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TEXT OF NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON THE 64TH INDEPENDENCE ANNIVERSARY OF THE FEDERAL REPUBLIC OF NIGERIA OCTOBER 1, 2024  

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TEXT OF NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON THE 64TH INDEPENDENCE ANNIVERSARY OF THE FEDERAL REPUBLIC OF NIGERIA OCTOBER 1, 2024  

1st October, 2024

 

TEXT OF NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON THE 64TH INDEPENDENCE ANNIVERSARY OF THE FEDERAL REPUBLIC OF NIGERIA OCTOBER 1, 2024

Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.

 

As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.

 

Exactly 64 years ago, our founding fathers chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment, a beacon of hope to the rest of Africa and the world.

 

Over six decades later, we can look back, and Nigerians worldwide can see how well we have succeeded in realising the lofty dreams of our founding fathers.

 

The world is witnessing and benefiting from the can-do spirit of the Nigerian people, our massive intellectual capacity, and our enterprise and industry in all vocations, from arts to science, technology to infrastructure. The dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it.

 

While it is tempting to focus on what has been left undone and where we have stumbled as a nation, we must never lose sight of how far we have come in forging and holding our country together.

 

Since independence, our nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide. Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union.

 

Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation.

 

Dear compatriots, our independence anniversary gives us another chance to reflect on how far we have gone in our journey to nation-building and to renew our commitment to building a better nation that will serve present and future generations of Nigerians.

 

While we celebrate the progress we have made as a people in the last sixty-four years, we must also recognise some of our missed opportunities and mistakes of the past. If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future.

 

My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired. We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture.

 

On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry. Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism. Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.

 

We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible. As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms. We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this.

 

Our government has been responding to the recent natural disasters, particularly the flooding in parts of the country. After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this federal government will always stand with our people in their times of trouble. At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.

 

Our government has also ordered integrity tests of all our dams in the country to avert future disasters.

 

The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.

 

Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.

 

Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.

 

The move will create vibrancy and increase oil and gas production, positively impacting our economy.

 

The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market. We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills.

 

We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly. These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

 

As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments.

 

The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide.

 

My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.

 

I commend the Governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced our agricultural production programme. I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertilizer and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months.

 

Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

 

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace.

 

As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanize their creative energy towards a better future. We lead today with the future we wish to bequeath to our children in focus, recognizing that we cannot design a future that belongs to them without making them its architects.

 

Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population. It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

 

The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice. The modalities of this Confab and selection of delegates will be designed in close consultation with our young people through their representatives. Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria.

 

Our government is implementing several other youth-centric programmes to give our young people an advantage in the rapidly changing world. We are implementing, amongst others, the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria’s technical talent backbone.

 

We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams. In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.

 

As is the tradition, the government will soon announce all the beneficiaries of our national honours for 2024.

 

The Senate President and the Chief Justice of the Federation have been conferred with the honour of the Grand Commander of the Order of the Niger (GCON). The deputy Senate President and Speaker of the House of Representatives have the honour of Commander of the Order of the Federal Republic (CFR), while the deputy speaker of the House has been awarded Commander of the Order of Niger (CON) .

 

Fellow Nigerians, better days are ahead of us. The challenges of the moment must always make us believe in ourselves. We are Nigerians—resilient and tenacious. We always prevail and rise above our circumstances.

 

I urge you to believe in our nation’s promise. The road ahead may be challenging, but we will forge a path toward a brighter future with your support. Together, we will cultivate a Nigeria that reflects the aspirations of all its citizens, a nation that resonates with pride, dignity, and shared success.

 

As agents of change, we can shape our destiny and build a brighter future by ourselves, for ourselves and for future generations.

 

Please join our administration in this journey towards a brighter future. Let us work together to build a greater Nigeria where every citizen can access opportunities and every child can grow up with hope and promise.

 

May God continue to bless our nation and keep members of our armed forces safe.

 

Happy Independence anniversary, my fellow Nigerians!

