levy (EEL). The Expatriate Employment Levy, a new policy that was introduced by the federal government aimed to address wage gaps between expatriates and the Nigerian labour force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies. The new fee was $10,000 for staff and $15,000 for directors, which represented a significant shift from the $2,000 paid by foreign nationals for the Combined

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15-March-2024

Makinde Confirms Passing of 42nd Olubadan Lekan Balogun at 82

By Modupe Gbadeyanka Governor Seyi Makinde has confirmed the passing of the Olubadan of Ibadanland, Oba Lekan Balogun, on Thursday. The monarch passed on last night at the University College Hospital (UCH), Ibadan, a statement signed by the Special Adviser to the Governor on Media, Mr Sulaimon Olanrewaju, said. Mr Balogun ascended the throne about two years ago at the age of 80 after the demise of his predecessor, Oba Saliu Adetunji, in January 2022 at 93 years old. “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba

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14-March-2024

FCCPC Files Criminal Charges Against Mikano

By Modupe Gbadeyanka The Federal Competition and Consumer Protection Commission (FCCPC) has filed criminal charges against a power-generating set company, Mikano International Limited. The agency, in a statement signed by its acting chief executive, Mr Adamu Abdullahi, said the charges were filed on Friday, March 8, 2024, at a court in Abuja. It accused Mikano of obstructing an investigation of its activities, especially in the area of generator importation, manufacturing, assembly, and distribution. FCCPC said its decision to look into the operations of the firm was prompted by credible intelligence and preliminary inquiries suggesting potential infringements of the Federal Competition

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Feature / Oped

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17-March-2024

Nigeria’s Forgotten and Fallen: Power, Politics, and Fame

By Prince Charles Dickson, PhD In Nigeria’s complex socio-political landscape, there exists a phenomenon often overshadowed by the glitz and glamour of political power and fame—the plight of the forgotten men. These individuals, once wielders of influence and authority, find themselves relegated to the sidelines of society’s collective memory once their time in the spotlight fades. This essay explores the fallacy of power, politics, and fame in Nigeria, emphasising the transient nature of these constructs and the tendency of Nigerian politicians to fade into obscurity once they lose their grip on power. Power, in its various manifestations, is often perceived

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14-March-2024

How Business Can Build Future Career Paths for Women in AI, Emerging Tech

The underrepresentation of women in the Science, Technology, Engineering, and Mathematics (STEM) fields continues to persist.  This is despite progress being made in gender equality and equity over the last decade, According to the latest UNESCO report on gender-responsive education, too many girls and women are held back by biases, social norms and expectations influencing the quality of the education they receive and the subjects they study. Girls are particularly under-represented in developing countries in the African continent; particularly around STEM education and, consequently, in STEM careers. This gender disparity is alarming, especially as STEM careers are the jobs of the future.

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13-March-2024

How Inflation is Changing Consumer Behaviour

By Timi Olubiyi, PhD Small businesses and consumer goods firms are facing heavy disruption in their supply chain and operational costs due to inflation, currency risk, removal of fuel subsidies leading to a significant increase in energy costs, and scarcity of foreign exchange (FOREX). In recent times revenues and business forecasts are set to suffer short-term pressures, declines and low or no profits. Because the Nigerian economy is largely import-driven, the unstable foreign exchange rate continues to generate higher import bills for many of these companies. Consequently, this results in a significant rise in the expenses associated with production and

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12-March-2024

Building Resilience: 6 Simple Climate Solutions for Big Impact in Nigeria

By Grace Oluchi Mbah Nigeria, a nation brimming with potential, faces a significant challenge: climate change. In 2023, Nigeria recorded a decline in rainfall to about 1061 millimetres (mm) compared to 2022, which was about 1137.078 millimetres (mm). These erratic rainfall patterns, combined with rising sea levels of 0.5 meters, could force 27-53 million Nigerians who live along the coast to relocate by the end of the century. These factors are driving adverse climate effects that are already being felt. But amidst these challenges lie opportunities. Here, we explore six simple yet impactful climate solutions that Nigerian communities can adopt

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11-March-2024

Accelerating New Investments in Nigeria’s Multi-Billion-Dollar Electricity Sector

