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Rodrygo extends his contract with Real Madrid, committing to the club until 2028, securing his future at the Bernabéu

Tosin Ranks
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Rodrygo extends his contract with Real Madrid, committing to the club until 2028, securing his future at the Bernabéu

Real Madrid’s forward, Rodrygo Goes, has inked a fresh contract extension that binds him to the club until 2028, as announced by the Spanish club on Thursday.

This renewal coincides with his compatriot Vinicius Junior’s recent commitment to the Santiago Bernabeu until 2027.

In an official statement, Real Madrid stated, “Real Madrid and Rodrygo have reached an agreement to prolong the player’s contract, securing his presence at the club until June 30, 2028.”

Despite facing some challenges in achieving peak performance this season, 22-year-old Rodrygo remains a vital figure for Madrid.

He notably secured a memorable victory for Los Blancos by scoring a brace against Osasuna in May, which led to the team’s first Copa del Rey triumph since 2014.

Back in 2018, Rodrygo made a significant move to Real Madrid from Santos in Brazil for 45 million euros ($48 million), eventually arriving in the Spanish capital in the summer of 2019, one year after his compatriot Vinicius.

Rodrygo’s track record at Madrid boasts 39 goals in 179 appearances across all competitions, complemented by two La Liga titles and the 2022 Champions League victory, adding to his collection of silverware.

 

The Senate has given its approval to the N2.18 trillion supplementary budget proposed by Tinubu

Tosin Ranks
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The Senate has given its approval to the N2.18 trillion supplementary budget proposed by Tinubu

The Senate swiftly approved the 2023 Supplementary Appropriation Bill totaling N2.18 trillion, which had been submitted by President Bola Tinubu for consideration.

In response to Tinubu’s request, which was presented during a Senate plenary on Tuesday, the bill was promptly deliberated upon.

Furthermore, on Thursday, the Red Chamber expeditiously granted its approval for the budget, following the presentation of the report by Solomon Adeola, the Chairman of the Senate Committee of Appropriations.

Additionally, on Wednesday, the Committee on Appropriations engaged with the ministers overseeing the various agencies included in the supplementary budget.

These ministers encompassed the Minister of Works, David Umahi; the Minister of Housing, Ahmed Dangiwa; the Minister of Agriculture and Food Security, Senator Abubakar Kyari; the Minister of State for Defence, Hon Bello Matawale, as well as the Service Chiefs.

More details to follow as the situation develops.

 

Although voice services continue to be the primary revenue driver for MTN Nigeria, data services are gaining significant momentum and are quickly becoming a formidable source of income

Tosin Ranks
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0
Although voice services continue to be the primary revenue driver for MTN Nigeria, data services are gaining significant momentum and are quickly becoming a formidable source of income

Despite facing a challenging economic climate marked by rising operational costs for Nigerian businesses, the telecommunications behemoth, MTN, reaped ₦834 billion in revenue from its voice services during the initial three quarters of 2023.

This represents a notable growth of 10.6% when compared to the same period in 2022.

In contrast, data revenue continued its consistent ascent and is on track to become the primary revenue generator for the telecommunications company.

Year-over-year, data revenue surged by over threefold, escalating from ₦549 billion in the first nine months of 2022 to ₦749 billion in 2023, reflecting an impressive 36.4% increase.

This remarkable achievement can be attributed to the expansion in the number of active data users, with MTN reporting the addition of 3.6 million active users in the first three quarters of 2023.

Furthermore, in alignment with data from the Nigerian Communications Commission, the count of mobile internet subscribers in Nigeria experienced a substantial growth of 9 million between May 2022 and May 2023.

Alongside the surge in active data users, individual data consumption increased by an impressive 29.1%, with data usage per user now averaging 8GB.

 

The pension scheme has acquired a 50% stake in Airtel Uganda, purchasing 4 billion shares

Tosin Ranks
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The pension scheme has acquired a 50% stake in Airtel Uganda, purchasing 4 billion shares

The Department of Communications and Digital Technologies (DCDT) in South Africa has issued a stern warning to the public, urging them not to share a message claiming to provide free data.

