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Accra is buzzing with excitement as Ghana’s unfortunate AFCON narrative persists, with Nigerians retaliating in a satisfying turn of events

Tosin Ranks
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Accra is buzzing with excitement as Ghana’s unfortunate AFCON narrative persists, with Nigerians retaliating in a satisfying turn of events

Ghanaian players and fans faced deep disappointment as the Black Stars experienced an early exit from the ongoing Africa Cup of Nations in Ivory Coast.

This marks the second consecutive AFCON where Ghana failed to advance beyond the group stage, following their 2019 elimination in Egypt.

Despite being favorites in a group with Cape Verde and Mozambique, a 2-1 loss to Cape Verde and 2-2 draws against Egypt and Mozambique resulted in only two points out of nine for the Black Stars.

Criticisms were directed at players like goalkeeper Richard Ofori and the Ayew brothers, while fans consoled Mohammed Kudus for his brace against Egypt.

The exit extends Ghana’s quest for a fifth AFCON trophy since 1982, and frustrated fans expressed their discontent through actions like vandalizing the team bus.

The rivalry with Nigeria also surfaced, with banter extending beyond football to various aspects of culture.

Ghana’s decline since the time of Asamoah Gyan was lamented by some fans, while others highlighted Nigeria’s perceived superiority across different domains.

 

Ghana dismisses coach Hughton following AFCON disappointment

Tosin Ranks
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Ghana dismisses coach Hughton following AFCON disappointment

Chris Hughton has been dismissed as the coach of Ghana following the early exit of the Black Stars from the Africa Cup of Nations.

Hughton’s team failed to secure a victory in any of their three group-stage matches in Cote D’Ivoire, earning only two points and concluding third in Group B.

On Tuesday, the Ghana Football Federation announced the termination of Hughton’s role as head coach, a decision made by the executive council.

The statement also revealed the dissolution of the technical team of the Black Stars, with the Ghana Football Association promising to outline a roadmap for the future direction of the national team in the coming days.

Despite a disappointing draw against Mozambique on Monday, Ghana still had a potential pathway to qualify for the last 16 as one of the best third-placed teams.

 

Blinken engages with Tinubu, commits to allocating a $45 million security fund for Nigeria and neighboring countries

Tosin Ranks
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0
Blinken engages with Tinubu, commits to allocating a $45 million security fund for Nigeria and neighboring countries

On Tuesday, United States Secretary of State Antony Blinken announced an additional $45 million in funding for West African nations, augmenting the ongoing effort to combat instability.

This brings the total funding under the year-old program to almost $300 million.

During a tour of four African democracies, Blinken separately met with President Bola Tinubu and Ivorian President Alassane Ouattara.

The discussions focused on strengthening US-African partnerships across various domains, including trade, climate, infrastructure, health, and security.

Blinken highlighted Ivory Coast as a model for combating coups and extremism, praising their approach of economic investment to build security in northern areas.

He commended Ivory Coast’s leadership in the fight against extremism and violence, pledging increased cooperation, particularly through the training of security forces.

Last year saw significant security challenges in Africa, including a coup in Niger and ongoing terrorist attacks in Nigeria, underscoring the importance of collaborative efforts

 

The decline in the value of the Naira results in a surge in drug imports, reaching N900bn

Tosin Ranks
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0
The decline in the value of the Naira results in a surge in drug imports, reaching N900bn

In 2024, high drug prices are anticipated to persist, reaching over N900bn due to the depreciation of the naira, placing additional strain on Nigerians who already faced challenges with elevated drug costs in 2023.

According to data from the International Trade Center, Nigeria’s pharmaceutical imports in 2022 amounted to $1.05bn, costing N475.17bn at the exchange rate of that time.

With the current exchange rate as of February 19, 2024 (N902.45/$), the cost is projected to rise to N950.81bn.

The multilateral agency relies on data from the National Bureau of Statistics and the United Nations COMTRADE, and due to the unavailability of 2023 foreign trade records, 2022’s data is utilized.

