Six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were excluded from participating in a recent retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). The auction, which saw the CBN selling $876.26 million to 26 qualified banks, was part of the apex bank’s ongoing efforts to alleviate the demand pressure in the foreign exchange (FX) market and promote price discovery. This auction marks one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilize the naira and address the ongoing…
Author: Abdoulaye Kay
Celebrated filmmaker and actress Funke Akindele is set to feature the Lagos State Fire and Rescue Service in her highly anticipated film Everybody Loves Jenifa, a move that not only fulfills a promise she made last month but also underscores her commitment to using her platform for social good. The exciting collaboration was revealed by Jubril Gawat, Senior Special Assistant on New Media to the Lagos State governor, who shared the news on X (formerly known as Twitter) on Saturday. Gawat posted a video clip showcasing behind-the-scenes moments from the film set, highlighting the involvement of the Lagos State Fire…
The Nigeria Electricity Regulatory Commission (NERC) reports that in the first quarter of the year, Nigeria’s total electricity generation dropped by 901.94 GWh compared to the previous quarter of Q4, 2023. This indicates a decline of 9.1% from 9,789.87GWh in 2023/Q4 to 8,887.93GWh in the period under review. This is according to the 2024 first quarter report by NERC, which states that the average hourly power generation across available generation units also declined by 8.22% in the quarter. The NERC report noted that the average available generation capacity across all power plants in the country dropped to 4,249.10MW in Q1…
Dangote Group’s subsidiaries have emerged as major recipients in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN), purchasing at least $105.33 million in successful foreign exchange (FX) bids. This allocation represents about 13% of the $876.26 million that the CBN distributed among qualified banks. ALSO READ We don’t receive full crude supply from NNPC, Dangote insists Zenith Bank, Access Bank, Providus Bank, Union Bank, and Sterling Bank were the primary banks that secured the most FX for Dangote’s firms in the latest CBN Retail Dutch Auction. Four of these banks are also on the list of…
Residents of Kano who rely on charcoal for cooking and other energy needs have expressed concern over the sharp increase in its price. They reported that the cost has risen beyond the reach of many, making it increasingly difficult for ordinary people to afford. A housewife, Aisha Isa, noted that a large bag of charcoal, which previously sold for ₦4,000, now costs ₦6,500. She added that finding small quantities for ₦50 is impossible, with the minimum price now at ₦150. Another resident, Agnes John, lamented that charcoal is gradually becoming unaffordable for the common person and urged the government to…
“So, the very beginning is ourselves, yes system, yes we have to rethink our democracy but the character of people in government must change. With all due respect, most of those in government should right now be behind bars or in gallows,” he said.
Renowned Nigerian luxury and lifestyle journalist, Adeniyi Ifetayo Moses, has been honored with the prestigious ‘Excellence in Journalism’ award at The Headlamp Awards, held during the Afro Commerce Connect event in Brampton, Ontario, Canada. The event, organized by Cross Roads of Culture, centered around the theme “African Diaspora Startups,” aiming to help entrepreneurs navigate opportunities and challenges in Canada. The award ceremony took place at The Conservatory City Hall, where Ifetayo was celebrated for his nearly two-decade-long career in journalism. The award was presented by Wale Rabiu, CEO of Grey Matlock. In his acceptance speech, Ifetayo expressed his surprise and…
President Bola Tinubu on Friday in Abuja received The Patriots, a group of eminent Nigerians, and emphasized that retooling the economy for sustainable growth and development is a major priority of his administration. The President also assured the group that their request for the convening of a national constituent assembly with the mandate to draft a new constitution will be reviewed. President Tinubu made this declaration when he received members of the group led by Emeka Anyaoku, former Commonwealth Secretary-General, at the State House. Speaking on behalf of The Patriots, Anyaoku appealed to the President to send an executive bill…
Claim: A Facebook user, Khailan Arab, posted that dragonflies can eat 100 mosquitoes in a day and, therefore, serve as mosquito repellant. By Faruk Shuaibu Verdict: The claim is true. A Google Search Engine churned out dozens of articles extolling the predatory nature of dragonflies in controlling insects in their environment. This includes their ability to eat 100 mosquitoes a day and other insects. Full Text: Mosquitoes are regarded as the deadliest animal in the world through the spread of Malaria. According to a report by the World Health Organization (WHO), there were 249 million cases of malaria in 2022, with…
World record-holder Oluwatobiloba Amusan, who has been widely regarded as Nigeria’s brightest hope for a medal at the Paris Olympic Games, suffered a disappointing exit on Friday as she failed to qualify for the final of the women’s 100m hurdles.