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25-September-2023

Nigeria Risks Shortage of Fertilisers as EU Frustrates Supply

By Adedapo Adesanya Nigeria faces a crippling fertiliser shortage as 34,000 metric tonnes of Russian Fertiliser meant for Nigeria is stuck at ports in the European Union (EU) as a result of continued war in Ukraine. Russia’s Foreign Minister, Mr Sergey Lavrov, confirmed this development on Saturday at the 78th United Nations General Assembly (UNGA) in New York, noting that 260,000 metric tonnes of Russian fertilisers have been stranded in EU ports since 2022. According to Russian News Agency, TASS, Mr Lavrov informed reporters that, “We are ready to give these fertilisers to African countries for free. It took six

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25-September-2023

Supreme Court Blames Electrical Fault for Monday Morning Inferno

By Bliss Okperan The early morning fire that gutted a part of the Supreme Court complex in Abuja has been blamed on an electrical malfunction. The Director of Information of the apex court, Mr Festus Akande, said this on Monday morning when he appeared on Arise Television’s breakfast programme, The Morning Show. According to him, preliminary investigation showed that the fire was triggered by an electrical fault, playing down rumours that the Supreme Court was attacked by arsonists. Attention is on the apex court over the outcome of the presidential election held on Saturday, February 15, 2023. The Appeal Court

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25-September-2023

Governance is a Collective Responsibility—Shettima

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has charged the National Assembly to continue to cooperate with the executive arm of government, noting that governance is a collective responsibility and not a personal endeavour. He said this at the retreat for the leadership of the 10th National Assembly last Friday at the Four Points by Sheraton, Ikot Ekpene, Akwa Ibom State. Mr Shettima said the administration of President Ahmed Tinubu was committed to safeguarding Nigeria’s democracy and maintaining the fraternal bond between the two arms of government. He described the composition of the federal government as well as

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25-September-2023

Fire Guts Supreme Court Complex in Abuja

By Bliss Okperan A news report filtering in indicates that a part of the Supreme Court complex in Abuja has been gutted by fire. The incident, according to what Business Post gathered, happened on Monday morning. It was said that offices of three justices were affected by the inferno, whose cause is yet unknown at the time of filing this report. Details later…

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25-September-2023

Nigeria Unveils Initiative to Boost Youth Employment, FX Earnings

By Adedapo Adesanya An initiative to boost youth employment and shore up Nigeria’s foreign exchange (FX) earnings has been introduced by the Nigerian government. The scheme, the National Talent Export Programme (NATEP), was unveiled over the weekend at the Microsoft Office in New York, United States of America by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite. She said the programme would position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico and The Philippines. Mrs Uzoka-Anite noted that NATEP is a key national initiative that will serve as a

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22-September-2023

YouTube Unveils New Generative AI Products as Shorts Hits 70 billion Daily Views

By Aduragbemi Omiyale An artificial intelligence-powered feature, Dream Screen for Shorts, designed to redefine how creators use YouTube, has been unveiled by the video streaming platform. The feature was introduced by the tech giant on Thursday alongside others at the Made On YouTube event. It was created to allow YouTube creators to reach more viewers. According to the firm, Dream Screen allows creators to add AI-generated video or image backgrounds to their Shorts simply by typing an idea into a prompt. With Dream Screen, creators will be able to generate new, fantastic settings for their Shorts that are only limited

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22-September-2023

NNPP Chieftain Blames Kwankwaso for Kano Governor Loss at Tribunal

By Bliss Okperan The New Nigeria Peoples Party (NNPP) has accused a former presidential candidate of the party, Mr Rabiu Kwankwaso, of being responsible for the sacking of the Governor of Kano State, Mr Yusuf Abba, at the Governorship Election Petitions Tribunal on Wednesday. A three-man panel led by Justice Oluyemi Akintan-Osadebay removed Mr Abba as Governor, ordering the Independent National Electoral Commission (INEC) to hand the Certificate of Return to the candidate of the All Progressives Congress (APC) in the poll, Mr Nasir Gawuna. Reacting to the development, a chieftain of NNPP in Southwest, Mr Abass Akande Onilewura, alleged