Pharmaceutical products encompass various items, including dried glands, organ extracts, heparin, medicaments, wadding, and more.

Nigeria predominantly imports pharmaceutical products from countries such as India, China, Malaysia, Netherlands, and Belgium.

Since 2019, pharmaceutical imports have consistently exceeded $1bn annually, with projections indicating a further increase in 2024, attributed to foreign drug companies focusing on importation.

Notably, GlaxoSmithKline Consumer Nigeria Plc and Sanofi announced plans to shift to a third-party distribution model, leading to a drastic surge in drug prices exceeding 100%.

Experts, including a pharmaceutical professor and industry professionals, highlight the vulnerability of Nigeria’s pharmaceutical industry to foreign exchange volatility.

Sesan Kareem, CEO of HunPharm Africa, emphasizes the impact of fluctuating exchange rates on medicine prices, pointing out that the scarcity of foreign exchange hampers the stability of material prices.

Concerns have been raised by political figures, medical associations, and President Bola Tinubu, who endorsed resolutions to address the rising cost of pharmaceuticals, including sector regulation.

 

Oluomo, the Speaker of Ogun, has been removed from office through impeachment

Tosin Ranks
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0
Oluomo, the Speaker of Ogun, has been removed from office through impeachment

During Tuesday’s plenary session at the assembly complex, Olakunle Oluomo, the Speaker of Ogun State House of Assembly, was reportedly ousted from his position.

Oluomo, a seasoned third-term legislator representing Ifo State Constituency II, has been succeeded by Oludaisi Elemide, also a third-term lawmaker representing Odeda State Constituency.

Stay tuned for more details.

I faced threats after exposing the connection between influential Nigerians and illicit mining activities, revealed Alake

Tosin Ranks
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0
I faced threats after exposing the connection between influential Nigerians and illicit mining activities, revealed Alake

The Minister of Solid Minerals Development, Dele Alake, affirmed receiving life-threatening messages due to his remarks on banditry linked to illegal mining in Nigeria.

He disclosed this during a visit to the explosion site in Ibadan, where an incident resulted in five deaths, 77 injuries, and damage to 58 houses.

Alake, who had previously mentioned influential figures involved in illegal mining, reiterated facing threats but stood firm, emphasizing the need to address the societal issue.

He outlined the government’s efforts, combining kinetic and non-kinetic strategies, and stressed collaboration with stakeholders at various levels.

Regarding the Ibadan explosion, he urged caution in making definitive statements until comprehensive forensic reports and investigations are completed.

 

Law enforcement employs tear gas against 16 dismissed Plateau PDP legislators.

Tosin Ranks
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0
Law enforcement employs tear gas against 16 dismissed Plateau PDP legislators.

On Tuesday, armed police officers deployed tear gas against the 16 members of the Peoples Democratic Party in the Plateau State House of Assembly, who had been ousted by the Court of Appeal.

The legislators, accompanied by their supporters, had gathered at the Rayfield Old Government House in Jos that morning, intending to resume plenary when the incident occurred.

Security forces, including the police, seized control of the Government House premises, barring the dismissed lawmakers from accessing the Assembly chambers.

Despite this, the lawmakers remained adamant about not leaving the premises.

Further details will be provided later.

 

Tinubu maintains that performance will be impacted by reducing the cabinet

Tosin Ranks
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0
Tinubu maintains that performance will be impacted by reducing the cabinet

President Bola Tinubu defends his decision to appoint 47 ministers, emphasizing that the diverse roles are essential for an efficient government.

He expresses skepticism about reducing the cabinet, stating that it may not guarantee improved performance.

Tinubu urges the Christian Association of Nigeria to promote tolerance and hope, cautioning against actions that could harm the country irreparably.

Emphasizing the crucial role of faith leaders in fostering unity and peace, Tinubu commits to addressing corruption and vices to pave the way for the prosperity of all Nigerians.

He warns against combining too many ministries, emphasizing the need for manageable challenges to ensure efficiency.

Acknowledging criticisms over the cabinet’s size, Tinubu contrasts his approach with past presidents, justifying the larger cabinet as necessary for mobilizing efficient and resourceful individuals.

He calls for support from Christian leaders in the fight against corruption, advocating for a change in mindset regarding money-related matters.

In a meeting with the Christian Association of Nigeria, Tinubu encourages dialogue, expressing openness to feedback and commitment to fairness.

He emphasizes the need for input from the clergy and promises to maintain an open-door policy.

In response, the CAN President, Daniel Okoh, commends Tinubu’s leadership, expressing support and partnership in nation-building.

Okoh appreciates Tinubu’s listening leadership style and assures the association’s readiness to collaborate in addressing the challenges facing Nigeria.

 

The CBN is considering increasing banks’ capital base to N900 billion, as per a recent report

Tosin Ranks
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0
The CBN is considering increasing banks’ capital base to N900 billion, as per a recent report

A recent report suggests that the Central Bank of Nigeria might instruct commercial banks with international banking licenses to increase their capital base to over N900bn.

This follows a statement from the CBN Governor, Olayemi Cardoso, a few months ago, indicating the need for banks to raise more capital to support the government’s goal of growing the economy to $1tn.

CardinalStone Securities’ Banking Sector FY 2024 Outlook predicts that Nigerian banks may be required to augment their capital, with estimates ranging from N181.85bn for regional banking licenses to N909.27bn for international banking licenses.

The report bases these projections on the possibility of the CBN returning to the capital-to-GDP ratios in dollars set in 2005, ranging from 0.04% for regional banks to 0.22% for commercial banks.

However, the report acknowledges that achieving a $1tn economy in seven years might necessitate even higher capital base requirements.

It highlights a significant decline since the 2005 recapitalization exercise, with current requirements ranging from 0.00% to 0.01% of GDP in dollar terms as of 2024.

The report suggests that banks may need to raise their capital base to meet the range of N181.85bn (for regional banks) to N909.27bn (for international banks), considering the 2024 real GDP of $472.6bn and an exchange rate of N841.61/$ as of December 20, 2023.

While most banks are expected to meet this challenge, achieving the ambitious $1tn economic size goal might require even higher capital base requirements.

The report concludes by stating that monitoring developments in this space will be crucial to understanding the final decisions of the apex bank and the specifics of the directives and timelines involved.

 

Latest Developments Regarding the Bodija Incident: Statement from Seyi Makinde

Tosin Ranks
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0
Latest Developments Regarding the Bodija Incident: Statement from Seyi Makinde

I commend the diligent efforts of our security agencies in Oyo State, maintaining law and order around Bodija this week.

Kudos to the residents for their compliance with the officers’ directives.

Yesterday, the medical team at the Emergency Operations Centre, alongside the Honourable Commissioner for Health, visited hospitals where victims from the incident were treated.

Over 90% of the victims have been discharged, and the current death toll stands at five persons.

Counselling for incident victims has commenced at the Emergency Operations Centre in Ibadan, led by a clinical psychologist.

Ground Zero operations have shifted from search and rescue to recovery.

A special appreciation goes to the Nigerian Society of Engineers, conducting structural integrity tests on approximately 230 properties near the explosion site. This includes 13 houses within a 50-meter radius, 40 houses at 100 meters, 122 houses at 200 meters, and 53 houses within 250 meters.

We extend our gratitude to Governor Jide Sanwo-Olu for releasing the Lagos State Emergency Management Agency (LASEMA) to support us.

Special thanks to Engineer Olatunde Akinsanya, the Director of Operations, for their assistance.

Security agencies are actively investigating the incident, and updates on their progress will be publicized.

Our administration remains dedicated to supporting all victims and ensuring accountability for those responsible.

For any issues related to the Bodija Incident, please contact the Emergency Operations Centre at 07049948057 or 08147672009.

 

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