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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

We Made Education Courses Tuition Free to Save Teaching Profession From Extinction – Ilesa Varsity VC

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To prevent the teaching profession from going into extinction in Nigeria, the management of the University of Ilesa, Ilesa, Osun State has declared its undergraduate Education programmes tuition-free to boost enrollment.

The Vice-Chancellor of the University, Prof. Taiwo Olufemi Asaolu, disclosed that enrollment into Education courses has been very poor, stressing the need to revive the critical sector from total collapse.

He also revealed how the authority is striving to ensure that students of the institution make a difference in the larger society by driving expected changes and contributing to feeding the populace.

Asaolu disclosed that the University commissioned the Model Integrated Teaching and Research Farm where students are equipped and trained on livestock management and other agricultural programmes, stressing that no student of the institution would graduate without participating in the entrepreneurship development for the better good of themselves and their extended societies.

He made this known on Monday during a media engagement on how far the school has fared in the last 18 months of its official take-off on the campus.

The VC who reeled out the giant strides of the state-owned institution, disclosed that the National University Commission (NUC) has so far approved a total of 67 courses for the university including Law, Nursing, Physiotherapy, Anatomy among others.

With over 2,000 current students, the pioneer VC said the institution has experienced industrial peace and harmony since its establishment and commencement, commending the state governor, Ademola Adeleke for funding the university and prioritising the welfare of staff.

Asaolu disclosed that Governor Adeleke has approved the engagement of 230 temporary staff inherited from the defunct College of Education on permanent basis in the University.

He explained that the Nigerian Education Loan Fund (NELFund) credited the University’s account with a sum of Ninety-Eight Million, Eight Hundred and Seventy One Thousand, Five Hundred Naira (N98,871,500:00) only as loan disbursement to 247 students of the University and lauded the state governor for encouraging tertiary institutions in Osun State to key into the programme.

“The University, on its part, has also approved tuition scholarship for students studying programmes in the Faculty of Education in the University to encourage increase in enrolment of candidates for the different programmes in education and to prevent the teaching profession from going into extinction. This decision is in conformity with Governor Adeleke’s integral action plan.

“The University doesn’t want the teaching profession to go into extinction. Mind you, this University has offshoot from a College of Education, it is disheartening if courses like Nursing will be recording 150 enrollments, Public Health, 200, and a course like Adult Education will have zero or one.

Not so impressive outing for education and we have the chore of our lecturers in the Faculty of Education and we do not have students for them to teach. So, if you do the cost benefit analysis, it is even better for us to make education tuition free so that the teaching profession will not go into extinction. And at any rate, it goes a long with the vision of Mr Governor.

However, it is just the tuition aspect of the regime of fees which students are expected to pay that is free. When you say free tuition and the student wants to stay in hostel, will the student not pay accomodation, he will pay for sports facilities, and things like that. But tuition from part one to four is free.

While identifying funding as major challenge confronting the institution, Asaolu stated, “Our challenges include lack of perimeter fencing, encroachment by herdsmen, mining on the school land, but the most serious among them is the issue of funding. The governor has been trying, has it not been for the governor, the university would not have made any serious progress.”

He announced that fresh students for the 2024/2025 academic session will resume on 4th November, 2024 while returning students will resume on 11th November, 2024.

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Israel Confirms the Death of Yahya Sinwar

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Israel has announced the death of Yahya Sinwar, the Hamas leader who reportedly orchestrated the October 7, 2023, attack that killed several people.

According to the Israel Defense Forces, the death of the 61-year-old was confirmed after a series of DNA tests to verify his identity.

Sinwar was one of three terrorists killed on Wednesday in southern Gaza, the military stated.

Defense Minister Yoav Gallant said, “The State of Israel has brought justice with the elimination of Yahya Sinwar – a vile murderer and terrorist.”

Sinwar had been one of Israel’s key targets since the October 7, 2023, assault that disrupted the country’s security establishment and reshaped global geopolitics.

In the attack that killed about 1,200 people and led to the abduction of another 250, Hamas militants flew into Israel and struck during a festive celebration that included locals and foreigners who flew in to have a good time.

Israel had offered Sinwar safe passage out of Gaza if Hamas would release all remaining hostages and give up control of the strip.

However, reports suggest Sinwar viewed Israel’s sustained retaliatory war on Hamas as a strategic victory, despite its costs.

“We have the Israelis right where we want them,” he reportedly told Hamas negotiators, according to the Wall Street Journal in June.

Israeli Prime Minister Benjamin Netanyahu had remarked that Sinwar “doesn’t care about his people and acts like a little Hitler in a bunker.”

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CNG Vehicle Explosion in Edo State Leaves Multiple Injured, Properties Damaged

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Compressed Natural Gas (CNG) converted vehicle has exploded, causing multiple injuries and destruction of properties within the vicinity of the incident.

The incident was reported to have occurred at one of the CNG stations, NIPCO CNG station, located at Eyean, Auchi Road, Edo State.

It was reported that many sustained injuries and vehicles within the vicinity of the incident were damaged. But, as of this report, no death was recorded.

The explosion reportedly occurred during the refueling of the station wagon’s CNG cylinder vehicle.

It could be recalled that the growing use of CNG in Nigeria emerged as a cost-saving measure in response to rising petroleum prices. However, following this incident, concerns about the human safety of converted CNG vehicles have been raised.

Many netizens questioned the safety of individuals converting their vehicles to CNG.

One X user, @Otunbakush1 stated, “I will keep saying it, if u like abuse me, as long as the vehicle Manufacturers didn’t attach the CNG features to the vehicle pls and pls don’t convert ur car, that’s a moving bomb, this happened at Edo state this morning, CNG converted vehicle exploded.”

In response to the incident, the Presidential Compressed Natural Gas Initiative (PCNGI) via their X platform, clarified that the vehicle involved in the incident was illegally converted to CNG, leading to its explosion during gas refueling.

“The Presidential CNG Initiative notes the unfortunate incident that involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.

“The PCNGI commiserate with those injured in this avoidable incident, and thankful that no lives were lost. The PCNGI also note that safe handling of all hydrocarbon is critical to their safe use. A close examination of the cylinder in question in Benin City shows it was welded and modified and not an approved for use for CNG. The police, regulatory authorities and management of NIPCO are undertaking a painstaking investigation of the incident and we are coordinating with them,” PCNGI started.

The PCNGI emphasised the importance of ethical compliance with safety regulations and urged the public to patronise only CNG-accredited conversion centres to avert further tragic occurrences.

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