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Latest News in Nigeria Today, August 25th, 2023

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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.

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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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Education

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

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University - Investors King

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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