After more than a decade of reforms and continuous repositioning of Nigeria’s electricity sector to attract private investments, the outlook remains positive and bullish but not much traction has been gained. While it appears that investors are seeking footholds in the sector, efforts must be intensified by stakeholders to accelerate and accommodate these new potential investments. As Nigeria strides forward to consolidate its pride of place as Africa’s economic powerhouse, configuring its power supply architecture for optimum performance remains critical to realizing the lofty goal of an economic resurgence. Nigeria’s electricity sector presents a significant untapped investment potential, given the

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08-March-2024

International Women’s Day and Plights of Nigerian Women

By Jerome-Mario Utomi On Friday, March 8, 2024, women across the globe, including those in Nigeria, join the United Nations in celebrating International Women’s Day under the theme Invest in Women; Accelerate Progress. As the world marks International Women’s Day, it is obvious that the globe is facing many crises, ranging from geopolitical conflicts to soaring poverty levels and the escalating impacts of climate change. These challenges, according to reports, can only be addressed by solutions that empower women. By investing in women, we can spark change and speed the transition towards a healthier, safer, and more equal world for

Banking

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18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

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15-March-2024

Banks Can’t Pay Dividends from FX Revaluation Gains—CBN Insists

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has maintained its stance against the payment of dividends to shareholders by publicly quoted banks from foreign exchange (FX) revaluation gains. In a letter titled Re: Impact Of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector on Thursday, the banking sector regulator said it has not changed its mind on the directive last year against such practice, warning banks to adhere strictly to it. In yesterday’s circular signed by the acting Director for the Banking Supervision Department of the CBN, Dr Adetona Adedeji, it was emphasised that “banks are

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15-March-2024

Stanbic IBTC Bank Reward4Saving 3.0 Quarterly Draw Produces More Millionaires

By Modupe Gbadeyanka More millionaires have emerged in the Stanbic IBTC Bank’s Reward4Saving 3.0 promo quarterly draw recently, bringing the total number of customers who have won in the campaign to over 1,500 since its inception in 2021. At the last draw, seven lucky customers of the bank won the grand prize of N1 million each, while an additional 70 customers won N100,000 each. Since the commencement of the promo, currently in its third season, six draws have been conducted, resulting in 434 customers emerging as winners, receiving cash prizes ranging from N100,000 to N1 million for maintaining consistent savings

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13-March-2024

Access Holdings Appoints Aig-Imoukhuede as Chairman

By Aduragbemi Omiyale Mr Aigboje Aig-Imoukhuede has been appointed as the Chairman of Access Holdings Plc, replacing Mr Abubakar Jimoh, who remains on the board as an independent non-executive director. Mr Aig- Imoukhuede, who is the business partner of the late chief executive of Access Holdings, Mr Herbert Wigwe, is expected to use his outstanding record of accomplishments, wealth of expertise and leadership to guide the company into a new era of success. The retired banker was the pioneer Group Managing Director (GMD) of Access Bank Plc, which is now the banking subsidiary of Access Holdings. A statement signed by

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13-March-2024

LivingTrust Mortgage Bank Trades Flat Amid Interest from Foreign Investor

By Aduragbemi Omiyale Shares of LivingTrust Mortgage Bank Plc have remained unchanged at N3.27 per unit on the floor of the Nigerian Exchange (NGX) Limited despite reports of an investor intending to take up to 7 per cent stake in the firm. There have been reports in the past few days that a foreign investor wants a bite of the real estate lending firm. The unidentified investor is reportedly interested in the acquisition of 7 per cent of its shares. It was said that the investor has seen future value in the company and wants to quickly position himself before

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12-March-2024

Abbey Mortgage Bank Relishes Transformative Journey, Impact of 32 Years

Abbey Mortgage Bank, a leading institution in the mortgage industry, is celebrating its 32nd anniversary this year. Over the past three decades, Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike. Since its establishment in 1992, Abbey Mortgage Bank has undergone remarkable transformations, emerging as a pioneer in the mortgage sector. Beyond providing traditional mortgage services, the bank has expanded into retail banking, broadening its scope to better serve its customers’ needs. “Through dedication and innovation, our workforce has been the driving force behind Abbey Mortgage

