In an impressive five-day trading period, spanning from December 27, 2023, to January 3, 2024, equities on the NGX witnessed an astonishing surge, propelling the market to new heights. Coinciding with a notable 5.11% rise in the NGX’s All-Share Index, the market saw an overall increase of approximately N2.063 trillion. The bullish trend unfolded, marking new highs on four separate occasions, initiating at 73,768.64 points on December 27 and culminating in a closing figure of 77,537.57 points on January 3. The NGX’s market capitalization mirrored this ascent, ascending from N40.37 trillion on the first trading day post-Christmas to an impressive…
Author: Editor Francis
Jubilee Syringe Manufacturing (JSM) Company, based in Awa, Onna Local Government Area of Akwa Ibom State, has officially ceased its operations, citing “unforeseen circumstances affecting our business operations” as the reason for the decision. The company, recognized as the largest syringe manufacturing venture in Africa, was inaugurated in 2017 by former Vice President, Yemi Osinbajo. Although production had halted several months ago, the company formally announced the conclusion of its operations on December 31, 2022, stating the necessity to implement temporary measures for the long-term sustainability of the business. In a memo addressed to all company employees, titled “Temporary Redundancy…
Forbes Magazine’s latest rankings have revealed a significant shift in Africa’s wealthiest individuals, with Johann Rupert and family surpassing Aliko Dangote to claim the top spot. The Forbes Daily billionaires ranking platform, which monitors daily fluctuations in the net worth of high-net-worth individuals worldwide, disclosed that Dangote’s wealth declined from $13.5 billion in 2023 to $9.5 billion at the beginning of 2024, causing him to slip to the second position. Notably, Nigerian billionaires Rabiu Abdulsamad and Mike Adenuga saw a drop in their rankings, with Adenuga falling to the tenth position. The rankings also witnessed the absence of Patrice Motsepe,…
In a recent development, the former Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar-Farouq, chose to disregard an invitation from the Economic and Financial Crimes Commission (EFCC), on Wednesday. The EFCC is currently investigating an alleged laundering of N37.1 billion during her tenure through a contractor named James Okwete. Umar-Farouq, who was scheduled to appear before EFCC investigators at their headquarters in Jabi, Abuja, on Wednesday at 10:00 am, failed to show up without offering any official communication to the commission explaining her absence. Despite keeping interrogators waiting for over eight hours, there was no sign of…
Former President Olusegun Obasanjo raised concerns on Wednesday about Nigeria’s escalating debt burden, attributing it to mismanagement by previous administrations. Speaking during an engagement with 2023 awardees of the Future Africa Leaders Foundation, Obasanjo highlighted the consequences, stating that future generations would be compelled to bear the brunt of the financial obligations. In a statement by his Media Aide, Kehinde Akinyemi, Obasanjo expressed regret over the mismanagement of debts that had previously been written off, making it unlikely for Nigeria to secure a similar debt relief in the future. The former President, known for securing debt relief in 2003 during…
The United States Mission to the United Nations (USUN), under the leadership of Ambassador Linda Thomas-Greenfield showcased significant achievements in 2023, emphasizing American leadership on various global fronts. The mission played a pivotal role in advancing U.S. interests and pursuing the policy goals of the Biden Administration. Throughout the year, USUN prioritized humanitarian relief efforts, actively combatting global food insecurity, and rallying international cooperation to reinvigorate efforts towards achieving the Sustainable Development Goals. The mission also staunchly defended human rights and upheld the fundamental values outlined in the UN Charter. Notably, USUN consistently addressed Russia’s violations of Ukraine’s sovereignty and…
The Biden-Harris Administration has underscored its commitment to global health security by releasing the annual report, “Progress and Impact of U.S. Government Investments in Global Health Security.” This report details the Administration’s robust actions to advance the National Biodefense Strategy and Implementation Plan, emphasizing pandemic preparedness and global health security. The United States, recognizing the severe impacts of infectious diseases on health, economies, and societies worldwide, collaborates with nations globally to enhance their capacity for preventing, detecting, responding to, and recovering from public health threats. The Administration aims to demonstrate the impact of these efforts by showcasing the annual report,…
The National Association of Nigerian Students (NANS) has expressed appreciation for the Federal Government’s decision to suspend the evaluation and accreditation of degree certificates obtained from institutions in Benin Republic and Togo. The student body commended the government’s swift action and, in response, urged the extension of such sanctions to tertiary institutions within Nigeria offering unaccredited courses. The statement, signed by NANS’ National Senate President, Elvis Ekundina, emphasized the need for the government to investigate the activities of key agencies involved in the fraudulent acquisition of degree certificates from foreign universities. Specifically, Ekundina mentioned the Federal Ministry of Education, National…
As of February 28, millions of Nigerians face the possibility of losing access to telecommunications services unless they promptly link their SIM cards to their biometric National Identification Numbers (NINs). The Nigerian Communications Commission (NCC) has mandated telecom companies to block all SIM cards not associated with a NIN by the specified date. MTN Nigeria, one of the leading telecommunications operators in the country, has officially confirmed this directive in a notice to its customers and partners. The company states that it is adhering to an “industry-wide directive” and will take measures to block any SIM cards that remain unlinked…
Airtel Africa plc has officially confirmed the retirement of its Chief Executive Officer, Olusegun “Segun” Ogunsanya, effective from July 1, 2024. Ogunsanya, who has been with Airtel since 2012, played a pivotal role in the company’s growth, particularly during his nine-year tenure overseeing the Nigeria Operations before becoming the Group CEO in 2021. During his leadership, Airtel Africa experienced sustained double-digit revenue growth and introduced innovative products across the continent. Notably, Ogunsanya oversaw the launch of the company’s first Sustainability Strategy, laying the groundwork for its commitment to sustainability initiatives and charitable operations. In a strategic move, Mr. Ogunsanya will…
In a groundbreaking move set to reshape Nigeria’s insurance landscape, leading telecommunications company 9mobile has partnered with PlugInsure and Axa Mansard to introduce an innovative health insurance product called SureCare. This strategic collaboration aims to revolutionize access to comprehensive and affordable health insurance solutions for Nigerians across the country. The initiative comes as a response to research conducted by the Enhancing Financial Innovation and Access (EFIna) organization, which highlighted Nigeria’s stagnant insurance penetration at a mere two percent. The study underscored challenges related to accessibility and awareness as major barriers preventing the widespread adoption of insurance products among consumers, signaling…
In a recent move to curb the proliferation of unaccredited institutions in the country, the Federal Government of Nigeria has banned 18 foreign universities, labeling them as “degree mills.” The affected institutions include five from the United States, six from the United Kingdom, and three from Ghana. The National Universities Commission (NUC) issued a statement on its website, emphasizing that these universities had not been licensed by the Federal Government and have been closed down for violating the Education (National Minimum Standards, etc.) Act of the Federation of Nigeria, 2004. The list of banned universities comprises institutions such as the…