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US, UK, EU Nations, Israel, Others Restrict Travel From South Africa

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The United States has joined the United Kingdom, Israel, European Nations and a host of others to restrict flights from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi starting from Monday.

US Senior officials announced on Friday, saying the restriction was recommended by Joe Biden’s chief medical officer and the Centers for Disease Control and Prevention. However, the restriction does not apply to US citizens or permanent residents.

The decision was after reports of a fast-spreading new covid variant called B.1.1.529 hits headline on Thursday, raising concerns it could spread across the world if nothing is done fast. On Friday, Hong Kong reported two cases of the virus while Belgium confirmed one case in a traveler from Egypt.

The World Health Organisation (WHO) has designated the heavily mutated coronavirus strain ‘a variant of concern’.

WHO said the new COVID variant would be given the name Omicron after data examined by its officials showed exponential growth in cases of the B.1.1.529 Sars-Cov-2 variant.

The news plunged global financial markets, with stocks falling to their lowest in more than a year. The Standard and Poor 500 dropped 2.3 percent while Europe’s Stoxx 600 sheds 3.7 percent and the MSCI Asia-Pacific index dipped by 1.7 percent.

Crude oil dropped over $10 or more than 5 percent to $72 a barrel. Even gold, a known haven commodity, pulled back, losing its earlier gains.

“What should have been a quiet Friday trading in both bonds and equities globally has turned into a rout,” said Andrew Brenner, head of international fixed income at NatAlliance Securities.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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CNG Vehicle Explosion in Edo State Leaves Multiple Injured, Properties Damaged

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Compressed Natural Gas (CNG) converted vehicle has exploded, causing multiple injuries and destruction of properties within the vicinity of the incident.

The incident was reported to have occurred at one of the CNG stations, NIPCO CNG station, located at Eyean, Auchi Road, Edo State.

It was reported that many sustained injuries and vehicles within the vicinity of the incident were damaged. But, as of this report, no death was recorded.

The explosion reportedly occurred during the refueling of the station wagon’s CNG cylinder vehicle.

It could be recalled that the growing use of CNG in Nigeria emerged as a cost-saving measure in response to rising petroleum prices. However, following this incident, concerns about the human safety of converted CNG vehicles have been raised.

Many netizens questioned the safety of individuals converting their vehicles to CNG.

One X user, @Otunbakush1 stated, “I will keep saying it, if u like abuse me, as long as the vehicle Manufacturers didn’t attach the CNG features to the vehicle pls and pls don’t convert ur car, that’s a moving bomb, this happened at Edo state this morning, CNG converted vehicle exploded.”

In response to the incident, the Presidential Compressed Natural Gas Initiative (PCNGI) via their X platform, clarified that the vehicle involved in the incident was illegally converted to CNG, leading to its explosion during gas refueling.

“The Presidential CNG Initiative notes the unfortunate incident that involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.

“The PCNGI commiserate with those injured in this avoidable incident, and thankful that no lives were lost. The PCNGI also note that safe handling of all hydrocarbon is critical to their safe use. A close examination of the cylinder in question in Benin City shows it was welded and modified and not an approved for use for CNG. The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them,” PCNGI started.

The PCNGI emphasised the importance of ethical compliance with safety regulations and urged the public to patronise only CNG-accredited conversion centres to avert further tragic occurrences.

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Passengers Stranded as Nigerian Domestic Airline Market Suffers Drastic Shortage

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Omicron

Scores of passengers were disappointed across the country following worsening shortage of aircraft in the domestic airline market in the country.

As available flights for passengers is being limited, air commuters find it difficult to move around.

The situation deteriorated on Tuesday as many passengers could not secure flights to their destinations.

The busiest routes, Lagos-Abuja and Abuja-Lagos, were hugely impacted as many passengers could not secure seats as of 4 pm on Tuesday.

It was observed that on the airlines, there were indications that none of them had seats on any of their Lagos-Abuja flights.

For instance, a check on Max Air flight slated for 6 pm indicated that the seats were fully booked. However, it was later gathered that the flight did not operate.

Also, Air Peace flights for 6:30 pm and 8:30 pm on Tuesday showed that they were fully booked or did not operate as they indicated no seat on their website.

Some airline operators have attributed the challenge to capacity constraints being faced by the airlines.

One of them disclosed that there is a shortage of capacity and many people are traveling.

Another operator revealed that most of the airlines have capacity issues and they have also reduced their operations, cutting down drastically to avoid issues.

Aviation analyst, Mr Olumide Ohunayo said the flights that were said to have been sold out were either cancelled or they are not going to operate.

“So it shows the effect of the new consumer protection software and online reporting process which is now very open,” he added.

He stressed that airlines are being careful not to leave schedules open when they know that they are not going to operate it.

Ohunayo noted that ahead of the yuletide, airfares might increase due to the existing capacity constraint.

 

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Many Nigerians Disappointed as FG Refuses to Subsidise Hiked Passport Fees

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Nigerian International passport- Investors King

Many Nigerians have expressed their displeasure following the announcement by the Minister of Interior, Olubunmi Tunji-Ojo, on Friday that the Federal Government would not reduce nor subsidise the rate of purchasing the international passport in the country.

Justifying the recent increase in passport fees, he clarified that the rise was approximately 45%, attributing the fee adjustment to the exchange rate between the dollar and the naira.

As per the new structure, the cost of a 32-page passport booklet with a five-year validity increased from N35,000 to N50,000, while a 64-page passport booklet with a 10-year validity rose from N70,000 to N100,000.

Meanwhile, some Nigerians who had in August kicked against the new price when the Nigerian Immigration Service announced an upward review of the fees for Nigerian Standard Passports, said it was a ploy by the Federal Government to frustrate efforts by Nigerians to travel out of the country for greener pastures.

They expressed disappointment over the fee hike, accusing the government of making japa (migration) more expensive.

Speaking, a Nigerian, Fidelis Okoro noted that the Federal Government was expected to have subsidized the increment, adding that the Minister’s insistence on the hike fees is not welcome.

Another citizen, Agali, who shared his disappointment with the government in a chat with Investors King, said, “Now the government is increasing taxes and fees and fattening its IGR base on the detriment of poor masses. Even those who struggle to leave the country are not spared. I, for one had expected that the government should have subsidized passport fees but with this announcement by the minister, I am disappointed.”

But, the minister, while speaking at a media briefing in Abuja to mark his first year in office, explained the reason why the government could not subsidise passport fees for Nigerians.

He also clarified that the price increase did not affect the fees for Nigerians living abroad.

The minister explained that the increase in passport fees is a matter of cost-benefit analysis, especially when considering the exchange rate between the dollar and the naira, adding that if the government were to subsidise anything, he doesn’t think it should be passports.

“The increase is just from N35,000 to N50,000 — only about 45%. There has been no increase for Nigerians abroad,” he maintained.

He stressed that the government was not exploiting Nigerians but simply covering the cost of passport procurement.

Tunji-Ojo also revealed that Nigerians in the diaspora, particularly those in the United States, Canada, and the United Kingdom, would soon enjoy more seamless passport acquisition processes.

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