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Tiwa Savage, Simi, and other artists set to headline FirstBank’s December concert

Tosin Ranks
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Tiwa Savage, Simi, and other artists set to headline FirstBank’s December concert

First Bank of Nigeria Limited proudly announces its primary sponsorship of the ‘A Night of Queens’ concert, emphasizing its commitment to fostering family bonds, entertainment, and nation-building during the festive season.

The event, a highlight of the bank’s annual campaign, ‘DecemberIssaVybe,’ will feature acclaimed Nigerian Afrobeat female artists such as Tiwa Savage, Teni, Simi, Waje, Niniola, Yemi Alade, and more.

In collaboration with Livewire Concerts, the concert is scheduled for Sunday, December 17th, 2023, at the Eko Convention Centre in Victoria Island, Lagos State.

According to the bank, this musical extravaganza is a testament to celebrating female excellence and acknowledging the groundbreaking achievements of these remarkable artists.

Each superstar has significantly contributed to the Nigerian music industry, inspiring countless women to aspire for greatness.

The statement highlights the contagious energy and excitement these vocal powerhouses bring to the stage, promising an evening of maximum entertainment and musical delight for the audience.

As part of the ‘DecemberIssaVybe’ campaign, FirstBank has curated a series of star-studded events, including Asake’s concert, Adekunle Gold’s musical extravaganza, Street Souk at Harbour Point, Super Family Fair, A True Christmas Story, Eko Hotel PrideLand Adventures, Duke of Shomolu Productions, Kakadu The Musical, and the Calabar Carnival Festival.

To provide an opportunity for music enthusiasts to attend ‘A Night of Queens’ and other events at no cost, FirstBank will be giving away VIP tickets through social media platforms.

Interested participants can follow the bank on Facebook, Instagram, and other channels, answer simple questions, and stand a chance to win a VIP ticket for an unforgettable experience at ‘A Night of Queens.’

 

Fatal accident claims three lives on the Lagos-Ibadan road

Tosin Ranks
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Fatal accident claims three lives on the Lagos-Ibadan road

On Saturday night, a tragic accident occurred along the Lagos-Ibadan Expressway in Ogun State, claiming the lives of three individuals.

The incident, which occurred around Conoil Filling Station at approximately 9:23 pm, involved 18 people—16 male adults and two female adults.

The Federal Road Safety Corps, through its spokesperson Florence Okpe, confirmed the accident, revealing that seven individuals sustained injuries while three tragically lost their lives.

The collision involved a Toyota Hiace bus with the registration plate RLG846XA and a trailer identified as JJN32YX.

Excessive speed leading to a loss of control is suspected as the cause of the crash.

Florence Okpe emphasized that the injured were promptly taken to Idera Hospital for medical care, and the deceased were placed in the hospital’s morgue in Sagamu.

Anthony Uga, the Sector Commander of the FRSC in Ogun, advised motorists to exercise caution during this period of heightened vehicular movement and challenging visibility due to weather conditions.

 

The expense of nourishment increases as a surge in food inflation reaches 32.84%

Tosin Ranks
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The expense of nourishment increases as a surge in food inflation reaches 32.84%

The struggle for Nigerians to afford basic necessities intensifies as food inflation reached 32.84% in November, according to the National Bureau of Statistics.

The surge in headline inflation to 28.20% further exacerbates the economic challenges. Kogi, Kwara, and Rivers experience the highest food inflation rates at 41.29%, 40.72%, and 40.22% respectively.

The report attributes the rise in food prices to increases in the costs of bread, cereals, oil, fat, potatoes, yams, fish, fruits, meat, vegetables, coffee, tea, and cocoa.

The month-on-month food inflation rate rose to 2.42% in November, marking a 0.51% increase from October.

Notably, Bauchi, Borno, and Jigawa recorded relatively lower food inflation rates at 26.14%, 27.34%, and 27.63% respectively.

However, the overall inflation rate in Nigeria reached an 18-year high in November, escalating to 28.20%.

The inflation surge, driven mainly by the soaring food prices, contradicts the Central Bank of Nigeria’s claim of a slowdown in month-on-month inflation.

Factors such as the removal of fuel subsidies and the foreign exchange rate unification policy are implicated in the recent inflationary trend.

The World Bank underscores the impact on the poor and vulnerable, with inflation contributing to increased poverty rates from 40% in 2018 to 46% in 2023.

The bank advocates for targeted cash transfers and a comprehensive approach, combining fiscal and monetary policies, to alleviate the situation.

The long-term outlook suggests that reforms may lead to higher growth and lower inflation, offering a glimpse of hope for poverty reduction from 46% in 2024 to 44% in 2026.

