Nigeria stands at a critical juncture in its economic history. As the largest oil and gas producer in sub-Saharan Africa, with estimated reserves of 37 billion barrels of oil and 188 trillion cubic feet of gas, the country’s petroleum industry forms the backbone of its economy. It contributes approximately 90% of Nigeria’s foreign exchange earnings and about 60% of total income. Yet, this abundance of natural resources has not translated into broad-based economic development and improved living standards for the majority of Nigerians. The country continues to grapple with what economists term the “resource curse” or the “paradox of plenty.”…
Author: Adewale A.
A widespread internet outage impacting Microsoft services has caused major disruptions worldwide, affecting flights, banks, media outlets, and various businesses. An ongoing internet outage affecting Microsoft is causing chaos across the globe. Despite Microsoft’s efforts to gradually restore access to its 365 apps and services, the repercussions are being felt by airlines, retail outlets, banks, railway companies, and hospitals. Airlines from the United States to Europe, Australia, and India are experiencing significant issues, with many flights delayed or grounded. Thailand’s Suvarnabhumi and Don Mueang Airports had to manually check in passengers, impacting Air Asia and several other airlines. In Germany,…
Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track, and give feedback on public projects in their communities, is set to commemorate its 10th anniversary on September 14, 2024, at the Landmark Centre, Victoria Island, Lagos. In the last decade, Tracka has facilitated the completion of over 11,800 projects worth N5.3 trillion in the education, health, and infrastructural sectors in 3,500+ communities, currently serving over 10 million Nigerians. To commemorate this milestone, Tracka is staging the Active Citizens Festival, an entertainment event themed ‘Building People, Moulding Nations’. The festival will comprise activities designed for active citizens and…
In a landmark decision set to uplift the living standards of Nigerian workers, President Bola Tinubu has sanctioned a new minimum wage of ₦70,000. This historic move, announced during a pivotal meeting with the leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) on Thursday, has been met with widespread acclaim. To ensure that the minimum wage remains relevant in the face of economic changes, President Tinubu has also pledged to review the national minimum wage law every three years. This commitment is aimed at safeguarding the welfare of workers and adjusting their pay following inflation…
In a dramatic turn of events, former Minister of Power, Saleh Kwagyang Mamman, has been charged with multiple counts of corruption and money laundering, involving the misappropriation of over ₦33 billion. The proceedings, held in Abuja, witnessed a series of unexpected events, including Mamman’s collapse within the court premises. The charges against Mamman are extensive and detailed. Count one of the charges reads: “That you, SALEH KWAGYANG MAMMAN (Male), sometime in 2019, in Abuja, within the jurisdiction of this court, whilst you were the Minister of Power, conspired with other officials of your Ministry and some private companies to indirectly…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the government to bolster its whistleblowing policy to intensify the battle against economic and financial crimes. Speaking in Abuja on Thursday, 11th July 2024, during the Inter-Agency Task Team (IATT) event, Olukoyede emphasised the need for a more functional and effective whistleblowing system to enhance public sector accountability and transparency. Addressing Weaknesses in the Whistleblowing Policy Olukoyede highlighted that since its inception in 2016, the whistleblowing policy had garnered significant public support, leading to substantial recoveries by the EFCC. However, he noted that the…
In a significant crackdown on illegal financial activities, Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has sentenced three unlicensed Bureaus de Change operators to one year in prison each. The Convicted Operators: Buba Ahmadu Aliyu Mohammed Mustapha Muhammad Zarami These individuals were brought before the court on Wednesday, 10th July 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). Each faced a one-count charge for operating illegal bureau de change businesses without the necessary licence from the Central Bank of Nigeria (CBN). The Charges Detailed The charge against Buba Ahmadu…
In a dramatic turn of events at the Federal High Court in Calabar, six internet fraudsters have been sentenced to six months in prison each for a range of cybercrimes including criminal impersonation, love scams, and identity theft. The Convicted Scammers: Chibo Udoka (aliases: Zxoya Andric, Kelly Rose, Chimata Harry) John Inimfon Okpokpo (alias: Grace Boar) Emediong Ekerete Bassey (alias: Thiwe Ploka) Otu Ginikachi Samuel (alias: Chris Hemsworth) Goodluck John Bassey (alias: Tom Jones) Asogwa Ifebuche Lukas (alias: Daniela Crystal) Charged by the Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), each fraudster faced two counts of…
Lagos, Nigeria-born, Toronto, ON-based Afrobeats artist Sojiii is excited to announce the release of his highly anticipated EP, “Alive,” followed by the brand-new single, “Ti Le.” This debut EP is a must-listen for his fans and all Afrobeats lovers. His newly released project shows the world exactly why he’s one of the bright lights in the genre. “Alive” is a seven-track EP with no skippable songs. Each song is infused with rhythmic beats and melodic harmonies that pay homage to traditional African music while incorporating R&B and soul music elements. Don’t miss out on Sojiii’s latest musical masterpieces – they’re…
The adoption of AI in the equipment and heavy machinery industries remains in its infancy. But it’s coming – and although currently shrouded in hype, the future benefits to business performance are real, according to abcg™ consultants Hans Iredahl and Mike Going. The media is obsessed with artificial intelligence (AI) and how it’s going to take over the world, be a force for good and/or destroy the planet – and everything in between. The reality is likely to be less dystopian – but far more useful in practical terms. But it can’t – and shouldn’t do everything, so care is…