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Bureau de Change Operators Anticipate CBN’s Intervention Amid Naira Depreciation

14May

By Afolake IbidunNo Comments

Business

Bureau de Change Operators Anticipate CBN’s Intervention Amid Naira Depreciation

For the second consecutive week, Bureau De Change (BDC) operators, eagerly await the intervention of the Central Bank of Nigeria to address the continued depreciation of the Naira. According to FMDQ data, the Naira fell to N1520.40 against the US Dollar on Tuesday, down from N1478.11. This signifies a depreciation of N42.29 against the Dollar in the official market when compared to the N1478.11 rate on Monday. Similarly, in the parallel market, the Naira declined to N1520 per Dollar on Tuesday, a drop from N1500 the day before. The data indicates a marginal difference of N0.40 between the official and parallel foreign exchange markets on Tuesday. Addressing the situation, Mistila Dayyabu, a BDC operator at Wuse Zone 4, emphasized the urgency for the Central Bank to inject mor...

Nigeria’s Plan for Additional 90,000km Fiber Optic Cables to Boost Telcos Services

14May

By Mariam AbdullahiNo Comments

News

Nigeria’s Plan for Additional 90,000km Fiber Optic Cables to Boost Telcos Services

Announcing a strategic move, the Nigerian Federal Government revealed its intention to launch a Special Purpose Vehicle (SPV) dedicated to deploying an extra 90,000 kilometers of fiber optic cable. This initiative aims to enhance the country's existing connectivity infrastructure and ensure universal internet access nationwide. During a recent meeting, Minister of Communications, Innovation, and Digital Economy, Tijani Bosun, disclosed that the Federal Executive Council (FEC) has granted approval for this project. In addition to the fiber optic expansion, the FEC also sanctioned the establishment of the Nigeria Startup House in San Francisco. These two initiatives are poised to capture the interest of local tech ecosystem stakeholders and investors, signaling the government's str...

Tinubu Puts Hold on 0.5% Cybersecurity Levy

14May

By Mariam AbdullahiNo Comments

News

Tinubu Puts Hold on 0.5% Cybersecurity Levy

Central Bank of Nigeria has been directed by President Bola Tinubu to suspend the enforcement of the 0.5% cybersecurity levy. The Minister of Information and National Orientation, Mohammed Idris, disclosed this development on Tuesday. Speaking to State House correspondents, Idris mentioned that the order to suspend the levy came after discussions among members of the Federal Executive Council, FEC.

EFCC brings two individuals to court for N12.9m fraud in Maiduguri

14May

By Ofomata EdidiongNo Comments

Metro

EFCC brings two individuals to court for N12.9m fraud in Maiduguri

Charged by the Maiduguri Zonal Command of the Economic and Financial Crimes Commission, Babakura Muhammad Nur and Kaltum Mustapha face allegations of criminal misappropriation amounting to N12,950,000. Appearing separately on Monday before Justice Aisha Kumaliya of the Borno State High Court, they were accused of criminal misappropriation and cheating. The charge against Nur states that he allegedly misappropriated and utilized N11,600,000 meant for foodstuffs belonging to Alhaji Usman Mohammed, breaching sections 308 and 309 of the Penal Code Laws of Borno State. Mustapha, on the other hand, is accused of dishonestly inducing individuals to deliver N1,350,000 for the supply of therapeutic packages, an act punishable by the Penal Code of Borno State. Both defendants pleaded "not guilt...

ALERT: Benue community under attack by suspected Fulani herdsmen

14May

By Ofomata EdidiongNo Comments

Metro

ALERT: Benue community under attack by suspected Fulani herdsmen

Reports indicate that Ogbaulu community in Agatu LGA of Benue State is currently under siege by suspected armed Fulani herdsmen. On Friday, May 3, 2024, unidentified gunmen believed to be Fulani ambushed and murdered three farmers in the same area. The individuals tragically lost in the attack were Edoh Alhassan, Echewija Edoh, and Simon Emmanuel. As of the latest update, there is an intense exchange of gunfire underway at Ogbaulu Market Square.

