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Nigerdock will be advancing its promotion of clean energy through collaboration with UNIDO

Tosin Ranks
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Nigerdock will be advancing its promotion of clean energy through collaboration with UNIDO

Nigerdock, the driving force behind Snake Island Integrated Free Zone, has announced an alliance with the United Nations Industrial Development Organization (UNIDO) to amplify the adoption of eco-friendly energy and attract sustainable foreign investments into Nigeria.

CEO Maher Jarmakani disclosed that 23 companies, part of a UNIDO delegation, converged at Nigerdock’s Lagos office to explore partnerships focusing on renewable energy, green technologies, and agribusiness.

Renowned for its maritime and logistics services, Nigerdock operates an integrated port and free zone in Lagos, offering terminal operations, marine services, logistics, and free zone solutions.

The company recently marked a pivotal step towards renewable energy by completing the first phase of its transition through solar installations at Snake Island Integrated Free Zone, partnering with Daystar Power for this endeavor.

Jarmakani highlighted the collaborative effort coordinated by UNIDO, alongside the Investment and Technology Promotion Office in Germany and the Nigerian Investment Promotion Council, aimed at facilitating European enterprises’ establishment in Nigeria.

This visit signifies a significant stride in fortifying the alliance between Nigerian and European private sector entities. Jarmakani affirmed the alignment of their commitment to Nigeria’s economic growth with the mission’s goals, foreseeing its contribution to industrialization, increased foreign investment, job creation, and the integration of green practices in Nigeria.

Emphasizing their strong global ties and dedication to Nigeria’s industrialization, Jarmakani positioned SIIFZ (Snake Island Integrated Free Zone) as an environmentally sustainable and economically feasible hub, catering to global businesses eyeing Africa’s rapidly growing markets.

He also highlighted that the Private Sector Mission includes expertise in sustainable packaging, circular economy, and waste management.

The visit follows German Chancellor Olaf Scholz’s Nigeria visit, underscoring the burgeoning relationship between Nigeria and Germany. Scholz expressed Germany’s interest in investing across multiple sectors, aiming for increased cooperation and investment between the two countries. He noted Nigeria as Germany’s second-largest trading partner in sub-Saharan Africa, with direct German investments amounting to $158m in 2021.

Michael Schmidt, Deputy Head of Office at UNIDO ITPO Germany, emphasized UNIDO’s commitment to industrial park development in developing nations, foreseeing valuable collaboration opportunities with Nigerdock’s infrastructure objectives.

 

NERC asserts that DisCos are unable to increase tariffs without obtaining approval

Tosin Ranks
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NERC asserts that DisCos are unable to increase tariffs without obtaining approval

The National Electricity Regulatory Commission (NERC) has announced that prior approval from them is necessary for electricity distribution companies to raise tariffs. Usman Abba Arabi, NERC’s spokesperson,

Despite reports suggesting a hike in electricity tariffs by the distribution companies (Discos) in the New Year, NERC clarified that no new tariffs had been sanctioned for any Discos within the Nigerian electricity supply industry.

Arabi emphasized, “No new electricity tariff has been approved. Disregard any news about new tariffs on January 1, 2024.”

However, some Nigerians on social media expressed doubt, noting apparent increases in their recent electricity bills.

Statements from individuals like Inusa Mani and Vito Jean highlighted concerns about rising rates in places like Kaduna and Ibadan, respectively.

Segun Alex also mentioned a perceived lack of directives from NERC regarding tariff adjustments.

Responding to public worries that Discos might have implemented tariff hikes without NERC’s consent, Arabi affirmed, “DisCos are prohibited from charging any electricity tariff without NERC’s approval.

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According to the NBS, there has been a significant 73% increase in the price of locally produced rice over the span of 12 months

Tosin Ranks
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0
According to the NBS, there has been a significant 73% increase in the price of locally produced rice over the span of 12 months

The price surge of locally produced rice by 73.2% within a year, as reported by The PUNCH, has been attributed to escalating production and transportation costs.

Despite substantial financial backing from Nigeria’s Central Bank to fortify rice production and reduce reliance on imported varieties, the cost of a kilogram of local rice has soared to between N55,000 and N60,000 for a 50kg bag, varying by location.

Recent data from the National Bureau of Statistics, as analyzed by The PUNCH, revealed a significant increase in the average price of 1kg of local rice from N500.80 to N867.20 between November 2022 and November 2023.

Moreover, imported rice prices rose by 61.53%, reaching N1,137 for a kilogram within the same period.

Despite initiatives like the Lagos Rice Mill in Imota, which boasts substantial production, the price of local rice remains high, hitting its peak in Lagos State at N1,122.42 and the lowest in Kebbi State at N688.

Kabir Ibrahim, the National President of the All Farmers Association of Nigeria, attributed the soaring prices to inflation, increased production expenses, logistics, packaging, and labor costs.

However, he contested the figures released by the NBS, labeling them unrealistic and market-disconnected.

Looking ahead, a joint report by the Food and Agricultural Organization and the World Food Program forecasts higher prices for staple foods like rice, maize, and cereals in 2024 across Nigeria and West Africa

Report: Zuckerberg’s Wealth Surpasses Buffett’s by $7 Billion

Tosin Ranks
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Report: Zuckerberg’s Wealth Surpasses Buffett’s by $7 Billion

Mark Zuckerberg, the Founder of Meta, has surpassed Warren Buffett in wealth by $7 billion, as reported by the Forbes Billionaire Index.

Zuckerberg’s net worth now stands at $125 billion, propelling him ahead of Buffett, who currently holds the 7th position with a net worth of $118 billion.

This surge has also placed Zuckerberg ahead of Microsoft’s Co-founder, Bill Gates, who occupies the 6th spot with a net worth of $119 billion.

The remarkable growth in Zuckerberg’s wealth is attributed to robust stake performances, catapulting him from 7th to 5th place in global wealth rankings within a short span.

Warren Buffett, famously known as the Oracle of Omaha, amassed his wealth through a buy-and-hold investment strategy, focusing on undervalued companies. Despite being 93 years old, Buffett remains actively involved in his investment company, Berkshire Hathaway.

However, he has pledged a significant portion of his fortune, around $41 billion between 2006 and 2020, towards philanthropy, supporting causes like the Bill & Melinda Gates Foundation and charities benefiting his children.

Zuckerberg’s rise in wealth signifies a shift in the hierarchy of global billionaires, indicating a new trend in wealth accumulation.

Despite legal challenges and revenue declines faced by Meta due to privacy issues and the pandemic, Zuckerberg’s company has shown resilience, bouncing back and thriving.

Meta’s success can be attributed to its ventures into virtual and augmented reality, along with its continued dominance over popular social media platforms like Instagram, WhatsApp, and Messenger.

Zuckerberg, who founded Facebook in 2004 while studying at Harvard, continues to hold approximately 13% ownership of Meta Platforms, solidifying his influential role in the dynamic world of social media and technology.

Bitcoin surges to an eight-month peak, reaching $45,000

Tosin Ranks
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0
Bitcoin surges to an eight-month peak, reaching $45,000

 

The price of Bitcoin surged past $45,000 on Tuesday, marking its first climb to such heights since April 2022, kicking off the new year on a strong note for the world’s largest cryptocurrency.

Bitcoin saw an impressive 156 percent gain last year, its most robust performance since 2020. Currently trading at $45,318, it’s up by 2.5 percent but still notably below its record peak of $69,000 reached in November 2021.

Ether, the second-largest cryptocurrency, experienced a 91 percent surge in 2023 and was up by 1.2 percent on Tuesday, trading at $2,386.50.

Stocks tied to cryptocurrency movements, such as Riot Platforms, Marathon Digital, and CleanSpark, soared by 7 to 10 percent following significant drops in the final trading day of 2023.

Nigeria maintains its status as Africa’s leader in cryptocurrency usage and has made substantial strides in crypto adoption, especially since the recent lifting of the ban on crypto transactions by the Central Bank of Nigeria.

This regulatory shift, marked by a December 22, 2023 circular, provides guidelines for banks and financial institutions to engage in activities related to crypto assets, which were previously prohibited since February 2021.

Despite past regulatory constraints, Nigeria’s crypto market has demonstrated remarkable growth, with Chainalysis reporting a 9 percent year-over-year increase in the volume of crypto transactions, reaching $56.7 billion between July 2022 and June 2023.

Physicians in England strategize for their most prolonged strike yet

Tosin Ranks
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0
Physicians in England strategize for their most prolonged strike yet

Commencing this Wednesday, hospital doctors in England will initiate their lengthiest continuous strike in the seven-decade history of Britain’s National Health Service (NHS).

Junior doctors, those below consultant level, will embark on a six-day walkout, marking a significant escalation in their prolonged dispute over pay with the United Kingdom government.

This industrial action unfolds during a critical period for the state-funded NHS, coinciding with heightened strain stemming from winter respiratory illnesses.

Following a recent three-day strike just before Christmas, this prolonged strike action could potentially sideline up to half of the medical workforce, severely impacting nearly all routine care, as highlighted by the NHS national medical director, Stephen Powis.

Set to commence at 7:00 am (0700 GMT) and persist until the same time on Tuesday, January 9, this strike was announced by the British Medical Association after failed negotiations with the government.

The proposed 3 per cent increase for junior doctors, layered atop an average 8.8 per cent raise granted earlier this year, was dismissed due to uneven distribution across doctor grades, resulting in pay reductions for many doctors.

This latest strike adds to the series of seven strikes junior doctors have undertaken since March, drawing criticism from Prime Minister Rishi Sunak and hospital leaders.

While health policy is overseen by devolved administrations in Scotland, Wales, and Northern Ireland, with the UK government managing England, Wales’ junior doctors plan a 72-hour strike starting January 15.