Jobs

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18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry

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18-March-2024

Agbaje Replaces Gowon as Notore Chemical Chairman

By Aduragbemi Omiyale Notore Chemical Industries has announced the appointment of Mr Femi Agbaje as its new Chairman, replacing Mr Yakubu Gowon, who retired from the position about three years ago. A statement signed by the company secretary, Mrs Otivbo Saleh, disclosed that Mr Agbaje is not new to the organisation as he had been the financial officer of the firm and a non-executive director. Business Post reports that Mr Gowon, a former Nigerian leader, retired from Notore Chemical Industries in January 2021, but the company did not announce his successor until last weekend. “Notore Chemical Industries Plc hereby notifies

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15-March-2024

TVC Communications Appoints Victoria Abiola Ajayi New CEO

By Modupe Gbadeyanka Mrs Victoria Abiola Ajayi has been appointed as the new chief executive of TVC Communications, a senior member of the Lagos-based broadcast station, Mr Babajide Kolade-Otitiju, has disclosed. Her appointment, it was gathered, becomes effective Wednesday, May 1, 2024. She will be expected to use her experience, including her training in the United Kingdom, to “take the company to new frontiers of profitability and sustainability,” according to Mr Kolade-Otitiju. Business Post learned that she will oversee the subsidiaries of the broadcast powerhouse, which include TVC News, TVC Entertainment, Max FM, and Adaba FM. The seasoned finance leader

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13-March-2024

Tinubu Seeks Approval to Replace Kalu Eke on CBN Board With Onwudiwe

By Adedapo Adesanya  President Bola Tinubu has written to the  Senate, seeking confirmation for the appointment of Mrs Ruby Onwudiwe as the Southeast member of the Board of Directors of the Central Bank of Nigeria (CBN). President Tinubu’s request was contained in a letter addressed to the President of the Senate, Mr Godswill Akpiabio, and read at plenary on Wednesday in Abuja. Mr Tinubu in the letter said the confirmation request complied with provisions of section 10, sub-section one of the Central Bank of Nigeria Establishment Act 2007. “I am pleased to present for confirmation by the Senate the appointment

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13-March-2024

Tinubu Appoints Dayo Mobereola as NIMASA DG

By Adedapo Adesanya  President Bola Tinubu has approved the appointment of Mr Dayo Mobereola as the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) for a renewable term of four years to replace Mr Bashir Jamoh, whose tenure recently expired. His appointment was announced in a statement late on Tuesday by the President’s Special Adviser on Media and Publicity, Mr Ajuri Ngelale. Mr Mobereola holds a PhD, and an M.Sc in Transport Economics from the University of Wales, United Kingdom. He is a fellow of the Chartered Institute of Transport, in England, and a fellow of the same

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07-March-2024

Tinubu Removes Ahmad as Rural Electrification Agency CEO

By Modupe Gbadeyanka President Bola Tinubu has announced the indefinite suspension of the chief executive of the Rural Electrification Agency (REA), Mr Ahmad Salihijo Ahmad. A statement issued on Thursday night disclosed that Mr Ahmad was asked to step aside alongside three executive directors of the agency over their alleged involvement in the fraudulent mis-expenditure amounting to over N1.2 billion over the past two years. Mr Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, who signed the statement, gave the names of the affected directors as Olaniyi Alaba Netufo, the Executive Director for Corporate Services; Barka Sajou,

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Showbiz

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18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

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15-March-2024

Six Sporting Reasons To Step Up On GOtv

March is running out, meaning a window for a smart sporting deal is gradually closing. Sports are a big part of daily entertainment for us as Nigerians, and we are stepping into the climax period of the sporting season. With barely two weeks left in March, there’s still enough room to take advantage of the GOtv Step Up offer to enjoy the best sporting moments at home and on the go with GOtv Stream. So if you are on the GOtv Max or any of the lower packages, we’ve highlighted some sporting reasons to Step Up your package now: Premier

