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According to Mohammed Idris, the removal of subsidies has resulted in a significant savings of ₦‎1.45 trillion by FG

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The Nigerian federal government has successfully accrued savings of approximately N1.45 trillion between June and September by eliminating the subsidy on Premium Motor Spirit, commonly known as petrol.

This information is corroborated by FAAC allocation records sourced from the Nigeria Governors Forum and the National Bureau of Statistics.

A detailed analysis reveals monthly contributions to the Non-Oil Revenue (Savings) account, with N696.93 billion in June, N389.7 billion in July, N71 billion in August, and N289 billion in September.

The decision to remove the petrol subsidy was formally announced by President Bola Tinubu during his inaugural address on May 29, 2023.

He emphatically stated, “Subsidy is gone.” Prior to this move, the Nigerian National Petroleum Company Limited had disbursed N1.828 trillion for subsidy payments from January to May 2023, marking a 55% increase compared to the same period in 2022.

Approximately N1.15 trillion was expended on subsidies during the first four months of 2023, with a breakdown showing N274.769 billion in January, N477.742 billion in February, N415.381 billion in March, and N353.130 billion in April.

On August 1, 2023, President Bola Tinubu reported in a nationwide broadcast that the Federal Government of Nigeria had saved N1 trillion within two months following the subsidy removal in June and July.

He emphasized that these funds, previously susceptible to exploitation by “smugglers and fraudsters,” would now be redirected towards nationwide intervention programs aimed at assisting families.

Despite these announcements, Trade Union Congress President Festus Osifo expressed concern about the whereabouts of the savings claimed by the government.

He questioned the need for continued borrowing when the government had asserted that substantial funds had been saved, suggesting that these resources should be used to benefit Nigerians.

In response, the Minister of Information and National Orientation, Mohammed Idris, clarified that substantial savings had indeed been made through the subsidy removal, and a portion of these funds had been distributed to state governments to mitigate the policy’s impact on Nigerians.

He highlighted the government’s belief that state governments are better positioned to connect with the people and, therefore, funds were being channeled through the governors for providing relief measures. However, he did not specify the exact figure, as the process remains ongoing.

Tinubu Appoints Three Fresh Executive Commissioners to the NUPRC

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President Bola Tinubu has granted his approval for the appointment of three new Executive Commissioners to serve within the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the redeployment of one current Executive Commissioner, pending confirmation by the Nigerian Senate. The individuals affected by these changes are as follows:

1. Mr. Bashir Indabawa, representing the NW region, has been appointed as the Executive Commissioner responsible for Exploration & Acreage Management.

2. Dr. Kelechi Ofoegbu, representing the SE region, has been redeployed to the position of Executive Commissioner for Corporate Services & Administration.

3. Mr. Enorense Amadasu, representing the SS region, has been appointed as the Executive Commissioner in charge of Development & Production.

Additionally, Mr. Babajide Fasina, representing the SW region, will serve as the Executive Commissioner responsible for Economic Regulation & Strategic Planning.

These changes have been made by the President following a comprehensive assessment of various factors within the sector.

The objective is to establish a regulatory framework and a culture that discourages misconduct and promotes diligence and adherence to rules in the industry.

Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
November 7, 2023

 

The court has decided to postpone its verdict in the appeal made by the Kano governor

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Olanipekun contended that the tribunal had established a novel legal precedent that deviated from the prior decisions of the appellate court and the highest court with its ruling.

The lead counsel asserted that it marked the first instance where an election had been invalidated due to the absence of stamping and signing on ballot papers.

He also criticized the tribunal’s reference to section 71 of the Electoral Act and its reliance on decisions derived from that section.

According to him, section 71 pertained to electoral forms and sum sheets, which had no relevance to the issue of ballot papers.

Furthermore, he argued that this was the inaugural case in which a political party filed a petition without including its candidate as a party, and the candidate was declared the winner.

However, Olanipekun urged the court not to uphold the lower court’s judgment.

On the other hand, the lead counsel for the first respondent, Akin Olujuimi, emphasized that the tribunal’s decision did not create a new legal precedent.

He stated that the court had established the requirement for signatures and stamps on ballot papers as early as 2009, under INEC regulations. Failure to comply with this requirement constituted clear non-compliance, not a novel jurisprudence.

Olujuimi highlighted that INEC had acknowledged the invalidity of the ballot papers and urged the court to dismiss the appeal.

He also argued that the lower court’s reference to section 71 rather than section 63 should not be a basis for nullifying the decision.

Regarding Olanipekun’s argument about the candidate not being joined in the case, Olujuimi asserted that votes are cast for the party in an election, and any decision affecting a political party encompasses all its members.

In the APC’s cross-appeal, Olujuimi further contended that the Kano State governor was not a member of the NNPP when he was sponsored by the party.

Counsel for INEC, A.B. Mahmoud, called for the dismissal of the APC’s cross-appeal, stating that it lacked merit.

In a related appeal by INEC, Mahmoud argued that the tribunal had distorted the election jurisprudence with its judgment, going beyond its scope as defined by the Electoral Act. He urged the court to rectify this anomaly and set the jurisprudence right by allowing the appeal.

Counsel for the APC, Offiong Offiong, requested the court to dismiss the appeal, maintaining that a trial court has the authority to scrutinize the documents submitted as evidence.

Ultimately, the court reserved judgments in all the matters, and the parties involved would be informed of the date for the delivery of these judgments.

Novak Djokovic solidifies his position at the top of the ATP rankings

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Following his victory in the seventh Paris Masters over the weekend, the Serbian tennis sensation Novak Djokovic further solidified his lead in the global ATP rankings when compared to Spain’s Carlos Alcaraz on Monday.

The 36-year-old Djokovic achieved a remarkable milestone by claiming his 40th Masters 1000 title, extending his winning streak to an impressive 18 matches, thereby securing the top spot in the rankings with a total of 11,445 points.

Meanwhile, the 20-year-old Alcaraz, displaying his remarkable potential, accumulated 8,455 points as he headed into the prestigious year-ending ATP finals set to take place in Turin the following week.

As a consequence of his quarter-final loss to Djokovic, Denmark’s Holger Rune experienced a significant drop in the rankings, slipping three places to the tenth position.

This shift in the rankings opened the door for Casper Ruud of Norway, who ascended to seventh place, while Germany’s Alexander Zverev and American Taylor Fritz both advanced, securing the eighth and ninth positions, respectively.

The latest ATP rankings as of November 6, 2023, are as follows:

1. Novak Djokovic (SRB) – 11,445 points
2. Carlos Alcaraz (ESP) – 8,455
3. Daniil Medvedev (RUS) – 7,200
4. Jannik Sinner (ITA) – 5,490
5. Andrey Rublev (RUS) – 5,205
6. Stefanos Tsitsipas (GRE) – 4,435
7. Casper Ruud (NOR) – 3,625 (+1)
8. Alexander Zverev (GER) – 3,585 (+1)
9. Taylor Fritz (USA) – 3,500 (+1)
10. Holger Rune (DEN) – 3,460 (-3)

 

Mohbad: Naira Marley and Sam Larry secure a bail of N20 million

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In a legal development at the Yaba Magistrate’s Court in Lagos State on Monday, singer Azeez Fashola, also known as Naira Marley, and Lagos socialite Balogun Eletu, alias Sam Larry, were granted bail in the amount of N20 million each, along with three individuals responsible for them.

Naira Marley, Sam Larry, and two others had been arraigned and detained on October 6 due to their alleged involvement in the circumstances surrounding the death of the musician Ilerioluwa Aloba, commonly known as Mohbad.

Magistrate Adeola Olatunbosun instructed the defendants to surrender their passports and mandated that they must report weekly to the State Criminal Investigation Department, Panti.

Among the bail conditions, the defendants are obliged to surrender their passports and attend weekly appointments at the State Criminal Investigation Department,” as ruled by Olatunbosun.

Furthermore, she issued a stern warning that no one should attempt to contact her directly regarding the case, emphasizing that any such attempts may be recorded and potentially disclosed during open court proceedings.

More details on this matter are expected to follow.

Transforming Recycling: Innovative Bank Unveils ‘Wastebanc’ and Forges Strategic Partnership with LAWMA

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The Alternative Bank has introduced Wastebanc, Nigeria’s pioneering digital recycling initiative with a mission to revolutionize recycling practices.

Committed to sustainability and the vision of a world where recycling promotes environmental preservation and community well-being, Wastebanc is poised to set new standards in responsible waste management and sustainability.

This announcement was made at the product launch event in Lagos, attended by key figures from the financial and waste management sectors.

A live demonstration of Wastebanc’s innovative platform showcased how it incentivizes users to make eco-friendly contributions, allowing them to earn rewards for responsibly depositing recyclables, encouraging personal engagement, and rewarding environmental actions.

Additionally, the app simplifies recycling by facilitating convenient pick-up requests and scheduling at preferred locations.

Speaking at the product launch, Mohammed Yunusa, Director of Digital Business and Innovations at The Alternative Bank, emphasized, “Wastebanc is not just an app; it represents an ambitious initiative aimed at empowering individuals, businesses, and communities to engage profitably in recycling while safeguarding the future of our planet.

The app offers a user-friendly interface that seamlessly connects users to a network of recycling resources, incentives, and an innovative approach to waste management, which will have a substantial and measurable impact on our environment.”

This initiative symbolizes a significant collaboration as Alternative Bank joins forces with The Lagos Waste Management Authority (LAWMA).

This partnership underscores their joint commitment to building a greener and more sustainable future.

Dr. Muyiwa Gbadegesin, Managing Director of LAWMA, expressed his enthusiasm about the collaboration, stating, “Our partnership with Alternative Bank and the introduction of the Wastebanc app mark a significant stride forward in our collective efforts to promote responsible waste management practices in Lagos.

Together, we aim to raise environmental awareness and motivate communities to actively participate in recycling initiatives for a healthier Lagos.”

Abubakar Suleiman, CEO of Sterling Bank Limited, commented, “We are confident that this collaboration with LAWMA is a testament to our shared dedication to nurturing a sustainable ecosystem, propelling us toward a future where responsible waste management is a fundamental pillar of an environmentally conscious society.”

He further added, “Wastebanc is poised to expand its presence to cover all states in Nigeria.

Our ambition is to embed this transformative recycling approach nationwide, promoting a more sustainable and responsible waste management culture that transcends borders and resonates in every community.”

ABOUT WASTEBANC

Wastebanc, an initiative of The Alternative Bank, is dedicated to revolutionizing the recycling landscape.

Their vision is a world where recycling not only safeguards the planet but also enhances lives.

As passionate advocates of sustainability, they have crafted innovative solutions that empower individuals, businesses, and communities to profitably recycle while preserving the environment.

Get the Wastebanc app today and unlock the power of profitable recycling.

[Visit their website](www.wastebanc.com) for more information.

Recycle Smarter | Earn Better.

OPay Secures Victory in the Fintech Division at the NITDA Digital Nigeria 2023 Awards

OPay’s unwavering dedication to innovation and customer-centric solutions received well-deserved recognition at the prestigious Awards Gala.

This achievement solidifies OPay’s position as the leading fintech platform in Nigeria, as it claimed victory in the highly competitive Fintech Category of the Digital Nigeria 2023 Awards Dinner, thoughtfully organized by the National Information Technology Development Agency (NITDA).

NITDA, a government agency with the pivotal role of shaping the landscape for planning, research, development, standardization, application, coordination, monitoring, evaluation, and regulation of Information Technology practices in Nigeria, played a significant part in the selection process.

After a comprehensive assessment of various fintech players based on criteria such as innovation, product offerings, and exceptional customer service, OPay was rightfully chosen as the Fintech category winner.

This prestigious Awards Gala is a platform that recognizes excellence within Nigeria’s financial technology sector, honoring individuals and organizations for their noteworthy contributions to various aspects of information technology development.

OPay’s victory in the fintech category underscores its genuine commitment to revolutionizing and streamlining payments for Nigerians.

The grand event, hosted at the International Conference Center on October 26, 2023, attracted a distinguished audience, including prominent government officials, industry experts, NITDA personnel, and members of the media.

The ever-increasing demand for seamless digital payment solutions in Nigeria undoubtedly played a pivotal role in OPay’s triumph, establishing it as a remarkably fast, secure, and dependable platform for a diverse range of financial transactions.

This achievement stands out in a rapidly evolving fintech landscape marked by funding challenges and cost-cutting measures.

OPay’s overarching mission to democratize financial services through technology remains steadfast.

The fintech giant continues to pledge its efforts to develop tailored products and services that empower customers, offering unique, customer-centric experiences to its vast user base.

Moreover, OPay reiterates its unwavering commitment to full compliance with Central Bank of Nigeria (CBN) guidelines, ensuring secure, swift, and convenient financial services through advanced technology for Know Your Customer (KYC) onboarding, risk management, and innovative product offerings.

 

By February 2024, top cryptocurrency coins DYDX, VC Spectra (SPCT), and Polkadot (DOT) are anticipated to yield a remarkable 10-fold increase in returns, and we’ll delve into the reasons behind this

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DYDX, Polkadot (DOT), and VC Spectra (SPCT) have emerged as enticing investment prospects within the cryptocurrency realm. Experts have acknowledged their notable advancements, designating them as leading alternative coins to keep an eye on as we approach 2024. Let’s delve into the specifics.

DYDX Surges Following New Integration

On October 24, the dYdX Foundation unveiled the mainnet genesis of the dYdX Chain, following the release of open-source software and the deployment of a fresh Bridge User Interface. In response to this announcement, DYDX witnessed a surge, rising from $2.26 on October 24 to a peak of $2.48 on October 29.

Bullish analysts anticipate further innovation within the dYdX ecosystem, projecting that the DeFi coin’s price could climb to $3.00 by November.

However, some experts predict a potential decline in DYDX value by mid-November based on recent price trends, with a possible drop to the $2.05 support level.

Polkadot Price Prediction: Can a $41 Million Initiative Trigger an Uptrend?**

Polkadot (DOT) generated optimism on October 10 when it introduced a game-changing initiative injecting $22.08 million into the Polkadot ecosystem.

This initiative also plans to distribute 5 million DOT tokens throughout 2024, resulting in a substantial commitment of $41 million.

The aim is to fortify the growth of the Polkadot ecosystem by providing financial support to projects, developers, and communities.

This announcement boosted the Polkadot price from $3.81 to $4.53 on October 29.

Crypto experts foresee that this initiative will drive ecosystem expansion and boost investor confidence, setting a price prediction of $6.16 by the end of 2023.

However, short-term outlooks are less optimistic, with some technical indicators suggesting a potential decline to $2.50 by mid-November.

VC Spectra (SPCT): The Rising Star of Initial Coin Offerings

VC Spectra (SPCT) is a decentralized asset management and trading protocol tailored for emerging blockchain and fintech ventures.

With a team of experts in venture capital and investing, the project aims to assess projects with a high probability of success.

Like other top DeFi projects, VC Spectra utilizes smart contracts to create a decentralized and autonomous ecosystem, eliminating intermediaries.

SPCT, the native token, grants governance voting rights and enticing benefits like quarterly dividends and exclusive access to discounted pre-ICOs.

Its value has surged by 587.5% since Stage 1 of the presale, and experts anticipate it could reach $0.080 by the presale’s conclusion. Considering VC Spectra’s track record of exceeding price projections, the final presale price might surpass expectations.

To learn more about VC Spectra (SPCT) and its ongoing presale, visit:

– [Presale](https://invest.vcspectra.io/login)
– [Website](https://vcspectra.io)
– [Telegram](https://t.me/VCSpectra)
– [Twitter](https://twitter.com/spectravcfund)

 

Bitoshi – Advancing Transparency in Nigeria’s Financial Sector

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In Nigeria, much like in various parts of the world, concerns about transparency within the financial industry have persisted for a long time.

Traditional banking systems have frequently left consumers in the dark regarding the whereabouts of their funds and how they are managed.

However, in recent times, financial inclusion has gained recognition as a fundamental right for all citizens, contributing to an improved quality of life and acting as a tool for bolstering the economic capabilities of individuals across all social classes within a nation.

The emergence of easily accessible cryptocurrency investment platforms is ushering in a new era, offering promise for a more transparent financial landscape.

At the core of cryptocurrency’s potential for transparency lies its innovative blockchain technology.

A blockchain serves as a decentralized ledger that meticulously records every transaction across a network of computers. Once these transactions are recorded, they become immutable, creating an indelible ledger of truth, a transparent and tamper-proof record of all financial activities.

This focus on transparency is exemplified when using the Bitoshi app. With Bitoshi, you can monitor your investments, holdings, transactions, and portfolio performance in real-time, granting you complete control and visibility over your financial future.

This immediate access to information empowers individuals to make well-informed decisions about their finances.

One of the key advantages of cryptocurrency investments is the significant reduction in intermediaries.

Traditional financial systems often involve multiple intermediaries, each with their associated fees and potential for opacity. In contrast, cryptocurrency investments enable direct peer-to-peer transactions, eliminating many intermediaries.

This not only reduces costs but also enhances transparency by simplifying the process.

There has also been a regulatory evolution in Nigeria.

The government and financial regulators are increasingly recognizing the potential benefits of cryptocurrencies and are working on regulatory frameworks that strike a balance between innovation and consumer protection.

These efforts contribute to the establishment of a transparent and regulated cryptocurrency ecosystem.

Bitoshi is not just an app; it is a gateway to financial freedom. With Bitoshi, you can embark on a journey towards financial growth and prosperity, regardless of your initial financial position.

What sets Bitoshi apart is its commitment to inclusion and accessibility. You can begin trading with as little as 500 naira, making the world of cryptocurrencies accessible to everyone.

Beyond trading, Bitoshi serves as your all-in-one financial hub. Imagine managing your bills, sending money to family and friends, and setting up savings in cryptocurrencies, all in one place. Managing your overall financial health has never been simpler.

Cryptocurrency investments are now within reach for anyone with an internet connection, including young individuals who may have been excluded from traditional financial services. This inclusivity is a fundamental aspect of transparency.

Cryptocurrencies are leveling the playing field. No longer is financial knowledge and access confined to a select few; it is available to all, breaking down social and economic barriers and promoting financial inclusion like never before.

Bitoshi is your ticket to a borderless financial world, where your financial freedom is firmly in your hands.

The launch of this app is a call to action for young Nigerians to embrace the future of finance and seize the opportunities it offers.

It’s about breaking free from the constraints of traditional financial systems and embracing a world where your potential for growth knows no bounds.

It’s a promise of empowerment, transparency, and financial freedom.

So, why wait? Join the Bitoshi revolution today and embark on a journey towards a brighter financial future.

Your financial freedom is just a few taps away.

 

The chief executives responsible for leading Nigeria’s logistics and distribution sector

The supply chain management and logistics sectors are rapidly growing in Nigeria, though they are still evolving in critical aspects.

However, recent developments, such as the removal of petrol subsidies and the unification of the foreign exchange market, have significantly impacted the cost of doing business in this sector.

The removal of fuel subsidies, with the goal of reducing the fiscal deficit and attracting foreign investment, has led to a substantial increase in petrol prices, soaring from an average of N162 per litre to approximately N630 per litre.

This price surge, coupled with inflation and currency depreciation, has substantially raised transportation costs for both commuters and businesses.

As of 2020, Nigeria ranked 131st out of 190 countries in the Ease of Doing Business Index and 110th in the Logistics Performance Index.

The growth in Nigeria’s logistics sector can be attributed to several factors, including improved infrastructure in railways and air transport, international partnerships, manufacturing and export growth, and the proliferation of e-commerce and logistics applications.

However, this growth is accompanied by challenges, such as significant infrastructure deficits, obstructive government policies, inadequate road networks, unreliable electricity supply, pervasive corruption, and a complex tax structure.

These issues often lead local stakeholders, grappling with financial difficulties, to pass on these costs to end-users, affecting competitiveness.

In response to these new macroeconomic challenges, logistics companies, like dispatch riders, have raised their fares by 100%.

While e-commerce is a driving force in the logistics sector, the growth of online sales has expanded opportunities for these companies.

Despite infrastructure gaps, some companies are persevering to provide services for Nigerians.

These businesses not only create jobs but also contribute to the economy by improving the delivery of goods and services.

In keeping with Nairametrics’ tradition, we introduce you to the leaders and founders of prominent logistics companies that are fueling growth and empowerment in Nigeria’s expanding economy in 2023.