Twitter to Finally Accept Elon Musk’s Offer of $43bn

By Adedapo Adesanya The African Development Bank Group (AfDB) has urged entrepreneurs in Nordic countries and Ireland to make Africa their business and investment destination. According to a statement, the call was made by the lender’s Chief Economist, Mr Kevin Chika Urama, on a spate of official visits to Denmark, Finland, Ireland, Norway, and Sweden between September 25 – 29. He said Africa’s population boom is projected to make it the world’s most populous region by the end of the century, with up to 3.4 billion people offering huge business and investment opportunities to the rest of the world. “With

By Kestér Kenn Klomegâh It all began in March 2023 with an ear-deafening applause during the inter-parliamentary conference under the theme ‘Russia-Africa in a Multipolar World’ that was held in Moscow. Russian President Vladimir Putin offered what was then referred to as ‘no-cost deliveries’ of grains to six African countries. This unique promise was consolidated and renewed during the second Russia-Africa summit held in St. Petersburg. Russian media, with its highest public-oriented reports and propaganda narratives, keeps on informing its public that Russia feeds Africa and its 1.4 population. Under the auspices of the State Duma of the Russian Federal

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

By Adedapo Adesanya The total value of capital importation (foreign investment inflows) into Nigeria rose by 53.97 percent to $5.9 billion in the first quarter of 2020, the latest figures released by the National Bureau of Statistics (NBS) said on Tuesday. Despite an increase to the capital importation figures in the first three months of this year over the same period of 2019, there was a 31.2 percent decrease in the amount of capital brought into the country from overseas.   According to the statistics bureau in the report titled Q1 2020 Capital Importation Report, the largest amount of capital

By Adedapo Adesanya The Economic Financial Crimes Commission (EFCC) has announced the seizure of N32.4 million in scarce new Naira notes allegedly meant for vote buying in Saturday’s elections in Lagos state. In a statement on Friday, the agency said its officials in Lagos apprehended the suspect with the new banknotes, expressing its determination to deter vote trading and other financial malfeasance ahead of tomorrow’s presidential and national assembly elections. According to the anti-money laundering organisation, the suspect grabbed in connection with the seizure has been taken into custody for further questioning. On his part, the Chairman of the commission,

By Investors Hub Asian stocks turned in a mixed performance on Friday as Chinese trade data proved to be a mixed bag and investors awaited earnings reports from JPMorgan Chase, Citigroup and Wells Fargo later in the day. Geopolitical tensions eased somewhat after U.S. President Donald Trump urged caution on an imminent strike against Syria and also tweeted that the U.S. would rejoin the controversial Trans Pacific Partnership trade pact if the deal were substantially better than the one offered to former President Barack Obama. China’s Shanghai Composite Index dropped 20.77 points or 0.7 percent to 3,159.39, while Hong Kong’s

By Richard Quest It is fashionable to leave Davos and reflect, ‘was it worth the trek?’ This year I think it most certainly was. I noticed some big differences. Firstly, there are no urgent economic crises, waiting to be managed. Economies are growing (slowly). Unemployment is low. Inflation is way below targets, and central banks have been systemically lowering interest rates (49 central banks have made 71 cuts in rates). The economic issues are technical and nuanced, such as the effect of negative rates increasing the risks in the search for yield. You get the idea: nothing for the reasonable

By Jerome-Mario Chijioke Utomi Orji Uzor Kalu, the chief whip of the Nigerian Senate, last Tuesday in Abuja, called on President Bola Tinubu to scrap the Ministry of Niger Delta Affairs because it is tantamount to a duplication of the Niger Delta Development Commission (NDDC). As expected, the comment has elicited reactions from Niger Deltans, stakeholders and the general public. But each of these reactions/comments shows a ‘profound shock’ to our nation’s conscience and brings to the fore the bizarre and troubling manifestation of how seriously off-track the Niger Delta Ministry right from creation has taken the region via politicization

By Dipo Olowookere The first trading session on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note on Tuesday with a 0.23 per cent loss. This was triggered by persistent selling pressure on financial stocks and others, as investors were not impressed with the nationwide broadcast of President Bola Tinubu on Monday night. Business Post observed that cautious trading was the order of the day as traders were weary of the proposed nationwide protests of the organised labour unions on Wednesday. As a result, the All-Share Index (ASI) depleted by 145.32 points to 64,192.20 points from

By Modupe Gbadeyanka Enugu State Government has instituted a N60million annual traders’ empowerment scheme aimed at encouraging traders in the state. Commissioner for Information, Dr Godwin Udeuhele, who addressed newsmen on Saturday in Enugu on the outcome of the State Executive Council Meeting, held on Friday night, said participation in the scheme was free. Udeuhele said under the scheme, N5 million would be won monthly by registered traders, with each beneficiary going home with N50,000. “The Enugu State Traders’ Empowerment Scheme is a wonderful programme that tends to empower traders in the state free of charge. “The annual amount to

By Adedapo Adesanya The value of the Naira to the US Dollar depreciated heavily by N13 or 1.8 per cent at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market on Thursday, July 28, trading at N720/$1 compared to N707/$1 on Wednesday as the FX crisis in the country worsens. Also, at the parallel market, the Nigerian Naira lost N5 against the greenback to sell for N710/$1 compared with the preceding day’s N705/$1. At midday, the exchange rate was N715/$1 and by evening, it closed at N710/$1. Meanwhile, the local currency found succour in the Investors and Exporters (I&E)