Author: Akintayo Adams

The five biggest publicly traded oil firms globally have amassed earnings exceeding a quarter of a quadrillion dollars subsequent to Russia’s incursion into Ukraine, which precipitated sharp rises in energy costs and household expenses. According to Global Witness, the “super-majors”—BP, Shell, Chevron, ExxonMobil, and TotalEnergies—have profited $281 billion, or £223 billion, since the conflict started in February 2022. Since the conflict started, the UK-based companies BP and Shell have reportedly made a combined $94.2 billion, or £75 billion, in profits. According to Global Witness, this would be sufficient to pay for all of Britain’s household electricity costs for a period…

The Bureau de Change operators in the Wuse Zone 4 region of Abuja were raided by agents of the Economic and Financial Crimes Commission on Monday. It was reported that they had taken in roughly fifty illegal operators. The EFCC established a Special Task Force across all of its commands in response to the declining value of the naira in order to crack down on those who are devaluing the currency and driving the Nigerian economy toward the dollar. On Wednesday, February 7, 2024, EFCC spokesperson Dele Oyewale made a statement that included this information. Dayyabu Mistila, a Bureau de…

The Nigeria Immigration Service will have biometric clearance gates installed at the nation’s international airports, according to proposals finalized by the Federal Government. By March 2024, the gates at these airports should be operational. The Murtala Muhammed International Airport in Lagos, the Nnamdi Azikiwe International Airport in Abuja, the Mallam Aminu Kano International Airport, the Port Harcourt International Airport, and the Akanu Ibiam International Airport in Enugu are the Nigerian international airports where the facilities will be installed. When in operation, the gates would offer smooth clearance services to travelers arriving in the nation via any of the foreign airports.…

With effect from February 19, Migerian Breweries Plc recently announced an increase in the price of its Stock-Keeping Units (STUs). Lekan Awosanya, the Zonal Business Manager (West), sent a letter headed “Price review notification” on February 12. It states, in part: “This is to inform you that we are constrained to review the prices of some of our SKUs effective from Monday, February 19, 2024.” The necessity to lessen the impact and the ongoing rise in input costs have made this evaluation essential. “In appreciation of our great partnership and your commitment, we will deliver at the current prices all…

It has been learned that cement manufacturers have agreed to sell a 50 kg bag of cement for a retail price of between N7,000 and N8,000, depending on the location nationwide. Nonetheless, the producers declared that the reduction in price from the going rate would be contingent to the accomplishment of specific government initiatives aimed at addressing significant obstacles encountered by the sector. This was revealed by Works Minister David Umahi following a Monday meeting in Abuja with prominent manufacturers. The discussion took place against the backdrop of the commodity’s price skyrocketing to almost N13,000 in a number of retail…

A nine-year-old male lion murdered Mr. Olabode Olawuyi, a veterinary technician, at the Obafemi Awolowo University (OAU) Zoological Garden in Ile-Ile, Osun State, on Monday. According to a statement issued by the University’s Public Relations Officer (PRO), Abiodun Olarewaju, Mr. Olawuyi—who had overseen the Zoological Garden for more than ten years—was ambushed while providing food for the untamed creatures in their den. The university spokeswoman stated that although the other employees present at the scene did everything in their power to save their supervisor, the deceased had already suffered serious injuries from the wild animal. A thorough study into the…

According to a contract that was negotiated two weeks ago between Kylian Mbappe and Real Madrid, the French striker will join the white squad as a new player on July 1. This information has been confirmed by MARCA, and so, after seven years, the pursuit that started in the summer of 2017 is about to conclude. due to Kylian’s previous strong commitment to Real Madrid. During his meeting with PSG on Tuesday, the player informed them of his decision to leave the team on June 30. He also requested not to receive any more offers of renewal. The reason for…

Following his attendance at the 37th Ordinary Session of the Assembly of the African Union Heads of State and Government, President Bola Tinubu of Nigeria has arrived in Abuja. At approximately 4:00 p.m. local time, NAF 001 touched down in the Presidential Wing of the Nnamdi Azikiwe International Airport, capping his fifteenth overseas voyage since taking office nine months prior and accruing 73 days of foreign travel experience. Top government officials, including Secretary to the Government of the Federation George Akume, National Security Advisor Nuhu Ribadu, Chief of Staff Femi Gbajabiamila, and Minister of State for Defense Bello Matawalle, received…

In the third quarter of 2023, there was a 0.8% increase in Nigeria’s unemployment rate. The National Bureau of Statistics noted that this was a noteworthy increase, pointing out that the jobless rate increased from 4.2% in Q2 2023 to 5.0% in Q3 2023. The country’s official statistics custodian, the NBS, revealed this in a study titled “Nigeria Labour Force Survey Q3 2023” that it released on Monday. “The employment-to-population ratio was 75.6% in Q3 2023 with a decrease of 1.5% compared to a ratio of Q2 2023. “The combined rate of unemployment and time-related underemployment as a share of…

At the parallel market, Nigerian local currency is currently trading for more than 2,000 naira against the British pound. On Monday, the Federal Capital Territory’s Bureau de Change operators verified the prices. “We are selling the pounds for more than N2,000 right now, and there is still a strong and steady demand for these currencies.” In the parallel FX market, where the naira is unofficially trading at N1,673 from N1,670/$ on Friday, the naira also lost value in relation to the dollar. Despite the Central Bank of Nigeria enacting several initiatives to support the foreign exchange supply, these developments continue.…