Ogun State Assembly Passes Resolution Regarding Soyinka Train Station Road

14May

By Mariam AbdullahiNo Comments

News

Ogun State Assembly Passes Resolution Regarding Soyinka Train Station Road

In a recent session, the Ogun State House of Assembly unanimously passed a resolution urging the state government to initiate repairs on the Kemta-Olokuta-Idi-Aba road. The motion was proposed by Adeyanju Adegoke and endorsed by Olakunle Sobukanla during the plenary session on Tuesday, under the leadership of Speaker Oludaisi Elemide. Earlier, Governor had explained that the reconstruction of the road leading to the train station is pending pending Federal Government's approval. In his argument for the resolution, Adeyanju highlighted the deteriorating state of the road, exacerbated by frequent flooding, rendering it almost inaccessible to vehicles, with only commercial motorcyclists able to traverse its length. Various lawmakers, including Damilola Soneye, Odunuga Kaka, Oyedele Adebi...

Highlights of Harry and Meghan’s Visit to The Delborough Lagos Hosted by Dr. Stanley

14May

By Mariam AbdullahiNo Comments

News

Highlights of Harry and Meghan’s Visit to The Delborough Lagos Hosted by Dr. Stanley

Prince Harry and Meghan Markle were warmly welcomed by 'The Delborough Lagos' CEO, Dr. Uzochukwu Stanley and other notable Nigerians during their private 3-day visit to Nigeria, as reported by CNN. An intriguing moment during the Duke and Duchess of Sussex’s inaugural visit to Nigeria in Africa was Meghan being crowned as the African Princess. Dr. Stanley played the role of host at the esteemed Delborough Hotel in Lagos, where elite members of Nigerian society gathered to greet the couple. Meghan was honored with royal titles by influential traditional rulers from both Eastern and Western Nigeria. The Duchess was bestowed with the chieftaincy title "Ada Mazi" by the Obi of Onitsha, His Majesty Igwe Nnaemeka Alfred Ugochukwu Achebe, signifying "the daughter of the Igbo ancestral palace....

Compulsory Use of Life Jackets on Anambra Waterways Ordered by Jr Pope

14May

By Mariam AbdullahiNo Comments

News

Compulsory Use of Life Jackets on Anambra Waterways Ordered by Jr Pope

Life jackets are now mandated for use on waterways in Anambra State following a motion passed by the Anambra House of Assembly on Tuesday. The motion, brought forward during plenary under Matters of Urgent Public Importance by Mr. Ikenna Ofodeme, the Majority Leader and representative of Ekwusigo constituency, emphasized the importance of this safety measure due to previous incidents where lives were lost due to the absence of life jackets. Mr. Ofodeme stressed that without regulations enforcing the use of life jackets, both passengers and boat operators faced significant risks on waterways. “The 1999 Constitution's Section 14 (2) (b) highlights the government's duty to protect life and property, making it essential for us to prioritize the safety of those using water transportation,” ...

ID Cabasa emphasizes the importance of new generation artists respecting legends

14May

By Isaac EghosaNo Comments

Entertainment

ID Cabasa emphasizes the importance of new generation artists respecting legends

In the Nigerian music industry, veteran record producer Olumide Ogunade, also known as ID Cabasa, has shared his thoughts on the ongoing conflicts between new generation artists and industry legends. Recent events saw veteran singer Eedris Abdulkareem criticizing Burna Boy for claiming that no Nigerian artist paved the way for him in the industry. This sparked a social media uproar between the two, with rising rapper OdumoduBlvck and other newcomers siding with Burna Boy, while Jaywon and other veterans supported Abdulkareem. During the latest episode of the ‘Afrobeats Podcast,’ ID Cabasa stressed the need for mutual understanding between new generation artists and the industry veterans to foster peace. He highlighted the importance of new artists showing respect to the veterans, while...

Gunmen Demand N20m to Release Abducted Constituent, Kogi Lawmaker Raises Alarm

14May

By Mariam AbdullahiNo Comments

News

Gunmen Demand N20m to Release Abducted Constituent, Kogi Lawmaker Raises Alarm

A distress call has been issued by the lawmaker representing Yagba West at the Kogi State House of Assembly, Idowu Ibikunle, regarding the abduction of one of his constituents named Bukola Awo in the Ejiba area of the state. During a press briefing in Lokoja on Tuesday, Ibikunle revealed that the abductors of the young girl have requested N20 million for her safe release. Describing the harrowing ordeal, he shared, "A few days ago, at around nine o’clock, a young businesswoman was forcefully taken in Ejiba. There was a terrifying incident where the perpetrators fired gunshots into the air before abducting her and fleeing to an undisclosed location. The anguish I feel as a father upon hearing that they are subjecting this innocent girl to torment is indescribable." Expressing the ongoing...