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Latest News in Nigeria Today, August 16, 2023

Investors King has put together the latest news in Nigeria today, August 16, 2023, to ensure you stay atop trending news and happenings in the business world.



Investors King has put together the latest news in Nigeria today, August 16, 2023, to ensure you stay atop trending news and happenings in the business world.

President Bola Tinubu Weighs “Temporary Subsidy” to Petrol Woes Amid Soaring Prices

As the global oil markets and foreign exchange rates continue their tumultuous dance, President Bola Tinubu is reportedly considering a “temporary subsidy” on petrol to alleviate the mounting economic burdens faced by Nigerians.

Following the removal of the petrol subsidy earlier this year, citizens have grappled with escalating financial challenges. While there has been no definitive decision reached, reliable sources within the presidency affirm that the proposal is firmly under consideration. Read more here.

Oil Prices Slip as China’s Economic Slowdown Undermines Recovery Hopes

Oil prices faced a downward slide on Tuesday as lackluster Chinese economic data coupled with skepticism over the impact of Beijing’s surprise reduction in key policy rates weighed on the prospects of a robust post-pandemic revival.

Brent crude oil, the international benchmark for Nigerian oil, declined by 54 cent to $85.67 a barrel while U.S. West Texas Intermediate crude dropped by 74 cents to reach $81.77. Read more here.

Nigeria’s Inflation Roars to 24.08%, Triggered by Fuel Subsidy Removal and Exchange Rate Shift

Inflation in Nigeria continues its relentless ascent as it hits 24.08% in the month of July amid foreign exchange scarcity and high pump prices.

The represents a 129 basis-point increase when compared to the previous month’s 22.79%. Read more here.

Federal Government Dissolves ASP Secretariat Amidst Controversial Billboard Scandal

The Secretariat of the Advertising Standard Panel (ASP) has been dissolved by the Federal Government following its authorization of billboards that have been characterized as attempts to exert pressure on the Presidential Election Petition Tribunal. The billboards bore the caption: ‘All Eyes on The Judiciary.’

Dr. Olalekan Fadoləpo, the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), conveyed the dissolution of the Panel through an official statement issued on Tuesday. Read more here.

Credit Scoring Services Set to Reach $44 Billion by 2028

Juniper Research, the definitive authority in financial technology markets, has unveiled a study forecasting an unprecedented surge of 67% in credit scoring services, propelling the industry to an astonishing $44 billion by 2028.

The study’s focal point is the monumental transformation expected in emerging markets as African and Middle Eastern regions are anticipated to spearhead a remarkable 117% expansion, culminating in a projected expenditure of $3.7 billion by 2028. Read more here.

Naira’s Slide Spurs Exchange Rate Battle as Government Vows Crackdown on Speculators

As the Nigerian naira continues its downward trajectory, sparking concerns over currency speculation and round-tripping, the acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has issued a stern warning that the government will take firm action against those involved in underhand practices within the foreign exchange market.

The naira’s value depreciated both in the official Investors and Exporters’ (I&E) window and the parallel market, driving the arbitrage gap to a staggering N206/$1. Read more here.

Foreign Exchange Crisis and VAT Surge Push Diesel Prices to N900-N950/Litre: Manufacturers Fear Job Losses

Diesel prices in Nigeria have surged to alarming levels, with oil marketers revealing that the dual impact of the foreign exchange crisis and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel) has led to costs ranging between N900 and N950 per litre in multiple states. This price escalation has prompted concerns about the future of local manufacturing industries, which fear potential factory closures and subsequent job losses.

At a press briefing held in Abuja, representatives of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) expressed their challenges in accessing US dollars for diesel imports due to the prevailing forex crisis. Read more here. Read more here.

Meme Coins Outshine Giants: Shiba Inu and Bone Shibaswap Surpass Bitcoin and Ethereum’s Performance

Meme coins are demonstrating robust performance, outshining even well-established cryptocurrencies like Bitcoin and Ethereum. Particularly noteworthy is Shiba Inu’s remarkable surge, with its price soaring by an impressive 68 percent from its July low.

An equally impressive feat has been accomplished by Bone Shibaswap, which has experienced a remarkable 115 percent surge within the same timeframe. Conversely, major players such as Bitcoin and Ethereum have largely maintained a narrow trading range while gradually losing value. Read more here.

Fidelity Bank Distributes Food Packs to Benue IDPs

The leading financial institution, Fidelity Bank Plc has distributed over 1,200 food packs to the Internally Displaced Persons (IDP) in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society. 

 The event, which took place on Thursday, 10 August 2023 at the IDP Camp, Federal Housing Estate in North Bank, Benue State was executed in partnership with the Hyacinth Alia Foundation and the Benue State Emergency Management Agency (BESEMA). Read more here.

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Gen Z Baddie, Ilebaye Crowned Winner of Big Brother All-star Season

Ilebaye the Gen Z Baddie., evicted 3rd week of Big Brother Level-Up season, emerged winner Of All-Star season.