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20-September-2023

Three Nigerian Women Entrepreneurs, Others for AWIEF Awards

By Precious Olisa Three Nigerian women entrepreneurs have been selected among 24 finalists for the 2023 African Women Innovation and Entrepreneurship Forum (AWIEF) awards. The Nigerians are the CEO of Bridge Merchant Enterprise (Agri Entrepreneur Award), Ms Chinwendu Nweke; the CEO of Clean Technology Hub (Energy Entrepreneur Award), Ms Ifeoma Malo; and the co-founder/CEO of D-Olivette Global Enterprise, (Social Entrepreneur Award), Ms Damilola Aminat Adeyemi. Launched in 2017, the annual AWIEF Awards is an initiative to recognise, honour, and celebrate women entrepreneurs and business owners in Africa across various industry sectors for their achievements and contribution to the continent’s inclusive

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20-September-2023

Tinubu Promises Growth, Job, Climate Reforms

By Adedapo Adesanya President Bola Tinubu has promised fresh growth and job reforms in the coming months after he removed fuel subsidies and directed the float of the Naira to unify the exchange rate. The Nigerian president made this known during his first address at the 78th United Nations General Assembly in New York, the US, after he took over the helm of office from Mr Muhammadu Buhari in May. He said, “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first

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26-September-2023

NGX Performance Indices Drop 0.66% on Access Holdings’ Disappointing Interim Dividend

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

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25-September-2023

Nigeria’s Internet Speed Averages 25Mbps

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

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25-September-2023

Bello Sacks Special Adviser Anthony Ogah

By Bliss Okperan The Kogi State Governor, Mr Yahaya Bello, has ordered the immediate removal of his Special Adviser on Stakeholders Relations, Mr Anthony Ogah. A statement issued on Monday by the Secretary to the Government of the state, Ms Folashade Ayoade, confirmed this development, though it did not state the reason surrounding the sacking of the Governor’s aide. However, it was disclosed that the termination of Mr Ogah’s appointment was with effect from Sunday, September 24, 2023. He has been directed to submit all government items. “In light of this press release, Mr Anthony Ogah is instructed to promptly

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25-September-2023

ASUU President Warns High School Fees Could Lead to Future Crisis

By Bliss Okperan The National President of the Academic Staff Union of Universities (ASUU), Prof Emmanuel Osodeke, has warned the rising school fees of tertiary institutions in Nigeria could backfire in the future if nothing is done by the federal government to stop it. Speaking on Channels TV Sunday Night, the union leader said in two years’ time, about 40 to 50 per cent of students in universities across the country could drop out of school because of their inability to pay the high fees. The don urged the federal government to stop the arbitrary increment in school fees by

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25-September-2023

Adelabu Calls for Collective Efforts Towards Nigeria’s Energy Sector

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

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25-September-2023

NASD OTC Bourse Extends Green Run by 0.41% in Week 38

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

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25-September-2023

Cardoso Must Clear FX Backlog, Create Autonomous Forex Window—CPPE

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

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25-September-2023

Universal Insurance, Oando, UBA Emerge Busiest Stocks in One Week

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

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25-September-2023

Premiere Academy Student Emerges FCT’s Best Female Chess Player

By Aduragbemi Omiyale A student of Premiere Academy, Lugbe, Abuja, Miss Sonia Nwakanma, has retained her position as the Best Female Chess Player in the Federal Capital Territory (FCT) for the third year running. She clinched the latest accolade she first picked in 2021 at the prestigious Abuja Inter-School Chess Competition, rated by the World Chess Federation (FIDE) and the Chess Players Association of Nigeria (CPAN). Miss Nwakanma, who is a member of the 2023 graduating set of the school, attributed her achievement to her school’s robust in-house sports and personal development facilities that offer students opportunities to compete with

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25-September-2023

Nigeria Risks Shortage of Fertilisers as EU Frustrates Supply

By Adedapo Adesanya Nigeria faces a crippling fertiliser shortage as 34,000 metric tonnes of Russian Fertiliser meant for Nigeria is stuck at ports in the European Union (EU) as a result of continued war in Ukraine. Russia’s Foreign Minister, Mr Sergey Lavrov, confirmed this development on Saturday at the 78th United Nations General Assembly (UNGA) in New York, noting that 260,000 metric tonnes of Russian fertilisers have been stranded in EU ports since 2022. According to Russian News Agency, TASS, Mr Lavrov informed reporters that, “We are ready to give these fertilisers to African countries for free. It took six