Calabar, the capital city of Cross River State, was plunged into darkness following a severe windstorm that tore through parts of the region, causing significant damage to power infrastructure. The windstorm, which occurred earlier this week, brought down multiple electric poles, cutting off power supply to numerous communities and businesses across the city. Widespread Damage to Power Infrastructure Eyewitnesses reported that the powerful winds not only toppled electric poles but also damaged transformers and power lines in affected areas, further complicating efforts to restore electricity. The Cross River State Electricity Company (CRSEC) stated that extensive repairs will be required to…
Author: Temitope N.
A recent report indicates a significant drop in the landing cost of petrol in Nigeria, with figures falling to N971 per litre. This decrease in cost is largely attributed to shifts in the global oil market and recent adjustments in exchange rates. However, the implications for consumers remain uncertain, as fuel pricing within Nigeria continues to be influenced by a range of complex factors. Key Factors Behind the Decline in Petrol Landing Cost The drop in the landing cost is influenced by several external and internal factors. On the global front, oil prices have seen fluctuations due to shifting demand…
The Lagos State Government, in partnership with the JAMA JAMA organization, has successfully empowered 1,200 artisans with modern tools aimed at enhancing their skills and improving their livelihoods. This initiative is part of the government’s broader strategy to uplift local artisans, foster economic growth, and provide sustainable solutions to challenges within the informal sector. Empowering Artisans for Sustainable Growth The initiative, which took place in Lagos, saw a diverse group of artisans from various sectors, including carpenters, tailors, electricians, and plumbers, receive essential tools and equipment. The goal of the program is not only to provide immediate support but also…
Jumia, the leading e-commerce platform in Africa, has posted a $20 million loss in its third-quarter results for 2024, as the company continues to grapple with challenges amid a volatile economic environment across the continent. Despite witnessing growth in certain key areas, the loss underscores the ongoing struggles faced by the company as it works towards becoming profitable in a competitive market. Financial Performance Overview For the third quarter of 2024, Jumia reported a total loss of $20 million, marking a significant challenge despite an uptick in user engagement and sales volume. This loss is a continuation of a trend…
Boards of directors are essential pillars in ensuring effective corporate governance, according to a recent statement by an expert in the field. The professor, who specializes in business management and corporate governance, emphasized that the role of boards extends far beyond merely overseeing financial performance—they are central to shaping the strategic direction, ethical standards, and overall success of an organization. The Role of Boards in Governance In a recent discussion at a corporate governance forum, the expert stressed the increasing importance of boards in steering companies toward sustainable growth. He explained that boards are responsible for approving key decisions, such…
Oando PLC, one of Nigeria’s leading energy companies, has been recognized with the prestigious ‘Deal of the Year’ award, highlighting the company’s successful completion of a major deal in the oil and gas sector. The award, presented at a recent industry gala, acknowledges Oando’s significant achievement in facilitating a landmark transaction that has had a positive impact on the Nigerian energy market. A Landmark Transaction Oando’s recognition comes after the company completed a highly strategic deal that has redefined its position within the energy industry. While the specifics of the transaction remain under wraps, the deal is believed to have…
Pernod Ricard, a global leader in the spirits and wine industry, has announced the addition of several new brands to its portfolio as part of its ongoing strategy to diversify and strengthen its position in the competitive market. With a focus on meeting evolving consumer preferences and capturing growth opportunities in emerging markets, the company is making bold moves to redefine its brand offerings and cater to an expanding global audience. Strategic Expansion of Brand Portfolio Pernod Ricard, known for its premium spirits, including iconic brands such as Jameson, Absolut Vodka, and Chivas Regal, is expanding its product range to…
Thales Alenia, a leading global aerospace and defense technology company, has entered into a strategic partnership with a prominent Moroccan firm to enhance telecommunications services across the North African region. This collaboration is expected to significantly improve the quality and reliability of telecom networks, providing cutting-edge solutions for both private and public sector users in Morocco and beyond. Strengthening Telecom Infrastructure The partnership between Thales Alenia and the Moroccan company aims to address the growing demand for advanced telecommunications infrastructure in the region. With an increasing reliance on digital communications and the rapid growth of mobile internet usage, there is…
In a major breakthrough, the Nigerian Customs Service (NCS) has intercepted 16 containers containing illicit drugs in what is being hailed as a significant victory in the ongoing battle against drug trafficking in the country. The drugs, which were seized at the Lagos ports, are believed to have been smuggled into the country by a sophisticated syndicate that has been operating within and outside Nigeria. Details of the Operation According to the NCS, the operation took place after weeks of intelligence gathering and surveillance. The customs officers, working in collaboration with the National Drug Law Enforcement Agency (NDLEA), managed to…
The recent victory of Donald Trump in the United States presidential election has raised concerns among economic analysts about its potential impact on global markets, including Nigeria’s inflation. While it is still early to predict the full implications of his policies, experts are pointing to several key areas where Trump’s win could influence Nigeria’s inflationary trends, especially given the interconnectedness of global markets and economies. US Economic Policies and their Global Impact As the President of the United States, Donald Trump is expected to implement economic policies that could have significant ramifications for global financial markets. Some of the major…