 

-President Bola Ahmed Tinubu

Movie Review: Lísàbí, A Cinematic Masterpiece Reviving Yoruba Pride

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Movie Review: Lísàbí, A Cinematic Masterpiece Reviving Yoruba Pride

With the release of Lísàbí, I’m now totally convinced about the revolution happening in the Yorùbá movie industry. It’s a new dawn.

There is a reawakening. Our actors, actresses, producers, directors, and all the major players in the Yorùbá movie industry have rediscovered the magic they had in the 1990s and early 2000s, when they produced epic films like Ògbórí Ẹlẹ́mọ̀ṣọ́, Baṣọ̀run Gáà, Àfònjá, Efúnsetán Aníwúrà, and others.

 

From Ògúndábède to Aníkúlápo, Jagun Jagun to Àjàkájù, Àyìnlá to Funmilayo Ransome -Kuti, House of Ga’à to Lísàbí, these movies are deeply rooted in our beautiful culture, and the execution has been second to none. All those involved have demonstrated creative excellence at its peak.

 

Lísàbí is another masterpiece that will dominate the visual space for a while, emphasizing that Yorùbá culture is bigger than Africa.

 

Despite being a beautifully told story about the Ẹ̀gbá resistance against tyranny and their defiance of a world power, the film didn’t downplay the influence of the Old Ọ̀yọ́ Empire, with its seat of power in Ọ̀yọ́-Ilé and the Aláàfin, an unquestionable entity bearing the cognomen “Ikú, Bábà, Yèyé.”

 

The trio phrase “Ikú, Bábà, Yèyé”—translates as “The Death, The Paternal, and The Maternal”—might not resonate with us in this modern democratic era, but in ancient Yorùbá days, it held immense significance. I’ll delve into how the Aláàfin earned that title in another article.

 

First, the grandeur displayed in the movie’s setting is highly commendable. The use of artifacts, costumes, and folksongs was deliberate and intentional, effectively representing both the Ẹ̀gbás and the Ọ̀yọ́s.

The film also excellently depicted the politics at play in Yorùbá courts at the time. It vividly showed that power is taken, not given—a recurring theme in Yorùbá history. Sàngódèyí did not wait around to become Olórí Ìlàrí. He seized his moment when the Olú Ọlọ́dàn challenged the powers of Ọlọ́yọ́.

 

Moreover, the movie did a great job showcasing how traditional weddings were conducted in Yorùbáland. This aspect is gradually fading due to civilization, and films should not only entertain but educate.

 

Similarly, the concept of Àáro was well portrayed. Our ancestors organized themselves into a mutual aid society called Ẹgbẹ́ Àáro (Àáro Society) for more efficient farming—a tradition that reflects the collective strength and unity of the Yorùbá people.

 

However, despite the film’s strong points, I have a few concerns about certain portrayals. Historical movies should aim to avoid confusing or complicating our history as a people. A fellow Yorùbá culture enthusiast pointed out how movies about the Roman Empire often serve as a way of learning Roman history. We are fortunate to have this revolution that translates Yorùbá histories into film, but we must get it right to avoid misinforming the world about our identity.

 

I was impressed that the filmmakers researched enough to know that the Old Ọ̀yọ́ Empire had extensive trade relations with Portugal. In 1471, it was officially recorded that Portugal contacted the Aláàfin, and they maintained a cordial relationship for centuries. In fact, a great historian, Olóyè Lájì Abbas, the Àarẹ Ònpìtàn of Ìbàdàn, insists that a Portuguese man knew Aláàfin Sàngó personally and wrote about his encounter with the powerful, posthumously deified emperor. Please note that Aláàfin Sàngó Tẹ̀llà-Òkò, an Òrìsà (deity) and third Aláàfin of Ọ̀yọ́, is different from Sàngó Ayílẹ́gbẹ̀ẹ́-Ọ̀run, the Irúnmọlẹ̀ (divinity).

 

Historically, it’s true that the Ọ̀yọ́ Empire had strong ties with Portugal long before Great Britain arrived, as shown in the movie. However, my issue is that the Portuguese characters were communicating in English rather than Portuguese, the official language of Portugal.

