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Latest News in Nigeria Today, August 25th, 2023



Investors King has put together the latest news in Nigeria today, August 25th, 2023, to ensure you stay atop trending news and happenings in the business world.

Where do Nigerians get their news?

Oil Prices Slip as Global Economies Face Bleak Outlook

On Thursday, oil prices saw a modest decline in the face of disappointing economic indicators from major economies worldwide.

Investors are holding their breath for U.S. Federal Reserve Chair Jerome Powell’s speech scheduled for Friday, hoping for insights into future interest rate trends. Read more here.

Nigeria’s Unemployment Rate Improved to 4.1% in Q1, 2023 as NBS Adopts New Computing Model

Nigeria’s unemployment rate has dropped to 4.1% in the first quarter (Q1) of 2023 as the National Bureau of Statistics (NBS) adopts a new data collection and analysis model.

This represents a significant drop from the 5.3% reported in the final quarter of 2022. Read more here.

Dollar Rate Climbs Higher, Naira Slumps in Official and Black Markets

The exchange rate between the United States dollar and the Nigerian naira witnessed significant fluctuations on Wednesday.

The dollar rate extended its upward swing, closing at N773.42 per $1 in the Investors’ and Exporters (I&E) window of the official market, a troubling trend that has caught the attention of both investors and the general public. Read more here.

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Russian Mercenary Leader’s Mysterious Demise Sparks Global Speculation

The demise of Yevgeny Prigozhin, the enigmatic leader of the Wagner mercenary group, in a plane crash near Moscow, has sent shockwaves through global intelligence circles and fueled a whirlwind of speculation regarding the circumstances surrounding his death.

Prigozhin, a figure known for his controversial activities and audacious moves, had recently led a mutiny against Russia’s military leadership, an action that Russian President Vladimir Putin himself acknowledged could have pushed the nation to the brink of civil conflict. Read more here.

Fintech Pioneer LemFi Secures $33 Million Series A Funding to Revolutionize Financial Services for Immigrants

LemFi, a startup on a mission to transform financial services for immigrants, has successfully raised $33 million in its Series A funding round, spearheaded by Left Lane Capital.

This investment is set to catalyze LemFi’s vision of empowering immigrants globally by providing them with accessible, comprehensive, and secure financial solutions. Read more here.

Former Nigerian Bar Association President Olumide Akpata Bids Farewell to Law, Ventures into Politics for Nation Building

Mr. Olumide Akpata, the former President of the Nigerian Bar Association (NBA), has made a resolute decision to disengage from his esteemed position as Senior Partner at Templars, one of Nigeria’s most prominent law firms.

Akpata’s announcement, conveyed through the company on August 24, 2023, states his intent to enter the arena of active politics and make a tangible contribution to the nation’s development. Read more here.

Kwik Launches Innovative KwikShelf – Revolutionizing E-commerce Fulfillment in Lagos

Kwik, the dynamic digital logistics platform, is proud to announce the inauguration of its groundbreaking initiative, KwikShelf, marking its debut in the on-demand e-commerce fulfillment sector in Lagos.

Situated at the heart of Lagos in the esteemed Iddo House, Oyingbo, KwikShelf boasts a spacious facility spanning 1,250 square meters and is set to commence operations this September. This strategic location offers Nigerian businesses a secure and convenient avenue to procure warehousing space on a need-based basis, facilitating the seamless outsourcing of their inventory storage and fulfillment requirements. Read more here.

Central Bank of Nigeria Dismisses JP Morgan’s FX Reserves Estimate

In a recent interview on Africa Independent Television (AIT), Hassan Mahmud, the Director of the Monetary Policy Department at the Central Bank of Nigeria (CBN), responded to JP Morgan’s estimate of the country’s foreign exchange (FX) reserves.

Mahmud described the estimate as being presented “out of context.”

Earlier this week, JP Morgan estimated that the CBN’s net FX reserves had decreased to $3.7 billion at the end of 2022, down from $14 billion in 2021. Read more here.

Foreign Crude Oil Refiners Extend Credit Facilities to Nigerian Marketers Amid Dollar Scarcity

In a strategic move to alleviate the challenges posed by dollar scarcity in Nigeria, foreign crude oil refiners have embarked on a novel approach by offering credit facilities to Nigerian oil marketers, according to insider sources.

Concerns have arisen among foreign refiners about potential loss of a significant market due to the removal of subsidies, leading to a marked reduction in the country’s petrol consumption. Read more here.

NERC Urges Electricity Consumers to Upgrade Prepaid Meters

The Nigerian Electricity Regulatory Commission (NERC) has issued a crucial message via its official Twitter account, urging electricity consumers across the nation to initiate the process of upgrading their prepaid meters.

This proactive step is necessary to avoid the potential deactivation of these meters, which is set to commence in November 2024. Read more here.

Nigeria’s Pharmaceutical Crisis: Foreign Exchange Shortage Threatens Drug Supply

Nigeria’s pharmaceutical sector is reeling from a severe shortage of foreign exchange, resulting in a concerning inability to maintain a consistent drug supply.

Recent data from the International Trade Centre, a multilateral agency, reveals the alarming decline in pharmaceutical imports into Nigeria to $1.05 billion in 2022. Read more here.

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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.

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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.”

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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.

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