Northern Ireland’s doctors have voted for potential strike action, whereas their Scottish counterparts have reached an agreement with the Edinburgh government.

The NHS anticipates a surge in hospital admissions two weeks post-Christmas due to delayed treatment-seeking during the festive season, exacerbating existing backlogs in appointments and surgeries, attributed to both Covid-related postponements and years of inadequate funding.”

 

How Alao Akala Transacted N99 Million for His Governorship Campaign, Reveals Taye Currency

Tosin Ranks
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How Alao Akala Transacted N99 Million for His Governorship Campaign, Reveals Taye Currency

Taye Currency, a renowned Fuji musician from Ibadan, shared how the late former Oyo State governor, Christopher Alao-Akala, financially supported him by contributing N99 million to his 2011 gubernatorial campaign.

This revelation surfaced during Taye Currency’s performance at the December 27, 2023 Oshodi Day event, where he was one of the guest artists.

Christopher Alao-Akala, who has been both praised and criticized for his generous lifestyle, was lauded by Dr. Kola Balogun, his campaign Director-General during the 2015 governorship re-election under the Labour Party.

Balogun described Akala as a natural philanthropist, nicknamed “ATM” by many due to his giving nature.

He emphasized that Akala’s governance ensured prosperity for the people, putting money in their pockets.

 

Government closes 18 overseas university branches due to counterfeit degrees

Tosin Ranks
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0
Government closes 18 overseas university branches due to counterfeit degrees

The Nigerian Federal Government has prohibited 18 foreign universities from operating in the country, labeling them as “degree mills” and cautioning citizens against enrolling in these institutions.

This directive affects various universities from the US, UK, Ghana, Republic of Benin, and Togo.

Additionally, they’ve temporarily suspended evaluating and accrediting degree certificates from the Republic of Benin and Togo due to an undercover report exposing fake degree production.

The Ministry of Education aims to investigate this matter in collaboration with relevant authorities from both countries to find a resolution.

They emphasize the need for public support, understanding, and information to prevent such occurrences in the future.

This action aims to curb the proliferation of fake degrees that some Nigerians have obtained through illegitimate means, while also considering the impact on legitimate students pursuing their education in these affected countries.

 

Osoba shares what his grandson conveyed to Tinubu

Tosin Ranks
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Osoba shares what his grandson conveyed to Tinubu

Former Ogun State Governor, Olusegun Osoba, revealed that during the festive season, his grandson had a discussion with President Bola Tinubu.

Osoba shared that he personally spoke with the President and provided alternative perspectives on the nation’s issues.

He highlighted that his grandson also took the chance to update Tinubu on current events in Nigeria. Osoba emphasized that despite the country’s challenges, the President is receptive to information and actively engaged during their discussions.

He expressed confidence that the President would implement his Renewed Hope Agenda in 2024 and acknowledged the nation’s hardships while affirming the government’s efforts to alleviate them.

Osoba also addressed the criticism by the Peoples Democratic Party (PDP) concerning Tinubu’s New Year speech, noting that the opposition party’s reaction was expected, given their disappointment from the 2023 election loss.

He highlighted that the PDP’s stance aligns with the typical role of an opposition party in critiquing the government.

 

FG halts recognition of university degrees from Benin Republic and Togo

Tosin Ranks
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0
FG halts recognition of university degrees from Benin Republic and Togo

The Federal Ministry of Education, on Tuesday, made a significant announcement regarding the suspension of accreditation for degree certificates obtained from Benin Republic and Togo by the Federal Government.

The decision was prompted by concerns over Nigerians using dubious methods to acquire degrees, aiming to secure job opportunities for which they lack the necessary qualifications.

The suspension follows an investigative report published by the Daily Nigerian Newspaper, titled “How Daily Nigerian reporter bagged Cotonou varsity degree in 6 weeks.”

This move is pending the outcome of a comprehensive investigation involving Nigeria’s Ministries of Foreign Affairs and Education, the two countries in question, the Department of State Security Services, and the National Youth Service Corps.

In urging the public’s support and cooperation, the Ministry seeks assistance in providing information to aid the committee’s efforts in finding lasting solutions to prevent such incidents from recurring.

Additionally, internal administrative processes have commenced to ascertain the potential involvement of Ministry staff, subject to relevant Public Service Rules.

The Ministry emphasized the global challenge of ‘degree mills’—institutions operating outside regulatory control or existing only on paper.

It reiterated warnings against engaging with such institutions and highlighted efforts to collaborate with security agencies to address this issue.

Furthermore, the Ministry pledged to continually review strategies to combat these challenges effectively.

Notably, the NYSC had previously announced plans to prosecute individuals with fake credentials, especially those obtained from West African countries.

Similarly, a former Executive Secretary of the National Universities Commission had highlighted the purchase of counterfeit degrees from both local and international ‘degree mills’ by certain Nigerians.

This echoes the exposure of a London Graduate School in 2023, which was selling fake honorary degrees to Nigerians.

 

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