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Farooq Oreagba: A Symbol of Resilience and Cultural Pride

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In a stunning display of cultural heritage and personal strength, Farooq Oreagba, the new Managing Director and CEO of NG Clearing Limited, is shattering stereotypes and inspiring others. Clad in traditional Yoruba attire and coral beads, with a visible tattoo on his arm, Farooq embodies the perfect blend of culture and professionalism.

His journey is a testament to his resilience, having survived a 10-year battle with cancer and emerging stronger. Farooq’s determination and spirit have enabled him to excel in his career while counseling cancer patients and living life positively.

Farooq’s story is a powerful reminder that skills and character matter more than appearance. His traditional clothes and accessories symbolize his deep cultural roots and respect, while his tattoo highlights his individuality. He proves that having a tattoo doesn’t define one’s professionalism or capability.

Farooq’s inspiring story and stunning photos showcase his cultural pride and personal strength, making him a role model for many. He demonstrates that one can be true to themselves, face significant challenges, and achieve great success in their career. Farooq Oreagba is a shining example of resilience, cultural pride, and determination.

FG’s plan to buy new presidential jets is insensitivity to citizen’s struggles – Obi

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FG’s plan to buy new presidential jets is insensitivity to citizen’s struggles – Obi

 

Critic and a former presidential candidate, Peter Obi on Monday said the Federal Government’s plan to buy new presidential jets demonstrated extreme insensitivity to citizen’s struggles.

 

Obi, in series of tweets on X on Monday said the move is happening at a time the country is trending on the global media for facing its worst economic crisis, marked by high inflation, a falling currency, and widespread poverty.

 

“With rising insecurity, poverty, hunger, and homelessness, this decision highlights the disconnect between the government and the people. It is unacceptable and demands a more compassionate use of resources, prioritizing citizens’ welfare.

 

“It’s on record that our presidential jets have an average age of 12 years, purchased when most Nigerians could afford basic necessities. Now, as our country faces significant challenges, including a high debt profile, our citizens are in even greater need,” Obi said.

 

According to Obi, instead of adding to the nation’s luxuries, government should be focused on alleviating the people’s suffering and finding solutions to their problems, saying for long, bad leadership has made the nation’s priorities, as leaders, to be at variance to the needs of society, “which is why we are headed now south, as a nation.”

 

“To elucidate further, despite dropping down to the fourth-largest economy in Africa, with a GDP of $252 billion and a per capita income of $1,080, with huge debt burdens and borrowing to service debts, yet, we are spending $15 million for our Vice President’s residence, while the USA, the world’s largest economy with a GDP of $25 trillion, about 100 times our GDP, and a per capita income of $80,000, about 80 times ours, still houses their Vice President in Number 1 Observatory Circle, a house built over 100 years ago, and whose value is obviously less than the $15 million we are spending on our VP’s residence.

 

“A reputable real estate company, actually, reports that the US Vice President’s Official Residence is valued at about $7.5 million today,” he added.

 

Obi said the nation had earlier refurbished the old VP residence with $2 million, saying the over 100 years old US Vice President’s house had only undergone widescale renovations twice, funded by tax payers money; in 1993 and in 2021.

 

“Every new US VP is free to finance any minor refurbishing from his personal funds. It’s, therefore, time to stop this impunity, insensitivity, and shamelessness and refocus on the needs of our people. We must prioritize education, healthcare, and lifting our citizens out of poverty,” he said.

Why I upload my movies on YouTube – Ruth Kadiri

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Why I upload my movies on YouTube – Ruth Kadiri – The Nation Newspaper

NEWS

 

June 13, 2024 by Yewande Fasan

 

Why I upload my movies on YouTube – Ruth Kadiri

Ruth Kadiri

Popular actress and filmmaker, Ruth Kadiri has opened up about her decision to upload her movies on YouTube.

 

In an interview with BBC Pidgin, she revealed that she was seeking a platform where she could freely express herself and tell her stories without the constraints and regulations that come with traditional film production.

 

Kadiri recalled how she was initially discouraged by some individuals in the industry, who told her that there was no money to be made on YouTube.

 

However, she was determined to find a platform where she could showcase her creativity and connect with her audience more directly.

 

During her time away from the industry, Kadiri discovered the potential of YouTube and decided to give it a try.

 

She started uploading her films and was pleased to find a receptive audience.

 

She said: “I have been a producer for a long time but there are too many rules and regulations during production,” she said.

 

“So I called my team and told them that I wanted an opportunity to express myself. For instance, if I see something online I want to learn it and after learning, I want to upload it somewhere.

 

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“When I travelled to give birth, I was bored and started watching a lot of musical videos and noticed that some people put their films on YouTube.

 

“I told myself that I’ll come back to try it. Some people discouraged me and told me that there was no money in it. But because I needed a platform to express myself and tell my stories, I decided to try it.

 

“I told my team that we should shoot and if the film is not good enough, we will learn and use it as a learning process”.

 

Read Also: Ruth Kadiri appeals to FG over lack of vaccination in hospitals

Speaking of competition, Kadiri emphasised that she is not worried about it on the platform, recognising that there is enough space for everyone to thrive.

 

She believes that YouTube has become an essential part of the film industry, providing opportunities for filmmakers and content creators to showcase their work and connect with a global audience.

 

“Personally, I don’t worry about competition and I feel like as filmmakers, we are at the forefront and we hustle.

 

“If you remove YouTube from the industry, apart from filmmakers and content creators, people will go hungry”, she added.

Multichoice sees 37% growth in betting customers in Nigeria amid DStv subscribers decline  

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 decline

Pay-TV operator, Multichoice recorded significant growth in its betting business in Nigeria for the financial year ended March 31, 2024, as users of its betting platform, KingMakers, increased by 37%. 

The company disclosed this in its financial results for the year, which was released recently.

This came amid an 18% decline in subscribers for its main business, DStv and GOtv partly due to economic hardship and three consecutive price increments implemented by the company in the last one year. 

This indicates that more Nigerians are going into betting as a means of survival hoping to make more money by gambling with the little they have as inflation bites harder.   

Coming as a reprieve for the company whose Pay-TV business suffered declines across its operations, Multichoice said the online gaming business also saw a 26% year-on-year revenue increase from Nigeria in constant currency.  

Impact of Naira 

However, in reported currency, which is USD, the company noted that the $147 million revenue for the year came in 26% lower than FY23 due to the impact of the weaker naira. 

“KingMakers reported strong growth in the online business in Nigeria, with monthly active users up 37% YoY and online gross gaming revenues up 26% YoY in constant currency.  

“Revenue of USD147 million was affected by the weak Naira, while the business reported a positive EBITDA of USD2 million. At the end of its December year-end, the business had a retained cash balance of USD113 million to fully fund its growth initiatives,” the company stated. 

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In its overall financial performance for the year, Multichoice reported a loss of 4.148 billion rands ($224.87 million) in the year ended March 2024, an increase from a loss of 2.9 billion rands ($157.21 million) the year before, blaming it on foreign exchange losses in Nigeria, Kenya Zambia and Angola. 

What you should know 

Making its entry into the booming betting business in Nigeria, MultiChoice acquired a 20% stake in Nigerian online sports betting company BetKing, now known as KingMakers, for R1.3 billion in 2020. 

  • In 2021, the video entertainment firm increased its stake to 49% for $281.5 million, bringing the total value of its KingMakers shareholding to R5.9 billion. 
  • MultiChoice planned to leverage its extensive sports coverage to boost the betting business.  
  • According to internal data cited by KingMakers, 77% of DStv subscribers are active betters or engage in match predictions, providing an extensive customer base for a betting product. 
  • According to a report by KPMG, Africa’s gambling market was predicted to reach a value of $37 billion by 2022, with sports betting accounting for most of that growth.  
  • The majority of Africa’s Gross Gaming Revenue (GRR) is sports betting, which is expected to rise by 17% by 2027, with online betting revenues growing from $2.9 billion to $5.5 billion.  
  • MultiChoice had alluded to the sports betting industry’s impressive growth projections as one of the driving seasons for the acquisition. 

Introducing the queen on her birthday as she celebrates another year of wisdom and grace today.

On this day 16th of June, a radiant young woman entered the world into the loving family of Abiodun, hailing from Oyo state in Ogbomosho.

Blessed with a unique charm, her passions include immersing herself in books and embracing moments of sleeping.

Her fondness for the colors white and blue mirrors her serene spirit of modelling, while her delight lies in the savory combination of jollof rice and egg.

 

Holding an NCE qualification, we gather today to honour and celebrate the journey of this remarkable young lady as she transitions into another year of her life.

