Home Blog Page 280

FG advocates for stringent oversight of the tobacco sector

0

The Federal Government underscores the imperative for stringent regulation of the tobacco industry, aligning with national laws and global best practices.

Prof. Ali Pate, the Coordinating Minister of Health and Social Welfare, emphasized this during the formal launch of the Federal Competition and Consumer Protection Commission’s tobacco control advocacy campaign, titled ‘Don’t burn their future’, held in Lagos.

Pate, represented by Dr. Malau Toma, Chairman of the Tobacco Control Unit, Federal Ministry of Health, highlighted the economic toll of tobacco, noting that for every $1 gained, $3 was spent on healthcare due to its adverse effects.

He stressed that tobacco not only harms economies, sustainable development, and the environment but also perpetuates poverty, particularly among low-income earners ensnared by tobacco addiction.

Emphasizing the tobacco industry’s tactics, Pate pointed out its focus on flooding markets with new products and skirting laws in advertising, promotions, celebrity endorsements, corporate social responsibility, and recruiting new users.

He lauded the FCCPC’s legal action against British American Tobacco Nigeria for anti-tobacco and anti-competition practices, aligning it with the World Health Organization Framework Convention on Tobacco Control.

Pate expressed satisfaction that the FCCPC chose to fund the advocacy campaign from the penalty imposed on BATN, which faced a $110 million fine in December for anticompetitive practices.

Adamu Abdullahi, the acting Executive Vice Chairman/CEO of FCCPC, highlighted the significant impact of the tobacco epidemic on health, urging robust policies to deter initiation and promote cessation.

Abdullahi detailed the FCCPC’s comprehensive campaign targeting primary tobacco smokers and engaging retailers as agents of change, enforcing age verification for tobacco products.

The agency collaborates with Civil Society Organizations, offering counseling services and toll-free lines to support individuals aiming to quit smoking, paving the way for a smoke-free future.

Police apprehend Mr. Ibu’s son and adopted daughter on charges of fraud

0

The Nigerian Police, operating through its Force Criminal Investigation and Intelligence Department in Ikoyi, Lagos State, apprehended Oyeabuchi Okafor and Jasmine Okekeagwu.

The arrest is linked to an alleged conspiracy and defrauding of Mr. John Okafor, widely known as Mr. Ibu, amounting to N55 million.

According to a press statement on Thursday, the FCID acted on a petition from Diamond Waves Law on behalf of Mr. Ibu’s wife, Stella.

The petition claimed that the actor’s sons, Onyeabuchi and Valentine Okafor, along with his adopted daughter, Jasmine Okekeagwu, collaborated to defraud Mr. Ibu.

The police statement, issued by spokesperson ASP Mayegun Aminat, detailed that during the investigation, it was discovered that, in an effort to finance his medical bills, Mr. Ibu initiated a public fundraising campaign.

This campaign attracted donations from fans, members of the entertainment industry, and the public, all deposited into a bank account explicitly designated for this purpose.

The FCID disclosed that Onyeabuchi and Jasmine, manipulating Stella, gained control of Mr. Ibu’s phone and exploited his banking details.

They reportedly reinstalled the banking app, transferring N55 million from the donations and scheming to leave the country after orchestrating a sham marriage.

The police confirmed the recovery of N50 million from the suspects, who have been charged with conspiracy and stealing at the Chief Magistrate’s Court 1, Yaba. Bail has been granted, and the case is scheduled for March 11, 2024.

The case file has been forwarded to the Office of the Director of Public Prosecution for legal guidance.

Notably, in October 2023, it was reported that Mr. Ibu underwent multiple surgeries and sought further treatment abroad.

His family expressed gratitude for the donations received from fans during this challenging time.

 

Nigeria and Morocco expedite discussions on a $30 billion gas pipeline

0

The Nigerian government has escalated talks with Morocco to expedite the Final Investment Decision on the $30 billion Nigeria-Morocco Gas Pipeline.

Discussions between the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, and Morocco’s Minister of Energy Transition and Sustainable Development, Ms. Leila Benali, took place recently.

The Nigerian National Petroleum Company Limited revealed that the meeting, led by executives from both countries, aimed to accelerate the strategic project’s completion.