 

Lísàbí was not just any man; he was a giant, both in stature and in spirit. The movie didn’t focus on an important aspect, which is that although Lísàbí lived in Igbehin, his roots are traced back to the Ẹ̀gbá village of Itoku. This connection to Itoku adds another layer to his character and heritage, one that could have enriched the film’s narrative even further.

 

I don’t mind that the movie featured many popular, talented, and experienced actors. My concern is with the use of language, which didn’t match the calibre of the cast. For example, Bàbá Peter Fátómilọ́lá only appeared in one scene, and there was a disappointing lack of Yorùbá proverbs or any deep use of the Yorùbá language. It was too plain for a historical movie.

 

While they made an effort to speak basic Yorùbá in the Ọ̀yọ́ scenes (though it could have been better), the Ẹ̀gbá scenes were inconsistent. Some characters didn’t even speak Ẹ̀gbá at all.

 

Another cultural misstep was in the portrayal of Ọlọ́yọ́, who shot some slaves dead. In Yorùbá culture, it’s forbidden for a king to look upon a dead body, yet the scene was cast as though there was nothing wrong with it.

 

Adébọ̀wálé Adédayọ̀ (Mr. Macaroni) gave an exceptional performance and spoke the Ẹ̀gbá dialect well. However, his line, “Tí a bá ní ká mú èní, Ọ̀la ni a ma mú,” didn’t sound like something from Ẹ̀gbá in 1775; it felt more like a Gen-Z Lagosian reciting a Yorùbá proverb. The director should have adjusted this part to suit the historical setting.

 

Additionally, Lísàbí’s brilliance as a strategist went beyond mysticism—his tactical planning and the formation of the Ẹgbẹ́ Àro allowed the Ẹ̀gbás to prepare for the Ọ̀yọ́ invasion, ultimately freeing themselves from oppression.

 

According to history, Lísàbí instructed his fellow farmers involved in his Àáro Society to return to their settlements and kill the Ìlàrís stationed there. This demonstrated his profound understanding of strategy and bravery. It was a brilliant display of military cunning, far more compelling than the movie’s overemphasis on his partnership with spiritual beings as the source of his power.

 

I believe the storyline would have been more captivating had it highlighted this strategic brilliance rather than leaning so heavily on mysticism.

 

Before Christianity and Islam, both the Ẹ̀gbás and Ọ̀yọ́s were rich with military strategy and structured offices for warfare, not just mysticism. Africa is often misrepresented as uncivilized, but our history proves otherwise. Films like Lísàbí should showcase the sophistication of Yorùbá warfare alongside its spiritual elements.

 

Lastly, I must give credit to Hakeem Effect. His consistency in these revolutionary movies is noteworthy, and he deserves his flowers.

 

While we eagerly await the sequel to be released in January 2025, I’m rating Lísàbí an 8/10.

 

Credit: Johnson Okùnadé

johnsonokunade.com

Nollywood’s Box Office Queens: The Battle for Yuletide Season Supremacy

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Nollywood’s Box Office Queens: The Battle for Yuletide Season Supremacy

The Nigerian film industry, popularly known as Nollywood, is gearing up for an exciting Yuletide season. The industry’s top female producers, affectionately referred to as the “Box Office Queens,” are set to release their latest movies, each hoping to outdo the others at the boxoffice.

 

The New Entrant: Wumi Toriola

Wumi Toriola, a talented actress and producer, has already made her mark with the recent release of “Queen Lateefah,” distributed by Cinemaxng. This move signals her entry into the coveted Box Office Queens club, where she will rub shoulders with established heavyweights.

 

Funke Akindele: The Reigning Champion

Funke Akindele, known for her exceptional acting and production skills, is fresh from her record-breaking success with “A Tribe Called Judah,” which grossed an impressive 1.4 billion naira at the box office last year. She aims to replicate this achievement with her upcoming film, “Everybody Loves Jennifer,” slated for release in December.

 

Toyin Abraham: Building on Success

Toyin Abraham, another highly successful producer, is building on the momentum of her previous release, “Malaika.” Her upcoming film, “Alakada Bad and Bojuee,” promises to deliver even more laughs and entertainment to audiences.

 

Mercy Aigbe: The Dark Horse

Mercy Aigbe, who made her cinema debut last year with “Ada Ọmọ Daddy,” is ready to take her production skills to the next level. Her upcoming film, “Thin Line,” promises to be a thrilling ride, and fans are eagerly anticipating its release.

 

As these producers employ innovative PR and content strategies, the stage is set for an intense battle for box office supremacy. With each film promising to deliver exceptional entertainment, audiences are in for a treat.

 

To outdo each other, these producers are leveraging various strategies:

 

1. Social Media Campaigns: Engaging with fans and creating buzz around their films.

2. Influencer Partnerships: Collaborating with popular influencers to promote their movies.

3. Unique Storytelling: Offering fresh, captivating storylines to captivate audiences.

4. Star-Studded Casts: Featuring top Nollywood talent to attract viewers.

 

The Yuletide season is poised to be an exciting time for Nollywood fans. With these talented producers vying for box office dominance, audiences can expect exceptional entertainment. Will Funke Akindele retain her crown, or will Wumi Toriola, Toyin Abraham, or Mercy Aigbe usurp the throne? Only time will tell.

Get ready to experience the best of Nollywood this Yuletide season!

 

Written by Adesina Kasali

Helen Prest-Ajayi: Ageless Beauty Queen at 65

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Helen Prest-Ajayi: Ageless Beauty Queen at 65

Helen Prest-Ajayi is a remarkable figure in Nigeria. She is best known for her diverse career as a lawyer, businesswoman, and beauty queen. At 65, her life story remains an inspiring journey of grace, fortitude, and dedication.

 

Born on September 17, 1959, she achieved national recognition at the age of 19 when she was crowned Miss Nigeria in 1979. This victory paved the way for her to represent Nigeria on the global stage at the Miss World pageant that same year. Yet, Helen did not limit herself to pageantry, going on to pursue a law degree at Obafemi Awolowo University and furthering her education at King’s College London.

 

Helen’s career as a lawyer spanned two decades before she shifted her focus to family and philanthropy. After stepping back to raise her three daughters, she turned her attention to literacy advocacy. Recognizing the struggles many African children face in learning English, she authored educational books and promoted initiatives aimed at improving literacy in Nigeria.

 

Helen’s journey has not been without challenges. After the death of her partner, Dr Tosin Ajayi, in 2020, she faced public scrutiny and controversy. Despite this, she has maintained her dignity, choosing not to respond publicly to negative comments about her relationship. Instead, she continues to honour the legacy of her late partner.

 

Her 65th birthday, celebrated on Wednesday, September 25, 2024, is good proof of her enduring influence and ageless beauty. She remains an embodiment of timeless beauty and wisdom. Through her work in law, business, and philanthropy, she has earned admiration and respect, making her an icon of Nigerian society.

Oil Theft: We traced illegal pipes to mosques, churches, palaces, says NNPCL

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Oil Theft: We traced illegal pipes to mosques, churches, palaces, says NNPCL

Oil Theft: We traced illegal pipes to mosques, churches, palaces, says NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) on Saturday expressed concern about the large scale of oil bunkering in the country, stating that it has traced illegal pipes to sacred institutions, including mosques, churches, and traditional palaces.

 

The agency also said increasing crude oil production from the current 1.7 million barrels per day to three million barrels is achievable.

 

Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, revealed this during a Stakeholders Engagement Session with the National Assembly Press Corp in Abuja.

 

He noted that there are many challenges in the oil sector that must be addressed if the nation’s economy is to survive.

 

While recalling how a vessel arrested for oil theft was rearrested after three months, Soneye said the low prosecution rate of criminals undermines efforts to combat the crime.

 

His words: “I want everyone who is listening, there is a problem. If we do not take care of these issues, there is a problem.

 

“In November last year, we went to look at a vessel that was caught with crewmen. The chief of army staff was there, the military, air force, and the police. It was a very large vessel with about 23 crewmen on board.

