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The Naira depreciates to N1089 per dollar in the official Investors and Exporters (I&E) window

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The Nigerian naira plummeted to N1089.51 against the dollar on Tuesday, marking a staggering 27.19% drop from its Monday closing rate of N856.57/$, as reported by the FMDQ Securities Exchange.

The day saw the naira fluctuating between highs of N1251/$ and lows of N720/$ before settling at N1089.51/$ at day’s end, with a total forex turnover of $97.45m.

This is the fourth instance of the naira closing below N1,000 on the official window, the second-lowest since the removal of the rate cap by the Central Bank of Nigeria.

Despite the Central Bank’s efforts to clear matured foreign exchange obligations, including the disbursement of $2bn and disclosure of pending obligations of $7bn in forward contracts, the naira’s continuous decline persists.

This depreciation comes even amid government initiatives, such as a $2.25bn foreign exchange support facility received from the African Import-Export Bank, aimed at resolving FX shortages.

Economic experts, like Dr. Ayo Teriba, attribute the naira’s volatility to insufficient foreign exchange supply, dwindling reserves, and unmet government promises on investments.

Teriba expresses hope that government actions such as opening to investors and fast-tracking initiatives like taking the NNPC to the market could help alleviate the FX shortage, stabilize the naira, reduce inflation, and improve living standards.

He emphasizes the need to build reserves to fortify the FX market for sustained stability.

 

UN predicts a deterioration in global unemployment throughout 2024

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The United Nations recently projected a slight global increase in the unemployment rate for 2024, estimating an additional two million job seekers.

This surge is anticipated to raise the global unemployment rate to 5.2%.

The report, outlined in the World Employment and Social Outlook Trends for 2024 by the UN’s International Labour Organisation, highlighted concerns about stagnant productivity, escalating inequalities, and the impact of inflation on disposable incomes.

The study not only examines labor market trends like unemployment and job creation but also delves into their broader social consequences.

Gilbert Houngbo, the ILO Chief, noted some encouraging data on growth and unemployment but emphasized growing labor market imbalances that are impeding progress towards social justice.

Houngbo stressed the necessity for coordinated efforts across countries and regions, underlining the importance of financial and technological resource allocation.

Additionally, the report underlined the persistent disparities between higher and lower-income countries in job opportunities, unemployment rates, and the prevalence of working poverty.

Despite a decline in poverty after 2020, the number of workers living in extreme and moderate poverty increased in 2023, signifying ongoing challenges in improving living standards.

The comprehensive response to these challenges, as per Houngbo, requires coordinated and mutually reinforcing policies and actions at both national and international levels, aligning with sustainable development goals and emphasizing the significance of labor rights and decent work in global transitions.

 

Lagos police are investigating Tiwa Savage’s complaint filed against Davido

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The Lagos State Police Command has officially acknowledged receiving Tiwa Savage’s petition against Davido, citing alleged bullying and threats to her life.

Benjamin Hundeyin, the Police Public Relations Officer, confirmed the receipt of the petition and assured that an investigation is underway.

In her petition, Tiwa Savage detailed how she expressed disappointment at Davido’s behavior and reminded him of her support during tough times in his life.

She claimed to have received calls questioning her relationship with Davido’s ex and mentioned feeling harassed both online and offline.

The situation escalated as both artists unfollowed each other on Instagram, sparking speculation.

This rift between them supposedly stems from Tiwa Savage’s friendship with Davido’s ex, Sophia Momodu.

Prior to Tiwa’s petition, music executive Tee Billz had criticized Davido for disrespecting Tiwa and had threatened to address the issue.

Efforts to reach Davido’s manager, Asa Asika, for comment were unsuccessful.

This incident continues to generate attention and speculation across social media platforms.

 

SCOAN Disputes BBC Report; Former Follower Criticizes the Late Prophet TB Joshua

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A public affairs analyst and member of the Synagogue Church of all Nations, Mr. Dare Adejumo, criticized the BBC documentary on the late Temitope Babatunde Joshua, founder of SCOAN, calling it baseless and emphasizing that those interviewed were unfamiliar to the church.

Former disciple Paul Agomoh, who spoke to the BBC, supported the allegations, recounting eight years of hiding due to threats on his life after speaking out.

The BBC report detailed allegations of sexual assault, abuse, faked miracles, and trauma from 25 individuals, but Adejumo dismissed it, accusing the BBC of fictional narratives and propaganda.

Adejumo highlighted the BBC’s departure from true journalism and labeled the report as disrespectful and insulting. He defended TB Joshua’s legacy, citing countless individuals benefiting from his ministry.

