Today, @nordmotion introduced the NORD A5, and it’s not merely the engine that elevates this vehicle to excellence.
The interior is equally remarkable, boasting plush seating that ensures both the driver and passengers enjoy the utmost in driving comfort and satisfaction.
– @Advsola (Twitter) 🚗✨ #NORDA5Unveiled
Iyalode Alaba Lawson, a prominent figure known for her roles as a socialite, successful businesswoman, and the proprietor of a school, has passed away.
This sad news was conveyed in a brief message sent to the members of ABEOCCIMA. The message reads:
“GOOD MORNING DEAR MEMBERS.
WE REGRET TO ANNOUNCE THE DEMISE OF ABEOCCIMA MATRON & CHAIRMAN, BOARD OF TRUSTEES, IYALODE ALABA LAWSON, MFR, F.IoD, JP WHICH OCCURRED IN THE EARLY HOURS OF TODAY SATURDAY 28TH OCTOBER 2023. BURIAL ARRANGEMENT TO BE ANNOUNCED LATER BY THE FAMILY.”
The world has lost an accomplished and respected individual in various fields.
Migration encompasses the act of individuals relocating from one region to another with the intention of establishing themselves in a new locale.
This migration can be categorized as either voluntary or involuntary, and its motivations are multifaceted, encompassing economic, environmental, and social factors.
In contemporary times, a substantial number of Nigerians are choosing to embark on migration journeys in search of improved living conditions.
A study conducted by a consulting firm has unveiled that 52 percent of Nigerian professionals are contemplating the prospect of moving abroad, with destinations like the United Kingdom, Italy, Germany, Canada, and the United States topping their lists.
Amid this exodus of Nigerian elites, various factors serve as the driving forces behind their decisions:
1. Economic Aspirations: A survey conducted by Afrobarometer in 2018 revealed that a significant portion of Nigerians, particularly the younger and more educated demographic, aspires to relocate to foreign nations.
Their primary objective is to seek employment opportunities, both within and outside the African continent.
Many express a desire to migrate to regions such as the Middle East, the USA, Europe, America, and Asia.
This migration is largely propelled by the socio-economic conditions in Nigeria, coupled with high unemployment rates. Astonishingly, 51 percent of Nigerian migrants possess tertiary education qualifications.
Notably, more than half of the 72,000 doctors registered with the Medical and Dental Council of Nigeria (MDCN) practice their profession outside the country.
2. Career Advancement: Elite Nigerians frequently choose to work abroad for extended periods, seeking international exposure to enhance their careers. Some migrate because their skills are in high demand in other countries, offering them greater professional opportunities.
3. Access to Better Healthcare: The year 2021 saw a report by PriceWaterhouseCoopers disclosing that an average of 500 Nigerians travel abroad each month in pursuit of medical treatment.
A growing trend is emerging where individuals migrate to foreign lands for various healthcare services, including birthing, IVF procedures, and cosmetic surgeries. This is often due to better healthcare management, access to health insurance, and subsidized medical services in destination countries.
Despite healthcare being a fundamental right for all Nigerian citizens, it is increasingly becoming exclusive to the affluent while less reliable for the middle class. Consequently, middle and upper-class Nigerians aspire to receive medical care abroad, including childbirth and medical procedures.
4. Family and Love: Migration is also driven by the desire to reunite with loved ones. Partners often invite their significant others to join them in a new country, and many migrants create opportunities for their family members to visit or settle in their host countries.
5. Educational Pursuits: A substantial number of Nigerian youths choose to study abroad, and this remains one of the primary reasons for immigration.
They pursue higher education opportunities that are economically more viable and not adequately available within Nigeria.
This migration for educational purposes is partly a response to challenges in the domestic education system, including frequent strikes and a suboptimal curriculum. Additionally, studying abroad opens doors to better employment opportunities upon returning to Nigeria or when choosing to remain in their host countries.
UNESCO reports indicate that 71,753 Nigerian students are currently studying abroad, emphasizing the significance of educational migration.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has announced the Federal Government’s intention to revoke approximately 97 marginal field awards.
This decision stems from the fact that the awardees have been unable to initiate crude oil production activities on the fields since receiving the awards.
Speaking at an event in Abuja, Lokpobiri emphasized that these fields will be re-allocated to competent investors with the capability to kickstart production activities on these assets.
He explained, “In addition to our ongoing efforts to create a favorable investment climate for both International Oil Companies and independent producers to increase their production, we must also focus on granting access to those with the necessary capacity.”
He continued, “A few years ago, we allocated nearly 100 marginal fields, but as of today, only three are in production.
The allotted time for these awardees is almost up, and although there may be objections, I am determined to cancel those who have not utilized these fields.
Obtaining a marginal field is not for collecting dust on a shelf as a keepsake. It should contribute value to both the awardees and our country.”
Lokpobiri also highlighted the missed opportunities, stating, “If these marginal fields were currently in production, they could have provided essential feedstock for our modular refineries and bolstered our total production capacity.
However, many seem interested in acquiring these fields without possessing the necessary financial and technical capabilities to utilize them.”
This decision was communicated by the minister via an audio clip provided by his media aide in Abuja.
In June 2021, the Federal Government, through the defunct Department of Petroleum Resources, issued award letters to successful investors from the 2020 Marginal Field Bid Round, which was launched in June 2020.
A total of 128 awardees had emerged from this bid round by January 2022, with some notable companies such as A.A. Rano Nigeria Limited, Dutchess Energy, Emadeb Energy Services Limited, Matrix Energy Limited, Shafa Exploration and Production Company Limited, Casiva Limited, Duport Midstream Company Limited, and Vhelbherg Exploration and Production Development Company Limited having received awards and made payments for signature bonuses in the oil fields.
An e-hailing cab driver named Kelechi Uzor voluntarily presented himself at the Okporo police station in Rumuodara, Obio/Akpor Local Government Area of Rivers State in order to establish his innocence in connection with the alleged disappearance of a passenger he had dropped off.
According to Uzor, he had taken his passenger, identified as Elizabeth Edoukumor, from Eastern By-Pass in Port Harcourt to Harmony Estate in Eliozu.
Upon reaching the estate, he parked his vehicle because access required authorization from within the estate. Elizabeth unloaded her belongings, paid the fare in cash, and Uzor departed.
After leaving, Uzor was subjected to security checks at the estate entrance.
Later that night, he received a call from a person inquiring about Elizabeth, to which he responded that he had only dropped her off at the estate and didn’t have any further information about her activities.
Subsequently, Uzor was contacted by another individual who tried to coax him into going to a specific location, a request he declined.
He began receiving threatening calls, including one from a person claiming to be the girl’s uncle, demanding her safe return.
Fearing for his safety due to these threats, Uzor visited the police station to share his side of the story.
The spokesperson of the state Police Command, Grace Iringe-Koko, had promised to gather more information and provide updates but hadn’t done so at the time of reporting on Friday evening.
During the nine-month period ending on September 30, 2023, Dangote Cement reported a remarkable 15.2 percent increase in its pan-African sales volumes, which surged from 7.4 million metric tons (Mt) to 8.5 million Mt, when compared to the same period in 2022.
Pan-African volumes encompass the sales volumes of Dangote Cement’s plants situated outside of Nigeria.
An analysis of the cement company’s unaudited results, which were made available on the Nigerian Exchange (NGX) platform, reveals that this substantial increase in volumes was primarily driven by robust sales from specific plants.
Notably, Dangote Cement Plant in Senegal recorded an impressive 66.9 percent surge in sales, while Dangote Cement Plant in Congo reported a significant 60.5 percent increase in volumes.
Other Dangote Cement plants across various African countries also contributed to this growth, with Dangote Cement Zambia showing an 18 percent increase, Ghana at 15.5 percent, South Africa at 18.5 percent, and Ethiopia and Tanzania at 6.5 percent, respectively.
