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Diesel price soars to N950 per litre, prompting manufacturers to worry about potential shutdowns and job cuts.

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Oil marketers have revealed that a combination of the foreign exchange crisis in Nigeria and the recent enforcement of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel) has resulted in a significant rise in the cost of diesel, reaching between N900 and N950 per liter in many states.

This increase has prompted concerns from local manufacturers, who fear that it could lead to the closure of factories and loss of jobs.

Representatives from the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) explained during a press briefing in Abuja that their inability to access United States dollars has hindered their ability to import diesel.

Prior to the introduction of the 7.5% VAT, the cost of diesel was around N650 per liter.

The President of NOGASA, Benneth Korie, emphasized that the surge in diesel prices is also linked to a scarcity of dollars.

He urged government intervention and stressed the need for a collaborative effort among financial institutions and authorities to address the dollar shortage issue.

Furthermore, Korie called on President Bola Tinubu to focus on revitalizing Nigeria’s refineries, as this could alleviate the pressure on foreign currency and reduce the reliance on imported petroleum products.

The dire state of Nigerian roads was another issue raised by Korie.

He cited an example of the Port Harcourt-Warri road, where approximately 500 tankers were stranded due to the poor condition of the road.

Korie warned that if road infrastructure is not improved, the supply of petroleum products to various locations in the country could be disrupted.

In response to the situation, Hamma Kwajaffa, the Director-General of the Nigerian Textile Manufacturers Association, expressed concern that rising energy costs, driven by increased diesel prices, may force textile manufacturers to consider shutting down operations.

George Onafowokan, CEO of Coleman Technical Industries Limited, emphasized that the escalating diesel costs would lead to higher production expenses for his company and other businesses.

He urged the government to find sustainable solutions to address the ongoing rise in diesel prices, which is affecting various sectors of the economy.

WEMA and Mastercard collaborate to offer specialized training to empower 10,000 women in small and medium enterprises (SMEs).

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WEMA Bank has announced plans to empower 10,000 young women by providing them with support and training in various businesses and vocations.

This initiative is a collaboration between WEMA Bank, the Entrepreneurial Development Centre of Pan-Atlantic University, and Mastercard.

During a press briefing in Lagos, Tunde Mabawonku, the Executive Director for Retail and Digital Business at Wema Bank, emphasized that this partnership aims not only to promote inclusivity and align with Sustainable Development Goals, but also to create genuine job opportunities for young people.

The goal is to bring about positive transformations for individuals, businesses, and families nationwide.

Ayodele Olojede, the Divisional Head of Retail and Small and Medium Enterprise at Wema Bank, highlighted that this collaboration will empower female customers by enhancing their skills and unlocking their potential.

Through the alliance, 10,000 female business owners who are valued customers of Wema Bank will receive comprehensive training from experienced professionals at Pan-Atlantic University’s Entrepreneurial Development Centre.

Additionally, 50 individuals will have the chance to become certified Business Development Support Providers through SMEDAN.

Furthermore, select entrepreneurs will receive grants and seed funding of up to N500,000 each to help turn their learning into tangible business success.

Nneka Okekerau, Director at EDC, emphasized that the training encompasses entrepreneurs in various sectors, including creative, digital, and agribusiness.

She emphasized the need to shift mindsets in order to achieve positive outcomes.

As pioneers of this transformative capacity-building initiative, the partners expressed their enthusiasm for the positive changes that will emerge from the program and extended their gratitude to all participants.

Nigeria experiences a surge in inflation to 24.08% during July, as reported by the NBS.

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Nigeria experienced a significant surge in headline inflation in July 2023, reaching 24.08%, according to the National Bureau of Statistics.

This marks the most substantial increase throughout the entire year.

Comparatively, the inflation rate was 22.79% in June, indicating a rise of 1.29 percentage points.

The NBS elaborated that the July 2023 headline inflation rate rose by 1.29%, when compared to the rate in June 2023.

Moreover, on a year-on-year basis, the July 2023 headline inflation rate was 4.44% points higher than that of July 2022, which stood at 19.64%.

This underscores a clear escalation in the headline inflation rate in July 2023 compared to the same month the prior year.

