Minister Ezenwo Nyesom Wike has launched a series of visits to instill confidence and address security concerns in the Federal capital Territory. During a town hall meeting in Bwari, he declared a decisive stance against bandits, promising substantial measures to combat the issue. He said; “Security is one of the key priorities of Mr. President’s administration. Yesterday (Tuesday), Mr President summoned a high-level security meeting, which includes all the Service Chiefs, the Minister of Defence, and my humble self, because of recent attacks, particularly in Bwari. And so, currently, it is one of the key priorities, that Mr. President’s Renewed…
Author: Omolemi Eboisetale
Chinese state-owned banks are implementing tighter restrictions on funding for Russian clients, citing concerns over potential secondary sanctions from the U.S. Reports indicate that at least two banks are reassessing their Russian businesses, intending to sever ties with clients on the U.S. sanction list and cease financial services to the Russian military sector. The move follows the recent announcement by the U.S. Treasury Department to impose secondary sanctions on overseas financial institutions aiding Moscow’s efforts in Ukraine. This includes processing Russia’s transactions for military equipment purchases. The decision underscores the escalating economic ramifications of the ongoing conflict. While…
Nigerian security forces have successfully thwarted an impending kidnapping operation aimed at communities near Abuja. A recently intercepted phone call between suspected kidnappers in Karu and an informant in Kabusa has unveiled alarming details about the planned attack, scheduled for either Tuesday or January 17, 2024. The intelligence report, sourced from a military insider attached to the intelligence unit, highlights the growing threat of kidnapping syndicates focusing on the Federal Capital Territory. The criminals, attracted by lucrative ransom opportunities in Abuja, are reportedly aided by local informants in gaining entry into the city. Dated January 15, 2024, at…
The Nigerian Exchange Limited (NGX) experienced a historic surge, propelling the All-Share Index to a new peak of 87,971.10 points, reflecting a notable 3.93% increase. This bullish run has led to significant gains for investors, with the market capitalization soaring to N48.139 trillion from yesterday’s N46.319 trillion, resulting in a staggering N1.82 trillion increase. Trading activity also witnessed a substantial uptick, with a 32% surge in trading volume to 1.067 billion units, compared to yesterday’s 807.51 million units. The value of transactions also saw a robust 43% appreciation, reaching N15.77 billion from yesterday’s N11.03 billion. DANGSUGAR, NASCON,…
In a recent press statement, Leo Stan Ekeh, the Chairman of Zinox Technologies Limited, shed light on the key reasons driving multinational companies to exit Nigeria. Ekeh, a serial digital entrepreneur, emphasized that corporate blackmail and bullying pose significant challenges to the ease of doing business in the country. He warned that unless addressed promptly, more multinational and indigenous businesses might shutter in the coming months and years. While acknowledging the impact of forex scarcity on businesses, Ekeh pointed out that the cited reason by exiting multinationals—depreciation of the naira—is only a diplomatic explanation. According to him, corporate blackmail, facilitated…
In a move to address the escalating challenges of kidnappings and bandit attacks, President Tinubu has announced a plan centered around a massive education initiative aimed at Nigerian youths. President Tinubu, speaking during a meeting with the distinguished Islamic Movement, Jam’iyyatu Ansaridden, at the State House in Abuja on Tuesday, assured that security agencies are swiftly addressing the current challenges. He pledged to roll out all necessary resources, policies, and plans for a massive education initiative aimed at Nigerian youths. Emphasizing the transformative power of education, President Tinubu stated, “There is no weapon against poverty that is as potent as…
Shell, a British energy giant with a rich history in Nigeria’s oil and gas sector dating back to the 1930s, is set to conclude almost a century of onshore operations. The company has reached an agreement to sell its subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to a consortium of five predominantly local companies for a staggering $2.4 billion. The consortium, named Renaissance and comprised of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, a Swiss-based trading and investment company, will take over the onshore assets, including responsibility for handling spills, theft, and sabotage. This marks…
The Economic and Financial Crimes Commission (EFCC) revealed the list of former governors and ministers allegedly involved in the misappropriation of substantial sums of public funds. Here’s a breakdown of the key figures and the amounts under investigation: FORMER GOVERNORS Sule Lamido [Jigawa] ₦1.35bn Rabiu Kwankwaso [Kano]: ₦10bn Aliyu Wamako [Sokoto]: ₦15bn Bello Matawalle [Zamfara]: ₦70bn Abdullahi Adamu [Nasarawa]: ₦15bn Danjuma Goje [Gombe]: ₦5bn Kayode Fayemi [Ekiti]: ₦4bn Ayo Fayose [Ekiti]: ₦6.9bn Theodore Orji [Abia]: ₦551bn Chimaroke Nnamani [Enugu]: ₦5.3bn Sulllivan Chime [Enugu]: ₦450m Timipre Sylva [Bayelsa]: ₦19.2bn Peter Odili [Rivers]: ₦100bn FORMER MINISTERS Sadiya Umar-Farouk…
31 African nations are on the brink of embracing the principles of the African Continental Free Trade Area (AfCFTA), in 2024, a significant leap from the seven countries that participated in 2023. AfCFTA Secretary-General Wamkele Mene revealed this development at a World Economic Forum panel in Davos, underlining the region’s commitment to creating a single market. The 2023 trial run of AfCFTA included the trade of processed agricultural products, manufactured goods, and services. Notable examples include Uganda exporting excess milk to Algeria and a Ghanaian ceramic-tile manufacturer shipping products to Cameroon, with AfCFTA facilitating a noteworthy 20% reduction in duty.…
The Federal Government, through the Nigerian Electricity Regulatory Commission (NERC), has granted 13 new licences for power generation, distribution, and trading. The latest development, as revealed in the third quarter 2023 report, brings a cumulative 40.9 megawatts to the nation’s electricity capacity. The licenses, issued for off-grid and embedded power generation, independent electricity distribution, and electricity trading, aim to address the country’s persistent power challenges. Notably, five new off-grid generation licenses, generating 8.81MW, and an embedded generation license for 5MW were among those issued during the review period. Daybreak Power Solutions Limited received eight licenses for various off-grid…
President Bola Tinubu, former Head of State General Yakubu Gowon, alongside other eminent personalities, convened in Abuja for the exclusive launch of the book ‘Working with Buhari.’ The book, authored by Femi Adesina, the former Special Adviser to the President on Media and Publicity, offers a unique perspective on the collaborative efforts within the corridors of power. Former Vice President Yemi Osinbajo was also among the distinguished guests who graced the occasion, marking a rare public appearance of both the current and past leaders since the handover on May 29. The event witnessed the presence of former First Lady Aisha…
The Africa Pay TV Forecast indicates a notable expansion in the continent’s pay television subscriber base, with an expected surge of 12 million subscribers by the year 2029. The research explores current trends and offers a detailed analysis of the pay TV market, showcasing the steady momentum behind subscriber growth from 43 million at the close of 2023 to the anticipated figures in 2029. Significantly, the study identifies four countries projected to contribute to nearly half of the total subscription base, with Nigeria playing a prominent role in this evolving market. Satellite TV and digital terrestrial television (DTT) services are…