However, accelerated monetary policy tightening is crucial for inflation to decline in 2024 and beyond, as highlighted by the World Bank and echoed by the CBN Governor, Olayemi Cardoso.

 

The Agro-Cargo Airport in Ogun poised to elevate Nigeria’s economy, according to the Federal Government

Tosin Ranks
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The Agro-Cargo Airport in Ogun poised to elevate Nigeria’s economy, according to the Federal Government

The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, highlighted that upon completion, the Ogun State Agro-Cargo Airport will significantly improve the quality of life for people and play a pivotal role in fostering both the state’s and the nation’s economic growth.

During a Friday briefing with journalists after a tour of the airport with Governor Dapo Abiodun, Edun praised the airport as a major economic initiative under the leadership of Governor Abiodun, expressing confidence that it will be a transformative force for the state.

Edun commended the ARISE Agro-Cargo Industrial and Export Processing Zone as a substantial economic achievement aligned with the national objective of fostering rapid economic development through strategic investments.

He emphasized the airport’s potential to stimulate economic growth, generate employment, alleviate poverty, and benefit both Ogun State and Nigeria.

Edun also lauded the airport’s infrastructure, including its reputation for having the longest runway in Nigeria, envisioning it as a full-fledged international passengers and cargo airport.

He congratulated Governor Abiodun and the people of Ogun State, highlighting the project’s positive outcomes, such as job creation, increased production, and enhanced opportunities for farmers.

Edun encouraged other states to collaborate with the private sector on similar ventures.

Addressing broader economic concerns, Edun affirmed the government’s commitment to creating a business-friendly environment, attracting local and foreign investors, stabilizing the economy, and increasing export revenue.

While acknowledging current challenges, he reassured the public that the government has implemented intervention schemes, including initiatives for agriculture and support for Small and Medium Scale Enterprises, to mitigate hardships during the reform period, expressing optimism for a brighter future.

 

Farmers gain access to an agricultural commodities trading app aimed at boosting their income

Tosin Ranks
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Farmers gain access to an agricultural commodities trading app aimed at boosting their income

A specialized application, Straddle, has been created to facilitate the trade of agricultural commodities, empowering farmers with market access and bolstering the supply of raw materials to industries.

Recognizing a technological gap that left farmers without essential market insights and fair pricing, the developers aim to reshape the perception of the agricultural value chain in Nigeria and beyond.

Straddle’s founder, Omitaomu Basit, emphasized their goal of mitigating agro-trading risks by connecting farmers to markets and industries with timely access to raw materials at fair prices.

Addressing longstanding challenges faced by Nigerian farmers, Straddle, crafted by a team of University of Lagos graduates, seeks to revolutionize agricultural procurement and information sharing for farmers, traders, merchants, exporters, and the manufacturing sector.

By serving as an information hub, Straddle aims to bridge the knowledge gap, offering real-time updates, trends, and insights in the agricultural sector, enabling informed decision-making for farmers and industry players.

Seyi Makinde appoints former OYHA member to the position of Deputy Chief of Staff

Tosin Ranks
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Seyi Makinde appoints former OYHA member to the position of Deputy Chief of Staff

Governor ‘Seyi Makinde of Oyo State has given his approval for the appointment of Honourable Fola Sunday Oyekunle as the Deputy Chief of Staff, as conveyed in a letter signed by the Chief of Staff, Honourable Segun Ogunwuyi. Oyekunle, formerly a member of the Oyo State House of Assembly representing Ibadan North 1 Constituency in the ninth Assembly, served as the chairman of the House Committee on Youth and Sport.

Additionally, he held the position of Ibadan North Local Government Coordinator for Governor Seyi Makinde’s re-election. Governor Makinde, extending his congratulations, urged Oyekunle to collaborate with others in realizing the Roadmap to Sustainable Development 2023–2027 and fostering overall development in Oyo State.

The announcement was made by Moses Alao, Special Assistant (Print Media) to Oyo State Governor, on December 15, 2023.

Why Oyo is Transforming the 46.3-Hectare Agodi Gardens Forest into an Estate

Tosin Ranks
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Why Oyo is Transforming the 46.3-Hectare Agodi Gardens Forest into an Estate

The Commissioner of Lands, Housing, and Urban Development in Oyo State, Mr. Williams Akin-Funmilayo, assured that the Baywood Estate project will not encroach upon the Agodi Botanical Gardens.

Akin-Funmilayo clarified that while the gardens occupy 9.11 hectares, the planned housing estate will utilize a separate 46.3-hectare forested area behind the gardens.

Emphasizing the importance of dispelling confusion among residents, he conducted a tour to highlight the distinction between the two sites.

Reaffirming the commitment to preserving Agodi Gardens as a legacy, Akin-Funmilayo debunked rumors of tree-cutting, asserting that 80% of the forest’s trees would be retained for the housing project.

He underscored the proactive decision to transform the forest into a housing estate due to security concerns, citing incidents of criminal activities.

The commissioner emphasized that this development aims to address housing deficits in the state.

Akin-Funmilayo also addressed environmental concerns, noting that the Baywood Estate project values tree preservation, as reflected in its name.

He assured residents that reforestation efforts would compensate for any casualties during infrastructure development.

The commissioner clarified that Agodi Gardens will remain untouched, with plans to upgrade it into an international botanical garden under the Governor ‘Seyi Makinde administration.

In response to the security challenges posed by the forest, Akin-Funmilayo justified the government’s decision to enhance the environment by providing housing, rather than maintaining a habitat for criminals.

He emphatically stated that there is no intention to convert Agodi Garden into a housing estate, emphasizing the government’s commitment to upgrading it for the benefit of the people of Oyo State.

 

Supreme Court Renders Decision Regarding the Destiny of Nnamdi Kanu

Tosin Ranks
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Supreme Court Renders Decision Regarding the Destiny of Nnamdi Kanu

In Abuja, the Supreme Court has rejected the Court of Appeal’s decision that cleared Nnamdi Kanu, the leader of the proscribed Indigenous People of Biafra (IPOB), of treason charges by the federal government.

The Supreme Court contends that Kanu’s return from Kenya, after jumping bail, was unlawful, emphasizing that this situation wouldn’t have arisen if he had not evaded trial by leaving the jurisdiction.

The federal government urged the court to overturn the Court of Appeal’s ruling, which dismissed the treasonable felony charge against Kanu and ordered his release due to the illegality of his return to Nigeria.

The government’s lawyer, Tijani Gazali, insisted on upholding the federal high court’s decision to proceed with Kanu’s trial.

Meanwhile, Nnamdi Kanu appealed to the Supreme Court to uphold the Court of Appeal’s verdict, affirming his discharge and acquittal.

Mike Ozekhome, Kanu’s counsel, urged the apex court to reject the government’s appeal, impose punitive costs, and maintain the Court of Appeal’s judgment.

Ozekhome emphasized the importance of allowing Kanu’s cross-appeal to stand, highlighting that Kanu has been in detention since June 2021.

 

Increased Competition for OPay, Kuda, Moniepoint, and Others Emerges with CBN’s Approval of a New Microfinance Bank

Tosin Ranks
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Increased Competition for OPay, Kuda, Moniepoint, and Others Emerges with CBN’s Approval of a New Microfinance Bank

The Central Bank of Nigeria (CBN) has officially granted a state license to Alert Microfinance Bank, empowering it to expand and innovate to better serve micro, small, and medium-sized enterprises, as well as the wider public.

Expressing their enthusiasm about the new license, Alert MFB revealed plans to onboard one million customers within the next four years.

To realize this goal, the bank has introduced the Alert Mobile App and the innovative Kolo Ajo Savings Product.

These initiatives are part of the bank’s strategy to compete in a market currently dominated by players like Opay, backed by Blueridge Microfinance Bank, Moniepoint, and Palmpay.

In a statement, Alert MFB outlined its ambitious objectives, which include collaborating with partners to bring in one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and engaging seasoned professionals to support its aim of reaching N200 billion in total assets within the next five years.

Highlighting the bank’s achievements, Olanrewaju Kazeem, the Group CEO of Alert Group, pointed out that Alert MFB’s shareholders’ funds have surpassed N1.5 billion, and its current balance sheet exceeds N11 billion.

He emphasized the organization’s commitment to ensuring secure access and efficient management of funds for seamless transactions.

 

The Central Bank of Nigeria (CBN) has declared a temporary halt to accepting new loan applications within its intervention program

Tosin Ranks
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The Central Bank of Nigeria (CBN) has declared a temporary halt to accepting new loan applications within its intervention program

In a communication titled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” directed to bank Chief Executives, the CBN detailed this new directive.

Sa’ad Hamidu, the Acting Director of the Development Finance Department, affixed his signature to the circular, marking a strategic shift in the bank’s operational focus.

This suspension signifies a substantial change in its approach to development finance intervention funds, a pivotal element in the previous central bank’s strategy.

Simultaneously, the CBN has assigned commercial banks, formerly responsible for disbursing these intervention loans, the task of recovering outstanding loans issued under these programs.

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