In a thrilling finale that had fans on the edge of their seats, Gen Z sensation Ilebaye emerged as the winner of Big Brother All-Star Season with 30.08% of the votes, Investor King reports.

The 23-year-old Kogi-born captivated viewers with her intelligence, wit, charisma, and strategic gameplay.

The Big Brother All-Star Season was a battleground of the best, bringing together fan-favorite contestants from previous seasons. Cross, Pere, Adekunle, Ceec, Mercy, and Ilebaye were the 6 housemates who made it to the finals.

Ilebaye’s victory comes with a grand prize of 120 million naira, a weekend getaway for two, and an SUV, a year’s supply of Pepsi, among other rewards.

In her final speech, Ilebaye thanked her fans for their support and said she was grateful for the opportunity to participate in the BBNaija All-Stars season. She also promised to use their platform to impact the world positively.

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Controversial Lagos Socialite Sam Larry Arrested in Connection with Mohbad’s Death



Sam Larry

The Lagos State Police Command has confirmed the arrest of Balogun Eletu, popularly known as Sam Larry, a prominent Lagos socialite, in connection with the ongoing investigation into the tragic demise of Ilerioluwa Aloba, known as Mohbad, the late singer who passed away under mysterious circumstances.

Sam Larry’s arrest took place at the Murtala Muhammed International Airport on Thursday evening as he arrived from Kenya.

A police source, requesting anonymity due to a lack of authorization to speak on the matter, revealed that Sam Larry was promptly taken to the state police headquarters for questioning.

Sam Larry’s name has been in the spotlight since the demand for justice surrounding Mohbad’s untimely death gained momentum.

The arrest follows the police’s previous invitation of both Sam Larry and Mohbad’s former music label boss, Azeez Fashola, popularly known as Naira Marley, for questioning regarding the singer’s demise.

In a significant development, pathologists have recently completed the autopsy on Mohbad, with the police now awaiting the results.

This development followed the exhumation of Mohbad’s remains, conducted collaboratively by the Nigeria Police Force and health officials.

Also, the nurse who administered the injection to the late singer before his tragic passing on September 12 has also been arrested as part of the ongoing investigation.

As the investigation continues, the Lagos State Police Command is determined to unravel the circumstances surrounding Mohbad’s death and ensure justice is served.

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Minister Betta Edu Vows to Overhaul NPower Program and Eradicate Poverty




Nigeria’s Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has revealed a series of challenges plaguing the NPower program, vowing to overhaul the initiative to ensure it fulfills its mission of alleviating poverty for millions of Nigerians.

During the Arise TV interview, Minister Edu expressed her commitment to transforming the NPower program and addressing its longstanding issues.

She explained that the NPower payment list contains the names of individuals who should not be part of the program, revealing the gravity of the problems that her ministry is actively working to rectify.

“First of all, when we came onboard, we found lots of issues with the NPower program that made us re-engage the entire plan,” Edu stated. “One of the things was that there were persons registered on the NPower beyond the envelope that was provided for the program.”

The revelation of individuals beyond the program’s intended scope raises questions about the program’s effectiveness in targeting those most in need of assistance.

Edu further highlighted financial mismanagement as a critical issue affecting NPower beneficiaries. “Funds were released for payment for people under NPower, and they were not paid in a timely manner by the managers of the funds of the NPower beneficiaries,” she declared.

This mismanagement of funds not only hinders the program’s ability to provide timely support but also undermines the trust of beneficiaries in the system.

Perhaps the most concerning aspect disclosed by the minister is the inclusion of individuals on the payment list who should not be there and those who do not contribute to the program despite receiving payments.

Edu said, “There were also people who were on the payment list who are not supposed to be there, and there are persons who are there but are not providing any services but have been enrolled to have payment.”

Such irregularities in the program’s implementation not only waste resources but also deprive those genuinely in need of the support they require.

Also, Edu acknowledged the issue of individuals who had surpassed their allotted time with the NPower program but still expected to receive payments. She referred to this as an “exit plan,” which has led to continued financial obligations that the program may not be able to sustain.

To address these pressing concerns, Minister Edu disclosed that a committee has been established to scrutinize and provide recommendations for improving the NPower program. The committee, headed by the secretary of the ministry, is expected to propose reforms based on its findings.

Minister Edu’s commitment to reforming the NPower program aligns with the broader goal of President Tinubu’s administration to uplift 133 million Nigerians out of poverty by 2030, in accordance with the United Nations Sustainable Development Goals (SDGs).

She declared, “For poverty alleviation, we are targeting at least 133 million Nigerians between now and 2030, which is in line with the SDGs that we signed at the United Nations.”

However, Edu emphasized that the government is not content with maintaining the status quo.

“The difference here is that we are not going to continue doing things the same way and expect different results,” she affirmed.

“There are different plans we are working on, and we believe very strongly that by the next one year, we should be able to say that at least we have removed 20 million Nigerians out of poverty.”

The commitment to addressing the NPower program’s flaws and the ambitious goal of poverty eradication signal a new direction in the fight against poverty in Nigeria, one that aims to be more efficient, transparent, and impactful for the nation’s most vulnerable citizens.

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