 

“They were arrested and handed over to the military. But it interests you that sometime this year, around February, the same vessel was caught in another place.

 

“Now you ask, what is the prosecution rate of those stealing the oil? It is less than two percent. So you can see the result when you see over 2,500 folks being arrested, but then the prosecution rate is two percent.

 

“It’s a very difficult challenge for NNPC. Somebody was asking the question, why do we engage private security firms? It’s a very good question. The person asked if the military or law enforcement are not doing their job. No, they are doing their job. I can’t stand there and say they are not doing their job. But I will just say this.

 

According to Soneye, there is no country in the world where non-state actors are the ones taking care of national assets, saying there was a time when the production level went below 900,000 barrels a day.

 

He added, “At that point, the NNPC knew we were in trouble. And then we sought help by discussing with the community leaders and private security. And with the help of the private security, production went up to about 1.5 million barrels.

 

“Now the president formed a committee with the military. And working together with the private security companies, now we are between 1.6 and 1.7 million barrels.

 

“Have the private security really helped us? Yes, they have. Are the military doing their best? Yes, they are.

 

“But the important thing that we should take away from here still goes down to what Mr. Durotoye was saying about us being exemplary in what we do. If you take a trip to those places, you will see at times that some of these pipes are inserted; if you trace them, some of them go into churches, some into mosques, and some into the palaces of kings.”

 

Deputy manager, Command and Control Centre of the NNPC, Murtala Muhammad, has disclosed that more than 8,000 illegal refineries have been destroyed within the last six months in the country.

 

He said 5,800 illegal oil pipeline connections were detected and destroyed within the same period.

 

Muhammad said oil theft and vandalization of oil pipelines remain a threat to crude production in the country, listing Bayelsa, Rivers, Imo, and Abia among others as the hot spots.

Zimbabwe’s new currency, ZiG, falls over 40% against the Dollar after government decision 

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Zimbabwe’s new currency, ZiG, falls over 40% against the Dollar after government decision 

Zimbabwe’s new currency, ZiG, falls over 40% against the Dollar after government decision

Zimbabwe’s new currency, ZiG, falls over 40% against the Dollar after government decision Izuchukwu Okoye

Zimbabwe’s new currency, the ZiG, has experienced a depreciation of over 40% after the country’s central bank made recent adjustments aimed at aligning official exchange rates with parallel market rates.

 

On Friday, Zimbabwe’s central bank decided to raise the official exchange rate from 14 to around 24 ZiG per dollar, aiming to narrow the significant gap between the official and parallel market rates.

 

Launched in April to replace the rapidly depreciating Zimbabwean dollar, which saw a staggering loss of 80% of its value throughout 2024, the ZiG has faced considerable challenges in achieving stability.

 

The country’s central bank attributes the instability to the wide gap between the official exchange rate and parallel market rates, as the government seeks to discourage the use of alternative currencies such as the US dollar and cryptocurrencies.

 

Sekai Kuvarika, the CEO of the Confederation of Zimbabwean Industries, publicly criticized the central bank for maintaining an artificially low official exchange rate for an extended period.

 

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She argued that this has resulted in a significant parallel-market premium, which has caused serious distortions in the economy.

 

”This has also worsened the situation, which could have been improved by accepting that the parallel market also needs to be reined in”

 

According to Central Bank of Zimbabwe

In a statement released after a recent meeting of its Monetary Policy Committee, the Central Bank of Zimbabwe announced its decision to allow for greater flexibility in the exchange rate.

 

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The government’s objective with this devaluation is to reduce the disparity between the official exchange rate and that of the parallel market. This latest attempt at establishing a stable local currency marks Zimbabwe’s sixth effort since 2009.

 

However, the challenge is compounded by ongoing supply and demand issues that have hindered the currency’s performance.

 

According to the Governor of Zimbabwean’s Central bank, John Mushayavanhu, “Foreign currency supply-and-demand mismatches” are to be blamed.