FG aims to tap into the capital market to achieve its objective of reaching a total asset value of N100 trillion.

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The Ministry of Finance Incorporated, the investment arm of the Federal Government, is turning its focus towards the capital market to raise funds in pursuit of its ambitious goal of managing assets worth N100tn over the next decade.

This announcement was made during the closing ceremony held in honor of MOFI at the Nigerian Exchange Limited in Lagos on Monday.

Dr Armstrong Takang, the Managing Director of MOFI, emphasized the significance of the capital market in sourcing funds for investments and government initiatives.

He highlighted the potential of utilizing the capital market to secure funds, citing successful examples from other countries such as the United States, where infrastructure projects are commonly funded through the capital market.

Temi Popoola, the CEO of the Nigerian Exchange Limited (NGX), expressed the exchange’s commitment to supporting MOFI’s objectives and encouraged collaborative efforts to ensure the success of these initiatives.

Popoola noted the market’s positive momentum and the engagement of local investors, which bodes well for MOFI’s endeavors.

Oluwole Adeosun, the president of the Chartered Institute of Stockbrokers, shared his optimism about actively managing Nigeria’s assets and transforming them into valuable securities that can be traded on the NGX and other platforms.

He projected substantial value growth for these assets once they are listed on the exchange.

Sam Onukwue, the chairman of the Association of Securities Dealing Houses of Nigeria, expressed confidence in MOFI’s management and anticipated that the entry of government entities into the market would instill discipline and transparency.

He believed that the market’s capacity to absorb government securities would contribute to the success of this venture.

Tinu Awe, the CEO of NGX Regulation Limited, reassured MOFI of the exchange’s commitment to transparency and the safety of its assets.

Awe welcomed the partnership between NGX and MOFI, underscoring the regulated nature of the market and the exchange’s dedication to upholding integrity and addressing any concerns that may arise.

Overall, the event highlighted MOFI’s strategic shift towards utilizing the capital market to raise funds and manage assets, with key stakeholders expressing confidence and support for the initiative’s success.

 

Breaking News: New Charges Filed by Federal Government Against Emefiele

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On Tuesday, the Federal Government submitted a request to drop the charges of illegal firearm possession against Godwin Emefiele, the suspended governor of the Central Bank of Nigeria.

Mohammed Bakodo Abubakar, the Director of Public Prosecutions at the Federal Ministry of Justice, presented an oral application to the federal high court in Ikoyi, explaining that this decision was based on further investigations.

Abubakar also revealed that a new set of charges, consisting of 20 counts, has been filed against Emefiele at the Federal High Court in Abuja.

He shared this information with journalists after the day’s proceedings.

Notably, on July 25, Emefiele had been arraigned on a two-count charge related to the “illegal possession of firearms” at a federal high court in Ikoyi, Lagos.

 

 

 

𝗢𝘀𝘂𝗻 𝗢𝘀𝗼𝗴𝗯𝗼 𝗙𝗲𝘀𝘁𝗶𝘃𝗮𝗹 𝗪𝗵𝗲𝗿𝗲 𝗢𝗻𝗹𝘆 𝗩𝗶𝗿𝗴𝗶𝗻 𝗜𝘀 𝗔𝗹𝗹𝗼𝘄𝗲𝗱 𝗧𝗼 𝗕𝗲 𝗔𝗿𝘂𝗴𝗯𝗮 (𝗖𝗮𝗹𝗮𝗯𝗮𝘀𝗵 𝗖𝗮𝗿𝗿𝗶𝗲𝗿) 

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𝗢𝘀𝘂𝗻 𝗢𝘀𝗼𝗴𝗯𝗼 𝗙𝗲𝘀𝘁𝗶𝘃𝗮𝗹 𝗪𝗵𝗲𝗿𝗲 𝗢𝗻𝗹𝘆 𝗩𝗶𝗿𝗴𝗶𝗻 𝗜𝘀 𝗔𝗹𝗹𝗼𝘄𝗲𝗱 𝗧𝗼 𝗕𝗲 𝗔𝗿𝘂𝗴𝗯𝗮 (𝗖𝗮𝗹𝗮𝗯𝗮𝘀𝗵 𝗖𝗮𝗿𝗿𝗶𝗲𝗿)

The current Arugba, 𝗢𝘀𝘂𝗻𝘁𝗼𝗺𝗶 𝗢𝘆𝗲𝘁𝘂𝗻𝗷𝗶, is the young daughter of the sitting Ataoja of Osogbo. She took over from Abolade Oyewale, who carried the sacrifice calabash to the river goddess and was herself considered a goddess for 10 years.

 

Every August, Osogbo town plays host to one of the most interesting festivals in the world, the Osun Osogbo Festival. Since the town became host of the country’s second World Heritage site, the gravitation pull of adventurous tourists has become hard to resist. Its a festival that allows tourists to discover the plains, the streams and forest of Osogbo, the land of Oroki, famed for its indigo dye, ‘aro’.

 

The one month long festival is believed to be a covenant between the indigenes and the water goddess, during which time, the indigenes thank the water goddess for the peace, tranquillity and prosperity bestowed on the town by the goddess and also to ask for more favours from the goddess for the next year.

 

The Arugba is led by the most senior Osun priestess and Aworo Osun from the premises of the palace of the reigning Ataoja of Osogbo, enveloped on both sides by a formidable human fence, who must ensure that she gets to her destination without incident and, more importantly, with the calabash intact. As the tradition goes, the virgin so chosen ‘’is the personification of the goddess Osun and must not stumble’.

 

Arugba is carefully chosen by the priests. Sources say that as soon as these votary maids are picked, they live under the watchful eyes of the Ataoja during the periods that they serve as Arugba. Once an Arugba is picked, she more or less, becomes kabiyesi’s (king) daughter. She lives under the care and watchful eyes of the kabiyesi. This is because she must not know any man while she still bears the Osun calabash; so they don’t enjoy some freedom that their mates enjoy.” The Arugba’s are allowed to quit when they are matured enough to get married.

 

The practice, over the years, has been that the Arugba must be a virgin, a spinster from the king’s extended family, and must be chosen for the role by Ifa divination picked from ages 11 or 12 and dedicated to the service of the River goddess Yeye Osun, until she eventually gets matured. Usually, she would serve the town for about three to four years before she grows into womanhood, but with civilisation and most of them attending schools, the Arugba now serves the town or the River goddess for over ten years for those picked at tender ages.

 

Arugba is not allowed to eat certain foods like, fish, snail, guinea corn, because Osun does not take them.

 

Whilst lots of restrictions are placed on the social life of the votary maid, she’s allowed to go to school and mingle with her friends. Though spiritual, being Arugba does come with its own perks such as enjoying preferential treatment in school, one of which is spotting long hair while other students kept short hair and getting whatever she desires from the ruling king.

 

Fellow students are wary of her but for those who are close to her, a former Arugba once said, she is completely harmless. She wore school uniform all through her years of studies except for two bracelets on her wrists which should never be taken off’. Of course that caused some few skirmishes with teachers, of which one physically yanked it off and the consequences were immediately devastating, she recanted.

 

Gossip House

“Remi Tinubu welcomes Super Falcons to Aso Rock Villa with open arms.”

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On Monday, at the Presidential Villa in Abuja, the First Lady, Oluremi Tinubu, warmly welcomed the members of the Nigerian female football team, known as the Super Falcons.

Unfortunately, the Super Falcons faced an exit from the ongoing FIFA Women’s World Cup, which is being co-hosted by Australia and New Zealand.

Their journey came to an end as they lost in a penalty shootout against the English team, the Lionesses, on August 7.

Notably, the First Lady had also held a similar meeting the previous week with the Nigeria female basketball team, D’Tigresses. Stay tuned for more details on these interactions.

“Loans to CBN employees surge by 113%, reaching a total of N40 billion.”

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The Central Bank of Nigeria has announced that it granted loans totaling N40.67 billion to its staff members by December 2022, as stated in its audited financial report for the same year.

This marked a significant surge of 133.07% from the previous year, where loans amounted to N17.43 billion.

The bank did not furnish details regarding the number of staff benefiting from these loans.

Although, its website did provide insights into the current staff count.

The bank also disclosed that despite offering N155.63 billion in staff allowances in 2022, a substantial debt still remained.

These allowances encompassed various categories, such as furniture, housing, leave, transport, productivity, and other compensations.

Notably, the sum of these allowances exceeded the bank’s recorded profit of N65.63 billion during the review period and surpassed the N113.35 billion spent on staff allowances in 2021.

Additionally, a comprehensive assessment revealed that the CBN incurred a total of N1.2 trillion in personnel expenses over seven years, while recording a net income of N520.04 billion.

The financial reports for the period from 2016 to 2022 demonstrated fluctuations in the bank’s profit, with staff emoluments consistently rising by 119% throughout the seven-year span.

The audited accounts, recently released and verified by Ernst & Young and KPMG, indicated that credit loss expenses for the bank escalated to N875.2 billion in 2022, compared to N498.2 billion in the preceding year.

Ceec’s Mindset Takes Center Stage: A Lesson in Personal Empowerment from #BbnaijaAllstars

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This week, let the example of Ceec from #BbnaijaAllstars serve as a motivating lesson for us all. One of the key takeaways from her journey is the importance of having a strong sense of individuality and being self-aware. Ceec’s ability to think independently and make sound decisions has made her a difficult contestant to manipulate within the house. Her unwavering determination to stay true to herself has not only earned her respect but also established her as a force to be reckoned with.

In addition to her resilience, Ceec’s unintentional hold on the Alpha ‘male’ Mindset title is truly remarkable. Her confidence, assertiveness, and ability to assert her opinions without hesitation have set her apart from the other housemates. While serving captivating content for the show, Ceec has inadvertently become a role model for others, demonstrating the power of standing firm in one’s beliefs and embracing one’s individuality.

As we navigate our own lives, let’s draw inspiration from Ceec’s example by developing our own minds and staying true to ourselves. By cultivating our own thoughts and making well-informed decisions, we can become stronger, more confident individuals who are less susceptible to external influence.

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“NLC Warns of Police HQ Picketing Amid NURTW Harassment Concerns”

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The Nigeria Labour Congress (NLC) has strongly criticized alleged instances of police harassment and intimidation directed towards union leaders.

They have issued a warning, stating their intention to stage protests at police headquarters and stations across the country unless the acting Inspector General of Police (IGP), Kayode Egbetokun, promptly puts an end to these illicit actions.

In particular, the NLC has raised concerns about what they perceive as unwarranted interference by the IGP in the internal affairs of the National Union of Road Transport Workers (NURTW), an affiliate of the NLC.

According to NLC President Joe Ajaero, the NURTW has been subject to unjust restrictions and constraints on their legitimate activities in Lagos State and other states in the Southwest, despite court rulings to the contrary.

The NLC has expressed its observations that certain forces have exhibited a sense of invulnerability, having taken control of the union in several states and even renaming them in some instances as “Lands and Parks.” These same forces are now seeking to expand their influence nationwide.

The recent detention of national union officers by the police without apparent justification, except to disrupt a valid trade union program, has raised concerns.

The NLC believes that there is an underlying motive to seize leadership of the union and exploit it as a means to suppress opposition voices and undermine democratic principles in Nigeria.

The NLC has emphasized that the IGP lacks the authority to interfere in trade union matters, as this falls outside the scope of the police’s responsibilities.

They assert that proper channels exist for addressing industrial disputes in Nigeria, involving the Federal Ministry of Labour, which possesses the legal mandate to intervene and arbitrate in such cases.

The NLC’s statement underscores their apprehension that these actions may contribute to an expansion of unlawful authority exercised by certain influential powers, utilizing the IGP’s authority to perpetrate illegitimate actions nationwide.

This situation raises significant concerns about the state of democracy in the country and warrants condemnation from all individuals committed to preserving democratic values.

The NLC issues a cautionary message to the IGP, urging him to refrain from meddling in matters beyond his jurisdiction.

They stress the importance of adhering to established procedures for addressing trade union concerns, rather than resorting to harassment and intimidation tactics against union leaders.