Emphasizing the significance of the pipeline for Nigeria, Morocco, and Africa, the nations highlighted the urgent need to combat energy poverty on the continent.

The pipeline, spanning multiple countries, is a collaborative effort, and the ECOWAS Commission plays a key role in facilitating international agreements for its realization.

The project, signed in 2017, not only promotes economic cooperation but also serves as a catalyst for monetizing Nigeria’s gas resources.

 

Tinubu authorizes a security allocation of N50 billion for five northern states

0

Vice President Kahsim Shettima reveals that President Bola Tinubu has endorsed the “Pulaaku Initiative,” a non-kinetic approach to tackle insurgency and banditry in the North, allocating an initial sum of N50bn.

“Pulaaku,” a Fulani term meaning “to be shy,” will kick off in states like Sokoto, Kebbi, Katsina, Benue, Zamfara, Niger, and Kaduna, focusing on improving living conditions through infrastructure development.

Shettima emphasizes the government’s commitment to addressing insecurity, allocating a significant portion of the 2024 budget to security, and urges a collective focus on strengthening defense systems and institutions.

Gen. Abdulsalami Abubakar highlights the role of education and economic investments in addressing root causes, advocating synergy among security agencies.

Prof Attahiru Jega stresses the importance of integrity in the fight against insecurity, cautioning against the use of vigilantes and proposing the establishment of formal state police institutions.

The Naira experiences a decline in the parallel market, concluding the day at 900 Naira per US dollar in the official window

The Nigerian naira reached a historic low of N1,400/$ in the parallel market on Thursday, despite the Central Bank of Nigeria’s efforts to stabilize the currency.

Bureau de Change Operators confirmed the depreciation, citing continued dollar scarcity.

On the official Investor and Exporter window, the naira depreciated to N900.96/$, reflecting uncertainty amid high demand.

The cryptocurrency peer-to-peer market also saw the naira at N1,400/$.

Despite CBN initiatives, including FX backlog payments and an oil-for-cash loan, the market remains under pressure.

CBN Governor Olayemi Cardoso anticipates stabilization in 2024, citing reduced petroleum imports and a market-determined exchange rate policy.

IMF attributes exchange rate volatility to excess naira, structural factors, and market learning curve.

Projections suggest the naira might further depreciate to N1,500/$ in 2024.

The Williams brothers propel Athletic past Barcelona, securing a spot in the Copa del Rey semifinals

0

Inaki Williams swiftly returned from Africa to confront Barcelona in the Copa del Rey, propelling Athletic Bilbao into the semi-finals with a pivotal goal during their 4-2 extra-time victory on Wednesday.

Despite Barcelona’s turnaround with goals from Lewandowski and young talent Yamal, Athletic, led by Oihan Sancet and substitute Inaki Williams, secured the win. Coach Xavi Hernandez acknowledged defensive lapses but remains focused on pursuing La Liga and the Champions League.

The defeat added pressure after recent setbacks, emphasizing the team’s need for a trophy this season.

Former Barca coach Ernesto Valverde praised Inaki Williams’ influence, while a jubilant Athletic celebrated a memorable night in front of their passionate fans.

FULL LIST: Africa Cup of Nations Round of 16 matchups including time, date, and venue information

0

The African Cup of Nations’ group stage concluded on Wednesday, witnessing unexpected upsets as perceived underdog teams exited, making way for surprising contenders to progress to the Round of 16.

Cote d’Ivoire secured the fourth third-place spot, while Morocco’s victory over Zambia solidified their Group F lead with seven points.

Notably, only one Northern African team, Algeria, managed to advance, securing a modest two points.

Tunisia, facing challenges in their group, led to their coach parting ways with the Carthage Eagles.