 

He also stated that the Central Bank was committed to an exchange rate that was more market-determined. “Allowing the ZiG to depreciate if that is what market sentiments demand could also help reverse the currency’s decline.”

 

Market Trend

Since its inception on April 8, 2024, the ZiG initially traded at around 12 ZiG per dollar but quickly fluctuated between 13 and 14 in the subsequent months.

Before the central bank’s actions on Friday, the parallel market rate ranged from 18 to 25 ZiG, but the official rate has now been set at 24 ZiG per dollar following this significant devaluation.

This adjustment aims to create a more balanced economic landscape and foster confidence in the new currency.

Anthony Joshua suspended from boxing

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Anthony Joshua suspended from boxing

Former two-time world heavyweight champion Anthony Joshua has been handed a 28-day suspension from boxing by the British Boxing Board of Control following his knockout loss to Daniel Dubois last Saturday at Wembley Stadium.

Joshua was floored four times and ultimately knocked out in the fifth round by Dubois’ devastating right hand.

 

The suspension, a standard medical precaution after a KO or TKO loss, prevents Joshua from entering the boxing ring during this period. However, with no confirmed upcoming fights, this enforced break is unlikely to affect the former two-time heavyweight world champion’s immediate plans.

 

Joshua’s loss to Dubois marks his fourth professional career loss, following setbacks against Andy Ruiz Jr. and Oleksandr Usyk. Despite speculation about his future, Joshua has dismissed retirement talks, expressing his determination to come back stronger. He has hinted at possibly invoking a rematch clause to face Dubois again.

 

In a social media message, Joshua reflected on his career, saying, “We’ve got to look at the positives… It’s far from over yet,” while vowing to make the right steps forward to return to the top. Promoter Eddie Hearn has also suggested potential future bouts, including a long-awaited clash with Tyson Fury.

 

Dubois’ promoter, Frank Warren, mentioned that Dubois could fight again in February, leaving the door open for a rematch if Joshua chooses to pursue it. Meanwhile, Joshua could also wait for the outcome of the Tyson Fury vs. Oleksandr Usyk bout scheduled for December.

Africa Finance Corporation backs Itana’s $100 million Digital Economic Zone in Lagos 

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Africa Finance Corporation backs Itana’s $100 million Digital Economic Zone in Lagos 

Africa Finance Corp commits $40 million equity investment in African Medical Centre of Excellence Abuja Samson Akintaro

The Africa Finance Corporation (AFC) has said it would lead the financing of Itana’s Digital Economic Zone, which is budgeted at around $100 million.

The facility, which is to be built in Lagos is designed for global and Pan-African technology, finance and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy.

 

According to a statement from the AFC, the formalisation of the partnership Itana on the project took place in front of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

 

The project

The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria.

 

According to the details of the project shared, through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy.

This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.

This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa.

AFC will also support the roll-out of the Itana Digital Economic Zone for global and Pan-African tech, finance, and service-based businesses seeking to operate across Africa.

Africa’s Silicon Valley

Commenting on the project, CEO of Itana, Luqman Edu, said the company intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union.

 

“Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry,” he said.

 

President & CEO, Africa Finance Corporation, Samaila Zubairu, also commented on the initiative saying:

 

“Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services.”

 

“In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone.

 

“This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent,” he added.

 

What you should know

Itana, Nigeria’s first licensed digital economic zone management company.

 

Before now, Itana and AFC have been collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN), a non-profit advocacy and policy research organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria.

 

The committee is chaired by President Bola Tinubu and includes relevant Government Ministers and Agency Heads.

Last year, Itana announced a funding round backed by leading technology venture capitals and highly influential tech industry leaders including LocalGlobe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).

As the first of its kind in Africa, the Digital Zone project to be hosted in Alaro City, an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone, is poised to make Nigeria a powerhouse in the global digital economy.