In terms of financial performance, the company reported a 20.5 percent rise in profit before tax, from N335.9 billion to N404.89 billion, while profit after tax increased from N213.10 billion to N277.55 billion, indicating a substantial 30.2 percent increase.
Arvind Pathak, the Chief Executive Officer, commented on these results, attributing the positive outcome to a combination of factors, including a strong value proposition, improved operational efficiency, and a determined effort to manage costs amid an inflationary environment.
The Group’s revenue reached ₦1,514.6 billion, with EBITDA achieving an all-time high of ₦662.8 billion, reflecting a 28.5 percent increase.
Furthermore, Dangote Cement’s pan-African operations demonstrated exceptional growth, with a record revenue increase of 103.9 percent and an astonishing EBITDA growth of 255.4 percent.
These pan-African operations contributed 41.9 percent to the Group’s volumes, driven by sustained demand across the countries where they operate.
Pathak also highlighted the company’s expansion plans, noting the completion of a 1.5 million metric tons per annum (Mta) grinding plant in Cote d’Ivoire and the earlier commissioning of the 0.45Mta Takoradi plant. He emphasized Dangote Cement’s commitment to delivering superior cement and expressed confidence in the company’s future performance.
Dangote Cement, as Africa’s leading cement producer, maintains a substantial capacity of 52.0Mta across the continent.
With fully integrated operations from quarry to customer, the company holds a production capacity of 35.25Mta in Nigeria, where its Obajana plant stands as the largest in Africa.
Through strategic investments, Dangote Cement has transformed Nigeria from a cement importer to an exporter, serving neighboring nations.
Additionally, Dangote Cement operates in various other African countries, including Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), and Zambia (1.5Mta).
The federal government has devised a strategy to securitize dividends of approximately $7 billion from the Nigerian Liquefied Natural Gas (NLNG). An official at NLNG revealed this on Thursday, October 26.
According to the source, the Tinubu-led administration expects to receive the $7 billion through a consortium led by Standard Chartered Bank in the upcoming week.
Additionally, the federal government foresees receiving funds from a $3 billion emergency loan obtained by the Nigerian National Petroleum Company Limited (NNPCL) from the African Export-Import Bank (Afreximbank) on August 16.
The total expected inflow in the short term is $10 billion. The Federal Ministry of Finance Incorporated, which holds shares in the NLNG, is responsible for organizing and executing this plan.
This initiative aligns with the recent announcement by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who stated that the country is poised to receive approximately $10 billion in the near future.
These funds are anticipated to have a significant impact on addressing the foreign exchange (FX) backlog and contributing to the stabilization of the national currency, the naira.
Quoting a source from NLNG, Thisday reported:
“NLNG has been performing and used to pay dividends of about $6 billion, but because our oil production and gas production have fallen, dividends also fell to about $2 billion.
But what this government has decided to do is to securitize these dividends over a period and use it to borrow money to curb the depreciation of the naira against the dollar.
“The target is to boost dollar liquidity by flooding the market with dollar supply and try to push the naira/dollar exchange rate to about N800/$. So, by next week, they may get $7 billion from the Standard Chartered Bank consortium and get the $3 billion from Afreximbank, under the agreement reached with NNPCL.
“At the same time, the government is making serious efforts to ramp up oil production significantly.
The idea is to use the entire $7 billion to settle some old FX forward obligations and reduce pressure on the naira, improve liquidity, and allow the currency to appreciate.
What you should be aware of:
The Federal Government aims to increase oil production through two primary objectives: ensuring security in the oil-producing regions of the Niger Delta, where crude oil theft has become rampant, and implementing development initiatives in the Niger Delta.
Once these objectives are achieved, it is expected to attract more private sector investments into the oil sector.
Earlier today, the naira witnessed a substantial increase in value, strengthening by N166 against the U.S. dollar in the Peer-to-Peer (P2P) market.
This shift in the exchange rate reflects changes in strategies employed by currency traders.
However, on Thursday evening, the naira reached a peak exchange rate of N1279 to the U.S. dollar. But by Friday morning, it had stabilized at N1113 per dollar.
Market insights suggest that the rise in the naira’s value may be due to a lack of buyers willing to transact at the higher rate of around N1300 per dollar.
Some individuals are holding back from purchasing at this rate, anticipating a potential strengthening of the local currency.
Renowned gospel artist Mercy Chinwo, known for her hit song ‘Wonder,’ and her spouse, Blessed Uzochikwa, shared the joyous news of their first child’s arrival last Friday.
Mercy Chinwo took to Instagram, where she posted heartwarming pictures of her baby bump alongside her husband, and accompanied the images with the caption, “Our hearts are brimming with joy and gratitude.”
Earlier that day, she shared a video of one of her songs, ‘You Do This One,’ with a caption that exuded thankfulness and praise: “Lord, we are profoundly grateful. We approach your throne with heartfelt songs of gratitude and worship.
You have filled our hearts with happiness, our lips with testimonies, and our home with jubilation. Truly, You have made this happen.”
In response to the announcement, prominent socialite and business magnate Obi Iyiegbu, also known as Obi Cubana, expressed his congratulations by saying, “Congratulations to this beautiful couple.
God is truly the greatest.” Content creator Enioluwa Adeoluwa added, “A beautiful couple now blessed with a beautiful family.”
Singer Olubankole Wellington, popularly known as Banky W, joyfully commented, “It is through the grace of Jesus that this miracle has occurred, and we wholeheartedly celebrate with you. Congratulations to my dear friends; I love all three of you.”
Actress Uchenna Nnanna extended her warm congratulations by saying, “Congratulations to the lady with the golden voice.
Aralola Olamuyiwa, known as Ara, a renowned female talking drummer, has expressed her perspective on why some women’s careers falter when they enter marriage.
In an interview with Saturday Beats, the newly appointed Governor of the Performing Musicians Employers’ Association of Nigeria in the Lagos chapter, she shared her insights.
According to Ara, once a woman gets married, it often leads to a shift in the dynamics of her career.
She highlighted that this issue isn’t limited to the music industry but is prevalent across various sectors.
She explained that many men struggle to handle women in the limelight, causing complications in their careers.
Ara pointed out that spouses who enter a marriage with career-driven women may encounter challenges in managing their partner’s professional pursuits.
Some men even issue ultimatums, forcing their wives to choose between their careers and marriage, which can lead some women to let go of their professional aspirations.
She questioned why a man would marry a career-oriented woman if he cannot support her in her endeavors.
When asked about the importance of female artists being able to play musical instruments, Ara emphasized that having a musical background and being proficient in an instrument can be advantageous.
However, she clarified that there’s no strict requirement stating that playing an instrument is mandatory to be a successful musician or entertainer.
Ara believes that if an artist can play an instrument, it’s a blessing, but it doesn’t define their talent.
She cited the example of Angelique Kidjo, a renowned artist who doesn’t play instruments but excels as an entertainer, highlighting that a strong voice is, in itself, a valuable musical instrument.
Former President Goodluck Jonathan stated on Friday that Nigeria’s recent transition of power positions the country to continue leading Africa in terms of democratic leadership.
He emphasized the need for unity among past and present leaders and the electorate to work together for a better future.
He mentioned his active involvement in peace and diplomacy in West Africa and the broader continent, with plans to visit Kenya and Liberia soon.
The former President’s visit to President Bola Tinubu at the Aso Rock Villa, Abuja, was to discuss the nation’s progress and the role Nigeria can play in Africa.
Jonathan also highlighted the importance of regular consultations between former and current Presidents for foreign programs and emphasized the need for political leaders to come together for the sake of national progress.
This visit is part of his role as Special Envoy of the Economic Community of West African States, where he is mediating talks in Mali, which has been under military rule since a coup in August 2020.
The Malian government recently announced a delay in the presidential election scheduled for February 2024 due to technical reasons and other issues.
In January 2022, ECOWAS imposed sanctions on Mali, which were later lifted in July 2022 following the junta’s promise to hold the election in February.
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