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19-February-2024

Practical Ideas of Russian-African Club for Strengthening Russia-Africa Relations

By Gouend Louis On February 8, the Russian-African Club of MSU named after M.V. Lomonosov held an International Conference: “Development of cultural and humanitarian cooperation between Russia and African countries.” The event took place at the Faculty of Global Processes of Moscow State University. The conference was held as part of the implementation of the decisions of the Second Summit and the Russia-Africa Economic and Humanitarian Forum, which was held on July 27-28, 2023. in St. Petersburg. The event was supported by the Secretariat of the Russia-Africa Partnership Forum of the Ministry of Foreign Affairs of the Russian Federation. The

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19-February-2024

AfDB Advises African Central Banks to Consider Interest Rate Cut

By Adedapo Adesanya  The African Development Bank (AfDB) has said central banks on the continent should take a cue from advanced economies to ease interest rates, which could ease inflation risks and bring about a recovery in dwindling household purchasing power. The bank said this in its latest Macroeconomic Performance and Outlook (MEO) report, where it projected that despite enduring global and domestic headwinds, Africa’s medium-term growth outlook is slowly improving. According to the report, the continent is set to remain the second-fastest-growing region after Asia. It said that continued exchange rate depreciation in many African countries, the passthrough of

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14-February-2024

US Exposes Russia’s Secret Campaign of Disinformation Sweeping Across Africa

By Samuel Ouma The US government has claimed that the Russian Intelligence Agency is trying to undermine its influence in Africa by spreading deadly disinformation. In a statement, the US Department of State’s Global Engagement Centre further revealed that the disinformation campaign also targets European countries. It is alleged Russia is using the African Initiative, a new information agency focused on Africa-Russia relations, to bolster its image while denigrating that of other countries. “In addition to its staff, African Initiative recruits African journalists, bloggers, and members of local publics to support and amplify the organization’s work of bolstering Russia’s image

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14-February-2024

Tinubu Prepares for 37th AU Summit In Addis Ababa

By Adedapo Adesanya President Bola Tinubu will depart Abuja on Thursday for Addis Ababa, Ethiopia, to participate in the 37th ordinary session of the assembly of the African Union (AU) heads of state and government. This was disclosed in a statement on Wednesday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He said President Tinubu would join other African leaders in high-level meetings on institutional reforms of the African Union; peace and security; specific thematic issues such as climate change, as well as modalities of participation and priorities of the continental body in the

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12-February-2024

LinkedIn Records 11.5 million Data Leaks in 2023

By Adedapo Adesanya Business and employment-focused social media platform, LinkedIn, recorded over 11 million data leaks in 2023, a new study has revealed from cybersecurity firm, Surfshark. In 2023, LinkedIn had almost 11.5 million emails leaked due to the scraping of publicly available information. Out of the leaked accounts, 1.6 million were American, 1.1 million were French, and 700,000 were British. Four Russian platforms, Chitai-gorod, Book24, Gloria Jeans, and SberSpasibo, experienced the 2nd through 5th biggest data breaches. These breaches exposed around 20 million Russian email accounts. According to the data, 300 million user account data were leaked globally in

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06-February-2024

International Food Prices Dip Further in January 2024—FAO

By Adedapo Adesanya Global food prices fell further in January 2024, mainly on lower wheat and maize prices, according to the latest data from the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI), which is used to gauge aggregate pricing, stood at 118.0 points in January 2024, down 1.2 points (1.0 per cent) from its revised December level. Decreases in the price indices for cereals and meat more than offset an increase in the sugar price index, while those for dairy and vegetable oils only registered slight adjustments. The index stood 13.7 points (10.4 per

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05-February-2024

A Shifting Landscape: Is ECOWAS Awakening to Regional Economic and Security Realities?

By Kestér Kenn Klomegâh Given the multidimensional difficulties facing the the regional bloc, the Economic Community of West African States (ECOWAS), the most delicate being forging indivisible regional security which, at least, constitutes the basis for economic integration and development. The highly anticipated decision made by Burkina Faso, Mali and Niger to quit the organization poses challenges and resolving these fragile questions lead to instability. Burkina Faso, Mali and Niger have common historical and political backgrounds, as former French colonies struggled to maintain some kind of democracy and improve the economic situation for 80% impoverished population. However, the political leadership

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04-February-2024

Namibian President Hage Geingob Dies at 82 

By Adedapo Adesanya The President of Namibia, Mr Hage Geingob, died early Sunday in a hospital in the capital of the Southern African country, Windhoek at 82. Mr Geingob, who was serving his second term as president and was his country’s first prime minister after independence, revealed last month that he was being treated for cancer. “It is with utmost sadness and regret that I inform you that our beloved Dr. Hage G. Geingob, the President of the Republic of Namibia, has passed on today,” read a statement signed by acting president, Mr Nangolo Mbumba. “At his side, was his

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01-February-2024

Europe and Africa Forging A New Relationship

By Kestér Kenn Klomegâh Late January 2024, prominent African leaders and corporate business executives attended the summit intended to forge a new relationship between Europe and Africa. It was hosted by Italy’s hard-right Prime Minister Giorgia Meloni who who came to power in 2022. The significance of the summit was to reshape and place on track the European policy priorities and, at the same time, to highlight economic diplomacy and fix the long-trailed systematic development plans for Africa. Within the context of the geopolitical changes, African political leaders have shown high enthusiasm and pragmatism, in developing relations with external countries.

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23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

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23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

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23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

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23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

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23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

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23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

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23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

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22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

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22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

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22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.