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Nigeria’s Currency Scarcity Sparks Protests and Traffic Chaos on Lagos-Ibadan Expressway

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Muhammadu Buhari

Nigeria’s Lagos-Ibadan Expressway has been thrown into chaos, as protests broke out over the scarcity of naira currency notes.

The protests, which began on Friday morning, have resulted in a gridlock that has spread from the Mowe area of Ogun State to the Long Bridge area of Arepo, leaving vehicular movement almost at a standstill.

According to a source in the Mowe area, youths in the area have taken to the road and blocked it in protest. The protesters are demanding the availability of old naira notes, which they claim are easier to use than the new notes, and have been chanting “Old naira notes” in a video that was sent to Investors King.

The police have been called in to manage the situation, and there is a heavy police presence along the expressway. Despite this, many vehicles have been turning back in an attempt to escape the chaos ahead.

The protests have resulted in violent clashes between the protesters and the police, with reports that the protesters resisted police intervention and threatened to set the police station in the area ablaze. On the popular Lagos-Ikorodu expressway, fighting also erupted in some areas due to the scarcity of the new naira notes, resulting in chaos and attacks on commuters.

The scarcity of naira currency notes has been a major issue in Nigeria in recent times, with the government’s policy to phase out old naira notes and replace them with new ones causing hardship for many Nigerians. The President, Muhammadu Buhari, had recently announced that the old N500 and N1,000 notes were no longer legal tender in the country, extending the validity of the old N200 note for 60 days, till April 10, 2023.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cristiano Ronaldo’s Dominance Forces Ban from YouTube and TikTok

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Real Madrid's Portuguese forward Cristia

Cristiano Ronaldo, the iconic Portuguese footballer known for breaking records on the field, is now facing an unusual restriction off the field as he cannot open official accounts on YouTube and TikTok.

Sources familiar with the situation reveal that the unprecedented ban stems from concerns over the extraordinary number of subscribers and views Ronaldo could attract, potentially overwhelming the platforms and disrupting their ecosystems.

Ronaldo’s immense popularity is well-documented. His presence on social media has always drawn millions of followers, and his videos consistently garner high engagement.

According to experts, allowing Ronaldo to create a YouTube channel could lead to unsustainable costs for both YouTube and other content creators on the platform.

For context, it took Mr. Beast, currently the YouTuber with the most subscribers, about 13 years to amass 200 million subscribers. Projections indicate that Ronaldo could reach this milestone in less than three years, thanks to his global fanbase and widespread appeal.

This rapid growth could strain YouTube’s infrastructure and financial resources to manage such an influx.

In 2023, Ronaldo briefly opened an official TikTok account. Within a single day, his account skyrocketed to 4 million followers and received 10 million likes, earning verification almost instantly.

The overwhelming response caused significant disruptions on TikTok, prompting the platform to ban his account and suggesting that TikTok could not handle the financial and operational challenges posed by Ronaldo’s massive viewership.

He already has more than 630 million followers on Instagram and 111.7M Followers on X.com.

The decision to prohibit Ronaldo from these platforms highlights the unique challenges posed by mega-celebrities in the digital age.

While their presence can bring enormous traffic and engagement, it also poses significant logistical and financial challenges for social media companies.

Ronaldo’s situation revealed the delicate balance platforms must maintain between leveraging star power for growth and ensuring sustainable operations for all users.

As social media continues to evolve, this case may prompt platforms to rethink how they manage the accounts of exceptionally influential figures.

In the meantime, Ronaldo remains active on other social media channels, where he continues to connect with his fans and share glimpses of his life and career. Despite the bans, his influence and popularity show no signs of waning, reaffirming his status as one of the most celebrated athletes in the world.

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BUA Foods and ASR Africa Donate N10m, Foodstuffs to Lagos Widows on International Widows’ Day

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BUA Foods in collaboration with the Abdul Samad Rabiu Initiative for Africa (ASR Africa) has extended a compassionate hand to widows in Lagos.

The initiative, aimed at alleviating economic hardship among widows, saw the distribution of N10 million in grants along with essential food items generously donated by BUA Foods.

The event, held under the auspices of the International Women Society’s Widows Feast and Empowerment program in Lagos, underscored the commitment of both organizations to corporate social responsibility and community welfare.

The donations, which included BUA Foods’ renowned products such as IRS Pasta, IRS Semolina, and BUA Rice, were met with gratitude and appreciation by the beneficiaries.

Managing Director of BUA Foods, Ayodele Abioye, emphasized the company’s broader social impact beyond business profitability.

“Our responsibility extends to making a meaningful difference in the lives of those around us,” he stated. “Initiatives like this resonate deeply with our commitment to corporate social responsibility.”

Dr. Ubon Udoh, Managing Director and Chief Executive Officer of ASR Africa, highlighted that the N10 million grant forms part of ASR Africa’s ongoing efforts in social development, emphasizing its significance in improving livelihoods and welfare.

“This grant is a testament to our dedication to supporting vulnerable groups,” Dr. Udoh remarked.

The Chairperson of the Widows’ Trust Fund of IWS, Mrs. Adeola Adebanke, expressed her heartfelt gratitude for the support received from ASR Africa and BUA Foods.

She noted that such initiatives play a crucial role in providing relief and sustainable support to widows facing economic challenges.

Widows who benefited from the donations also shared their appreciation, highlighting the impact of the support on their daily lives.

“We are overwhelmed with gratitude for ASR Africa and BUA Foods,” said Mrs. Khadija Rufai, one of the beneficiaries. “This donation will alleviate significant pressure on my household.”

Mrs. Adebimpe Lanre, another beneficiary, added, “The generosity of ASR Africa and BUA Foods is a lifeline for many of us. It will make a huge difference in our households and allow us to focus on other important needs.”

The collaboration between BUA Foods and ASR Africa not only underscores their commitment to social welfare but also sets a commendable example of private sector involvement in addressing societal challenges.

As Nigeria continues to navigate socio-economic complexities, initiatives like these contribute significantly to fostering community resilience and support.

 

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Arik Air Directed to Pay $21,466.64 to Former Air Hostess for Unpaid Salaries

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Arik air

The Industrial Court in Lagos has ordered Arik Air to pay $21,466.64 in salary arrears to Mrs. Andreia Perdigao, a former air hostess who was wrongfully dismissed by the airline.

This decision, marked as SUIT NO.: NICN/LA/532/2017, brings a significant victory for Perdigao, who had been seeking justice and her unpaid wages since her termination in 2017.

Mrs. Perdigao, who worked with Arik Air for approximately three years, took legal action against her former employer after being dismissed in March 2017.

She sought the court’s intervention to recover her unpaid salaries from December 2016 to March 2017, which amounted to $2,683.33 per month. The total arrears for the eight months were calculated at $21,466.64.

In his judgment, Justice M.N. Esowe affirmed that a valid contract of employment existed between Mrs. Perdigao and Arik Air, thus entitling her to the claimed salaries.

“It is declared that the defendants are bound to pay to the claimant eight months’ arrears of salary for the months of August 2016 through December 2016 and for the months of January 2017 to March 2017 when the 1st Defendant wrongfully terminated the Claimant’s employment,” Justice Esowe stated.

The court further directed Arik Air to pay Mrs. Perdigao an additional $2,683.33 as general damages for breach of contract.

Furthermore, the court ordered that the airline must pay interest at a rate of 15 percent on all the judgment sums from the date of delivery of the judgment until full payment is made.

The court’s decision, dated May 9, has yet to be enforced by Arik Air. When contacted, Adebajo Ola, Head of Corporate Communications at Arik Air, stated he was unaware of the ruling.

“I am not aware of the case. I will need to find out,” Ola said, upon receiving the document and suit information from our correspondent.

This ruling highlights the ongoing issues faced by employees within the aviation sector regarding wrongful termination and unpaid wages.

The judgment serves as a reminder to employers about the legal obligations they hold towards their staff and reinforces the judiciary’s role in upholding employees’ rights.

Mrs. Perdigao’s victory may pave the way for other employees in similar situations to seek justice and proper compensation for wrongful dismissals and unpaid wages.

The case also underscores the importance of adhering to contractual agreements and ensuring fair treatment of employees in all sectors.

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