The department has unequivocally declared this message as false and strongly advises against clicking on any associated links, as they pose serious risks and are deceptive.

In addition to this caution, the DCDT has demonstrated a strong commitment to promoting digital inclusion.

They have taken proactive steps by spearheading initiatives like South Africa Connect Phase 2, which is designed to accelerate internet accessibility in public institutions and throughout the wider community.

 

What factors contribute to Nigeria having the highest number of peer-to-peer cryptocurrency transactions globally?

Tosin Ranks
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What factors contribute to Nigeria having the highest number of peer-to-peer cryptocurrency transactions globally?

Key Insights:

Nigeria stands at the top among 155 countries, boasting the highest P2P volume, and is the largest cryptocurrency economy in Africa, registering the highest cryptocurrency value exchanged between 2022 and 2023. However, Africa, as a whole, received the smallest share of cryptocurrency value globally during this period.

Nigeria has seen a significant rise in peer-to-peer (P2P) exchange volume, as reported in the 2023 Geography of Cryptocurrency Report by Chainalysis.

In 2021, Nigeria ranked 18th in P2P exchange volume but improved to 17th place in 2022. Surprisingly, despite this impressive P2P volume, sub-Saharan Africa contributed only 2.3% to the global cryptocurrency transaction volume from July 2022 to June 2023, making it the world’s smallest crypto economy.

Latin America, another emerging market, accounted for a modest 7.3% of global cryptocurrency transactions. Notably, Brazil ranks among the top 10 countries in the world for crypto adoption.

The question arises: Why are the smallest crypto economies leading in P2P volumes on a global scale? The answer lies in Chainalysis’s methodology, which considers P2P exchange volume in relation to purchasing power parity (PPP) and the number of Internet users. This approach highlights countries where a larger portion of their overall wealth is involved in P2P cryptocurrency transactions.

Without this weighing against PPP per capita and Internet users, the wealthiest countries would dominate the crypto adoption rankings. For instance, North America accounts for the highest crypto transaction value globally at 24.4%, with the United States alone receiving nearly $1.2 trillion in cryptocurrency value.

However, these numbers alone do not reveal the complete story of crypto adoption.

Chainalysis emphasizes that grassroots crypto adoption is about everyday people embracing cryptocurrencies, not just raw transaction volumes. It helps us understand the impact of cryptocurrencies beyond trading.

In the 2022 crypto adoption index by Chainalysis, Adedeji Owonibi, Founder and CEO of Convexity, attributed the increase in P2P transactions in Nigeria to wealth creation and protection against inflation. Inflation in Nigeria reached a historic high of 26.7% since 2005, making cryptocurrencies, especially stablecoins, a refuge for preserving savings.

Nigeria is not alone in this trend. Ghana, ranked fourth in countries with the largest crypto P2P volumes, faces similar inflation challenges, with a staggering 40.1% inflation rate as of August 2023.

Outside of Africa, Argentina has embraced cryptocurrencies due to its ongoing currency crisis, which has led to an 80% decline in the peso’s value against the dollar.

High inflation, low growth, fiscal deficits, and a heavy debt burden have plagued the country. Approximately 5 million Argentines, out of a population of 45.8 million, use cryptocurrencies, reflecting the mainstream adoption of crypto as a solution to economic challenges.

While the data may show that emerging markets have a smaller share of cryptocurrency transaction values, understanding who uses cryptocurrencies and why they use them paints a more comprehensive picture of crypto adoption levels and the potential future evolution of cryptocurrencies.

AFEX, the African commodities platform, secures a substantial $26.5 million funding to address and combat food insecurity in the nations of Kenya, Nigeria, and Uganda

Tosin Ranks
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AFEX, the African commodities platform, secures a substantial $26.5 million funding to address and combat food insecurity in the nations of Kenya, Nigeria, and Uganda

AFEX, an African commodities platform, has secured a substantial $26.5 million investment from British International Investment (BII) with a noble aim: to address the pressing issue of food insecurity in Nigeria, Kenya, and Uganda.

