Connect with us

News

Latest News In Nigeria Today, August 15, 2023

Published

on

Investors King has put together latest news in Nigeria today, August 12, 2023 to ensure you stay atop trending news and happenings in the business world.

Stock Investors Gained N92 Billion Last Week as The Exchange Extends Bullish Run

Investors in the Nigerian Exchange Limited (NGX) gained N92 billion last week as the bullish run continues across key sectors.

During the week, investors exchanged 1.741 billion shares worth N25.087 billion in 30,652 deals, against a total of 2.575 billion shares valued at N29.615 billion that exchanged hands in 37,713 deals in the previous week. Read more here.

Oil Prices Slip Over 1% Amidst China Recovery Worries and Stronger Dollar

Oil prices experienced a decline of over 1% on Monday with concerns centered around China’s struggling economic recovery and a strengthening U.S. dollar.

Despite the recent seven weeks of gains attributed to supply tightening resulting from OPEC+ output cuts, this downward trend was notable. Read more here.

Naira Struggles as Demand-Supply Gap of US Dollars Widens

The disparity between the demand and supply of US dollars within banks and the informal parallel market continues to exert downward pressure on the value of the Nigerian naira.

Within three weeks, the Nigerian Naira lost N100 of its value from N860 per dollar to N960 on the parallel market on Friday. Read more here.

Fidelity Bank Lists 3.037 Billion Additional Shares

Fidelity Bank has listed an additional 3,037,414,308 ordinary shares of 50 kobo on the Nigerian Exchange Limited (NGX).

The additional sales have increased the bank’s total issued and fully paid-up shares from 28,974,797,023 to 32,012,211,331 ordinary shares. Read more here.

Mastercard Makes Strategic Move with Minority Stake in MTN’s Fintech Business, Paving the Way for a Mobile Money Revolution in Africa

MTN Group Ltd., the continent’s leading wireless carrier, has announced that Mastercard Inc. has agreed to acquire a minority stake in its financial technology (fintech) business.

This strategic move comes as MTN values its fintech venture at an impressive $5.2 billion, signifying a significant boost for the company’s ambitions in the digital finance space. Read more here.

President Bola Tinubu’s Administration Set to Clear N187.32bn Debt to Local Contractors

The administration of President Bola Tinubu is poised to settle a substantial debt of approximately N187.32 billion owed to local contractors in the current year.

This was disclosed in a document titled, ‘Schedule of promissory notes issued by category as of September 30, 2022’ by the Debt Management Office. Read more here.

Inside the CBN: Loans to Staff Soar by 133% in 2022

The Central Bank of Nigeria (CBN) has disclosed that it extended a staggering N40.67 billion in loans to its staff members during the year 2022, representing an increase of 133% compared to the previous year’s disbursements.

This revelation has raised eyebrows and sparked discussions about the financial dynamics within the apex bank. Read more here.

Naira’s Slide Sparks Concern: Petrol Price Could Skyrocket to N720/litre

Oil marketers have said the cost of Premium Motor Spirit (PMS), commonly known as petrol, could soar to a range of N680 to N720 per litre in the upcoming weeks if the Nigerian naira continues to depreciate against the US dollar.

Industry insiders have listed the scarcity of foreign exchange as the key challenge, forcing dealers to postpone their plans to import PMS. Read more here.

15,000+ Retirees Withdraw N7.79 Billion from Savings Accounts

Over 15,000 retirees, who had not been receiving monthly stipends of at least N10,000 under the Contributory Pension Scheme (CPA), withdrew N7.79 billion from their Retirement Savings Accounts (RSA) over the course of a year.

These individuals, as revealed in the National Pension Commission’s latest quarterly report on enbloc payments, possessed RSA balances of less than N1.6 million. Read more here.

Nigerian Intra-City Bus Fares Skyrocket by 98% in Just One Month, NBS Reports

The National Bureau of Statistics (NBS) reports a significant increase in the average cost of bus transportation within Nigerian cities.

In May 2023, the average fare was N649.59 but by June 2023 it had surged to N1,285.41. This represents a substantial 98% increase, equivalent to N636, within just one month. Read more here.

Dollar to Naira Black Market Today August 14th, 2023

As of August 14th, 2023, the dollar to naira exchange rate is 1 USD to 945 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦945.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. Read more here.

Continue Reading
Comments

Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

Published

on

The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

Continue Reading

Travel

British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

Published

on

british-airways

As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.

Continue Reading

News

Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

Published

on

Israeli troops took control of the Rafah border-crossing area in Gaza on Tuesday morning, with Hamas saying all aid flows from Egypt had stopped.

The army has halted “the movement of people and aid completely,” the Hamas-run crossing authority said in a statement. Soldiers replaced Palestinian flags with Israeli ones.

It’s the first time Israel’s army has moved into the area since the war with Hamas began in October.

Israeli Military Tells About 100,000 People to Leave Eastern Rafah

Palestinians sheltering in Rafah were told Monday to move to an “expanded humanitarian area”.

The border is the main entry point for aid into Gaza, and the Palestinian territory’s only crossing aside from those with Israel. The US has been urging Israel for weeks to allow more food and other supplies into Gaza, parts of which the United Nations says are on the verge of famine.

The movement of troops came a day after Israel told residents in parts of eastern Rafah to leave immediately ahead of a possible attack on the city.

Most Arab and many European states have said Israel should not attack Rafah, fearing it would cause mass casualties. Prime Minister Benjamin Netanyahu says Rafah is the last bastion of Hamas, with about 5,000 to 8,000 of its fighters and senior leaders lodged in the city, as well as many Israeli hostages.

Cease-fire talks between the two sides continue to drag. Hamas said on Monday night it had accepted a proposal from mediators Egypt and Qatar. Israel rejected it, saying it contained demands the Jewish state cannot accept.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending