Nigeria is in a precarious situation, financially. The federal government claims it doesn’t have money, so it is borrowing, from all sorts of places for all sorts of reasons. Some say that the government is borrowing even to pay the salaries of federal workers. In June, we learnt that the nation is borrowing to pay the interest on the loans that it has taken. It is a difficult season. Things have never been this bad. Today, inflation stands at over 20 per cent (according to the National Bureau of Statistics (NBS); the exchange rate is N730 – $1 (black market…
Author: Elvis Eromosele
Japanese electronics maker NEC has signed a charter contract for a new cable-laying ship to help it meet the growing global demand for submarine cables. NEC is ranked second in the world for building undersea cable systems that serve as arteries for cross-border data communications. The vessel chartered from a British company is now preparing to set sail from NEC’s plant in Kitakyushu, western Japan. The ship can store about 7,000 kilometres of cable. NEC says the large capacity makes installation more efficient. NEC official Kashima Takahiro said ” When we use SNS or the internet, all the data travels…
The National Bureau of Statistics (NBC) has said that Nigeria’s headline inflation rate (all items index) in September 2022 was 20.77 per cent on a year-on-year basis. The agency’s report, which was signed by Prince Adeyemi Adeniran, the Statistician-General, National Bureau of Statistics, (NBS), and made available to journalists in Abuja on Monday, noted that the figure was 4.14 per cent points higher compared to the rate recorded in September 2021, which was 16.63 per cent. It explained that the development shows that the general price level for all items index rose by 4.14 per cent in September 2022 when…
The Digital Nigeria International Conference and Exhibition formerly known as eNigeria International Conference and Exhibitions is set to hold in eight days, from Tuesday, October 25 to end Thursday 27. Organised by the National Information Technology Development Agency (NITDA), Digital Nigeria is the flagship awareness programme in the Digital Economy sector. President Muhammadu Buhari is expected to declare the event opened assisted by the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami. The Chief Host is the Director General of NITDA, Kashifu Inuwa Abdullahi, The annual event was re-branded as Digital Nigeria to further expand the scope…
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has proposed top-quality digital products and payment collection solutions for business enterprises and merchants in Nigeria. The financial solutions include C’Gate Payment, Payment Gateway Service, PrimePay and POS terminal. Having observed the challenges businesses face when receiving payments during transactions, the bank came up with digital payment products that will enable business owners to collect payments for transactions more efficiently. On the digital products, Head of Digital and eCommerce, Stanbic IBTC Bank, Olutimi Ibrahim said the digital solutions were carefully thought out with business owners in mind to allow…
The Lagos State Judicial Service Commission has terminated the appointments of Magistrates Oluwatoyin Gwendolyn Oghre and Humenu Olajuwon Amos as members of the State Judiciary for misconduct. A statement signed by the Permanent Secretary of the Commission, Mrs. Olubukola O. Salami said the termination of appointments was the culmination of the investigation initiated over allegations of misconduct levelled against the duo in line with the disciplinary process and the need to protect the integrity of the Judiciary. In her words: “The Commission hereby informs members of the public that the appointments of Magistrate Oluwatoyin Gwendolyn Oghre and Magistrate Humenu Olajuwon…
The apex advertising body in the country, the Advertising Regulatory Council of Nigeria, ARCON, has declared that starting from the first day of January, next year, all advertising advertisement and marketing communication materials directed at the Nigerian market must have a minimum of 75 per cent cumulative local content. This was made known in a release made available to the media and signed by the Director-General of ARCON, Dr. Olalekan Fadolapo. In giving the rationale for the move, ARCON stated that the directive is in line with the current efforts of the Federal Government aimed at job creation, inclusive growth…
The Selection Committee for the Lagos Public Relations Industry Gala and Awards (LAPRIGA) 2022, has revealed, over 100 entries have been submitted, announcing that people now have a 15-day grace period to still enter for the award. While all entries closed in September, the committee announced October 28, 2022, as the new deadline, encouraging the LAPRIGA public to hop on the moving train. Speaking on the rationale behind the deadline extension, the Chairman of the Selection Committee, Mr. Chido Nwakanma, noted that the extension was granted to give room for more professionals in the PR industry to submit their entries…
In spite of the injection of over N1.51 trillion intervention fund into the nation’s power sector, electricity generation capacity has dropped to dropped 5,634.47MW by August 2022 from 6,616.28MW in 2015. The government, aside from its annual budgetary allocations to the Federal Ministry of Power, undertook a series of interventions in the power sector in a bid to revamp the industry. This, however, was despite the fact that the distribution and generation arms of the business were unbundled and officially sold to private investors in November 2013. This means from the inception of President Mohammadu Buhari’s administration to August 2022,…
More than 600 people are now known to have perished in the worst floods in a decade in Nigeria, according to a new toll released Sunday. The disaster had also forced more than 1.3 million people from their homes, said a statement by Nigeria’s ministry of humanitarian affairs, released on Twitter. “Unfortunately, over 603 lives have been lost as of today October 16, 2022,” said Humanitarian Affairs Minister Sadiya Umar Farouq. The previous toll from last week stood at 500, but the numbers had risen in part because some state governments had not prepared for the floods, said the minister.…