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Latest News in Nigeria Today, August 23rd, 2023

Investors King has put together the latest news in Nigeria today, August 23rd, 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 23rd, 2023, to ensure you stay atop trending news and happenings in the business world.

Nigeria’s Economic Struggle Contrasted with Norway’s Tech-Driven Prosperity

Nigeria is currently grappling with a pressing need for foreign currency, particularly dollars, while Norway, a nation sharing a comparable oil production capacity, witnessed its oil wealth surge by an astounding $142.65 billion during the initial half of 2023.

In a remarkable turnaround, Norway’s sovereign wealth fund, established to safeguard the nation’s future beyond oil, has experienced a substantial infusion of $142.65 billion due to a surge in AI-driven technological advancements. Read more here.

Oil Prices Experience Slight Dip Amid Anticipation of Iraqi Oil Export Resumption

Brent crude oil edged lower by 8 cents to settle at $84.38 per barrel in the early hours of Tuesday while the U.S. West Texas Intermediate crude oil shed 7 cents to $80.65 per barrel.

Market analysts from ANZ Bank, Brian Martin, and Daniel Hynes, in a conversation with Reuters, observed that “Crude oil faced challenges in maintaining its upward momentum, with indications of supply tightness showing signs of easing.” Read more here.

Former Nigerian Oil Minister Diezani Alison-Madueke Charged with Bribery Offences by British Police

British authorities announced on Tuesday that they have formally charged former Nigerian oil minister Diezani Alison-Madueke with bribery offences.

The charges stem from suspicions that she accepted bribes in exchange for awarding multi-million pound oil and gas contracts during her tenure. Read more here.

CBN Directive: Leaked Letter Prohibits Naira Overdrafts Secured by Foreign Currency Deposits

A confidential communication from the Central Bank of Nigeria (CBN) to a prominent commercial Bank Plc has surfaced, shedding light on a decisive directive issued by the apex bank concerning Naira overdrafts supported by foreign currency deposits.

This directive marks a significant shift in lending practices, disallowing borrowers from employing foreign currency deposits, notably in dollars as collateral to access loans denominated in Naira. Read more here.

Coinbase, Leading US Crypto Exchange, Takes Stake in Circle, a Major Stablecoin Issuer

Coinbase Global Inc., the largest cryptocurrency exchange in the United States, has made a strategic investment in Circle, a prominent stablecoin issuer.

This move is attributed to the perceived increase in regulatory clarity surrounding stablecoins, both in the US and across the globe. Read more here.

NIBSS Reports Significant Loss of N9.5 Billion in Banking Sector Amid Escalating E-Fraud Concerns

The Nigeria Inter-Bank Settlement System (NIBSS) announced a substantial loss of approximately N9.5 billion within the banking sector for the year 2023.

The disclosure was made by Premier Owoih, the Managing Director of NIBSS, during the third-quarter meeting of the Nigeria Electronic Fraud Forum (NeFF) held in Lagos. Read more here.

Africa’s Largest Economy Poised to Enter Booming Global Lithium Market

Thor Explorations Ltd has unveiled promising preliminary results from its initial drilling efforts in pursuit of lithium in Nigeria as it looks to tap into the $37 billion lithium market.

Thor Explorations, a Canadian mineral exploration company operating in Nigeria, Senegal, and Burkina Faso, recently reported “significant” findings of mineralized pegmatites in its initial drilling campaign. Read more here.

Canada Welcomes 10,180 New Immigrants from Nigeria, Africa’s Largest Economy, in First Half of 2023

Canada has warmly embraced a total of 10,180 new immigrants from Nigeria, the continent’s leading economy, during the initial six months of 2023.

The latest data provided by Immigration, Refugees and Citizenship Canada (IRCC) illustrates that the nation registered an increase of 0.74 percent in Permanent Residents (PRs) from Nigeria in the first half of this year compared to 2022, when the number stood at 10,105. Read more here.

Upwork Unveils Top 10 Generative AI-Related Searches and Hires in First Half of 2023

Upwork Inc., the world’s work marketplace and the preeminent destination for businesses to find trusted AI talent, today released new platform data examining the skillset make up of talent and the search and hiring behaviors of companies in relation to Upwork’s fastest-growing category: Generative AI.

The analysis by Upwork’s Research Institute found that businesses are progressing their understanding of generative AI as they increasingly move from searching and hiring for singular generative AI tools toward generative AI applications and services. Read more here.

JP Morgan Estimates Nigeria’s Net Foreign Reserves at $3.7 Billion, Discrepancy with CBN Figures Raises Concerns

Global financial services giant JP Morgan has revealed its assessment of Nigeria’s net foreign reserves to be approximately $3.7 billion. This estimation stands in stark contrast to the $33.8 billion reported on the Central Bank of Nigeria (CBN) website as of August 17.

JP Morgan’s latest report on Nigeria, titled “Nigeria: Reform pause rather than fatigue,” sheds light on this significant disparity in figures. 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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