General News
Naira to Find Support From Rising Oil Prices; Dollar softens

By Lukman Otunuga, Research Analyst at FXTM,
The Dollar tumbled against a basket of major currencies on Wednesday evening, after minutes from the latest FOMC meeting revealed policymakers had adopted a more cautious approach towards raising rates.
Most policymakers expressed concern over the volatile financial markets, plateauing global growth, and ongoing trade tensions. With officials also believing that inflation remained muted, the US central bank could “afford to be patient” about further policy tightening. External and domestic risks have made the future path of interest rate hikes “less clear”, and this may end up fuelling expectation over the Fed taking a pause on rate hikes this year.
Appetite towards the Dollar diminished further following the cautious Fed minutes with prices sinking towards 95.20 as of writing. A solid breakdown and daily close below the 95.00 level could open a clean path towards 94.65 in the near term.
A dovish Fed was good news for emerging market currencies with the Chinese Yuan, South African Rand, and Naira among many others holding ground against the Dollar. Attraction towards EM currencies is likely to be boosted further by optimism over US-China trade talks. While the improving market mood is a welcome development for emerging markets, the geopolitical risks weighing on global sentiment remain present. With Brexit-related uncertainty, chaos in Washington and lingering growth fears on the mind of many investors, EM currencies remain in the crosshairs.
In Nigeria, the Naira traded around 361N on the parallel exchange due to trade talk optimism and rising oil prices. Oil prices were elevated by Dollar weakness today while optimism over US-China trade negotiations easing tensions between the world’s two largest economies supported upside gains. While the commodity is seen extending gains in the near term amid the improving market mood, the upside remains limited by supply and demand dynamics. Oversupply fears coupled with concerns over falling demand are poised to create headwinds for oil bulls down the road. Depressed oil prices will continue impacting confidence over Nigeria’s ability to move ahead with its 2019 budget which pegged oil prices at $60.
A cautious Fed pushed gold prices back above $1,290 yesterday evening. While market optimism over US-China trade talks continues to weigh on the precious metal, dollar weakness and expectations over the Fed taking a pause on rate hikes are likely to keep prices buoyed. With rising geopolitical risks and global growth fears fuelling risk aversion down the road, the outlook for gold points to further upside. In regards to the technical picture, the precious metal is firmly bullish on the daily charts. A breakout above $1,290 is likely to encourage an incline higher towards the $1,300 psychological level.
General News
OpenAI Sues Elon Musk Claiming Bad-Faith Tactics

OpenAI is suing Elon Musk over claims he has tried nonstop to slow down its business for his own benefit.

Elon Musk
The company accuses the Tesla boss of using “bad-faith tactics” against OpenAI to help him control cutting-edge AI technology.
Musk sued OpenAI chief executive Sam Altman last year in a bid to stop him from changing its corporate structure. Mr Musk co-founded OpenAI with Mr Altman but left several years ago.
Meanwhile reporters has approached his lawyer for a response to OpenAI’s lawsuit, which was filed on Wednesday.
The countersuit opens up a new front in the high-stakes battle between two Silicon Valley heavyweights.
“Elon’s nonstop actions against us are just bad-faith tactics to slow down OpenAI and seize control of the leading AI innovations for his personal benefit,” “Today, we countersued to stop him.”
Last week, a federal judge in Oakland, California, set a March 2026 trial date in Mr Musk’s suit in a bid to fast-track the legal fight.
US District Judge Yvonne Gonzalez Rogers previously declined to grant Mr Musk an injunction that would temporarily halt OpenAI’s conversion from a non-profit to a for-profit company.
She also said that she expected Mr Musk to give evidence in the case.
Musk alleges that OpenAI strayed from its founding mission as a non-profit to develop AI for the benefit of humanity and is therefore in breach of contract.
He left the company in 2018.
“This is about control. This is about revenue. It’s basically about one person saying, ‘I want control of that startup’,” said Ari Lightman, professor of digital media and marketing at Carnegie Mellon University.
Lightman said it has been a distraction from making AI safe and equitable.
“That takes a backseat with all this rigmarole over control and monetization,” Lightman said.
OpenAI claims Musk has “been spreading false information about us,” in a X post on Wednesday, adding “Elon’s never been about the mission. He’s always been about his own agenda.”
Musk’s xAI is a competitor to OpenAI, but has so far lagged behind. Last month, xAI aquiired Musk’s social media platform X formerly Twitter.
Musk claims the combined company, XAI Holdings, is valued at more than $100 billion.
In February, Musk made an unsolicited bid for OpenAI, offering to buy it for $97.4 billion, which Mr Altman rejected by posting: “no thank you but we will buy twitter for $9.74 billion if you want.”
General News
FG Unveils e-Visa, Digital Entry Cards to Strengthen Border Security

