CBN, IFC Sign Agreement to Expand Local Currency Financing for Nigerian Businesses

The Central Bank of Nigeria, CBN, has signed an agreement with the International Finance Corporation, IFC, to expand local currency financing and mitigate foreign exchange risks for Nigerian businesses. The agreement, announced in a joint statement by the CBN and the IFC on Monday, aims to unlock over $1 billion in investments across key sectors of the Nigerian economy. According to the statement, the partnership will focus on sectors such as agriculture, infrastructure, housing, energy,...

Erik Ten Hag Departs as Manchester United Manager

Manchester United have announced the departure of Erik ten Hag as the men’s first-team manager. Ten Hag was appointed in April 2022 and guided the club to two domestic trophies, winning the Carabao Cup in 2023 and the FA Cup in 2024. “We are grateful to Erik for everything he has done during his time with us and wish him well for the future,” the club said in a statement. The club confirmed that former...

Tinubu’s Daughter Appointed Ambassador for ‘Almajiri’ and Out-of-School Children’s Education

Folasade Tinubu-Ojo, daughter of President Bola Tinubu, has been appointed ambassador for the National Commission for Almajiri and Out-of-School Children’s Education. The commission’s executive secretary, Muhammad Idris, announced her appointment on Friday during a visit to her residence in Lagos. Idris expressed concern over the condition of Almajiri children, who he said have been “brainwashed” into engaging in activities such as begging, terrorism, banditry, and other social vices. He stressed the need for joint efforts,...

NASU, SSANU Begin Indefinite Nationwide Strike Over Withheld Salaries

The Joint Action Committee, JAC, of the Non-Academic Staff Union of Educational and Associated Institutions, NASU, and the Senior Staff Association of Nigerian Universities, SSANU, will commence an indefinite strike from midnight on Sunday, 27th October 2024. A circular signed by NASU’s General Secretary, Prince Peters Adeyemi, and SSANU’s President, Mohammed Ibrahim, directed all members across federal and state universities, as well as inter-university centres, to fully comply with the directive. The unions are demanding...

Fuel Scarcity in Nigeria to End Soon, Says IPMAN Official

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has assured that the ongoing fuel scarcity across the country will soon end. The association’s publicity secretary, Ukadike Chinedu, disclosed to journalists that disruptions in the supply chain were responsible for the shortage, but he assured that fuel would become available in the coming weeks. “The supply chain is dependent on the importation of petroleum products, but now the federal government has decided that they will not...

Central Bank Says No Expiration Date for Old Naira Notes

The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024. In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023. The...

House of Reps Urges CBN to Begin Gradual Withdrawal of Old Naira Notes

The House of Representatives on Thursday called on the Central Bank of Nigeria, CBN, to commence the gradual withdrawal of old naira notes and ensure the availability of the redesigned N200, N500, and N1,000 banknotes. The Green Chamber also directed the apex bank to instruct commercial banks to conduct transactions with customers using the new notes to facilitate the phasing out of the old ones. This resolution followed the adoption of a motion of urgent...

Tinubu Orders Reduction in Security Personnel, Convoys for Ministers, Heads of Agencies

President Bola Ahmed Tinubu has issued new directives to reduce the number of security personnel and official vehicles attached to Ministers, Ministers of State, and Heads of Federal Government agencies as part of his administration’s cost-cutting measures. In a statement released on Thursday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu instructed that the security detail for public officials be limited to five personnel, comprising four police officers and...

Nigeria’s Governance Ranking Hits a New Low – Report

Nigeria has been classified among eleven African countries that have experienced worsening governance levels over the last decade, as highlighted in the “2024 Ibrahim Index of African Governance,” published by the Mo Ibrahim Foundation. The report reveals that Nigeria has dropped three places from 30th to 33rd on the continent. According to the findings, 33 countries in Africa have improved their overall governance during the past ten years, while 21 countries, including Nigeria, have seen...

Breaking: Tragedy Strikes as Helicopter Crashes in Port Harcourt, 3 Confirmed Dead

A tragic helicopter crash in Port Harcourt, Rivers State, has resulted in the deaths of at least three people. The incident occurred on Thursday, 24th October 2024, as the helicopter, operated by East Winds Aviation, was en route to the Floating Production Storage and Offloading (FPSO) Antan oil production facility. According to a statement from the Nigerian National Petroleum Corporation, NNPC, the helicopter lost contact shortly after taking off from the Port Harcourt Nigerian Air...

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