Namibia and Mauritania emerged as the most surprising teams progressing to the last 16 stage. Here are the upcoming last-16 pairings, along with their respective venues:

Saturday:
– In Bouake: Angola vs. Namibia (6:00 pm)
– In Abidjan: Nigeria vs. Cameroon (9:00 pm)

Sunday:
– In Abidjan: Equatorial Guinea vs. Guinea (6:00 pm)
– Egypt vs. Democratic Republic of Congo (8:00 pm)

Monday:
– In Abidjan: Cape Verde vs. Mauritania (6:00 pm)
– In Yamoussoukro: Senegal vs. Ivory Coast (8:00 pm)

Tuesday:
– In Korhogo: Mali vs. Burkina Faso (6:00 pm)
– In San Pedro: Morocco vs. South Africa (8:00 pm)

Authorities Provide Information Regarding the Explosion in Abuja

0

The FCT Police Command swiftly addressed reports of an explosion in the Maitama area of the Federal Capital Territory.

In response to speculations of a bomb, the command clarified, stating that the incident resulted from an overheated metal refuse bin.

According to the Police Public Relations Officer, SP Josephine Adeh, the alleged explosion occurred near a refuse dump outside the Bureau of Public Enterprise premises in Maitama, Abuja, on 24/01/2024 around 11:45 hrs.

The police deployed a rapid response team and members of the Explosive Ordnance Disposal Unit to assess the situation.

Preliminary findings revealed that the overheated metal refuse container activated under intense heat, causing an explosion.

This incident resulted in injuries to two refuse evacuators, currently receiving medical attention at Maitama General Hospital.

The FCT Police Command urged the public to exercise caution and avoid using metal refuse bins.

Instead, they recommended the use of plastic or rubber containers for waste disposal, as they pose a reduced risk of incidents related to overheated metal refuse containers, as stated in their official statement.

British representative Fubara engages in talks about potential economic prospects

The British High Commissioner to Nigeria, Mr. Richard Montgomery, engaged in talks with Rivers State Governor, Siminalayi Fubara, on Wednesday, focusing on bolstering the security framework and expanding economic opportunities.

Following a closed-door meeting at the Government House in Port Harcourt, Montgomery emphasized the need to strengthen trade and investment partnerships for mutual economic prosperity.

He highlighted the interest from UK businesses, particularly in the strategic assets of Rivers State, such as oil and gas, and expressed optimism about the ongoing reforms in Nigeria.

Governor Fubara underscored the objective of attracting increased foreign investments to enhance the state’s entrepreneurial capabilities.

The discussions aimed at fostering a collaborative approach to address economic challenges and create a conducive environment for both nations to benefit from potential opportunities in Rivers State.

The World Bank anticipates a 3.7% expansion in the Nigerian economy for the year 2025

The World Bank’s latest report, titled “Global Economic Prospect: Subdued Growth, Multiple Challenges,” forecasts a 3.7% growth in Nigeria’s Gross Domestic Product (GDP) for 2025.

This projection marks an improvement from the earlier estimate of 2.9% for 2023, attributing the momentum to ongoing macro-fiscal reforms initiated by President Bola Tinubu.

The report highlights the removal of fuel subsidies, foreign exchange rate harmonization, and a focus on infrastructure, manufacturing, and technology.

The World Bank anticipates that Nigeria’s economic growth will be driven by key sectors such as agriculture, construction, services, and trade.

Despite economic progress, the report notes a concerning 133% increase in the number of Nigerians facing food insecurity over the past three years.

Acknowledging a softening of the economy to an estimated 2.9% in 2023 due to disruptive policies, such as currency demonetization, the World Bank expects gradual improvement.

It emphasizes that inflation should ease with the fading effects of exchange rate reforms and fuel subsidy removal.

Structural reforms are anticipated to boost fiscal revenue over the forecast period.

While Nigeria’s GDP reached N60.66tn in Q3 2023, growing at 2.54%, concerns persist regarding rising public debt, persistent inflation, high living costs, and a weak business environment.

In December 2023, the country experienced a 21-year high inflation rate of 28.92%. Public debt rose to N87.91trn in Q3 2023, as reported by the Debt Management Office.

The United Nations, in its ‘World Economic Situation and Prospects 2024’ report, highlights the challenge African countries face with deteriorating fiscal positions due to high public debt and a low domestic revenue base.

Efforts to increase oil refining capacity are expected to reduce domestic fuel costs in 2024, providing some relief to governments facing tight fiscal spaces through energy subsidy reforms and tax hikes in various countries.