In a recent disclosure by the Central Bank of Nigeria (CBN), Nigerians’ spending on foreign education, healthcare, and personal travels has reached over $98 billion in the span of ten years. This revelation was made by the CBN Governor, Olayemi Cardoso, during an address to the House of Representatives, shedding light on factors influencing the recent depreciation of the naira. The CBN governor highlighted the significant surge in expenditure on foreign education, totaling $28.65 billion, alongside healthcare expenses of $11.01 billion and personal travel allowances amounting to $58.7 billion between 2010 and 2020. Cardoso underscored the magnitude of this expenditure,…
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President Bola Tinubu has returned to Nigeria after a two-week private visit to Paris, France. His arrival at the Presidential Wing of the Nnamdi Azikiwe International Airport in Abuja at about 9 pm was met with the reception of top government officials, including Chief of Staff Femi Gbajabiamila, Secretary to the Government of the Federation George Akume, National Security Adviser Nuhu Ribadu, and Minister of the Federal Capital Territory Nyesom Wike. The purpose of Tinubu’s trip remained undisclosed by the presidency, but it was previously stated that he would return “in the first week of February 2024.” This marks Tinubu’s…
U.S. Secretary of State Antony Blinken continues his diplomatic efforts in the Middle East, meeting with Egyptian leaders on Tuesday in pursuit of a cease-fire agreement between Israel and Hamas. This visit coincides with mounting concerns in Egypt over Israel’s plans to extend military operations into Gaza border areas populated by displaced Palestinians. Israel’s defence minister’s statement suggesting an expansion of military operations to Rafah, near the Egyptian border, where a significant portion of Gaza’s population has sought shelter, has raised alarms. The United Nations reports that Israeli evacuation directives now encompass a significant portion of Gaza, prompting a steady…
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Innovative systems are modifying the audit landscape designs. These advanced tools happen to be allowing auditors to access and control vast pieces of customer data with respect to deeper observations into risk, inventory and system equipment. Technology may also assist with classical, audit steps, such as substantive syllogistic procedures, reducing the amount of time invested in documentation and data collection. This allows auditors more time to use their most beneficial skills: professional skepticism and judgment. A lot of technology-driven options include blockchain, man-made intelligence (AI), data and analytics, https://data-audit.net/2021/07/08/generated-post/ robotic procedure automation and drones. They enable more effective and methods…
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The Nigeria Data Protection Bureau (NDPB) has initiated an investigation into allegations of data breach against two major Nigerian banks, GTB and Zenith Bank The probe follows accusations of unauthorized disclosure of banking records to third parties and unlawful access and processing of personal data. In a statement released on Monday, NDPB’s National Commissioner and CEO, Dr. Vincent Olatunji, stated that the investigation will encompass the data governance practices of the banks across all their branches in Nigeria, as well as extend to third parties involved in data processing activities. The bureau expressed concern over the lack of implementation of…
The U.S. Trade and Development Agency (USTDA) has announced its commitment to bolstering cybersecurity measures within the financial sectors of Ghana and Nigeria. This initiative entails facilitating a delegation visit to the United States aimed at acquiring insights into cutting-edge U.S. technologies, financing models, and effective strategies to combat cyber threats prevalent in the banking industry. Comprising 13 representatives from government and financial sectors, the delegation will embark on a comprehensive itinerary spanning Washington, DC, New York City, and the San Francisco Bay Area. Their agenda includes engaging with U.S. companies renowned for their cybersecurity solutions and participating in a…
Music streaming giant Spotify revealed that it achieved a significant milestone by surpassing 600 million monthly active users (MUAs) by the end of 2023. The company anticipates a profitable first quarter in 2024, reflecting its positive trajectory. Chief Executive Officer of Spotify, Daniel Ek, expressed satisfaction with the company’s performance, stating that it had experienced remarkable growth throughout the year. The reported increase of 23% in monthly active users compared to the previous year underscores the platform’s enduring popularity. Additionally, Spotify witnessed a notable 15% rise in paying subscribers, totaling 236 million, which constitutes a substantial portion of the company’s…
In a recent virtual lecture organized by the Nigerians in Diaspora Commission (NIDCOM), the Nigeria Immigration Service (NIS) revealed that it issued a record-breaking 2,141,300 passports in 2023. The Controller-General, Caroline Wura-Ola Adepoju, attributed this surge to the increasing prevalence of the “JAPA syndrome,” which has fueled a significant rise in passport applications. Adepoju highlighted the drastic increase in passport issuances, noting that while 1.3 million passports were issued in 2021 and 1.5 million in 2022, the numbers skyrocketed in 2023 with a staggering 100% increase. She emphasized the NIS’s commitment to streamlining the passport application process through automation,…