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Latest News in Nigeria Today, August 17, 2023

Investors King has put together the latest news in Nigeria today, August 17, 2023, to ensure you stay atop trending news and happenings in the business world.

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Investors King has put together the latest news in Nigeria today, August 17, 2023, to ensure you stay atop trending news and happenings in the business world.

AFREXIM Bank and NNPC Sign $3 Billion Agreement to Bolster Naira

The Nigerian National Petroleum Corporation (NNPC) Ltd. and the African Export-Import Bank (AFREXIM Bank) have joined hands to secure an emergency crude oil repayment loan amounting to $3 billion.

The commitment letter, officially signed at AFREXIM Bank’s headquarters in Cairo, marks a significant milestone in Nigeria’s fiscal journey. Read more here.

Naira Plummets to N790 from N925 Amidst CBN’s Market Intervention

The exchange rate of the Nigerian naira improved against the United States Dollar to N790 from N925 it was sold on the black market on Tuesday.

The shocking drop unfolded amidst a carefully orchestrated intervention by the Central Bank of Nigeria (CBN), leaving both financial experts and everyday citizens grappling with the magnitude of the market turmoil. Read more here.

Airtel Africa Announces Historic Capital Reduction, Paving the Way for Shareholder Windfall

Airtel Africa, a telecommunications and mobile money services provider operating across 14 African countries, has successfully secured the approval of the High Court of England and Wales for its unprecedented move to cancel and extinguish all of its deferred shares.

This visionary step, known as the “Capital Reduction,” was greenlit by the company’s shareholders during the annual general meeting on July 4, 2023, and marks a monumental shift in Airtel Africa’s financial architecture. Read more here.

FBN Holdings Appoints Billionaire Olufemi Otedola as Non-Executive Director

The board of FBN Holdings Plc has approved and appointed Mr. Olufemi Otedola, CON as a non-executive director of the bank.

The approval was endorsed by the Shareholders at the Annual General Meeting held on August 15, 2023. The appointment is effective August 14, 2023. Read more here.

Federal Government Set to Divest Stakes in 20 State-Run Companies to Boost Funds and Governance

The Federal Government is contemplating the sale of ownership stakes in approximately 20 state-operated enterprises as disclosed in a comprehensive report by Bloomberg.

Among the high-profile firms under consideration for partial divestiture is the Nigerian National Petroleum Corporation (NNPC), according to insights provided by Armstrong Takang, CEO at the Ministry of Finance Incorporated. Read more here.

Presidential Committee Contemplates Income Tax Exemption Expansion to Alleviate Strain on Low-Income Earners

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that the committee is actively considering a range of strategies, including the broadening of income tax exemptions, as part of its efforts to alleviate financial hardship experienced by low-income earners.

Oyedele made this announcement during a special dinner organized in his honor by the Association of Chartered Certified Accountants, held in Lagos to celebrate his recent appointment. Read more here.

Parent-Teacher Association Urges Presidential Intervention to Avert Soaring Fuel Prices

The National Parent Teacher Association of Nigeria (NAPTAN) has made a passionate appeal to President Bola Tinubu to take immediate measures in preventing the escalating petrol prices from spiraling out of control.

This plea comes as the nation grapples with the potential economic repercussions of rising fuel costs. Read more here.

Experts Propose Gradual Subsidy Easing: Oil Industry Urges President Tinubu to Reconsider Fuel Pricing Approach

Oil industry experts offered President Bola Tinubu recommendations on Tuesday, suggesting a gradual easing of the subsidy removal on Premium Motor Spirit, commonly known as petrol.

The advice stems from importers’ challenges in procuring United States dollars, which has led to significant repercussions for businesses. Read more here.

Wema Bank Teams Up with Enza Group to Revolutionize E-commerce Payments

Wema Bank has entered into a strategic partnership with the payment platform, enza group, to offer businesses enhanced and cost-effective payment options with a focus on security and reliability.

In an official statement, the payment platform revealed that this collaboration aims to leverage its advanced payment solution to bolster Wema Bank’s e-commerce payment capabilities. Read more here.

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Education

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

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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.

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Travel

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

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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.

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Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

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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.

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