Here’s to wishing her a joyous birthday filled with boundless success in all her future endeavors.

Cheers to you and your radiant path ahead!

Happy Birthday To You, Long Life And Prosperity Sis. Precious.

Courtesy of JLM Youth Department

Watch The Video:

 

 

PRESIDENT TINUBU MEETS FBI DIRECTOR, CALLS FOR STRONGER COLLABORATION TO FIGHT CYBERCRIME AND TERRORISM

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President Bola Tinubu has called for stronger collaboration between Nigeria’s law enforcement agencies and the United States’ Federal Bureau of Investigation (FBI) in the fight against cybercrime, terrorism, and other related crimes.

The FBI is the domestic intelligence and security service of the United States of America, and its principal federal law enforcement agency.

 

The President spoke during a meeting with FBI Director, Christopher Asher Wray, at the State House in Abuja.

Security chiefs who attended the meeting include the National Security Adviser, Mallam Nuhu Ribadu; Inspector-General of Police, Kayode Egbetokun; Director-General of the Department of State Services (DSS), Yusuf Magaji Bichi; the Chairman of the National Drug Law Enforcement Agency (NDLEA), Brigadier-General Mohamed Buba Marwa (Rtd); Chief of Defence Intelligence Agency (DIA), Major-General Emmanuel Undiandeye; Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede; and the National Coordinator of the National Counter Terrorism Centre (NCTC), Major-General Adamu Laka.

 

President Tinubu described the presence of the FBI Director alongside his team in Nigeria as a recognition of the enduring partnership between Nigeria and the United States in the fight against financial crimes and terrorism.

 

”It is an honour for me to receive Director Christopher Wray, the leader of an organization that has demonstrated consistent procedural sophistication and a reputation for excellence over several years. Your visit conveys the importance of Nigeria and Nigerian partnership in the work of America’s law enforcement institutions and vice-versa. For us, it is a recognition of what stage we are at, who we are, and the level of interest both countries share in eliminating crimes locally and globally.

 

”We cannot achieve this important feat of eliminating crimes without collaboration. Incidentally, as the Chairman of ECOWAS, Nigeria is also collaborating with other West African countries to fight economic and other related crimes,” the President said.

 

President Tinubu told the FBI Director that his administration has prioritized education as a tool against poverty, which is generally believed to be a driver of criminal activities.

 

”We are working hard to eliminate terrorism, cybercrimes, sextortion, and I am glad that we have a good number of agencies that are involved in reducing these crimes to the barest minimum, and they are also well represented at this meeting,” the President said.

 

Noting that no single country can combat financial crimes in isolation, President Tinubu called on the United States to support developing countries with the requisite technology and knowledge transfer required to combat complex international crimes.

 

In his remarks, Director Wray said he was in the country to enhance the “outstanding partnership” that exists between the government of Nigeria and the government of the United States.

 

He lauded President Tinubu for supporting the growing partnerships between various agencies of government and the FBI in order to protect the citizens of both countries.

 

”We appreciate the President’s vision in countering terrorism in the region, which is a dangerous threat, not only to the countries in the region but also to the United States.

 

”We appreciate your vision in re-engineering the role of the Office of the NSA to effectively coordinate efforts on counter-terrorism, and this has already started to bear fruits in terms of the success you are recording against ISIS in West Africa and other terrorist groups.

 

”We appreciate your support and collaboration on cyber-enabled crimes and sextortion, which has unfortunately resulted in a few tragic deaths in the United States.

 

”I want to assure you of our support whether it is on counter-terrorism, cyber-enabled crimes, kidnapping, joint investigations, and intelligence sharing. Our relationship with Nigeria is a very important one,” the FBI Director concluded.

 

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

June 14, 2024

Exclusive: Meta to shrink Lagos office after 2023 layoffs affected Nigeria

Meta, the parent company of Facebook, Instagram, and WhatsApp, will reduce its office space in Lagos after global layoffs in mid-2023 affected its Nigerian team. At least 35 people were affected by those layoffs, three people with knowledge of the matter said. The company’s engineering team, which had 24 employees according to a 2022 report, was laid off.

 

“Engineers continue to serve the region from a number of our global engineering hubs outside of Nigeria,” a company spokesperson told TechCabal via email, declining to specify how many Nigerian employees were affected by 2023 layoffs that reduced global headcount by 20,000.

 

The reduction in team size has prompted the social media giant to begin renegotiating its tenancy agreement for its office space in the 15-story Kings Tower building in Ikoyi, Lagos. A key part of that renegotiation will be to reduce its office space. Per one publication, Kings Tower has an asking price of $800/sqm/per annum.

 

Meta opened its Lagos office in 2022

“We regularly review our office spaces to ensure they suit the needs of the business, and the office in Nigeria is no different,” Meta said in a statement.

 

“As we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office.”

 

While Meta rejects any characterisation of the decision as scaling back, it is a remarkable about-face for a company that has consistently invested in Nigeria and has spoken about prioritising the West African nation.

 

In March 2024, Nick Clegg, Meta’s President of Global Affairs visited Nigeria and announced the company would begin offering monetisation to creators in Q3 2024. During his visit, he spoke about the recognition Nigerian creators have garnered globally and their use of Meta’s platforms to build communities. Per Statista data, there are an estimated 43 million Facebook users in Nigeria.

 

Yet, it is difficult to measure if these numbers have translated into meaningful revenue growth. The company reports Africa revenue as part of its “Rest of World” cohort.

 

 

Meta is not the only big tech company to make operational changes in Nigeria. Microsoft closed the African Development Centre and cut at least 100 engineering jobs in May 2024. While the company insists it remains operational in Nigeria, it picked Kenya for a multi-billion dollar investment in data centers.

 

Dangote to venture into steel production, targets meeting demand in West Africa

Africa’s richest man, Alhaji Aliko Dangote has mooted plans to delve into steel production in the near future stating that he wants to ensure that every steel used in West Africa comes from Nigeria.

 

The industrial mogul stated this during an interview at the ongoing Afreximbank Afro-Caribbean Trade & Investment Forum in Nassau, The Bahamas.

 

When asked if he is taking a break after the refinery, he noted that the next venture after the refinery project would be in Steel manufacturing and ensure that all Steel products used in West Africa comes from Nigeria.

 

He also encouraged African leaders to take agriculture and solid mineral development seriously lamenting the fact that food imports cost the continent dearly by increasing unemployment and poverty.

 

He said, “What we need to do that is missing is actually to concentrate and pay more attention to agriculture and solid minerals. I don’t like people coming to take our solid minerals to process and bring the finished product. We should try and industrialise our continent and take it to the next level.”

 

“I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria”

 

Efforts to revive Nigeria’s steel industry

Nigeria has tried unsuccessfully to become a leader in the steel manufacturing industry with a handful of failed projects like the Ajaokuta steel plant, Delta Steel Company, Osogbo and Jos rolling mills even under government and private ownership.

 

Like the oil refineries, the federal government under different administrations has spent billions trying to put the local steel plants to work but has been unsuccessful. The administration of President Bola Tinubu had promised during the campaigns to ensure steel production starts in the multi-billion-dollar Ajaokuta steel complex.

 

The federal government in the 2024 appropriation act budgeted around N4.45 billion for the plant but hopes to raise around N35 billion from private investors to bring the plant to life for the first time in its history.

 

However, the Minister of Steel Development, Shuaibu Audu has also stated that reviving the plant could cost around $2 billion to $5 billion.

 

Potentials in Nigeria’s steel industry

According to the National Steel Raw Materials Exploration Agency (NSRMEA), total steel consumption in the country averages around 10 million metric tonnes of which 70% is imported. The current Minister of Steel Development had earlier stated that Nigeria spends around $4 billion on steel imports annually despite having around 74 steel plants and fabricators across the country.

 

Nigeria is home to significant iron-ore deposit- a critical raw material in steel production found in Kogi state.

 

Credit scheme: FG to integrate credit score into NIN, targets 80 million Nigerians

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The Federal Government has said it would leverage the National Identification Number (NIN) to document the credit behaviour of every Nigerian under its consumer credit scheme.

 

The Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP) Uzoma Nwagba, stated this during a TV interview.

 

According to him, every Nigerian who is economically active would have their credit score written on their NIN.

 

Nwagba added that the scheme is targeting about 80 million Nigerians, who are economically active and are earning income.

 

He said the aim is to ensure that every Nigerian who earns a modest income is able to acquire things that can improve their lives such as a car, house, quality education, and laptop, among others, and pay for it over a long period.

 

Identity problem

The CREDICORP CEO noted that the major challenge of the credit system in Nigeria has been the lack of data and proper identity. He, however, expressed the confidence that with the NIN, every creditor will be properly identified.

 

“My first job is to strengthen the credit infrastructure of the country. It means that every Nigerian who is economically active will have a credit score written on their NIN so that they cannot run away from their credit behaviour,” he said.

 

While registration for the NIN has been slow over the years, the National Identity Management Commission (NIMC) recently disclosed that over 107.3 million Nigerians have been registered as of April this year.

 

N180 trillion credits needed annually

According to him, Nigeria needs to be doing about N180 trillion in consumer credits per annum but the banks are not willing to give out the money because they are afraid of losing it.

 

“The government cannot fund that. In the financial system, the people who are already doing lending today are the ones who have the capital. They have the money, they’re just afraid because they cannot put their money out there and lose it.”

 

“The CBN is quite a strong partner on this journey with us, as well as credit registries and credit bureaus. Once we have been able to establish the trust, the N180 million we are looking for will go away from all these flights to safety and start lending to Nigerians,” he said.

 

He added that the CREDICORP will also be working with all institutions that are committed to advancing consumer credits such as microfinance, fintechs, and even cooperatives. He said the Corp would enable them to do more and give them credit guarantees for specific industries and specific targets.

 

What you should know

President Bola Tinubu announced the launching of the first phase of the Consumer Credit Scheme on April 21, a programme designed to offer credit facilities to working citizens in the country.

 

The President’s special adviser on media and publicity, Ajuri Ngelale, said the first phase of the scheme will begin with civil service members before extending to the main public.

Ngelale emphasized that consumer credit plays a pivotal role in modern economies, empowering individuals to elevate their standard of living by acquiring goods and services upfront and responsibly managing payments over time.

The scheme facilitates vital investments like housing, transportation, education, and healthcare, crucial for sustaining stability and pursuing personal aspirations.

 

Dangote Refinery to set up terminal in the Caribbean for export of petroleum products 

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Dangote Refinery is planning to set up a terminal in the Caribbean to export petroleum products to countries in the North American region.

 

Aliko Dangote, the president and CEO of the refinery, made this disclosure on Wednesday at Afreximbank’s Trade and Investment Forum in The Bahamas.

 

The business mogul said the company can easily supply petroleum products to the region within 18 to 20 days.

 

According to Africa’s richest man, the company will sign a bilateral agreement with the region to construct the terminal for the exportation of its petroleum products.

 

“I know the price in the Caribbean in terms of petroleum products is very high. We produce it cheaply. We can always bring it here. We can set up a terminal and we’ll be able to fix their needs.

 

“We will have a bilateral agreement with them and also bringing in stuff from there is not more than 18 to 20 days maximum. And then we need to set up a terminal.

 

“Once we set up a terminal, they will have a very cheap oil. They will have cheap energy. And by having cheap energy, their own economy will grow faster,” Dangote said.

 

Dangote to also export Cement to the Region

In addition, the CEO of the $20 billion refinery mentioned that the conglomerate is not only seeking to invest in petroleum products in the region but also in cement.

 

Dangote stated that the company’s cement production capacity is nearly 52 million tons and will increase to about 62 million tons by the end of next year.

 

He added that the firm can meet the demand of the Caribbean market, creating a win-win situation for both parties.

 

“It’s not only about the oil. We now have a capacity of almost 52 million cement capacity. By the end of next year, we will be at 62 million of cement capacity. We are not only saying that we can bring in from Nigeria or from Africa.

 

“If they have limestones, we can also produce what can satisfy them. We’ve done that before in Africa and we should be able to free them up from the shackles of other people.

 

“If we the ingredients like the limestones etc, it’s a 28 months maximum. They can all be self-sufficient. It will be a win-win between us and them,” Dangote said.

 

What you should know

The Dangote refinery with a 650,000 barrel refining capacity has been described as the “game changer” of the oil and gas sector.

The refinery will be the largest in Africa and Europe once it begins full operation later next year.

According to reports, the $20 billion petroleum facility is expected to disrupt the $17 billion Africa-European market and reduce the continent’s dependence on imported petroleum products from Europe.

In addition, Dangote stated that the company is also eyeing the Brazilian market and other North American countries to supply refined products from the refinery.

“Our capacity is too big for Nigeria. It will be able to supply West Africa, Central Africa and also Southern Africa,” Dangote said in a panel discussion in Rwanda a few weeks ago.