Dedicated to fostering efficient commodity trade across Africa, AFEX serves the needs of an impressive 450,000 farmers. With this newfound capital, AFEX is poised to implement cutting-edge software for capturing post-harvest pricing data and advancing warehouse technology.

The ultimate goal is to extend the shelf life of harvested crops, ultimately boosting the food supply.

Food insecurity is a significant challenge in Africa, affecting millions of individuals. According to the 2022 Global Report on Food Crises Mid-Year Update, at least one in five Africans faces hunger, with 140 million Africans experiencing acute food insecurity.

In 2022, Nigeria saw a staggering 17 million people grappling with severe food insecurity, and projections for January 2023 indicate that 25 million Nigerians could experience hunger between June and August.

Uganda is not immune to these challenges either, with 16.4 million people consuming insufficient food as of January 9, 2023.

This marks a significant increase from the last quarter of 2022 when 1.2 million more Ugandans faced food insecurity.

Kenya faces its own challenges, with data indicating that over 5.4 million people experienced acute food insecurity between March and June 2023, and the situation is expected to worsen in the months ahead.

The continent’s potential for agriculture is vast, but unpredictable weather patterns, floods, and droughts often disrupt food production.

African countries are actively working to combat food insecurity through innovations in agriculture, sustainable farming practices, and leveraging technology for improved food distribution and production.

AFEX plays a crucial role in these efforts, currently operating more than 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers.

AFEX, under the leadership of Ayodeji Balogun, began operations in Nigeria in 2014, where it trades in various commodities, including maize, cocoa, soybeans, paddy rice, sorghum, and ginger.

In January 2023, the company expanded into Uganda, following its 2022 entry into Kenya.

One of AFEX’s standout offerings is its warehouse network, which provides farmers with offtake agreements at market prices and ensures same-day payment.

The newly acquired funds will be utilized to construct 20 modern warehouses in strategic locations across Nigeria, Kenya, and Uganda.

Moreover, this investment will facilitate the scaling of AFEX’s warehouse technology and state-of-the-art software for documenting post-harvest pricing.

These innovative storage solutions have the potential to increase food availability by preserving the shelf life of harvested crops.

AFEX anticipates that the additional warehouse capacity of 230,000 metric tons will enable up to 200,000 more farmers to optimize their crop harvest sales and access affordable storage, potentially leading to a remarkable 200% increase in farmer incomes.

In addition to expanding its storage capabilities, AFEX is set to construct a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda.

These ventures are expected to create over 700 temporary and 80 permanent jobs, further contributing to economic development and food security in the region.

Nigerian leaders are primarily focused on survival rather than prioritizing sacrifice, as stated by Sam Adeyemi

Tosin Ranks
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Nigerian leaders are primarily focused on survival rather than prioritizing sacrifice, as stated by Sam Adeyemi

Sam Adeyemi, the Senior Pastor of Daystar Christian Centre, emphasized on Channels Television’s Sunrise Daily program that a lack of sacrifice among Nigerian leaders stands as a significant hindrance to the country’s progress.

He also serves as a strategic leadership consultant and underscored the importance of creating a long-term development plan that garners support from the populace.

Adeyemi stressed that achieving meaningful change in Nigeria cannot occur within four or eight years.

He highlighted the common desire for development among Nigerians and the necessity for both the people and their leaders to work collectively to elevate the country to the standards of nations that many Nigerians migrate to.

Adeyemi called for a national discussion on the future direction of Nigeria, suggesting that revisiting the recommendations from the 2014 National Conference is a starting point.

Adeyemi expressed his concern that many leaders in the country are primarily motivated by financial gain rather than making sacrifices for the nation.

He observed that this financial focus has impeded the nation’s development, as contracts, oversight functions, and decision-making within government bodies are largely driven by financial interests.

He emphasized the pivotal role of visionary leadership in inspiring people to sacrifice for the nation’s betterment, highlighting the need for leaders to articulate a compelling vision for the country’s future, thus motivating citizens to make sacrifices.

Unfortunately, many current leaders prioritize personal survival over national sacrifice, which hampers progress.

