Twitter owner, Mr Elon Musk, has gone ahead with plans and officially changed the microblogging platform’s famous bird logo to an “X” on Monday. News reports at the beginning of the week had noted that the billionaire said the platform would soon “bid adieu to the Twitter brand and, gradually, all the birds.” As of Monday, the domain X.com directs users to Twitter’s homepage, though Twitter.com also remains live. However, this newspaper can confirm that this change has not spread to its mobile app. This development is part of sweeping reforms that have occurred since the Space X CEO acquired…
Author: Elvis Eromosele
The conversational AI service of Google, Bard, has been enhanced with four additional features to enable users get more from the application, including uploading images with prompts. Users can now pin and rename their conversations with Bard, making it easier to revisit conversations that contain important information or ideas later. Through the export code to more places feature, users can now export Python code to Replit, in addition to Google Colab, making it easier for users to share their code with others or use it in other projects. Users will also be able to share responses with friends using shareable…
The Nigerian Communications Commission (NCC) has revealed that people with access to telecommunication subscriptions in the country stood at 227.18 million as of May 2023, while teledensity hit 119 per cent. This was disclosed by the Executive Vice Chairman of NCC, Mr Umar Danbatta, during the two-day 2023 ICTEL Expo organised by the Lagos Chamber of Commerce and Industry (LCCI) at Landmark Event Centre, Lagos, on Tuesday. Speaking at the event themed Tech Disruption, Transforming Industries with Innovation, Mr Danbatta, who was represented by Mr Alkasim Umar, the Director of the Consumer Affairs Bureau of NCC, said Nigeria was on course…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its 149th meeting on Tuesday, with a decision to raise the lending rate from 18.5 to 18.75 per cent, to curb the country’s inflation currently pegged at 22.79 per cent. The committee also adjusted the asymmetric corridor from +100/-700 to +100/-300 basis points around the Monetary Policy Rate (MPR). It retained the Cash Reserve Ratio (CRR) at 32.5 per cent and liquidity ratio at 30 per cent. Speaking at a post-MPC meeting, the acting CBN Governor, Folashodun Shonubi said 11 members attended the meeting. Shonubi in…
Nigeria’s electricity generation experienced a significant week-on-week drop of 16.4 per cent, falling to 3,501.20 megawatts (MW) from the previous week’s 4,187.6 MW, recent reports indicate. Multiple factors contributed to this decline, including the poor condition of power plants and insufficient gas supply to thermal plants. As a consequence of the situation, the Electricity Distribution Companies (DISCOs) have resorted to load shedding, a measure taken to distribute the limited electricity among consumers at different times. In parallel developments, the Nigerian Electricity Regulatory Commission (NERC) reported that eleven electricity distribution companies have submitted applications for a rate review. These requests are…
The Federal Government has increased the school fees of new students into Federal Government Colleges otherwise known as Federal Unity Colleges. The fees which were increased to N100,000, represent a 122.2 per cent increase when compared to the previous fees of N45,000. This disclosure is contained in a circular from the Office of the Director of Senior Secondary Education Department of the Federal Ministry of Education, with reference number ADF/120/DSSE/I, dated May 25, 2023, and addressed to all Principals of Federal Unity Colleges. According to the circular titled, “Approved fees/ charges for Federal Unity Colleges (1st Term) for new students,“…
Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA) has urged non-tech micro, small, and medium enterprises (MSMEs) to adopt digitalization and technology to accelerate growth. Abdullahi who stated this during a recent visit to GIZ/DTC Nigeria office noted that by digitising their processes, MSMEs operators will boost the country’s Gross Domestic Product by N53 billion. Citing research work, the director general said that any MSME that transforms digitally can increase its revenue by 26 per cent and cut costs by 22 per cent. “Today the MSMEs contribute 43 per cent to Nigeria’s GDP which is about…
Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22.79 per cent in June 2023, according to data by the National Bureau of Statistics released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month. The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage…
The Society for Corporate Governance Nigeria (SCGN) recently hosted a special lecture and tribute event to honour two exceptional visionary board members, Prof. Chris Ogbechie and Prof. Juan Elegido, who are retiring from their distinguished director roles within the society. The event celebrated their illustrious contributions and recognized their profound impact on strategy, leadership, ethics, and corporate governance in Nigeria and across the African continent. The lecture, titled: “Leadership and Ethics: Ethos of Corporate Governance,” was delivered by Mr Isaac Orolugbagbe, a fellow of the Society. The lecture delved deeply into the intricate threads that connect effective leadership and ethical practices to…
The Development Bank of Nigeria has raised N23 billion in the first tranche of its N100 billion bond issuance programme to consolidate its support to micro, small and medium-scale enterprises (MSME). The instrument that will be due in 2028 is at 14.4 per cent. The bank hopes it would help in closing the huge funding gap in the MSME sector, which is critical for building inclusive growth and creating jobs. The N20 billion bond issuance, according to the executive of the wholesale lender, was oversubscribed to the tune of 15 per cent – a demonstration of the bank’s market acceptance.…