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Naira Appreciation: Commission to monitor, investigate price hikes

Abuja, April 17, 2024 -The Federal Competition and Consumer Protection Commission (FCCPC) will monitor and investigate unusual hikes in prices of goods and services. Adamu Abdullah, the Acting Executive Vice Chairman/Chief Executive Officer, said this in a statement issued in Abuja on Wednesday. He said it was unacceptable that in spite of the recent appreciation of the naira against the dollar, consumers continued to face escalating costs without a corresponding decrease in prices. The commission said while it could not directly regulate prices, it would use existing legal framework to …

NiDCOM to partner USAID on Diaspora engagements

Abuja, April, 17, 2024 – The Nigerians in Diaspora Commission (NiDCOM) has secured a strategic cooperation and collaboration with the United States Agency for International Development (USAID-NIGERIA) for diaspora engagements. The cooperation is on youth empowerment and socio-economic development of the country. USAID will also partner NiDCOM on this year’s National Diaspora Day Celebrations. These agreements were reached during a visit by USAID delegation to NiDCOM office in Abuja. Hon. Abike Dabiri-Erewa, the Chairman/CEO of NiDCOM), said that the collaboration was timely and appropriate as it aligned with the Renewed Hope …

Alleged Corruption: Kano State files fresh charges against Ganduje 

Lagos, April 16, 2024 -The Kano State Anti-Corruption and Public Complaints Commission, says it has filed fresh corruption charges against a former Governor of the State, Abdullahi Ganduje. Muhuyi Magaji, the Chairman of the commission, said this on Tuesday while speaking on Channels Television’s programme, Sunrise.   “What is happening now is a tip of the iceberg. “As I am talking to you, we are investigating a case whereby billions of local government funds were directly taken from the government coffers (and) sent to other individuals, and we traced it …

NCAA suspends flight permits of 3 private jets over commercial operations

Abuja, April 16, 2024 – The Nigerian Civil Aviation Authority (NCAA) has suspended the Permits for Non-Commercial Flights (PNCF) licenses of three private jets for engaging in commercial operations. Captain Chris Najomo, the Acting Director-General of the NCAA, announced the suspension on Tuesday in a video press release posted on the official NCAA X (formerly Twitter) account. He alleged that the affected PNCF holders violated the annexure provision of their PNCF licenses and Part 9114 of the Nigerian Civil Aviation Regulations. “Back in November 2023, the use of private jets …

Nigeria to participate actively in development, regulation of Artificial Intelligence – minister

Abuja, April 16, 2024 – The Federal Government will take active part in the development and regulations of Artificial Intelligence at the global stage. Bosun Tijani, the Minister of Communications, Innovations and Digital Economy, said this in Abuja at the opening of a four-day workshop on National Artificial Intelligence Strategy.   The workshop was organised by his ministry in conjunction with the Nigeria Communications Commission (NCC), the National Information Technology Development Agency, NITDA, the National Centre for Artificial Intelligence, the Galaxy Backbone, Google and other development partners Tijani said Nigeria’s …

Ecobank partners Nigeria Chess Federation to host 2024 National Schools’ Team Chess Competition

Lagos, April 16, 2024 – Ecobank Nigeria Limited, a subsidiary of the Ecobank Group, has entered a strategic partnership with Nigeria Chess Federation (NCF) to host the 2024 National Schools’ Team Chess Competition. The competition is scheduled to hold between May 24 to May 28 2024 at the Ecobank Pan African Centre (EPAC) in Victoria Lagos. It is open to students from primary, secondary and tertiary education level with prizes of over N10 million to be won. Representatives of the Ministry of Education, Sports and Youth Development, parents, teachers, embassies and …

Fidelity Bank grows profit by 131.5% in FY 2023

-Declares a final dividend of 60 kobo per share Lagos, April 16, 2024 – Fidelity Bank Plc, a leading financial institution, has released its 2023 full year audited financial statements, reporting a 131.5% growth in its profit before tax to N124.26 billion. According to the results which was issued to the Nigerian Exchange (NGX) on Tuesday, the bank grew its gross earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in net interest income which increased from N152.7billion to N277.37 billion. This led to a profit after tax …

U.S. officials expect Israeli response to Iran strikes will be limited

Washington, April 16, 2024 – U.S. officials expect a possible Israeli response to Iran’s attack over the weekend to be limited in scope and most likely involve strikes against Iranian military forces and Iranian-backed proxies outside Iran, four U.S. officials told NBC News. The U.S. assessment is based on conversations between U.S. and Israeli officials that happened before Iran fired more than 300 drones and missiles at Israel on Saturday night. As Israel was preparing for a possible Iranian attack last week, Israeli officials briefed U.S. officials about possible response …

Nigeria’s oil reserves rise to 37.5 billion barrels

Abuja, April 16, 2024 – Nigeria’s crude oil reserves has risen from 36.96 billion barrels on Jan, 1, 2023 to 37.50 billion barrels on Jan.1, 2024. The country’s natural gas reserves also rose from 208.83 trillion Cubic Feet (TCF) on Jan. 1, 2023 to 209.26TCF on Jan. 1, 2024. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this on Monday. He attributed the increasing reserves to production from some of the marginal fields and several initiatives of the commission. “Some of the brownfields and marginal …

Oil slips as risk premium eases after Iran attack

London, April 15, 2024 – Oil prices drifted lower on Monday, with the market downplaying the risk of broader regional conflagration after Iran’s weekend attack on Israel. Brent futures for June delivery fell 81 cents, or about 0.9%, to $89.64 a barrel by 1335 GMT while West Texas Intermediate (WTI) futures for May delivery were down 69 cents, or about 0.8%, at $84.97. Oil benchmarks had risen on Friday in anticipation of Iran’s retaliatory attack, with prices touching their highest since October. Iran’s attack involved more than 300 missiles and …