 

Today, Governor Sanwo-Olu will inaugurate the Yaba Overpass

Tosin Ranks
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Today, Governor Sanwo-Olu will inaugurate the Yaba Overpass

Governor Babajide Sanwo-Olu is set to inaugurate the Yaba Overpass on the Lagos Rail Mass Transit (LRMT) Red Line, a T-shaped bridge that facilitates the smooth flow of traffic between Murtala Muhammed Way and Ojuelegba Road, allowing vehicles to pass over the rail tracks.

This Yaba Overpass Bridge is part of the four new bridges constructed under the Sanwo-Olu/Hamzat administration’s initiative for the Red Line rail alignment, with the primary goal of separating vehicular, pedestrian, and train traffic.

In addition to Yaba, similar overpass bridges have been designed for implementation at Ikeja, Mushin, and Oyingbo, all contributing to the realization of a #AgreaterLagosRising.

More Pictures Below:

A new radio station, Arena FM 89.3 FM, launches in Ado-Ekiti

Tosin Ranks
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A new radio station, Arena FM 89.3 FM, launches in Ado-Ekiti

Arena 89.3 FM Ado-Ekiti, Arena FM, is a recently established online radio station located in the capital city of Ekiti State.

Starting its broadcast operations on November 1, 2023, Arena FM is a homegrown radio station committed to achieving international standards in content production, programming, and the timely delivery of news, both local and international.

This online radio station boasts a team of esteemed journalists, presenters, researchers, and anchors, who continuously strive to bring forth innovative content that informs, educates, and entertains the wider public.

For those who may have any lingering doubts, you can verify these claims by visiting https://zeno.fm/radio/arena-fm-lrzi/.

Arena FM aims to bridge the gap and connect Ekiti natives, whether at home or abroad, with their roots through this exciting new radio station.

Exploring the Concept of Presidential Yachts and Their Presence in Various Countries

Tosin Ranks
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Exploring the Concept of Presidential Yachts and Their Presence in Various Countries

A Presidential yacht, commonly referred to as a vessel within a country’s naval fleet reserved exclusively for the use of the nation’s President, typically receives this prestigious designation during a fleet review.

Several countries maintain vessels permanently designated as Presidential yachts:

1. Egypt: The President of Egypt enjoys the privilege of utilizing the El Mahrousa, which ranks as the eighth largest yacht in the world.

2. Finland: The President of Finland makes use of a smaller private yacht, the Kultaranta VIII.

3. India: India’s presidential yacht is the INS Sumitra.

4. Italy: Italy designates the Italian ship Argo (MEN209) as its presidential yacht.

5. Philippines: The Philippines has seen several vessels serve as presidential yachts, including Casiana (1936-1941, renamed Banahaw), Orchid (1946-1948), Dalisay (1948-1959, renamed Apo, Pagasa, and Santa Maria), RPS Lapu-Lapu (1959–present, renamed RPS Roxas, RPS The President, RPS Pag-Asa, and BRP Ang Pangulo).

6. Russia:Russia has employed presidential yachts for its leaders, such as Olympia (2002–2009, used by President Vladimir Putin), Sirius (2010–, initially used by President Dmitri Medvedev), and Graceful (2018–, the most recent presidential yacht). Additionally, the Russian government has utilized a special vessel named Rossiya, which dates back to the Soviet Union era. In 2003, the ship Burevestnik was commissioned to serve Russia’s leaders.

7.Turkey: Turkey’s Presidential Yacht Savarona is the current vessel in use. The Turkish government has also commissioned the construction of a new 50-meter yacht for the personal use of the President and visiting heads of state. This new yacht, being built in Istanbul, is reported to feature a ballistic hull, surface-to-air missiles, and high-tech equipment.

8. United States: While the United States employed presidential yachts in the past, including USS Mayflower (1906–1929), USS Potomac (1936–1945), USS Williamsburg (1945–1953), and the most recent presidential yacht, USS Sequoia (1933–77), the practice has since been discontinued.

9. Yugoslavia: Yugoslavia’s most famous presidential yacht was the Galeb, which belonged to Marshal Josip Broz Tito.

 

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