He refuted the BBC’s claims of prolonged abuse, questioning the sudden appearance of interviewees after the passing of TB Joshua. He attributed the BBC’s motives to envy toward the church’s growth.

Adejumo also questioned the portrayal of TB Joshua’s wife as silent during alleged incidents spanning decades, deeming it illogical and malicious.

Meanwhile, a former disciple, Agomoh, expressed gratitude to the BBC for bringing attention to his experience and recounted years of evading threats after leaving SCOAN.

Temitope Babatunde Joshua, a prominent religious leader known for miracles, had followers testifying to miraculous healings from various ailments.

Agomoh detailed his departure from SCOAN, citing a distressing experience leading to his exit and years of hiding due to backlash for speaking out against the church.

 

 

INTENTIONAL FUNKE AKINDELE

The title of my morning write-up is “INTENTIONAL FUNKE AKINDELE”
It revolves around the recent buzz on the internet about Nollywood’s first movie ever to gross over One Billion Naira in just a few days. The remarkable part? The film hasn’t even been in cinemas for a month yet! The owner of this groundbreaking film? Funke Akindele.

Growing up in a conservative background that frowned upon television, I missed out on much exposure to films. Despite my upbringing, I’ve come to appreciate the impact of figures like Funke Akindele, who, from what I’ve gathered, has been in the industry for almost two decades.

What strikes me most is her intentionality towards her craft. From “JENNIFER’S DIARY” to “OMO GHETTO,” “BATTLE ON BUKA’S STREET,” and now “A TRIBE CALLED JUDAH,” she’s demonstrated a relentless commitment to her work, not just in acting but also in the business aspect of the industry. Even with her established name, Funke actively engages in publicity, often personally venturing into marketplaces.

What truly amazes me is her willingness to invest heavily in promoting her work, even though her name alone can sell a film. She goes beyond expectations, involving fellow actors in the publicity process. This stark contrast inspired me to reflect on the reluctance of some upcoming filmmakers and actors to promote their own projects.

For those struggling to share their work, especially in this age of social media, Funke’s example is a valuable lesson. It’s puzzling to see individuals hesitant to promote films they’ve worked hard on, films that could potentially shape their future in the industry.

There’s a misconception about leaving all publicity to the producer or relying on agreements that hinder self-promotion. In reality, active engagement in promoting one’s work could open doors to unforeseen opportunities. A lack of self-promotion might even lead to missed chances when influential industry figures show interest in your talent.

This piece aims to encourage upcoming filmmakers and actors to recognize the significance of promoting their projects.

Every small job contributes to building a reputation in the industry. Respect and acknowledgment for such contributions pave the way for future success.

Funke Akindele’s approach serves as a testament to the importance of being intentional and proactive in advancing one’s career.

 

The funding from overseas sources into Nigerian startups experiences a sharp decline of 65%

The influx of foreign investments into Nigerian startups experienced a steep decline of 65.83% year-on-year, plummeting to $410 million in 2023 from its 2022 figure of $1.2 billion.

This downturn led to Nigeria relinquishing its leading position in total startup investments across the continent to Kenya.

During 2023, Kenyan startups surged to claim the top spot in Africa by raising just under $800 million. Consequently, Nigeria slid to fourth place in the rankings, losing ground to Kenya, Egypt, and South Africa, as per an analysis by ‘Africa:

The Big Deal,’ a research firm specializing in startup funding of $100,000 and above.

The dominance of the “Big Four” countries persisted in 2023, capturing a staggering 87% of the continent’s total startup funding.

Kenya, Egypt, South Africa, and Nigeria accounted for 71% (357 out of 500) of this share, marking their strongest hold since 2019.

Addressing Nigeria’s significant decline, the research firm noted, “Nigeria witnessed the most drastic change in 2023.

While still leading in the number of startups raising $100,000 or more (146, constituting 29% of the continent’s total), the total funding plummeted by two-thirds (67%) year-on-year to $410 million, compared to $1.2 billion in 2022 and $1.7 billion in 2021.”

Consequently, Nigeria’s portion of Western African funding continued to dwindle, reaching 68%, down from 85% in 2021 and 77% in 2022.

This represents the lowest regional share among the Big Four markets since data collection began in 2019.

Despite a 25% decline, Kenya managed to secure nearly $800 million in 2023, claiming the largest funding portion at 28% of the continent’s total. Egypt, with the lowest number of ventures (48) raising $100,000+, attained the second spot due to the declines in Kenya and Nigeria, securing $640 million.

The firm highlighted, “South Africa maintained the highest regional funding share at 97%. Seventy startups raising $100,000 or more amassed $600 million in funding, constituting 21% of the continent’s total.

Notably, South Africa was the lone Big Four country to witness an 8% year-on-year increase in total funding between 2022 and 2023.”

Overall, the total startup funding into Africa dropped by 39% to $2.9 billion in 2023, reflecting a challenging landscape for investment in the region.

 

 

Peseiro remains evasive about his preferred starting goalkeeper

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Jose Peseiro, the Super Eagles coach, is maintaining secrecy regarding his favored goalkeeper for the upcoming Africa Cup of Nations in Ivory Coast.

According to a report by PUNCH Sports Extra, Peseiro has refrained from confirming his first-choice goalkeeper despite testing all three goalkeepers in his final 25-man squad.

Although Stanley, Francis Uzoho, and Olorunleke Ojo were given opportunities in recent matches, Peseiro remains cautious about declaring his definitive choice for the starting XI against Equatorial Guinea.

Nigeria’s goalkeeping predicament, particularly regarding Uzoho’s recent performances, has put pressure on Peseiro to explore alternative options, though he has included Uzoho in the final squad.

The question remains whether Ojo and Nwabali could potentially replace him at the tournament.

Additionally, Peseiro defended his team’s performance after a 2-0 loss to Guinea in a pre-AFCON friendly, emphasizing the importance of testing a new formation and expressing contentment with the players’ efforts despite the defeat.

 

Please have faith in us, Musa implores the Nigerian people

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Ahmed Musa, captain of the Super Eagles, urges Nigerians to maintain faith in the team as they aim for a fourth Africa Cup of Nations title in the upcoming tournament from January 13 to February 11 in Ivory Coast.

Despite a recent loss in a pre-AFCON friendly against Guinea, Musa remains confident in the team’s abilities, emphasizing the squad’s quality and the coach’s determination to win the tournament.

With his plea for Nigerians to support the team, Musa believes they can achieve success, aiming to build on Nigeria’s victories in 1980, 1994, and 2013 as they commence their journey against Equatorial Guinea on January 14, followed by matches against Ivory Coast and Guinea-Bissau in Group A.

 

Tiwa Savage holds Davido accountable for anything that might happen to her

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Tiwa Savage, the renowned Nigerian singer, recently lodged a petition against Davido, another prominent Afrobeats star, citing alleged threats to her life.

In a document addressed to the Lagos State Commissioner of Police and circulating online, Savage detailed an incident where Davido reportedly sent her unsettling messages after she posted about her relationship with Sophia Momodu, Davido’s ex-partner and the mother of his child.

Savage expressed concern about the perceived threats and the subsequent involvement of mutual acquaintances.

She highlighted feeling harassed both online and offline, asserting that Davido’s actions infringed upon her rights to privacy and dignity.

The petition stressed her fear for her safety and the safety of her family, emphasizing the need for accountability if any harm came to them.

A spokesperson from the Lagos Police Command confirmed the authenticity of Savage’s petition.

The incident came to light amid social media buzz when both Davido and Tiwa Savage unfollowed each other on Instagram.

Despite their previous amicable relationship, speculations emerged about potential reasons for their fallout, with some attributing it to Savage’s growing friendship with Sophia Momodu, creating rifts between the artists.

Betta Edu: EFCC interrogates CEOs of Zenith, Providus, and Jaiz banks

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The Economic and Financial Crimes Commission (EFCC) is currently questioning CEOs and Managing Directors from Zenith Bank, Providus Bank, and Jaiz Bank regarding an alleged fraud of over N44 billion in the Ministry of Humanitarian Affairs and Poverty Alleviation.

The senior bank executives are undergoing interrogation at the EFCC’s headquarters in Jabi, Abuja.

The suspended Minister of Humanitarian Affairs, Betta Edu, is also being held and questioned in connection with a ₦585 million scandal.

Additionally, Halima Shehu, the Coordinator and CEO of the National Social Investment Programme Agency, is under investigation for her alleged involvement in a ₦44 billion fraud within the ministry.

The EFCC confirmed the probe of these bank executives and mentioned ongoing revelations from both Edu and Shehu during their interrogations.

President Bola Tinubu suspended Edu, prompting an extensive investigation into her ministry-related activities.

Previous officeholders like Sadiya Farouq are also facing inquiries over allegations of financial misconduct.

Shehu, previously arrested concerning the ₦44 billion money laundering case, has been released but is required to meet with EFCC interrogators daily.

The EFCC spokesperson highlighted ongoing efforts to trace suspicious transactions linked to the Ministry and its agencies, cautioning against definitive figures due to the complexity of interventions and transactions under scrutiny.