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11-December-2023

UN Wants $46.7bn to Assist 180 million People in 2024

By Bliss Okperan The United Nations (UN) has said it needs about $46.4 billion next year to bring life-saving help to around 180 million people in desperate circumstances around the world. The UN on Monday said the wider Middle East, Sudan and Afghanistan were among the hotspots that also needed major international aid operations. The global humanitarian outlook for 2024 was “bleak”, with conflicts, climate emergencies and collapsing economies “wreaking havoc” on the most vulnerable, adding that the size of the annual appeal and the number of people it aims to reach were scaled back compared to 2023, recorded a

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08-December-2023

FAO Food Price Index Remains Unchanged in November

By Adedapo Adesanya The global prices of food remained flat, unchanged from its revised October level, as increases in the price indices for vegetable oils, dairy products, and sugar counterbalanced decreases in those of cereals and meat. This is according to the latest Food and Agricultural Organisation (FAO) Food Price Index (FFPI) released on Friday. The index showed that food prices averaged 120.4 points in November 2023 and stood 14.4 points (10.7 per cent) below the corresponding level one year ago. The FAO Cereal Price Index averaged 121.0 points in November, down 3.7 points (3.0 per cent) from October and

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04-December-2023

Russian Language: Too Little, Too Late for Africa

By Kestér Kenn Klomegâh Russian language study is hitting magnificent roadblocks in Africa. For several years after the Soviet collapse, Moscow has been stepping up efforts to strengthen Russian language study and its culture across Africa. But there have been few tangible results largely due to low motivation towards the language, its usefulness is blurry compared to other foreign languages including French, English language and now Chinese. In the previous years, there has been an increasing concern about Russia’s extremely low presence in Africa. Russia’s initial interest was to become part of Europe and construct business ties from Lisbon to

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01-December-2023

Expanding BRICS for Numerical Strength or Ensuring Qualitative Geopolitical Influence

By Professor Maurice Okoli As stipulated by the guidelines, Russia will take over BRICS [Brazil, Russia, India, China and South Africa] from January 2024.  With the heightening of geopolitical tensions, Russia’s priority focus is on the group’s possible enlargement to counter U.S. hegemony. It plans to push seriously for critical reforms in the international financial architecture and create a solidified platform for building an equitable multipolar world order. In the past few years, the BRICS group has taken a number of broad initiatives that aim at countering hegemonic policies and against the collective West for imposing the ‘rules of the

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27-November-2023

Grey Rebrands in Global Expansion Push

By Adedapo Adesanya A cross-border fintech company, Grey, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design as part of moves to expand its footprint in the global market. The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023, and follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. Grey, which was founded in mid-2020 by Mr Idorenyin Obong and Mr Femi Aghedo, aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand

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20-November-2023

Anti-abortion Policy Could Save Russia’s Population

By Kestér Kenn Klomegâh Russia, the largest country in the world by area, has a population of 147.2 million, according to the population census. In the 2021 census, it was said that roughly 81% of the population were ethnic Russians, and 19% of the population were ethnic minorities. Demographers say Russia has become increasingly reliant on immigration to maintain its population. Russia’s population is increasingly decreasing since the start of its invasion of neighbouring Ukraine in late February 2022. The demographic crisis has deepened primarily due to high military fatalities while simultaneously facing renewed brain drain and human capital flight

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14-November-2023

Fostering Intra-African Trade: Challenges and Perspectives

By Professor Maurice Okoli Over the past few years, African Union, the continental organization, has made intra-African trade its newest flagship and has created the Intra-African Trade Fair (IATF), which provides a unique and valuable platform for potential investors to support the continent’s transformation through industrialisation and export development, for businesses to access adequate trade and market information, and operate in an integrated single African market of over 1.4 billion people with a combined gross domestic product of over $3.5 trillion under the African Continental Free Trade Area (AfCFTA). Organized by the African Export-Import Bank (Afreximbank), in collaboration with the

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13-November-2023

Cameron Gets Political Appointment as Sunak Sacks Braverman

By Adedapo Adesanya Former prime minister of the United Kingdom, Mr David Cameron, has returned to government as Foreign Secretary amid a fresh cabinet shake-up by Prime Minister, Mr Rishi Sunak, on Monday. Downing Street announced on Monday that Mr Cameron would join the government, accepting a peerage in order to do so, as part of a wider reshuffle in which Ms Suella Braverman was sacked as Home Secretary and replaced by the Foreign Secretary, Mr James Cleverly. Business Post also confirmed that Mr Jeremy Hunt would remain as chancellor. Mr Cameron stood down in 2016 after losing the Brexit

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07-November-2023

Russia–Africa: Thousand Prospects for Energy Cooperation

By Kestér Kenn Klomegâh The African continent is one of the fastest-growing energy markets in the world. This is due to the growing economic and demographic potential of African countries, as well as the efforts of many of them to combat climate change. Despite having passed through a long period of tumultuous post-colonial era, Africa’s efforts to ensure effective energy cooperation with leading global powers has not been an easy journey down the years. Until today, more than half of the estimated 1.4 billion still have no access to electric power for domestic utilization while industries continue suffering from frequent

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11-December-2023

Meristem Launches Dollar Fund for Capital Preservation Investors

By Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

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11-December-2023

GOtv: Bridge Between Entertainment and Culture Preservation

In the age of globalisation, there is an inherent risk of cultural dilution, misrepresentation, and possibly extinction. But in this era, the Nigerian entertainment and culture projection is on an upward trajectory. Afrobeats is now a global phenomenon. Nollywood and the Nigerian fashion industry are attracting global attention and investment like never before, and our talents gaining global recognition. This new evolution is not from the blue. It is a result of years of deliberate focus on promoting indigenous content: movies, shows, and programmes that project traditions and narratives that might otherwise be overshadowed by the global mainstream. The broadcast

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11-December-2023

AI, Bandwidth Capping, Others Influencing Africa’s Creative Space—Opeoluwa Filani

In a captivating dialogue at the annual conference tagged Art of Technology Lagos 5.0, held at Landmark Event Centre Lagos, on Thursday, 7 December 2023, Opeoluwa Filani, General Manager, Showmax Nigeria, took the stage to offer insights into the rapidly evolving landscape of Africa’s creative economy. The annual tech conference, curated by the Eko Innovation Centre and sponsored by the Lagos State Government, explored the symbiotic relationship between creativity and technology. As the lead discussant of the first plenary session themed Monetization of the Creative Economy Leveraging Technology, Filani noted that the combination of creativity and technology presents a vision

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11-December-2023

Airtel Nigeria Gets Recognition for Empowering Women in Technology

By Modupe Gbadeyanka An award has been presented to Airtel Nigeria by the Women’s Technology Empowerment Centre (W.TEC) for its significant contribution towards fostering opportunities for women and girls in the tech sector. WTEC, a notable beneficiary of Airtel’s corporate social responsibility initiative, Touching Lives Season 6, honoured the leading telecommunications firm in Nigeria at its 15th anniversary dinner on Sunday, December 3, 2023, at La Chaumiere Restaurant in Lagos. The organisation said it was impressed with Airtel Nigeria’s dedication towards the advancement of technology in the country. Highlighting the positive influence of Airtel Nigeria’s intervention, the chief executive of

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11-December-2023

LASTMA Fires Five Officials for Unethical Practices

By Bliss Okperan No fewer than five officials of the Lagos State Traffic Management Authority (LASTMA) have been dismissed for unethical practices. The affected traffic controllers were fired after they were found guilty of the allegations of corrupt practices levied against them. A panel was established to look into the allegations against seven members of the agency, but the five were recommended to the Lagos State Civil Service Commission for dismissal, while the two others were reprimanded. Confirming the development, the Director for Public Affairs and Enlightenment Department of LASTMA, Mr Adebayo Taofiq, said in a statement that, “While five

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11-December-2023

CBN Suspends Processing Fees on Cash Deposits

By Bliss Okperan The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs), other financial institutions and non-bank financial institutions to suspend taking the processing fees from customers for large cash deposits. The central bank gave this directive via a circular dated Monday, December 11, 2023, signed by its Acting Director of Banking Supervision, Adetona Adedeji. The CBN, under its former chief, Mr Godwin Emefiele, introduced charges on large cash deposits in a bid to discourage the use of cash and embrace cashless through digital money transfers. But the current Governor of the central bank, Mr Yemi

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11-December-2023

UN Wants $46.7bn to Assist 180 million People in 2024

By Bliss Okperan The United Nations (UN) has said it needs about $46.4 billion next year to bring life-saving help to around 180 million people in desperate circumstances around the world. The UN on Monday said the wider Middle East, Sudan and Afghanistan were among the hotspots that also needed major international aid operations. The global humanitarian outlook for 2024 was “bleak”, with conflicts, climate emergencies and collapsing economies “wreaking havoc” on the most vulnerable, adding that the size of the annual appeal and the number of people it aims to reach were scaled back compared to 2023, recorded a

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11-December-2023

5 Ways to Win Big In Access Bank 12 Days of December Promo

It’s that time of year again! The season of giving is here and Access Bank is dialing up the festive cheer with the much-anticipated AccessMore 12 Days of December campaign. Brace yourself for an extraordinary opportunity as 100 fortunate customers stand a chance to pocket N10,000 shopping vouchers daily, from December 1 to December 12, 2023. Prepare to unwrap joy as Access Bank transforms the spirit of giving into a twelve-day celebration unlike any other! Now, picture yourself as one of the lucky individuals to benefit from the 12 Days of December campaign. Here are five ways you can join

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11-December-2023

Tinubu Leaves Abuja for Maiduguri

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

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11-December-2023

CBN Says Nigerian Banks Remain Resilient Amid Rumours of Failing CAR

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex