News
Nigeria Loses $40Bn to Naira, Stocks Crash
The devaluation of naira by nearly 10% after a plunge in world oil prices and dwindling dollar reserves has knocked more than $40 billion off the value of Nigeria’s economy, Forbes magazine has reported.
But the Federal Government said it is not unmindful of the implications of the recent devaluation of the naira, which now trades N187 to $1.
In the Forbes report, Africa’s richest man Aliko Dangote reportedly lost more than $7.8bn since February to the devaluation and falling stock prices.
“Dangote was worth $25 billion at the time; as of market close on Tuesday, he’s worth $17.2 billion. More than half of the drop in his fortune has happened since early November. As of Nov. 7, Dangote was worth $21.6 billion, $4.4 billion more than now”, it said.
Tony Elumelu, chairman of Heirs Holdings, an investment company. Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture.
Transcorp’s current market capitalization is now $700 million, down from $1.4 billion at the beginning of November.
Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at Monday is now worth roughly $400 million, down from $700 million.
Jim Ovia is a co-founder of Zenith Bank. His stake in the financial services provider is $240 million as of late Monday, down from more than $350 million last month. He owns a 9% stake in the bank.
But Paul Nwabuikwu, special adviser to the Minister of Finance, said in Abuja that the ministry was aware that the economy is facing challenges because of the drop in oil prices and related consequences.
“Many other commodity based economies are facing similar challenges. What is important is that the Jonathan administration is managing the situation in a proactive way to reduce the impact on ordinary Nigerians”, he said.
According to him, that is why, for example, prices of many food items in major markets across the country are either stable or even falling even at this festive period because of increased food production.
He said the government’s diversification effort to reduce the country’s dependence on oil is also paying dividends as the collection of tax over its normal target is close to N75billion this year. A new target of about $3 billion has been set for the next three years in an effort to consolidate the post-oil economy.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
News
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
- Telecom2 days ago
Airtel Africa to Return $100m to Shareholders via Share Buyback
- Broadcasting1 day ago
Spotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live
- Broadcasting1 day ago
QNET Collaborates with Lagos Food Bank to Aid Vulnerable Children
- News2 days ago
Egueke, Former Bank Manager Jailed for $46,900 Fraud
- Telecom2 days ago
FG Gives Banks, Telcos Six-Month Deadline to Resolve N250Bn USSD Debt
- Telecom2 days ago
NCC Launches Initiative to Combat Fraud, Spam Messaging
- Broadcasting2 days ago
Africa Magic Announces Call for Entries for 11th AMVCA
- Broadcasting1 day ago
NERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply