Connect with us


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.



newspapers - Investors King

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.

Continue Reading


FBI Analysis Reveals Shocking Details in Mompha’s Trial



A Lagos High Court recently admitted into evidence a comprehensive report from the Federal Bureau of Investigation (FBI) during the trial of Ismaila Mustapha, popularly known as Mompha.

This report sheds new light on the alleged fraudulent activities of the accused, including the use of his iPhone in a series of financial transactions.

The FBI report, presented by the Economic and Financial Crimes Commission (EFCC) as evidence, has revealed a string of suspicious activities carried out through Mompha’s iPhone.

According to the report, Mompha’s phone was used to send account details to a United Arab Emirates telephone number, searched for Swift Codes of a bank, and, shockingly, had a compromised Microsoft 365 account.

The charges against Mompha and his company, Ismalob Global Investment Limited, include conspiracy to launder funds, retention of proceeds from criminal conduct, money laundering, failure to disclose assets, possession of documents containing false pretense, and the use of property derived from an unlawful act.

The prosecution alleges that they conducted financial transactions amounting to over N5.9 billion with the intent of promoting unlawful activities.

During cross-examination, the witness from the FBI revealed that Mompha’s iPhone was employed in changing payment delivery methods from cheque to wire transfer after two failed attempts, ultimately succeeding on the third attempt.

The defense counsel, Kolawole Salami, initially objected to the admissibility of the FBI report, arguing that it needed certification by the United States Consulate.

However, the objection was overruled by Justice Mojisola Dada, who deemed the documents to be in their original state and not requiring certification.

As the trial progresses, these shocking revelations from the FBI analysis have cast a new light on the case against Mompha.

The courtroom drama continues, with the case adjourned until Wednesday, November 1, leaving both the prosecution and the defense with much to consider in the days ahead.

Continue Reading


Nigeria Holds $783 Million in Blocked Funds, IATA Engages with Government for Resolution




The International Air Transport Association (IATA) reported that as of August Nigeria holds approximately $783 million in blocked funds belonging to various airlines.

This significant financial concern was communicated via an official statement released by the trade association.

Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, has been actively engaged in discussions with the Federal Government in an effort to find a resolution to this pressing issue.

Foreign airlines operating within Nigeria have faced ongoing challenges in repatriating their commercial revenues due to a prolonged shortage of foreign exchange in the country.

The official statement from IATA stated, “Mr. Al Awadhi also held discussions with Nigeria’s newly appointed Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo. During these discussions, he urged the new government to maintain and strengthen consultations with the industry while developing both short-term and long-term solutions to address foreign exchange access issues for both domestic and foreign carriers.”

Highlighting the severity of the situation, the statement said, “As of August 2023, Nigeria accounts for $783 million of airlines’ blocked funds.”

According to the statement, IATA commends the Federal Airports Authority of Nigeria (FAAN) for its commitment to enhancing infrastructure and service standards at Lagos’s Murtala Muhammad International Airport within a twelve-month timeframe.

In related news, IATA had previously raised concerns about safety, security, and passenger service levels at Lagos Airport in the past year.

A recent high-level meeting between IATA and FAAN, represented by Managing Director/Chief Executive Officer Kabir Mohammed, concluded with FAAN committing to expedite improvements in these areas as part of a corrective action plan.

Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, said, “We welcome FAAN’s commitment to upgrade Lagos Airport, which serves as a vital domestic and international hub connecting Nigeria to the rest of Africa and beyond. This strategic focus not only strengthens the aviation sector but also acts as a catalyst for Nigeria’s broader economic and social progress. IATA is ready to provide support and expertise to FAAN to ensure that international standards are met through the corrective action plan. Safety, security, and efficient infrastructure are crucial for a well-functioning air transport system, as is the ability of airlines to access the revenues they generate in Africa.”

Continue Reading


Federal Government Reopens D Wing of Murtala Muhammed International Airport




In a bid to address the escalating flight disruptions and enhance the efficiency of air travel, the Federal Government has officially reopened the D Wing of the old international terminal at the Murtala Muhammed International Airport in Lagos.

The move is part of a broader effort to tackle the challenges faced by both travelers and airlines operating in Nigeria.

This challenge emerged following the sudden relocation of foreign airlines from the international terminal of the Lagos airport to an adjoining new terminal that opened in March.

The announcement of the reopening of the old international terminal, which had temporarily closed for renovation, was made by the Minister of Aviation, Mr. Festus Keyamo, on Monday.

According to a statement signed by the Director of Public Affairs & Consumer Protection at FAAN (Federal Airports Authority of Nigeria), Abdullahi Yakubu-Funtua, Minister Keyamo emphasized the government’s unwavering commitment to improving the aviation sector and ensuring passengers enjoy a seamless travel experience.

The statement reads in part, “We are pleased to inform the traveling public that Hon. Minister of Aviation, Mr. Festus Keyamo, has graciously permitted the use of the D Wing of the Old Murtala Muhammed International Terminal to complement the New International Terminal, aimed at facilitating the smooth movement of passengers through the airport.”

Minister Keyamo had originally ordered airlines to relocate to the new terminal starting on October 1, 2023. However, FAAN took the initiative to forcibly relocate the international carriers to the new facility on Wednesday.

The sudden relocation by FAAN coincided with a fire incident that occurred in part of the baggage hall of MMIA on the same day. This incident compelled the agency to evacuate passengers and personnel from the facility.

In response to the situation, Mr. Abdullahi Yakubu-Funtua, the Director of Media at FAAN, stated that the airport fire and other developments affecting power supply had necessitated the abrupt relocation of foreign carriers. He assured the public that FAAN is actively addressing the situation.

The utilization of the D Wing for passenger processing has already commenced, promising improved travel experiences for all passengers.

Continue Reading