In a major step toward strengthening border security and modernising travel protocols, the Federal Government has announced the introduction of automated landing and exit cards as part of its wider e-Visa solution. The new system, set to take effect on May 1, 2025, aims to eliminate travel bottlenecks while enhancing national security.
The initiative was unveiled during a joint press briefing held in Abuja on Wednesday by the Minister of Aviation and Aerospace Development, Festus Keyamo and the Minister of Interior, Dr. Olubunmi Tunji-Ojo.
The ministers emphasised that the project is a collaborative effort involving key agencies, including the Nigeria Immigration Service (NIS), the Federal Airports Authority of Nigeria (FAAN), and the Nigeria Civil Aviation Authority (NCAA), all of which will play a critical role in the rollout of the e-Visa and the new digital travel documentation.
“What we are doing here today is a further testament to the determination of this government to foster cooperation between key ministries that have mandates that overlap,” Keyamo stated. “Today is another example of that kind of cooperation and collaboration, and this has to do with the introduction of the e-Visa.”
Speaking on the importance of the new initiative, Minister Tunji-Ojo highlighted its significance to Nigeria’s security framework.
“This initiative has a very serious effect on our national security architecture. Prior to now, we have always had the exit and landing card in a manual way — travellers had to fill a paper form. But now the narrative has changed with the introduction of the e-Visa and automated exit and entry cards,” he said.
He explained that the process will now be completed digitally before boarding, with travellers required to fill out the landing and exit cards online and present them to airlines before being allowed to board.
“Nigeria is a country of 230 million brilliant people and we have to lead in terms of technology. In view of that, we are automating the visa process. The responsibility of coordinating and issuing regulations to the airlines lies with the NCAA,” Tunji-Ojo added.
“This shows our commitment to the protection of our country, to border security, and to ensure that our sovereignty as a nation is well respected.”
The interior minister further noted that the e-Visa system is designed not only to strengthen border controls but also to simplify entry processes for visitors.
“The e-Visa will make it easier for people to come into Nigeria while enhancing the security of our country,” he said.
General News
Leo Stan Ekeh Advocates for “Last Mile Takeover” at KongaFM Event, Pushes for Deeper Brand-Consumer Connections

At a recent industry gathering hosted by Nigeria’s pioneering Hit Music & Commerce Station, Konga 103.7FM, renowned tech entrepreneur and Chairman of Zinox Group, Dr. Leo Stan Ekeh, delivered a compelling case for revolutionizing how brands connect with consumers in today’s hyper-competitive market.
Dr. Ekeh positioned what he termed the “Last Mile Takeover” as the critical differentiator for business success in Nigeria’s evolving commercial landscape.
The event, themed “Consumer Last Mile Takeover – The New Key”, brought together entrepreneurs, marketing executives and brand managers from leading corporations to explore innovative approaches to consumer engagement. Ekeh, renowned for his transformative ventures in Africa’s digital space, emphasized that the final point of contact between brands and consumers represents the most valuable real estate in modern commerce.
In his address, Leo Stan charged entrepreneurs who are serious about growth to focus on that last engagement point, as the critical pivot. According to him, that is “where trust is built, loyalty is secured, and value is delivered.”
Dr. Ekeh believes that the media is the strongest link between brand and consumers, and his vision for deeper, more meaningful brand-consumer relationships is what gave birth to KongaFM. Konga 103.7FM is the latest addition to the Konga Group driven by cutting-edge technology and artificial intelligence.
Earlier in her welcome address, Ifeoma Ajumobi, Head of KongaFM, detailing the station’s unique architecture as a robust platform designed with robust support frameworks for brands and businesses, while delivering premium entertainment.
Since its launch in January 2025, the station has experienced remarkable growth, steadily expanding its fanbase and establishing itself as a powerful medium for consumer engagement.
The initiative garnered significant praise from brand representatives across various sectors, including those from Samsung, Nivea, Checkers Custard, Kenya Airways, Emzor Pharmaceuticals, Xiaomi, and LG, who frequently referred to KongaFM as a game-changing platform. Their positive feedback underscored the station’s emerging role as a critical tool for brand communication, particularly in terms of boosting FMCG visibility and fostering direct connections with consumers.
Peggy Abengowe, Marketing Manager, Checkers Custard Africa, applauded the station’s impact on distribution and visibility, while Oge Maduagwu of Samsung Electronics West Africa praised its innovative blend of commerce and technology. Rachael Okeke, Marketing Executive, Emzor Pharmaceuticals, in her words, described the establishment of KongaFM as a “win-win for brands and consumers”.
The event concluded with a unified call to action for businesses to leverage the unique opportunities offered by KongaFM, with Leo Stan reinforcing the importance of boldness in business.
Konga 103.7 FM is Nigeria’s first hit music and commerce radio station, designed to connect brands with consumers through music, storytelling, and targeted promotions. A brainchild of the Zinox Group and Konga, KongaFM is redefining the role of radio in Nigeria’s digital commerce era.
Businesses interested in exploring partnership opportunities with KongaFM can connect via the station’s social media handles @Konga103.7FM or stream live programming 24/7 through its official website for a firsthand experience of this innovative platform.
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