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14-March-2024

AFC Partners Ecobank, Soto Gallery for +234Art Fair

By Modupe Gbadeyanka The forthcoming +234Art Fair designed to elevate African art and empower artists is already gaining traction, with the Africa Finance Corporation (AFC) joining forces with Ecobank Nigeria and Solo Gallery to make it memorable. The much-anticipated event, which is themed A New Heritage, is scheduled to commence on Friday, March 22, 2024, though hundreds of works of art have already arrived at the 2,000-square-meter venue in preparation for the exhibition. For 10 days, exhibitors will showcase more than a thousand works of art at the Ecobank Pan African Centre (EPAC) on 270 Ozumba Mbadiwe Avenue, Victoria Island,

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13-March-2024

Meta, Pulse NG Introduce Creators of Tomorrow Campaign

By Modupe Gbadeyanka A first-of-its-kind campaign that spotlights five emerging creators in Nigeria who are turning what they love into what they do and sparking a new wave of creativity/community on Instagram has been launched by Meta and Pulse Nigeria. The initiative known as Creators of Tomorrow spotlights creators from lifestyle, comedy, dance and art. Their inspirational journeys will be amplified through the strategic collaboration with Pulse, providing a platform to showcase their creative journey and inspiring a fresh movement of creative content online. The creators chosen for the first phase of the scheme include Isaac Olayiwola (Layi Wasabi), Tobe

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11-March-2024

Eedris Versus 50 Cent: When Will Eedris Stop This 20 Year Old Lie?

By Justin Akpovi-Esade In the last 20 years, Afro-pop artiste, Eedris Abdulkareem, has persistently propagated a false narrative surrounding an unfortunate incident involving himself and the security personnel of American hip-hop and rap star, Curtis James Jackson, popularly known as 50 Cent, inside a commercial airplane at the local wing of the Murtala Mohammed International Airport (MMIA) in Lagos. This regrettable incident marked the turning point in Eedris’s once-blossoming career and in a desperate attempt to revive it; he has consistently lied and distorted facts about the event. For someone who has elevated lying into an art form, this might

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07-March-2024

Why You Need to Step Up This March

“I’m marching to greater heights”. “I’m marching into glory”. “I’m marching forward”. A Nigerian who belongs to any of the social media communities must be conversant with these quotes. It’s how we motivate ourselves to welcome the month of March. These quotes are comic relief to some and inspiration to others. But how about “Step Up in March”? That also fits the mix, right? “Step Up in March” holds different meanings for different people. For many, this could mean an improved lifestyle, an upgrade with high-quality gadgets, or boosting the mood in your home with a smart entertainment bargain. As

Technology

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18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

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18-March-2024

NameCheap Suspends XpressVerify After NIN Database Breach Report

By Modupe Gbadeyanka A popular web hosting platform, NameCheap, has suspended a Nigerian website, XpressVerify, which was accused of commercialising data of Nigerians. FIJ Nigeria had on Sunday reported that the website had “unrestricted access to the National Identification Numbers (NINs) and personal details of every registered Nigerian.” The company charges N200 to retrieve personal details of any Nigerian registered by the National Identity Management Commission (NIMC) for NIN. Personal details of Nigerians like phone numbers, full names, NIN, address and photographs could be accessed after the payment of N200. After outcry following the report of the alleged data breach,

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17-March-2024

Respite as Internet Services Improve in Nigeria, Others

By Adedapo Adesanya There have been improvements in internet services in Nigeria and other parts of the African continent after three days of disruptions. Attacks on more than three subsea cables off the West Coast of Africa disrupted internet services in Nigeria, Ghana, and other countries across the continent. While the impact was low in Nigeria and Ghana, the effect was high in Cote d’Ivoire. Telecommunications subscribers, television stations, and banks were impacted and over the week, the disruption paralysed digital transactions and internet communications. Among the affected infrastructure were African submarine cables such as South Atlantic Telecommunications cable no.3

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14-March-2024

Undersea Cable Damage Disrupts Services in Nigeria, Others

By Adedapo Adesanya Nigeria and some other Western and Central African countries, including Benin, Cote d’Ivoire, Ghana, Guinea, Liberia, and Niger, reported widespread internet service disruption on Thursday. According to data seen by Business Post, African submarine cables like those on the West Coast of Africa to Europe such as South Atlantic Telecommunications cable no.3 (SAT-3), MainOne Cable System, West Africa Cable System (WACS), and Africa Coast to Europe (ACE) are either down or faulty. Telecommunication companies are reportedly working to restore services. It is unclear when services will resume. Disruptions may expand into further countries over the coming hours.