 

From stardom to silence; the lost voices of Nigeria’s music industry

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From stardom to silence; the lost voices of Nigeria’s music industry

From stardom to silence; the lost voices of Nigeria’s music industry

Over the years, the Nigerian music industry has produced countless artists, many of whom have left a lasting impact with classic hits and memorable street anthems. However, some beloved voices have faded into the background, leaving fans curious about their whereabouts. In this feature, Weekend Trust highlights the lost voices of the Nigerian music scene, celebrating the artists who once defined an era but are now less visible. From Afrobeat pioneers to R&B sensations, these musicians shaped the industry in significant ways.,

 

Tony Tetuila

 

Tony Tetuila, born Anthony Olanrewaju Awotoye, is a Nigerian Afrobeat and Afropop artist who rose to fame as part of the legendary music group, The Remedies. Alongside Eedris Abdulkareem and Eddy Montana, Tetuila helped pave Nigeria’s contemporary music scene in the late 1990s. The Remedies pioneered the mix of African rhythms and hip-hop, leading the way for modern Nigerian music. Tetuila went solo in the early 2000s, becoming a household name with his 2001 hit “My Car,” which humorously narrated a real-life incident involving a damaged car. Songs like “Omode Meta” helped establish his reputation as an Afropop pioneer.

 

After releasing a string of hits in the early 2000s, fans stopped hearing from the Two Women singer. However, Tony Tetuila contested as an All Progressives Congress candidate in 2014 for a seat in the Kwara State House of Assembly and lost. In 2023, he announced a remix of his popular song “My Car” featuring African giant, Burna Boy.

 

 

 

Faze

 

Chibuzor Oji aka Faze, is a Nigerian artist who rose to fame as a member of the defunct Plantashun Boiz, alongside 2Baba (formerly 2Face) and Blackface. The group became popular in the late 90s and early 2000s due to their unique blend of R&B, reggae, and Afrobeat. Faze later pursued a solo career, releasing hits like “Faze Alone” and “Kolomental,” which earned him a large fan base.

 

Known for his smooth singing voice, Faze was a key player in shaping Nigeria’s modern musicscene. However, in recent years, Faze has stepped away from making new music and has been less active in the industry.

 

 

 

Weird MC

 

Weird MC rose to prominence in the 1990s with songs like “Allen Avenue” and secured her reputation with the 2006 hit track “Ijoya,” which was produced by Don Jazzy and JJC. Her lively performances and distinct style, which blends English, Yoruba, and rap, set her apart in a male-dominated sector.

 

Despite her success, Weird MC is now regarded as one of Nigerian music’s lost voices, as she no longer produces songs. Her decision to move away from the spotlight has left many wondering what her career could have been like if she had kept going. Although she no longer releases new songs, her contributions to Nigerian music, particularly the promotion of rap and hip-hop, are important to note.

 

 

 

Lagbaja

 

Lagbaja gained popularity in the 1990s with his fusion of African rhythms and jazz, creating a unique sound that appealed to many. His signature mask, which he wore to symbolise the “common man,” became his iconic look. Lagbaja’s music often carried strong social and political messages, addressing issues like corruption, inequality, and injustice in Nigeria. While Lagbaja was once a dominant voice in the Nigerian music scene, he has since faded from the spotlight and no longer makes music. His absence is felt by many fans who miss the powerful messages and energy the songs brought to the industry. However, despite his hiatus from the industry, Lagbaja recently appeared on Fireboy’s new album titled; ‘Back n Forth’.

 

 

 

Darey Art Alade

 

Darey Art Alade is a Nigerian singer, songwriter, and media personality who made his mark in the Nigerian music industry with his smooth R&B style and soulful voice. He gained fame in the early 2000s after participating in the reality show Project Fame West Africa. Darey released hit songs like “Not the Girl” and “Carry Dey Go,” which showcased his vocal talent and made him a household name.

 

Despite his earlier success, Darey stepped back from making music, and fans rarely hear new songs from him. He now focuses more on other ventures, including being a media personality, event host, and businessman.

