Author: Akintayo Adams

The naira saw a slight appreciation on the Nigerian Autonomous Foreign Exchange (NAFEX) market on Friday, closing at ₦1,593.32 to the dollar, stronger than the ₦1,639 recorded the previous day. On NAFEX, the currency gained ₦45.98, but on the parallel market, it depreciated by ₦13, closing at ₦1,673/$1 on Friday, compared to ₦1,660/$1 on Thursday. Daily transaction volumes increased by 31.96%, with turnover reaching $245.17 million on Friday, up from $185.79 million on Thursday. The highest recorded spot rate was ₦1,665, while the lowest was ₦1,580. The naira had experienced depreciation earlier in the week due to liquidity issues. Bloomberg…

Gunmen have reportedly kidnapped Hon. Benedict Akika, a prominent chieftain of the Peoples Democratic Party (PDP) and a key supporter of Governor Seyi Makinde, in his home on Wednesday night. The assailants, who were masked, abducted Akika from his residence in Idi Ape, Olorunda-Aba within the Lagelu Local Government Area of Oyo State. Unconfirmed reports also suggest that a life may have been lost during the abduction. The Oyo Police Command has confirmed the incident. Police spokesperson Adewale Osifeso stated that an investigation into the matter has begun and that updates will be provided as they become available. Get instant…

The Nigerian Education Loan Fund (NELFUND) announced that it has received ₦2 million from Asiwaju Adegboyega Solomon Awomolo (SAN), a beneficiary of the defunct Federal Government Student Loan Scheme from the 1970s. Awomolo, who used the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions, repaid the loan in full, demonstrating his commitment to the nation. In a statement signed by Mrs. Oseyemi Oluwatuyi, Director of Corporate Communications at NELFUND, it was highlighted that the loan of ₦1,000 at the time played a crucial role in helping Awomolo…

The Nigerian Education Loan Fund (NELFUND) announced on Friday that it has successfully disbursed loans to students from an additional 40 tertiary institutions, bringing the total number of benefiting institutions to 59. In a statement shared on its X platform, NELFund highlighted this expansion as a key achievement in its mission to ensure access to quality education for all Nigerian students, regardless of their financial status. Mr. Akintunde Sawyerr, Managing Director of NELFund, emphasized the organization’s commitment to ensuring that no eligible student is excluded from accessing loans across the country. He also urged institutions to participate actively in the…

The family of Pa Taiwo Akinkunmi, the late designer of the Nigerian national flag, has laid him to rest after a year-long wait for a promised state funeral that never came to fruition. Akinkunmi passed away on September 4, 2023, at the age of 87, and despite earlier assurances from the Federal Government to honor him with a state funeral, the family decided to proceed with his burial. Akinwunmi Akinkunmi, one of his sons, disclosed that they had patiently waited for the government to fulfill its promise. He also mentioned that the family had been paying N2,000 daily to preserve…

President Bola Ahmed Tinubu has explained to Nigerians living in China the reasons behind the recent increase in petrol prices in Nigeria, where Premium Motor Spirit (PMS) is now sold between N897 and N1000 per liter. During his visit to Beijing, which he described as “very good and successful”, Tinubu addressed the rising fuel prices and the tough decisions his administration has made. He emphasized the need for sacrifice to improve the country’s infrastructure and basic amenities, saying, “For example, you might have been hearing from home in the last few days about fuel prices. But, can we help it?…

Nigerian disc jockey Florence Otedola, popularly known as DJ Cuppy, has proudly announced her latest academic achievement—a degree from the prestigious London School of Economics (LSE) in the United Kingdom. Taking to Instagram on Friday, DJ Cuppy, daughter of billionaire businessman Femi Otedola, expressed her excitement and dedication to learning. She captioned her post, “Another qualification in the bag #LondonSchoolOfEconomics. But this time I was silent about going back to school for the summer. Safe to say, I’m addicted to education! #CuppyOnAMission”. Earlier in June, DJ Cuppy had revealed her intention to pursue her fourth degree at the age of…

Nigeria’s Onyinyechi Mark has set a new Paralympic record in the women’s 61kg powerlifting category, lifting an extraordinary 145kg at the Paris 2024 Paralympic Games. This incredible performance eclipses the previous record held by fellow Nigerian, Lucy Ejike, and has almost certainly secured Nigeria’s first gold medal of the Games. With one lift remaining, Mark is poised to extend her record further by attempting 147kg. Her closest rival is attempting 138kg, but Mark’s dominance in this event is clear. This achievement continues Nigeria’s long-standing excellence in powerlifting at the Paralympics. At the Tokyo 2020 Paralympics, Nigeria earned ten medals, including…

Paetongtarn Shinawatra, daughter of former prime minister Thaksin Shinawatra, has officially become Thailand’s youngest prime minister after taking the oath of office on Friday, September 6, 2024. The swearing-in ceremony was held in the presence of King Maha Vajiralongkorn at Government House, marking a significant moment in Thailand’s political history. At just 38 years old, Paetongtarn has stepped into her new role amid ongoing political challenges. Her appointment follows the ousting of her predecessor, Srettha Thavisin, who was removed from office in mid-August after appointing a cabinet minister with a criminal conviction. Paetongtarn’s rise to power also signifies the continuation…

The naira has been on a rapid depreciation trajectory, edging closer to ₦2000 per dollar after three consecutive days of decline in the foreign exchange market. Data from FMDQ showed that on Thursday, the naira weakened further to ₦1639.41 per dollar, down from ₦1625.88 the previous day, marking a ₦13.53 drop. In the black market, the naira also depreciated, falling by ₦25 to ₦1660 per dollar on Thursday, compared to ₦1640 on Wednesday. The current black market rate is ₦340 short of the ₦2000 per dollar mark. This recent decline follows a pattern of depreciation observed since Tuesday, with the…