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13-March-2024

US House Passes Bill That Could Ban TikTok

By Adedapo Adesanya The US House of Representatives voted on Wednesday in favour of a bill to require social media platform, TikTok, to cut its connection with parent company, ByteDance, or face a ban in the United States. The bill received bipartisan backing with a 352-65 vote. President Joe Biden has already said that he would support the legislation, but TikTok faces an uncertain fate as the bill heads to the Senate. The bill’s fate in the Senate is yet to be determined but analysts say it may not scale at the US Senate. Although the bill’s supporters declined to

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13-March-2024

Airtel Africa Begins Construction of Data Centre in Lagos

By Modupe Gbadeyanka The construction of a data centre in Nigeria by Airtel Africa Plc has commenced, with the ground-breaking ceremony attended by the Governor of Lagos State, Mr Babajide Sanwo-Olu, and the Minister of Communications and Digital Economy, Mr Bosun Tijani. The new facility, Nxtra, is located in the Victoria Island of Lagos and has been tipped to be one of Africa’s largest networks of data centres. Airtel Africa said this development underscores its commitment to meeting the continent’s data management needs by providing trusted and sustainable data centre capacity to serve the fast-growing African digital economy. “We strongly

Sports

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15-March-2024

Man City Draw Real Madrid, Arsenal Face Bayern in Champions League QF

By Adedapo Adesanya The current champions of the UEFA Champions League, Manchester City, will face record tournament holders, Real Madrid, in the quarter-final while Arsenal were drawn against Bayern Munich. At the draw held on Friday, current English Premier League leader, Arsenal, will host second-placed Bundesliga’s Bayern in the first leg in a tie that will see the former Tottenham star, Harry Kane, return to the home of his former team’s arch-rival in North London. Holders City must overcome Real once again to defend their crown after beating the 14-time winners last season in the semi-final en route to claiming

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12-March-2024

Five Expert Tips on How to Spot Fake Pokémon Cards

The Pokémon card market has grown considerably since the franchise first came to the fore in 1999, with over 190 collections of cards now in circulation.   Naturally, this has led to a lot of fake cards being manufactured and sold to collectors, sometimes for thousands of dollars, fooling even the most experienced into believing they are buying genuine cards.   Ahead of Pokémon Day on 27th February, the online gaming information site Indivisible Game has outlined what collectors can do to identify forgeries and avoid spending on counterfeits.     Compare Card Printing Quality  Authentic Pokémon cards are printed with high-quality materials

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12-March-2024

13th African Games Themed ‘Experience the African Dream’ Opens

By Kestér Kenn Klomegâh Under the theme Experience the African Dream the 13th African Games kicked off, with a spectacular official opening, to showcase the unique cultural heritage, sporting talent of the African continent and its diversity at the University of Ghana Sports Stadium in Accra, the capital city of the Republic of Ghana. The significance of the venue was described as the land of Kwame Nkrumah, the cradle of panafricanism. The Games, organized in collaboration with the Association of National Olympic Committees of Africa (ANOCA) and the Association of Africa Sports Confederations (AASC) following a Negotiated Agreement signed in

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07-March-2024

Unearthing Africa’s Soccer Gems: Exploring Emerging Talents in African Football

Africa has long been a fertile ground for producing exceptional soccer talents, with its rich footballing culture and passion for the beautiful game. Amidst the excitement of discovering new stars, fans across the continent often seek insights beyond talent scouting, including aspects like team dynamics, tactics, and even free soccer predictions. From the streets of Lagos to the academies of Dakar, the continent continues to nurture a new generation of players who are making waves both domestically and internationally. In this article, we delve into the exciting world of emerging talents in African soccer, highlighting some of the brightest prospects

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01-March-2024

Jose Peseiro Exits Position as Super Eagles Coach

By Dipo Olowookere Portuguese tactician, Mr Jose Peseiro, has left his job as the coach of Nigeria’s male football national team, the Super Eagles. He exited the team barely a month after he led the country to the final of the 2023 Africa Cup of Nations (AFCON) hosted by Cote d’Ivoire. The host nation defeated Mr Peseiro’s men by 2-1 from a goal down in the final to lift the trophy. The Super Eagles had beaten the Elephants in the group stage of the tournament by a lone goal before meeting again in the final. Before the competition ended, there

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29-February-2024

The Future of Blockchain and Cryptocurrency in the Online Gambling Industry

The online gambling industry, characterized by its rapid evolution and global reach, has established itself as a dynamic and lucrative sector. With millions of enthusiasts partaking in diverse gambling activities, ranging from casino games and sports betting to poker and more, it has transcended geographical boundaries and time zones. The allure of convenience, accessibility, and the thrill of gaming from the comfort of one’s own space has fueled its relentless growth. As technology continues to redefine the boundaries of the digital world, the online gambling sector finds itself at the forefront of innovation, poised for further expansion and transformation. The

World

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18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

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18-March-2024

Senegal’s ProXalys Raises $500,000 to Boost Digital Solutions

By Adedapo Adesanya Senegalese technology company, ProXalys, has raised $500,000 to invest massively in digital resources following its transition from serving small-scale agricultural producers and retailers to software. Lead investors of the raise include 216 Capital Ventures, Haske Ventures, and Digital Africa. With its new injection, the Senegalese company is setting its sights on investing massively in talents that cover technology, data, and artificial intelligence (AI). It also looking to use the recent fund-raising to expand its ranks and conquer the Ivorian market. At first, ProXalys developed a digital solution that identifies available agricultural products and organizes last-mile delivery, without

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15-March-2024

Experts Advise Nigeria to Join BRICS

By Kestér Kenn Klomegâh  Nigeria is considered an economic power in West Africa, and it runs in the third position behind Egypt and South Africa. While expert opinions suggest it qualifies for BRICS (Brazil, Russia, India, China and South Africa), an association of emerging economies that primarily seeks to promote economic cooperation and development among its members, Nigeria maintains that it can only make such a decision over the next two years. Last August 2023, BRICS admitted six new members Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates into its fold at its 15th annual summit in

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13-March-2024

Afreximbank Backs Initiative to Train 300 Young African Entrepreneurs

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has thrown its weight behind an organisation, Grand Africa Initiative (GAIN), to train 300 young African entrepreneurs. The training programme will focus on entrepreneurship and intra-African trade and is set to commence in March 2024. The GAIN-Afreximbank Masterclass on Entrepreneurship and Intra-African Trade is designed to equip young African entrepreneurs from various regions of the African continent with essential skills to foster the growth and expansion of their enterprises beyond their national borders. Over a comprehensive six-week programme, participants will gain valuable insights into how to build and expand their businesses leveraging

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12-March-2024

Six Nations Oppose Siting African Energy Bank Headquarters in Nigeria

By Adedapo Adesanya Nigeria is facing opposition from six countries to have the proposed headquarters of the first African Energy Bank built in the country, which is Africa’s largest oil producer. In May 2022, the African Export-Import Bank (Afreximbank) and the African Petroleum Producers Organization (APPO) signed a Memorandum of Understanding (MoU) for the establishment of a multi-billion Dollar African energy bank. Initial capital of $5 billion was provided for the institution will scale up private sector investment in African oil and gas projects and catalyse Africa-directed investment. The bank’s goal will be to provide critical financing for new and

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11-March-2024

Russia and Nigeria: Turning A New Page In Their Relationship?

By Kestér Kenn Klomegâh On March 6, Russian Foreign Minister, Mr Sergey Lavrov, held talks with Nigeria’s Minister of Foreign Affairs, Mr Yusuf Maitama Tuggar, who was in Moscow on an official two-day working visit. The visit, at the invitation of the Russian Foreign Ministry, which has a lot of distinctive implications and strategic interpretations, was a conscious follow-up to review and discuss Russian-Nigerian partnership issues that were raised long ago and during the second Russia-Africa summit held last July 2023. Vice President Kashim Shettima headed the Nigerian delegation to attend that second Russia-Africa summit in St Petersburg, and Mr

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