 

 

 

Nigga Raw

 

Nigga Raw, also referred to as Mr. Raw, was a pioneer of Igbo rap in Nigeria. His real name is Okechukwu Edwards Ukeje, and he grew to prominence in the early 2000s due to his distinct rap style in both Igbo and English. Nigga Raw’s debut album, Right & Wrong, released in 2005, was a huge success, with songs including “Obodo” and “Hip Hop Gyration.” Although Mr. Raw had a good run in the industry, he gradually slipped from prominence. Over time, he released fewer tracks and eventually ceased making music. His disappearance created a hole in Nigerian rap, particularly among fans of indigenous rap. Today, he is considered one of the lost voices in the Nigerian music industry.

 

 

 

Sasha P

 

Anthonia Yetunde Alabi popularly known as Sasha P is one of Nigeria’s pioneering female rappers. She rose to fame in the early 2000s, becoming known for her strong voice in a male-dominated genre. Sasha P was part of the Trybe Records family and released hit tracks like “Adara” and “Only One” that earned her recognition across Africa.

 

Sasha P inspired many female artists who came after her. In 2010, she won the Best Female Artist award at the MTV Africa Music Awards. However, her presence in the music world faded with time, and she gradually pulled away from the spotlight. She no longer records music and has switched towards fashion and other passions.

 

 

 

Kelly Hansome

 

Kelly Hansome is well-known for his contributions to the Nigerian music scene in the late 2000s. He rose to prominence with hits such as Maga Don Pay and Like Play like Play, which were popular among fans due to its striking sounds. His sound combined Afrobeat, highlife, and hip-hop, making him a popular musician during that time. Regardless of his early popularity, Kelly Hansome’s music career eventually faded. He had various disagreements with his former label, Kennis Music, which contributed to his retirement from mainstream music. Over time, his once-dominant voice in the Nigerian music industry disappeared and today, Kelly Hansome is no longer active in music.

 

 

 

African China

 

African China was known for his politically charged music that speaks to the difficulties of the common people. He started his music career at a young age and totally committed to it in 1996. His music incorporates reggae and dancehall, and he frequently uses Pidgin English to communicate it. One of his most renowned works is the album, Crisis, which earned him multiple accolades for its forceful reflection on societal issues. Having mainly retired from music in recent years, African China is now recognised as one of the Nigerian music industry’s lost voices. He has shifted his focus to other endeavours, such as running a beauty salon in Lagos.

 

 

 

Olu Maintain

 

Olu Maintain rose to prominence in 2007 with his hit song “Yahooze,” which focused on Nigerian youth’s internet culture and lifestyle. Olu Maintain has released several popular songs and collaborated with a variety of singers over the years. However, in recent years, he has been less visible in the music industry, with fewer new songs than previously in his career. Olu Maintain has a dedicated fan base and occasionally performs, even if he is not as active as he once was.

Ojumola Bello Makes History: Shatters Guinness World Record for Longest Acting Marathon

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Ojumola Bello Makes History: Shatters Guinness World Record for Longest Acting Marathon

Nollywood Actress Achieves Unprecedented Feat with 139 Hours 19 Minutes of Non-Stop Acting

Ojumola Bello during the record-breaking acting marathon

In an extraordinary display of endurance, dedication, and passion, Nollywood actress Ojumola Bello has shattered the Guinness World Record for the longest acting marathon. This incredible achievement solidifies her position as one of Nigeria’s most talented and resilient actresses.

 

From September 22nd to 27th, 2024, Ojumola Bello took center stage at Dent View Hotel, Yellow Signboard Bus Stop, Elepe, Ikorodu, Lagos, Nigeria. Over 139 hours and 19 minutes, she delivered an uninterrupted acting performance, surpassing the previous record.

 

This remarkable feat showcases Ojumola Bello’s unwavering commitment to her craft. Pushing through exhaustion, physical strain, and mental fatigue, she demonstrated an unyielding spirit that inspired everyone present.

 

The Nollywood community, fans, and well-wishers have flooded social media with congratulatory messages, praising Ojumola Bello’s groundbreaking achievements.

 

As we await the Guiness World Record official confirmation, with this record under her belt, Ojumola Bello’s star will undoubtedly continue to rise. We anticipate seeing more captivating performances from this talented actress.

 

 

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